Dubai posts real estate transactions worth $3.5bn in week ending January 19
DUBAI, UAE - The real estate and properties transactions valued at US$3.5 billion (AED13 billion) in total during the week...
Business
EU worried Red Sea attacks could spark inflation
European Union economy commissioner Paolo Gentiloni warned that violence in the Red Sea sparked by Houthi attacks on shipping could...
Geostrategy
Business
Abu Dhabi Export Office signs financing pact with Capital Bank of Jordan
Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), has signed a financing agreement...
- Under the agreement,$20m will be opened to support collaborative efforts to enhance UAE’s exports to the region and boost economies of the two countries.
- The agreement will allow ADEX to open a credit line with Capital Bank that can re-lend importers on competitive terms to buy Emirati goods and services,
Business
ADQ to acquire Turkish pharma company Birgi Mefar Group
As a full-service pharmaceutical CDMO, BMG is a production service provider for sterile injectable products, namely vials and pre-filled syringes...
- As a full-service pharmaceutical CDMO, BMG is a production service provider for sterile injectable products, namely vials and pre-filled syringes used for vaccines
- Investment expands ADQ’s life sciences capabilities in sterile injectables and wider pharmaceutical services segments, while complementing its broader commitment to Turkey
Business
Commercial Bank closes $750m loan
The three- and the five-year facility was led by Mizuho Bank as coordinator.
- The bank said that the syndication was launched at an initial value of $400 million but was oversubscribed at $940 million.
- The proceeds from the facility was used to replace an existing facility and for Commercial Bank's general funding requirements.
Infographics
Oil revenues help boost MENA economic growth
Economic growth in the MENA region is forecast to accelerate to 5.3% in 2022 before slowing to 3.6% in 2023,...
- Economic growth in the MENA region is forecast to accelerate to 5.3% in 2022 before slowing to 3.6% in 2023, according to the World Bank. Click for the country-wise breakup.
- The global growth, meanwhile, is expected to slump from 5.7% in 2021 to 2.9% in 2022— significantly lower than 4.1% that was anticipated in January, it added.
Business
Borouge is in FTSE Series
ADNOC, Borealis are majority shareholders in Borouge.
- FTSE Russell’s indices are used by investors globally to inform asset allocation decisions and support portfolio construction
- Borouge is one of the world’s leading providers of innovative and differentiated polyolefin solutions for the infrastructure, energy, agriculture, mobility and healthcare
Economy
Turkish share of global exports reaches 1 percent: Erdogan
Turkish exports, Erdogan added, have now reached 217 countries and regions around the world.
- Turkish exports, Erdogan added, have now reached 217 countries and regions around the world
- He predicted that Turkey will exceed the export target of USD 250 billion set for the end of this year
Economy
Oman, Tanzania establish Joint Investment Fund
Oman foreign minister Al Busaidi anticipated the surge of trade deals between the two countries, especially after signing several MoUs.
- Oman foreign minister Al Busaidi anticipated the surge of trade deals between the two countries, especially after signing several MoUs
- He revealed that the two countries would later sign MoU to collaborate on economic, investment, tourism and energy projects
Economy
Saudi Arabia issues interim licenses for digital govt business
Saudi Arabia's Digital Government Authority issued the first package of interim licenses for digital government business to three companies -...
- Saudi Arabia's Digital Government Authority issues interim licenses for digital government business to three companies
- Elm, Takamol Business Services and Thiqah to develop and operate 15 existing digital government platforms and products
Economy
Germany, UAE can jointly invest in ‘new economy’, says top diplomat
Germany and the UAE as strong economic partners will continue trade but they can make joint investments in the 'new...
- Germany and the UAE as strong economic partners will continue with their trade in the traditional economy
- Both the countries can make joint investments in the 'new economy' that will help achieve their net-zero targets
Business
Gulf’s first dedicated furniture exhibition kicked off Monday
The first edition in Dubai catered to big-box retailers and wholesale traders, while the second edition is set to have...
- The Expo Center Sharjah announced this, while confirming that the event will finish Thursday, 16th June.
- The first two days are dedicated to trade visitors and the latter two days are dedicated to general visitors.
Most Read
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
Dubai posts real estate transactions worth $3.5bn in week ending January 19
DUBAI, UAE - The real estate and properties transactions valued at US$3.5 billion (AED13 billion) in total during the week...
Business
Company News
TAQA posts 53% income rise
Business
Latest News
ADNOC signs catering deals worth $272m
Four Abu Dhabi firms will provide services to ADNOC companies from 2022-27.
Business
650 artists from 62 nations seek to attend Tuwaiq Sculpture 2030 in Riyadh
Riyadh, Saudi Arabia--- Riyadh Art project will organize "Tuwaiq Sculpture 2030" from Jan 8 to Feb 10, 2023 under the theme...
Arts & Culture
Abu Dhabi Airports, Bombardier to create aircraft hub in UAE
This represents Bombardier’s first full-service facility in UAE.
Business
Most Read
Geostrategy
UAE, Saudi Arabia sign MoU for mutual recognition of maritime training
LONDON, UK - The UAE Ministry of Energy and Infrastructure (MOEI) and the Transport General Authority (TGA) of the Kingdom...
- The move is in line to ensure the highest standards of maritime safety and within the outcomes of the Saudi-Emirati Coordination Council.
- This is as per the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers 1978 and its amendments.
Business
KEZAD, Al Eskan Al Jamae merge
The merger creates Abu Dhabi’s largest integrated staff accommodation company.
- The combined entity will have an equity value of approximately AED7 billion ($1.90 billion). This transaction would be effected through an equity share swap with no cash exchange.
- For the nine months ended 30 September 2022, revenue was AED275 million for KEZAD Communities and AED205 million for EAJ.
Business
Ma’aden plans to become one of the top ten global aluminium producers
Key executives from Ma’aden’s aluminum and smelter department participated in the three-day conference Arabal 2022 in Cairo.
- Key executives from Ma’aden’s aluminum and smelter department participated in the three-day conference Arabal 2022 in Cairo
- With over 400 high-level delegates in attendance, Ma’aden had a prominent presence at the event showcasing various products and demos