Real estate transactions worth over US$74m take place in Qatar in week
DOHA, QATAR - The volume of real estate trading in the country in sales contracts at the Department of Real...
Business
Construction costs set to rise in UAE, Saudi Arabia in 2024: Report
Dubai, UAE -- Construction costs are set to increase in the UAE by 2-3 percent, and in Saudi Arabia by 5-7...
Business
Business
Aldar acquires Doubletree
DoubleTree by Hilton Resort & Spa Marjan Island is a beachfront resort.
- The property, which benefits from above-market average occupancy levels, is located on the first section of Al Marjan Island, a growing tourism hub.
- Aldar now has a total of over 4,250 keys, and brings Aldar’s total investment in Ras Al Khaimah to AED2 billion.
Business
Komainu set to bring digital asset custody services to Dubai
The Government of Dubai’s Virtual Assets Regulatory Authority (VARA) on Wednesday granted provisional regulatory approval to Komainu.
- The Government of Dubai’s Virtual Assets Regulatory Authority (VARA) on Wednesday granted provisional regulatory approval to Komainu
- Komainu acts as a key gatekeeper to institutions gaining exposure to the digital asset industry with the provision of secure and regulated digital asset custody services
Business
ADNOC awards $2bn in contracts
The contracts were awarded to ADNOC Drilling.
- The contracts comprise $1.3 billion (AED4.89 billion) for integrated drilling services and fluids and $711 million (AED2.6 billion) for providing four Island Drilling Units.
- A third contract, valued at $681 million (AED2.5 billion), was also awarded to ADNOC Logistics & Services for providing offshore logistics and marine support services.
Economy
Global economic growth slows amid gloomy, uncertain outlook: IMF forecast
Higher-than-expected inflation, especially in the United States and major European economies, is triggering a tightening of global financial conditions.
- Higher-than-expected inflation, especially in the United States and major European economies, is triggering a tightening of global financial conditions
- China’s slowdown has been worse than anticipated amid COVID-19 outbreaks and lockdowns, and there have been further negative spillovers from the war in Ukraine
Geostrategy
Greece to get ‘cheaper energy’ from Saudi Arabia
A power cable between the Kingdom and Greece to provide Europe with 'cheaper renewable energy' is one of the several...
- A power cable between the Kingdom and Greece to provide Europe with 'cheaper renewable energy' is one of the several bilateral projects between the two countries
- A strategic partnership has also been announced between the private sectors in the two countries to build a data cable project linking the East and the West
Geostrategy
Deals in focus as Saudi crown prince visits Europe
Mohammed bin Salman, who is visiting Greece and France, will meet the leaders of both countries 'to discuss bilateral relations...
- Mohammed bin Salman, who is visiting Greece and France, will meet the leaders of both countries 'to discuss bilateral relations and ways to enhance them in various fields'
- Greek and Saudi private business groups are expected to sign agreements in the fields of maritime transport, aquaculture, waste management, culture, food and agricultural products
Business
ECI signs MoU with HFZA, SAIF
The three entities will support Sharjah exporters and re-exporters.
- As per the agreement, ECI will offer its range of flexible trade credit insurance and financial solutions to SMEs in the free zones.
- ECI will also help the companies in the free zones to successfully carry out export to foreign countries.
Business
ADNOC Logistics acquires Zakher
The financial details of the transaction were not disclosed.
- ADNOC L&S will add 24 jack-up barges and 38 offshore support vessels from ZMI, growing its total fleet size to over 300 units.
- Zakher Marine International will continue operating as a standalone entity under ADNOC L&S, led by Ali Hassan El Ali as CEO.
Business
Al Zamil buys tower for $133m
The saudi developer bought the residential tower in Makkah.
- The company aims to provide high quality development services for luxury housing solutions to support the accommodation and hospitality sector
- Masar Makkah was developed by Umm Al-Qura Co. for the development and construction of services and amenities to serve Makkah residents
Sharjah Airport handles 6 million passengers in H1 2022
The airport also saw considerable growth in the number of flights, with a total of 41,189 aircrafts operating in H1...
- The airport also saw considerable growth in the number of flights, with a total of 41,189 aircrafts operating in H1 this year
- In H1 2022, the airport handled over 96,000 tons of cargo compared to 63,844 tons the previous year, accounting for an increase of 50.39 percent
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Real estate transactions worth over US$74m take place in Qatar in week
DOHA, QATAR - The volume of real estate trading in the country in sales contracts at the Department of Real...
Business
Company News
Latest News
Qatar Emir announces $60 million for Doha Program of Action
Doha, Qatar - Qatar Emir Sheikh Tamim ibn Hamad Al Thani announced Sunday a $60 million financial contribution to Doha...
Geostrategy
Sharjah Consultative Council approves heritage policy
SHARJAH, UAE - The Sharjah Consultative Council (SCC) approved recommendations regarding the policy of the Sharjah Institute for Heritage (SIH),...
Arts & Culture
UAE, Italy enhance bilateral relations to Strategic Partnership level
ABU DHABI, UAE - The United Arab Emirates and Italy on Saturday announced the enhancement of their bilateral relations to...
Geostrategy
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Business
Yahsat 2022 revenue up 6%
The company recorded a revenue of $433 million for 2022.
- For the twelve-month period, Yahsat delivered growth in revenue and adjusted EBITDA, which increased 6 percent and 7 percent respectively year-on-year.
- Other highlights include Adjusted EBITDA of AED946 million ($258 million), up 7 percent year-on-year, delivering a margin of 60 percent.
Economy
Khalifa Fund announces winner of CEO Program
ABU DHABI, UAE - Khalifa Fund for Enterprise Development, in partnership with the Abu Dhabi Department of Economic Development (ADDED)...
- The CEO program is a rigorous nine-month program that aimed to cultivate entrepreneurship and innovation skills.
- The program also helps build and grow ag-food tech ventures and contribute to the UAE's Food Security Strategy.
Business
RAKEZ supports F&B industry investors to set up, expand in UAE
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) is participating in the Gulfood exhibition to showcase its...
- With an aim to promote the F&B industry, RAKEZ regularly participates in the annual Gulfood exhibitions.
- RAKEZ supports investors to gain a foothold in the local, regional and global markets through its business ecosystem.