Alef Group announces US$84m sales transaction at ACRES 2024
SHARJAH, UAE - Alef Group concluded its participation in the ACRES Real Estate Exhibition 2024 with resounding success, generating significant...
Business
Emirates to recruit 5,000 crew members in 2024
DUBAI, UAE – Emirates will hire 5,000 people as it awaits the arrival of its fleet of Airbus A350s. The airline...
Business
Geostrategy
Restrictions on single-use plastics begin in Abu Dhabi
Restrictions on single-use plastic bags took effect in the United Arab Emirates capital Abu Dhabi Wednesday, as part of its...
- There are exemptions for medicine bags, bag rolls for produce in supermarkets, rubbish sacks and large brand name shopping bags.
- Dubai, one of the seven other emirates that make up the UAE, has also announced it is ending the free provision of single-use plastic bags.
Business
Arada issues $350m Sukuk
The deal has been listed on the London Stock Exchange.
- The deal, which reopened the MENA US dollar markets after a six-week hiatus, was also the first US dollar corporate Sukuk globally in 2022.
- The Sukuk issuance saw strong demand from both regional and international investors, with a subscription order of $720 million, more than two times the offer size, Arada said.
Business
Saudi Arabia, Jordan discuss ways to enhance maritime transport relations
A joint panel of the two countries discuss the mechanism to develop and modernize previous agreements related to maritime transport.
- The two countries review the latest developments in the maritime transport sector and ports
- The Saudi-Jordanian Technical Committee for Maritime Transport is holding its third session in Aqaba
Economy
Jordan ranks first in Arab world on budget transparency survey
Jordan ranked first in the Arab world and 32nd globally on the budget transparency, according to the Open Budget Survey...
- Georgia ranked first, South Africa second and Sweden third on the list.
- Only 31 percent of countries provide sufficiently detailed information to understand how their budget addresses poverty.
Business
Iraq to France: Ready to supply European markets oil
Iraq's State Organization for Marketing of Oil (SOMO) has said it approached France about the possibility of Iraq's supplying the...
- About 60 percent of Russia's exports of crude oil go to the European continent, but in the shadow of Ukraine war, it will need new suppliers.
- Italian Prime Minister Mario Draghi recently visited gas powerhouse Algeria as Rome steps up efforts to reduce its heavy reliance on Russian energy imports.
Business
Dubai launches unified electronic platform for building permits
The Dubai Building Permit Development Committee has completed the unified electronic platform for building permits, which includes building permit services...
- The platform is set to provide distinguished services to consultancy offices and contracting companies, according to a statement.
- The window includes building licensing services of Dubai Municipality and Dubai Development Authority among others.
Business
UAE brings in new classification system for private sector
A new classification system for companies in the private sector came into force on Wednesday, according to the Ministry of...
- The new system depends on the extent of companies’ compliance with the law and Wage Protection System and workers’ rights protection
- The classification offers incentives to companies that commit to the prescribed laws and policies on promoting cultural and demographic diversity
Arts & Culture
Disney+ releases a sneak peek at the content line up for MENA region
Disney+ has finally unveiled an extensive sneak peek at the line-up for the Middle East and North Africa (MENA).
- Disney+ has finally unveiled an extensive sneak peek at the line-up for the Middle East and North Africa (MENA)
- Disney+ is the dedicated streaming home for movies and shows from Disney, Pixar, Marvel, Star Wars, and National Geographic, along with The Simpsons and much more
Business
DAMAC buys Swiss diamond jeweler
De Grisogono SA, a Swiss luxury jeweler filed for bankruptcy in 2020.
- The acquisition came three years after the Group purchased Italian fashion group Roberto Cavalli SpA
- Damac announced the launch of Safa One by de Grisogono, a project with cascading waterfalls and hanging gardens
Economy
Saudi central bank net foreign assets climb by $1.07bn in April
The net foreign assets of Saudi central bank rose by SR4.0 billion ($1.07 billion) to SR1.63 trillion in April, according...
- The kingdom's net foreign assets increased by 0.2 percent from SR1.63 trillion in March
- Over the same period, the central bank's total assets fell by SR39.4 billion to SR1.85 trillion
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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
Alef Group announces US$84m sales transaction at ACRES 2024
SHARJAH, UAE - Alef Group concluded its participation in the ACRES Real Estate Exhibition 2024 with resounding success, generating significant...
Business
Company News
Agthia’s profit rises by 14%
Business
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Dana Gas net profit up 64%
Business
Indonesia villagers race to escape eruption as sky turns black
LUMAJANG, INDONESIA - Thousands of villagers living near Indonesia's Mount Semeru were racing for refuge Sunday to the wail of...
Science
RTA to develop truck rest stops in partnership with ADNOC, Almutakamela
Dubai, UAE---Dubai’s Roads and Transport Authority (RTA) has awarded contracts for constructing three all-inclusive Truck Rest Stops in partnership with...
Business
Jordan and Egypt agree to expand bilateral relations
Cairo, Egypt—King Abdullah of Jordan and Egyptian President Abdel Fattah El Sisi have expressed desire to further expand bilateral relations...
Geostrategy
Most Read
Business
German government to stop unjustified energy price increases
BERLIN, GERMANY - The German government aims to put a stop to energy price hikes it sees as unjustified with...
- Price increases are to be prohibited until the end of 2023 - unless the supplier can prove "that the increase is objectively justified".
- A justification could, for example, result from "market-based price and cost developments".
Geostrategy
UN report warns global food crises likely to increase
ROME, ITALY - The world's ability to nourish its burgeoning population is under threat and without broader socioeconomic and environmental...
- The report identifies the issues at stake and the threats and problems that have an impact on future food consumption and agrifood production.
- The report urges decision makers to think beyond short term needs.
Arts & Culture
UAE embroidery art Al Talli makes it to UNESCO heritage list
Al Talli features decoration of collars, hems and cuffs of clothes using cotton or silk threads, intertwined with gold and...
- It is distinguished by intricate designs and vibrant colours inspired by the local environment.
- The most well-known ‘Al Talli’ designs include ‘Sayer Yaay’ (coming and going’), ‘Bu Khostain’ – or ‘Bu Futlatayn’ – (double strand).