Qatar real estate trading volume amounts to US$382m in February 2024
DOHA, QATAR – The volume of real estate trading in sale contracts registered with the Real Estate Registration Department at...
Business
DMCC registers 2,692 new companies in 2023, its second-best year on record
Dubai, UAE -- A total of 2,692 new companies joined Dubai Multi Commodities Centre (DMCC) last year, bringing the total...
Business
Business
Telecom Egypt and Orange Jordan’s CAB System to connect Iraq to Europe
Telecom Egypt, Egypt’s first integrated telecom operator and one of the largest subsea cables operators in the region, and Orange...
- The Cairo Amman Baghdad System will be ready for service in the third quarter of 2022.
- Once launched, it will be the most advanced, scalable gateway and express route connecting Iraq to Europe using the companies’ networks, the companies said in a statement.
Business
Cross-currency payments face challenges
Cross-currency payments cut the need for foreign transaction fees for customers, encourage customer loyalty and reduce cart abandonment but they...
- Cross-border payments are not always hugely inclusive to individuals, according to ManagedLEI, a Registration Agent of Legal Entity Identifiers.
- In countries where access to a bank account is low, for example, not everyone will be able to make cross-border transactions.
Geostrategy
UAE, Egyptian leaders review fraternal relations in Al Alamein City
President Sheikh Mohamed bin Zayed Al Nahyan arrived in Al Alamein City on a visit to the Arab Republic of...
- President Sheikh Mohamed bin Zayed Al Nahyan has arrived in Al Alamein City on a visit to the Arab Republic of Egypt.
- President of Egypt, Abdel Fattah el-Sisi received UAE President Sheikh Mohamed at the airport where the leaders discussed cooperation between the two countries.
Economy
Dubai’s RTA reduces energy consumption by 18 percent
Director-General and Chairman of the Board of Executive Directors of the Roads and Transport Authority said that RTA had achieved...
- RTA had managed to reduce the total emissions by 13 percent and energy costs by 10 percent compared with the average consumption from 2016 to 2019.
- RTA has a roadmap that aims to achieve zero-emission from public transport in Dubai by 2050.
Economy
WGES 2022 to encourage investment in green projects
The 8th World Green Economy Summit (WGES), to be held in Dubai, will focus on developing investment partnerships in green...
- In WGES 2022 several heads of states and governments, experts from government and non-government sectors would participate.
- The summit would enable finding innovative solutions and financial tools that promote clean and renewable energy projects and sustain growth
Geostrategy
Help developing nations purchase Ukrainian grain: Guterres to rich nations
UN Secretary-General António Guterres has called for wealthier countries to help developing nations purchase Ukrainian grain as supplies begin returning...
- The Secretary-General also called for more action to ensure full global access to Ukrainian food products, and Russian food and fertiliser, through the Black Sea Grain Initiative.
- Guterres explained that getting more food and fertiliser out of Ukraine and Russia is crucial to further calm commodity markets and lower prices.
Business
JODC posts increase in revenue
High pilgrim traffic caused revenue to go up to $104.34m.
- Its gross profit rose 152.9 percent to $19.06 million in H1, as against the loss of $36.05 million in the same period of last year
- The company expects the increased traffic of pilgrims to sustain for the rest of the year as there remains pent-up solid demand for pilgrims, both domestic and international
Business
Emaar to sell Namshi to Noon
The Dubai developer will sell its online retailer for $335.2m.
- The Department of Economic Development has revealed that e-commerce licenses issued by the emirate jumped 63 per cent in the first half of 2021
- During the last two years of the Covid Pandemic, online buying in the UAE has taken a big leap in growth, with Amazon alone recording net sales of about $500m in 2021
Business
Jordan and Algeria agree to boost trade, investment ties
Many Jordanian industrial sectors have the necessary requirements to enter the Algerian market, especially the pharmaceutical components, clothing, chemical and...
- The business groups also agreed to have more meetings and visits in order to assess investment opportunities
- According to official data, the kingdom's exports to Algeria in 2020 amounted to $94 million, compared to about $125 million in imports
Business
Aramco to complete $2.65bn buyout of Valvoline in 2023
Days after disclosing it had signed a $2.65 billion equity purchase agreement with Valvoline Global Products, Mohammed Y. Al-Qahtani, Aramco’s...
- Mohammed Y. Al-Qahtani said that Valvoline and Aramco will expand their existing partnership to ensure that 'Valvoline’s brand is managed in a consistent and holistic manner'
- He noted that VGP will acquire perpetual ownership of the Valvoline brand, trademarks and copyrights in the products sector
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Qatar real estate trading volume amounts to US$382m in February 2024
DOHA, QATAR – The volume of real estate trading in sale contracts registered with the Real Estate Registration Department at...
Business
Company News
Latest News
Jewels of Emirates continues to attract visitors on third day
SHARJAH, UAE- The fourth edition of Jewels of Emirates Show at the Expo Center Sharjah has so far seen record...
Business
DEWA extended 64km water transmission pipelines in 2022
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) extended water transmission pipelines of 64 kilometers lengths in several areas...
Business
MoIAT inks MoU with MEXT to implement industrial transformation Index
ABU DHABI, UAE - The Ministry of Industry and Advanced Technology (MoIAT) and MEXT signed a memorandum of understanding (MoU)...
Business
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Economy
UAE exports to reach $544bn by 2030, says Standard Chartered report
DUBAI, UAE - The UAE is poised to play a pivotal role in global trade with its exports projected to...
- The report forecasts the global trade industry to reach US$32 trillion by 2030, with a projected growth rate of five percent.
- The report said that corridors anchored in Asia, Africa, and the Middle East are expected to outpace the global trade growth rate.
Economy
Saudi merchandize exports down 14.6% in Q1 as oil exports fall
Riyadh, Saudi Arabia -- Saudi Arabia's merchandize exports decreased by 14.6 percent in Q1 2023, compared to Q1 2022, a...
- The value of exports amounted to SAR 313.5 billion ($83.6bn) in Q1 2023, down from SAR 367.1 billion ($97.86bn) in Q1 2022.
- The decrease originated mainly from oil exports, which fell by SAR 43.1 billion ($11.47bn) or 14.9 percent in the same period.
Business
DIFC forum to focus on optimizing treasury operations
Dubai, UAE - Standard Chartered will partner with the Dubai International Financial Centre (DIFC) in hosting the DIFC Treasury Leadership...
- The DIFC Treasury Leadership Forum will showcase the latest trends in treasury solutions designed to streamline financial operations.
- Organized by DIFC, the forum will bring together senior treasurers from leading banks, multinationals and services providers.