Dubai real estate market records $925 million in daylong transactions
Dubai, UAE -- Dubai's real estate market recorded 510 sales transactions worth AED1.36 billion on Tuesday, in addition to 210...
Business
Business
Agthia eyes KSA expansion
The company to set up a manufacturing facility in Jeddah.
- CAPEX spending is expected to start in the coming months, with first sales from the new Saudi facility expected in H2 2023.
- The project, which is in response to strong demand from local customers, will further strengthen Agthia’s footprint in Saudi Arabia
Infographics
UAE and Qatar top 2021 GCC economies
The two Gulf countries score high consistently on all seven parameters used to measure the status of an economy.
- The GCC comprises six countries—Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
- The World Bank has said the economies of the Gulf Cooperation Council (GCC) are projected to expand by 5.9 percent overall in 2022.
Economy
Qatar’s Export Unit Value Index surges by 61 percent in Q1
Qatar’s Export Unit Value Index (EXUVI) has increased by 61.05 percent in Q1 2022 compared to Q1 2021. The Planning...
- The Planning and Statistics Authority (PSA) released its Quarterly EXUVI for Q1 2022 as a new chain is added to statistical indicators calculated by PSA.
- The addition is as per the policy of PSA in providing accurate statistical information and data that support the decision-maker.
Economy
Qatar government, banks behind its strong economic show: CEOs
The measures adopted by Qatar’s government and Qatar Central Bank proved decisive in countering the negative impacts of pandemic and...
- The CEOs focused on various issues like environmental and social practices, corporate governance.
- Future prospects of Qatar's economy are stable, as its banking sector enjoys flexibility and quality with high capital and liquidity, said Qatar National Bank CEO.
Business
ADGM invites public feedback on changes to commercial legislation
The Abu Dhabi Global Market (ADGM) has invited public feedback on the proposed amendments to its commercial legislation. As part...
- As part of ADGM’s ongoing enhancement of regulatory framework, its Registration Authority (RA) is proposing changes, including the introduction of a late filing fees framework.
- Rather than attracting a penalty, certain late filings will attract a late filing fee of $150 per month, capped at three months.
Business
Arts DAO NFT drop on June 5
The drop is being created in partnership with NFT artist Kristel Bechara.
- The community’s NFT collection will feature 2,000 NFTs and prices will start from 0.49 ETH ($1,000).
- Arts DAO is registered with the Dubai Multi Commodities Centre (DMCC).
Business
ADNOC acquires drilling units
The two premium jack-up units will be operational in Q3 2022.
- The units, being acquired from Well Target Five Limited and Well Target Six Limited, are Gusto MSC design, premium independent leg cantilever rigs.
- Since listing on the Abu Dhabi Securities Exchange in October 2021, ADNOC Drilling has expanded its fleet from 96 to 104 owned rigs.
Business
East Pipes lands $131m deal
The firm will supply pipes to Saline Water Corporation.
- The financial impact of the one-year deal will be seen in the company's fiscal year 2022-2023
- Established in 2010, East Pipes specializes in the manufacturing of steel pipes and joined the Saudi stock exchange earlier this year
Economy
Kuwait works with World Bank to implement national youth policy
The policy also aims to increase the number of beneficiaries from the capacity building programmes and measure the efficacy of...
- The policy also aims to increase the number of beneficiaries from the capacity building programmes and measure the efficacy of the youth projects
- The partnership has two axes - investment in human resources, and empowering the private sector to drive economic growth and create job opportunities
Economy
Egypt looks to double exports to $100bn: PM
Egypt has set its eyes upon doubling exports to $100 billion in the next few years, and building a 'strategic...
- Madbouly said the world is today witnessing governments and peoples suffering from inflation and high prices
- He pointed out that integration and coordination with the UAE and Jordan will contribute to achieving an important part of self-sufficiency
Company News
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Dana Gas net profit up 64%
Business
Al Arabia’s profit up 43%
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
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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).