Middle East oil policies not dictated by US, says Russia
MOSCOW, RUSSIA – US will no longer be able to dictate oil prices in the Middle East, Director of the...
Geostrategy
Non-oil sectors contribute 50% to Saudi Arabia’s real GDP in 2023
RIYADH, SAUDI ARABIA – Non-oil activities in the Kingdom have achieved a historic milestone, reaching a 50 percent share of...
Economy
Economy
World Green Economy Summit in Dubai supports UAE COP28
Since its launch in 2014, the WGES has succeeded in galvanising global efforts to promote the shift towards a green...
- Since its launch in 2014, the WGES has succeeded in galvanising global efforts to promote the shift towards a green economy
- The WGES also plays a key role in supporting the UAE’s outstanding climate action efforts and its commitment to sustainability
Business
Saudi Arabia’s Kingdom Holding to invest $3.4bn in next 3 years
The company completed its earlier investment program during the period between the second quarter of 2020 and Q2 2022.
- The company completed its earlier investment program during the period between the second quarter of 2020 and Q2 2022
- It invested in diverse sectors with a proven track-record of growth and strong financial position
Economy
Egypt to issue international bonds worth $6 billion
More than a year after it issued bonds for the Japanese market, Egypt intends to issue another tranche of international...
- Egypt offered $500 million worth international bonds for the first time denominated in the yen in the Japanese market
- Egypt plans to obtain external financing by about $7.62 billion, which means an increase in the volume of external financing by about 87 percent over last year
Business
Sharjah unveils ‘Holiday Homes Project’ to boost economy
The first phase of the project includes organizing field visits and inspection campaigns, as well as electronic or digital follow-up...
- SCTDA has mandated that the residential units be rented out on a rotational basis, regularly.
- The project will also empower prospective users with a new source of income recognized by the Government of Sharjah
Business
GIG H1 net profit $48.9 million
Improvement in underwriting and investment push profits up.
- The company said the rise in net profit was due to the improvement in the Group’s underwriting and investment performance compared to the same period last year.
- The total assets for the first half of the current year reached KD 1.34 billion, compared to KD 0.8 billion, an increase of 67.3 percent.
Economy
In Dubai 305m riders use public transport in H1 2022
Dubai’s Roads and Transport Authority (RTA) announced that the number of riders using public transport and shared mobility clocked nearly...
- The number of riders using public transport was 36 percent for Dubai Metro and 29 percent for taxis
- March 2022 was the busiest of all months recording 62 million riders
Economy
Electronic payments overtake cash in Saudi Arabia in 2021
The Saudi Central Bank (SAMA) said a study revealed that electronic payments increased from 44 percent in 2019 to 62...
- The Saudi Central Bank said a study revealed that electronic payments increased from 44 percent in 2019 to 62 percent by volume in 2021
- In the business sector, the share of electronic payments reached a substantial 84 percent of all payments in 2021
Business
AD Ports Group Q2 net profit $81.67m
The year-on-year growth in net profit was 59 percent.
- Capex reached AED 1.6 billion, in line with the Group’s capital investment plans to spend more than AED 15 billion across all clusters over the 2022-26 period, the statement said.
- Container volumes grew by 30 percent YoY while Ro-Ro and cruise passenger volumes continued their healthy recovery post COVID-19 disruptions.
Business
NADEC records $11m profit
The jump in profit was driven by growth in sales of dairy.
- There was a 21 percent revenue increase due to a high growth in sales of dairy and food processing
- The company had posted losses of $2.9 million in the same period last year
Business
Emaar H1 revenue 3.69 billion
H1 2022 EBITDA up 66 percent $1.6 billion.
- Q2 EBITDA up 53 percent to reach $798 million compared to $523 million in the same period of 2021.
- Emaar’s international real estate operations recorded property sales of $661 million in H1 2022 and contributed revenue of AED2.068 billion ($563 million
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Middle East oil policies not dictated by US, says Russia
MOSCOW, RUSSIA – US will no longer be able to dictate oil prices in the Middle East, Director of the...
Geostrategy
Company News
Latest News
PIF sets up firm Badael to curb tobacco use in Saudi Arabia
RIYADH, SAUDI ARABIA- The Public Investment Fund (PIF) announced the establishment of Badael Company, which aims to develop, manufacture and...
Business
Ajman hotels posts 3% increase in revenues in Q1 2023
AJMAN, UAE - Ajman hotels and serviced apartments recorded a three percent growth in hotel revenues in the first quarter...
Business
Brazilian group seeks trade, investment boost with UAE
Sharjah, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) organized the UAE-Sao Paulo Business Forum on Thursday, marking...
Business
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Geostrategy
SCCI discusses trade with Guatemalan, Indonesian delegations
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) has discussed strengthening trade and economic ties with diplomatic...
- The discussions focused on amplifying bilateral relations in industry, agriculture, food security, livestock and broadening trade exchanges.
- SCCI invited Indonesian businessmen to visit Sharjah to see the progress on existing projects and experience the facilities the emirate offers.
Science
Environment ministry reclassifies 64 air quality monitoring stations in UAE
DUBAI, UAE - As part of the Year of Sustainability initiative, UAE Ministry of Climate Change and Environment (MOCCAE) has...
- The reclassification is consistent with the UAE's commitment to upholding the highest environmental and climate standards.
- All government entities involved in managing and operating air quality monitoring stations cooperated in reclassifying 64 stations.
Economy
Art Dubai 2023 generates US$39m in economic impact, says new study
DUBAI, UAE - Art Dubai, the leading international art fair for the Middle East and Global South, on Sunday announced...
- The study showed that Art Dubai 2023 attracted a staggering 23,500 hotel nights bookings to Dubai.
- The event had the strongest-ever participation of regional and international institutional representatives.