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
Geostrategy
UAE, Türkiye discuss enhancing relations in various sectors
A UAE delegation led by Minister of Industry and Advanced Technology Dr Sultan bin Ahmed Al Jaber has concluded a...
- A UAE delegation led by Minister of Industry and Advanced Technology was on a two-day visit to Türkiye aimed at enhancing cooperation
- The visit included meetings with senior government and private sectors officials as well as a UAE-Türkiye Investment Workshop
Economy
ADFD, ADEX to give US$92m loan for Bahrain water supply project
Abu Dhabi Fund for Development and the Abu Dhabi Exports Office signed two loan agreements with the Electricity and Water...
- AED will provide US$ 41mn to the Electricity and Water Authority in Bahrain to finance a water supply network project
- ADEX will provide US$ 51 million for the project which aims to enhance the capacity of the water transmission networks
Business
Bank Muscat net profit up 5 percent
The bank said profits up despite lower net interest income and higher expenses.
- The Bank said that net interest income from conventional banking and net income from Islamic financing reached 166.25 million riyals.
- Operating expenses went up by 8 percent to 102.71 million riyals.
Geostrategy
Jordan, Greece discuss cooperation in construction, energy, agriculture
The two sides signed several agreements to implement double taxation and the Cultural and Technical Cooperation Program 2022-2025.
- The two sides signed several agreements to implement double taxation and the Cultural and Technical Cooperation Program 2022-2025
- They decided to work for increased cooperation in the economy and commerce, as well as higher education, transportation, energy and agriculture
Business
UAE imports of Spanish fruit and vegetables top AED181m
Spain exported a total of 22,827 tonnes of fruit and 17,753 tons of vegetables to the UAE last year.
- Spain exported a total of 22,827 tonnes of fruit and 17,753 tons of vegetables to the UAE last year
- The Fruit Attraction 2022, the leading exhibition for the fruit and vegetable sector, is scheduled to be held from October 4-6 in Dubai
Business
Saudi Ports Authority reports 16% jump in cargo in June
Saudi Arabia has reported a 16 percent increase in cargo volumes to 27.1 tons in June 2022, according to the...
- According to figures 27.1 million tons went through the nine ports managed by the authority, compared to 23.4 million in June 2021
- According to Mawani, Saudi ports received 1,126 vessels in June, rising by 13.6 percent compared to the same period last year
Business
‘GCC inflation still remains lesser than UK’
The tighter monetary policy from US Fed and the continued raising of interest rate will have an impact in the...
- The tighter monetary policy from US Fed and the continued raising of interest rate will have an impact in the GCC, says Simon Ballard, chief economist of First Abu Dhabi Bank.
- Ballard believes GCC governments will need to address the underlying levels of spending support for consumer through continued stimulus packages
Business
Select Group buys hotel in UK
The purchase is part of Dubai-based firm's expansion plan.
- The acquisition is an important part of Select Group's diversification and growth strategy
- Select Group has a portfolio of premium residential, commercial and mixed-use developments in the UAE and Europe
Geostrategy
Diversifying economy focus of UAE’s plans: President
The UAE will continue to strengthen cooperation and enable positive, respectful dialogue between countries to achieve stability and prosperity for...
- Sheikh Mohamed said more than 200 nationalities are actively participating in the growth and development of the country’s economy.
- UAE’s priorities include strengthening people’s capabilities in science and technology, and develop it further to benefit all economic areas and the society, he said.
Business
AD Ports, Hayat Biotech ink deal
AD Ports to support Hayat' global logistics and distribution.
- The partnership will help facilitate Hayat Biotech’s efforts to set up manufacturing centers around the globe.
- The deal encapsulates shipping of strategic construction supplies, including containers, machinery, raw materials.
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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
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
Company News
Latest News
Nestle pours $1.8 bn in S Arabia
Business
Emirates NBD issues Dirham bond, first by UAE firm in 10 years
Dubai, UAE-- Emirates NBD has announced the successful pricing of its inaugural AED1 billion ($272 million) dirham-denominated bond, the first...
Business
Sharjah Consultative Council reviews districts and villages department’s work
SHARJAH, UAE - The Sharjah Consultative Council (SCC), in its seventh session, held as part of the fourth regular session...
Economy
Dubai records over US$2.72bn in weeklong real estate transactions
DUBAI, UAE - A total of 2,173 real estate transactions worth over US$2.72 billion (AED 10 billion) were conducted during...
Business
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Business
Flynas passenger growth 91% in 2022
The airline launched 16 new destinations and 30 new routes.
- It reported an increase of 91 percent in its passengers to 8.7 million.
- The firm's flights expanded by 45 percent to 66,000 and seat capacity by 46 percent.
Business
DEWA’s new project cuts 44,000 tons of carbon emissions annually
The TESTIAC project was implemented to increase the electricity generation capacity of gas turbines during high ambient temperatures in summer...
- This project is the first of its kind internationally combining Thermal Energy Storage with Inlet Air Chilling in Frame 9F Gas Turbines.
- This reduces the consumption of natural gas in the electricity production process, which limits greenhouse gas emissions.
Business
15 MoUs in several sectors signed at Saudi-Japan Investment Forum
Riyadh, Saudi Arabia - As many as 15 memorandums of understanding were signed between Saudi Arabia and Japan in several...
- The forum highlighted the investment opportunities to strengthen the investment partnership between the two countries in light of Saudi-Japan Vision 2030.
- It also reviewed opportunities to expand the investment partnership between the two countries in a number of the strategic sectors.