IMF projects 3.3% global growth for 2025, MENA to rebound to 3.6%
Dubai, UAE -- The International Monterey Fund (IMF) has projected global growth to remain at 3.3 percent this year and...
Economy
Business
$5.8bn worth deals signed in first four days of Dubai Airshow 2023
DUBAI, UAE – Tawazun Council signed 16 deals, worth US$1.3 billion (AED 4.87 billion), with local and international companies on...
- The first day saw announcement of contracts worth US$1.2 billion and the second day US$1.8 billion
- The total value of contracts announced on third day stood at US$1.3 billion
Business
UAE defense ministry orders 100 REACH-S unmanned aircraft from EDGE
DUBAI, UAE - EDGE, one of the world's leading advanced technology and defense groups, announced its first major order from...
- ADASI, an EDGE entity which designs and develops autonomous systems, will oversee the production and deliver the contract to the UAE Armed Forces.
- The REACH-S will provide the UAE Armed Forces with a cost-effective, 24-hour intelligence, surveillance and reconnaissance (ISR) capability.
Business
Tabreed 9M profit at $218m
This is due to the steady growth in its consumption volumes.
- Tabreed delivers strong growth, with revenue soaring 10 percent to US$490 million in January-September 2023.
- This is a 10 percent increase in revenue year-on-year, compared to US$460 million in January-September 2022.
Geostrategy
Saudi Arabia, CARICOM countries hold first summit for strategic partnership
RIYADH, SAUDI ARABIA - Since its foundation, the Kingdom has been keen to build bridges of communication with all the...
- The convening of the summit will contribute to mutual support for various global nominations of the Kingdom and CARICOM, including Saudi Arabia's bid to host Expo 2030.
- It will enhance coordination on regional and international issues of common interest, boosting tourism cooperation, and highlighting Saudi Arabia's tourist attractions.
Business
UAE warns of visa ban over job loss insurance fines
ABU DHABI, UAE - Some employees who failed to meet an October 1 deadline to sign up to the UAE's...
- Subscribers to the unemployment insurance scheme can make a single payment to cover the year's subscription or quarterly or monthly payments.
- The policy aims to provide a vital safety net for workers in the public and private sector if they lose their job.
Business
Mawani, CMA CGM Group lay foundation for logistics park at Jeddah Islamic Port
RIYADH, SAUDI ARABIA – The Saudi Ports Authority (Mawani) and CMA CGM launched on Wednesday a new logistics park at...
- The new logistics park will offer solutions and integrated environmental services and systems.
- It will offer an export center, storage and sorting services and refrigerated storage services.
Geostrategy
Israel pauses bombing in Rafah for four hours
Tel Aviv, Israel - The Israel Defense Forces (IDF) suspended its military operation in Rafah in the southern Gaza Strip,...
- A humanitarian corridor to evacuate civilians from the Palestinian enclave’s northern areas will be available from Al Shifa Hospital to the southern Gaza Strip.
- The Israeli military will allow Palestinian refugees to leave the Al-Shati camp, which the IDF claims to have taken control of,
Business
Chemanol to buy stake in ACC
It will acquire 84 percent stake for US$12.3 million.
- The purchase amount would be disbursed partially and within specified intervals, as per the terms stipulated in the SPA.
- Chemanol said the acquisition is aimed at enhancing its share in the market and diversifying its product range,
Business
ADIB lists $500m green sukuk on LSE
The bank marked the issuance of its $500 million green sukuk.
- London Stock Exchange has welcome ADIB’s listing, as the world’s first dollar denominated green sukuk.
- This follows the bank’s recent successful listing of US$750 million AT1 perpetual sukuk.
Business
Al Ghurair to use Oracle solution
This will help HR teams improve business operations.
- Through this strategic collaboration, Al Ghurair seeks to empower its employees through self-service capabilities.
- Oracle Cloud HCM transforms the traditional functions of HR departments such as recruiting, training, payroll.
IMF projects 3.3% global growth for 2025, MENA to rebound to 3.6%
Dubai, UAE -- The International Monterey Fund (IMF) has projected global growth to remain at 3.3 percent this year and...
Economy
Company News
Zain KSA net profit $335m
Business
ADIB 2023 net profit $1.4bn
Business
Latest News
Non-oil sectors contribute 50% to Saudi Arabia’s real GDP in 2023
RIYADH, SAUDI ARABIA – Non-oil activities in the Kingdom have achieved a historic milestone, reaching a 50 percent share of...
Economy
UAE, Hungary ink pact to enhance trade, investment ties
ABU DHABI, UAE – The United Arab Emirates and Hungary have signed an economic cooperation agreement aimed at stimulating trade...
Geostrategy
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Business
Mubadala to anchor US-based Blue Opal’s second venture capital fund
MIC will be an anchor investor in their second venture capital fund.
- Blue Opal Capital recently launched a Fund-of-Fund platform that focuses on identifying and investing in exceptional entrepreneurial venture capitalists.
- Blue Opal Capital invests in emerging venture capital funds and co-investment opportunities that maximize investment returns for their partners.
Business
Qatar real estate trading volume amounts to US$382m in February 2024
DOHA, QATAR – The volume of real estate trading in sale contracts registered with the Real Estate Registration Department at...
- The data of the real estate analytical bulletin revealed that 350 real estate transactions were recorded during the month.
- The real estate transactions value index recorded a decline of 27 percent. The traded area index recorded a decrease of 18 percent.
Business
Potential investors value Telegram at $30bn, says co-founder Pavel Durov
MOSCOW, RUSSIA – The Telegram is valued by potential investors at more than US$30 billion, the co-founder of the social...
- The US$30 billion valuation was made by global technology funds in particular, Durov said.
- The Telegram will consider the sale of a portion of shares to its standing users, the businessman added.