Abu Dhabi’s private sector grows by over 35 percent in 2023
ABU DHABI, UAE – The Abu Dhabi Department of Economic Development (ADDED) organized, in collaboration with Abu Dhabi Investment Office...
Economy
GASTAT issues FDI statistics of Saudi Arabia for Q4 2023
RIYADH, SAUDI ARABIA – The General Authority for Statistics (GASTAT) issued on Friday the Foreign Direct Investment (FDI) statistics for...
Economy
Saudi PIF buys shares in Alphabet, Zoom, Microsoft
The Fund purchased 1.8 million shares of Microsoft, 4.7 million class A shares of Zoom, and 213,000 class A shares...
- The Fund purchased 1.8 million shares of Microsoft, 4.7 million class A shares of Zoom, and 213,000 class A shares of Alphabet
- It also acquired shares in JPMorgan and BlackRock, buying 3.9 million shares and 741,693 shares respectively
Economy
Qatar launches public consultation about National Blockchain Blueprint
The blueprint establishes the frame for blockchain at the national level and identifies its key elements; innovation and creativity.
- The blueprint establishes the frame for blockchain at the national level and identifies its key elements
- It underlines the potential of blockchain technology and the opportunities that it can offer to Qatar
Business
ACWA Power to sign $2.4bn wind power project deal in Uzbekistan
ACWA Power Company will join hands with Uzbekistan in order to enter into a $2.4 billion deal for a 1,500-megawatt...
- It will be the biggest onshore wind project in the region and will contribute 19 percent to Uzbekistan’s overall renewable energy goals
- The plant once completed will power 1.65 million households and offset 2.4 million tons of carbon emissions per year.
Business
Dallah reports 52% profit rise
The healthcare company saw its profit vault to $40m in H1.
- The company's stock however posted a 1.9 percent drop in early Tuesday trading, but then rebounded to close 0.9 percent higher at SR118
- The uptick in revenues came on the back of continued growth in operations and higher hospital admissions during the six-month period
Business
Abu Dhabi Airports teams up with ICP to boost passenger service
The partnership aims to achieve the highest levels of service excellence at all terminals and facilities of Abu Dhabi Airports.
- The agreement stems from Abu Dhabi Airports and ICP’s keenness to adopt best practices in areas of security, safety and air transport
- Shareef Hashim Al Hashmi, CEO of Abu Dhabi Airports, said the collaboration is intended to enhance passenger experience at Abu Dhabi airports
Business
Qassim Cement’s profit tumbles
The Saudi firm posted a 73% fall in profit to $14m in H1.
- Following the news of financial results, the company stock tumbled 2.45 percent at the end of Tuesday's closing
- Its revenue also declined by 30 percent during the first half to stand at $78.66 million
Economy
UAE busy in strengthening its food security system
The UAE is strengthening its food security system through policies that include promoting cooperation with other countries and markets, diversifying...
- The UAE is strengthening its food security system through policies that include promoting cooperation with other countries and markets.
- The policies include diversifying sources, attracting local and foreign agricultural investment.
Economy
Dubai has comprehensive plans to ensure food security: Crown Prince
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum was on a tour of Bustanica, the world’s largest vertical farm that...
- The Dubai Food Security Committee constantly reviews current opportunities and challenges within the national food security strategy framework, he said.
- The crown prince said Dubai will continue pursuing ways to strengthen the emirate’s resilience and food sustainability irrespective of the global environment.
Business
Kuwait’s National Fund shored up 132 SMEs during pandemic
Kuwait's National Fund for SME Development (SME Fund) has helped resolve the problems of 132 small and medium-sized enterprises (SMEs)...
- Founded in April 2013 under Act 98, the government Fund approved establishing 1,422 projects and joint agreements with 992 SMEs.
- Some SMEs offered essential backing to the national economy during pandemic in areas such as medical services, logistics and foodstuff.
Business
Non-Arab foreigners invest $4.23bn in UAE stocks since Jan 2022
According to Abu Dhabi and Dubai financial markets, non-Arab foreign investors purchased local stocks worth AED70.27bn from the beginning of...
- The purchases of non-Arab foreign investors in the Dubai Financial Market totaled some AED18.75bn since the start of this year.
- The UAE has been ranked first in the Arab world and 19th globally for its ability to attract foreign direct investment in a report by UNCTAD.
Abu Dhabi’s private sector grows by over 35 percent in 2023
ABU DHABI, UAE – The Abu Dhabi Department of Economic Development (ADDED) organized, in collaboration with Abu Dhabi Investment Office...
Economy
Company News
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KEZAD, Tubacex to build Middle East’s first OCTG-CRA manufacturing facility
ABU DHABI, UAE - Khalifa Economic Zones Abu Dhabi – KEZAD Group on Friday announced the signing of a land...
Business
UAE, Peru sign air services agreement to promote bilateral trade
Lima, Peru - The UAE and Peru signed an air services agreement for cooperation between the two countries and promote...
Business
GCC, US vow to work jointly for regional stability
The strategic partnerships between the two sides seek to focus on peace, security, stability, integration, and economic prosperity in the...
Geostrategy
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Economy
World Bank lowers MENA’s growth forecast to 2.2 percent in 2023
DUBAI, UAE - The World Bank raised its global growth forecast for 2023 to 2.1 percent (in June 2023) from...
- The World Bank expects global growth to reach 2.4 percent in 2024, compared to 2.7 percent in January 2023.
- The possibility of widespread banking disruptions and tighter monetary policy may also lead to weaker global growth.
Business
Dubai Islamic Bank unveils digital banking services
Dubai, UAE - Dubai Islamic Bank launched DIB alt, a full-fledged digital umbrella brand to house all of the bank's...
- DIB ‘alt’ is a full-service transformative digital banking experience that is set to enhance the banking experience for DIB’s customers.
- The platform brings together more than 135 digital services via the DIB Mobile App, Online Banking, WhatsApp, and ATMs.
Business
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...
- The event received an overwhelming response from visitors, with exhibitors unveiling a stunning array of exclusive and rare jewelry pieces.
- Emirati designer Shamma Al Hallami, in partnership with Salem Al Shueibi Jewelery, also debuted her latest collection of 18-carat gold jewelry