Dubai wins right to host 349 business event in 2023
DUBAI, UAE - Dubai consolidated its status as a central hub for international business events in 2023, with the city...
Business
Business
UAE to issue dual-tranche dollar benchmark size bonds
The UAE government has announced it will issue a dual-tranche US dollar benchmark size bonds with a 10-year tranche and...
- The bonds are a 10-year tranche and a 30-year Formosa tranche.
- The 10-year tranche will be listed on London Stock Exchange and Nasdaq Dubai, and the 30-year tranche will be listed on LSE, Taipei Exchange and Nasdaq Dubai.
Business
UAE listed firms to pay $9.36 bn cash dividend for 2021
Listed public joint stock companies have approved AED 34.4 billion ($9.36 billion) cash dividends for 2021, according to the Securities...
- While AED34 billion earnings were distributed in cash, AED396 million were in form of stock dividends.
- Banks are the largest distributors of profits, AED15.79 billion, followed by the telecommunications (AED11.7 billion) and the realty sectors (AED1.85 billion).
Business
Saudi Re bags A3 rating
The firm got top rating with a stable outlook from Moody's.
- Saudi Re said that the ratings confirm its strong brand and market position in Saudi Arabia as the sole Saudi professional reinsurer
- Saudi Re has initiated the process of increasing its capital by up to SAR 445.5 million ($119 million) to strengthen its capital base
Business
GCC and UK aim to boost trade beyond current figure of $34bn
The Gulf Cooperation Council (GCC) and the UK began negotiations in Riyadh to boost trade, which stands at $34 billion.
- GCC Secretary-General Nayef Falah M. Al-Hajjraf met UK Trade Secretary Anne-Marie Trevelyan to launch the trade talks
- The UK is the third-largest export market for the GCC, and the new trade negotiations are expected to benefit exporters from both jurisdictions
Business
Dubal Holding signs deal with MOIAT
The deal will foster industrial cooperation between the two.
- Both the parties have agreed to cooperate in developing a framework for advancing the industrial and technology sectors in line with the directives of the UAE’s leadership
- Some of the projects currently being explored include Non-Recyclable Plastics to Liquid and Secondary Lead Smelter & Refinery through Recycling of Used Lead Acid Batteries
Geostrategy
UN official lauds UAE’s for environment conservation, SDG pursuit
UN Resident Coordinator for UAE Dr. Dena Assaf has praised the UAE’s environmentally-friendly endeavours to protect the environment and achieve...
- UN Resident Coordinator for UAE Dr. Dena Assaf also hailed Abu Dhabi's decision to ban the use of single-use plastic bags from 1st June.
- She commended UAE for being one of the first countries to announce its vision for carbon neutrality.
Business
Saudi-Jordan trade value reaches $.4.4 billion riyals in 2021
The trade exchange volume between Saudi Arabia and Jordan reached 16.6 billion riyals ($4.42 billion) in 2021, compared to 11.6...
- Saudi Arabia invested $14 billion through 900 projects in Jordan, according to Saudi media reports.
- The volume of Saudi exports to Jordan amounted to 11.6 billion riyals.
Economy
UAE public spending $3 billion in Q1, public services take major share
UAE’s Ministry of Finance has announced that the revenues of federal authorities in the first quarter of 2022 amounted to...
- The public order and public safety affairs sector came in second at 18.69 percent of the total, valued at AED2.12 billion.
- Social protection sector was ranked third with AED2.017 billion or 17.77 percent, and the defense sector was ranked fourth with AED1.679 billion or 14.79 percent.
Business
UAE technology ministry, EDB and EDGE sign manufacturing pact
The UAE Ministry of Industry and Advanced Technology (MoIAT), Emirates Development Bank (EDB), and EDGE Group, one of the world’s...
- Under the agreement, MoIAT will support EDGE to expand global exports of cutting-edge domestically manufactured products and solutions to over 40 countries.
- The agreement is in line with the UAE’s Fourth Industrial Revolution program, Industry 4.0, and aims to support growth in the defense sector.
Business
QFB funding Qatari consortium to buy 11% stake in Ennismore Group
QFB will finance the purchasing consortiums investment vehicle by providing 20 million Euro.
- QFB will finance the purchasing consortiums investment vehicle by providing 20 million Euro
- The deal comes at a time when lifestyle segments are demonstrating a stronger performance than the overall market
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UAE leads Arab world in IMD World Talent Ranking 2022
The country was ranked among the top ten in nearly 30 percent of the report’s indexes.
Economy
Saudi Arabia, UAE mediation efforts aid the US-Russia prisoner swap
The mediation efforts were led by the Emirati president Sheikh Mohammed bin Zayed bin Sultan Al Nahyan and the Crown...
Geostrategy
Six years later, Saudi King Salman and China’s Xi sign comprehensive strategic partnership agreement
Beijing is ready to expand its crude oil trade with Riyadh and will "list Saudi Arabia as a destination country...
Geostrategy
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Business
Saudi Central Bank licenses debt-based crowdfunding finance firm Manafa
Riyadh, Saudi Arabia---The Saudi Central Bank (SAMA) has licensed Manafa, a finance company specialized in debt-based crowdfunding in the kingdom....
- Manafa is a closed joint-stock company with a capital of SAR 40 million.
- The license was granted to the company after a successful trial run in SAMA's Regulatory Sandbox, an experimental environment dedicated to innovative financial products, services.
Business
Dubai records over $462 million in real estate transactions: DLD
Dubai, UAE--- Dubai real estate market recorded deals worth AED1.7 billion ($462 million) on Thursday, according to Dubai Land Department....
- The deals included 617 sales transactions worth AED1.45 billion, in addition to 85 mortgage deals of AED257.35 million, and 19 gift deals amounting to AED34.64 million.
- The sales included 532 villas and apartments worth AED1.11 billion, and 85 land plots worth AED338.47 million.
Economy
Qatar Central Bank’s foreign reserves surge 6.82 percent in Nov
Doha, Qatar---The foreign currency reserves and liquidity of the Qatar Central Bank (QCB) increased by 6.82 percent to reach QR...
- The figures issued by the QCB show the bank's official reserves increased by the end of November 2022 year-on-year by about QR 13.169 billion to reach QR 166.109 billion.
- The rise has been driven by the increase in the QCB's balances of bonds and foreign treasury bills by about QR 18.896 billion to the level of QR 124.656 billion in November 2022.