Economy
UNCTAD ranks UAE first regionally, 19th globally in attracting FDI inflows
The UAE also emerged 17th globally in terms of FDI outflows that totaled $22.5 billion in 2021, a 19% growth...
- The UAE also emerged 17th globally in terms of FDI outflows that totaled $22.5 billion in 2021, a 19% growth compared to the year 2020
- The report, which compares FDI performance of countries in 2021 with that of 2020, noted that in 2021, the UAE attracted $20.7 billion worth of FDI
Economy
UAE gets 41% of all FDI projects to Arab countries in 2 decades
The UAE received 41 percent share of the entire foreign direct investment projects all Arab countries attracted between 2003 and...
- The UAE received 41 percent share of the entire foreign direct investment projects all Arab countries attracted between 2003 and 2021
- As per the Arab Investment Export Credit Guarantee Corporation Arab countries received a total capex of US$1.3trn over the last 19 years
Business
EIG, Q Properties sign gas deal
EIG will supply gas to Q Properties' Reem Hills project.
- EIG will provide the Q Properties with services like feasibility, commercial, technical, conceptual designs and engineering.
- EIG will also support the project during engineering phases for gas-related work on the Reem Hills luxury development.
Economy
UAE keen to create sustainable food systems in GCC: Minister
Mariam bint Mohammed Almheiri, UAE’s Minister of Climate Change and the Environment, has said UAE is keen to enhance efforts...
- Mariam bint Mohammed Almheiri was speaking at the 32nd Meeting of the GCC Agricultural Cooperation Committee.
- Participants at the meeting also discussed nontariff barriers and the GCC’s cooperation with Jordan and Morocco.
Economy
Saudi Arabia’s merchandise exports up 98 percent in April: GASTAT
Saudi Arabia’s overall merchandise exports increased by 98 percent in April 2022 compared to April 2021, according to General Authority...
- The value of exports amounted to SAR137.1 billion ($36.53 billion) in April 2022, up from SAR69.3 billion in April 2021.
- This increase was attributed mainly to oil exports, which rose by SAR60.5 billion or 123 percent in the same period.
Economy
‘Renewable energy is 20 percent of Jordan’s power output’
Jordan has the highest transition rates to renewable energy sources and electric vehicles, says the Secretary-General of the Arab Renewable...
- Jordan has the highest transition rates to renewable energy sources and electric vehicles, says the Secretary-General of the Arab Renewable Energy Commission
- The Secretary-General called upon Arab nations to develop their own renewable energy industries rather than importing foreign technology
Economy
Energy security vital for economic growth, says Saudi minister
Saudi Arabia's Minister of Finance Mohammed bin Abdullah Al-Jadaan said energy security is very important for the economic growth and...
- Saudi Arabia's finance minister says energy security is important for the economic growth and prosperity of the world
- The finance minister says energy supplies, economic development and climate change vital aspects of the world
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
Company News
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AD Ports acquires Noatum
Business
EGA, ITOCHU sign agreement
Business
Saudi real GDP grows 8.8 percent in third quarter on rise in oil activities
Riyadh, Saudi Arabia---Saudi Arabia’s real gross domestic product grew by 8.8 percent in the third quarter of 2022 compared to...
Economy
UAE passport ranked most powerful in the world
Dubai, UAE— The United Arab Emirates has been ranked as the country with the world's most powerful travel document. That...
Economy
Qatar sees 34 percent decline in building permits in November
Doha, Qatar— Qatar has witnessed a 34 percent decline in building permits to 645 during the month of November, as...
Economy
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Business
Riyadh summits bring in fresh hopes, opportunities as region sees China as ‘growth engine of global economy’
While a UAE official in Beijing calls the China-Arab summit a key milestone in the history of relations between the...
- While a UAE official in Beijing calls the China-Arab summit a key milestone in the history of relations between the two peoples, Palestine hails its outcomes as 'beyond expectation
- The UAE accounts for over 60 percent of China’s exports to the region, with China being the UAE’s largest trading partner, and the UAE being home to more than 6,000 Chinese firms
Business
DEWA receives 29 EOIs for first phase of desalination project at Hassyan
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has received 29 expressions of interest (EOIs) to implement the first...
- This is the first project implemented by DEWA using the Independent Water Producer model, which will run in phases during 2025 and 2026.
- The firm uses clean solar power to desalinate seawater using the latest Reverse Osmosis technologies, which consume less energy.
Geostrategy
UAE, Turkmenistan review enhancing bilateral relations
ASHGABAT, TURKMENISTAN - Minister of Industry and Advanced Technology Dr. Sultan bin Ahmed Al Jaber has left the UAE on...
- The UAE Minister of Industry and Advanced Technology headed a delegation comprising senior officials from government, private sectors to Turkmenistan.
- The delegation discussed ways to develop bilateral relations and enhance cooperation in the fields of oil, gas, clean energy, infrastructure.