UAE plans to issue bonds, Sukuk valued at $1.3bn in Q1 2024, says official
HONG KONG - UAE Ministry of Finance Undersecretary Younis Haji Al Khoori announced that the ministry's issuance of bonds and...
Business
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
Business
Dubai records $2.36 billion in weeklong real estate transactions
Dubai has recorded 2,884 real estate and properties transactions at the value of AED8.7 billion ($2.36 billion) in total during...
- Dubai Land Department said that 297 plots were sold for AED1.59 billion, as well as 2,116 apartments and villas for AED4.75 billion.
- The total value of mortgaged properties for the week reached AED2.02 billion and 89 properties were granted between first-degree relatives worth AED413 million.
Business
Gulf Print and Pack 2022 concludes, records deals worth $6.8m
The Gulf Print and Pack (GPP) 2022 concluded at the Dubai World Trade Centre, recording deals worth more than AED...
- GPP organisers said the decision to move from a four-day show in past editions to a three-day event in 2022 was vindicated with daily attendance increasing by 15 percent.
- Sales of machinery and equipment were the biggest contributors to the total, with Canon closing over $2.5 million in sales and Kodak reporting in excess of $1 million.
Business
Al Seer buys two new ships
The firm, a subsidiary of IHC, acquired the vessels for AED246m.
- The company, which is pursuing an expansion strategy to become a major world leader in commercial shipping, is looking to buy up to 15 ships in 2022
- In its latest transaction, Al Seer Marine has purchased LPG tankers, MT Alcor and MT Alkaid, each with a capacity of 20,700 cubic meters
Arts & Culture
Saudi Arabia launches 40% cash rebate for film productions
The program provides big support to local, regional and international film producers to shoot their works inside Saudi Arabia.
- The program provides big support to local, regional and international film producers to shoot their works inside Saudi Arabia
- The commission called on Saudi and international production companies that are planning to shoot in the oil-rich kingdom to apply for the incentive program
Business
Cloudflare of US sets up shop in Dubai Internet City
With the entry of Cloudflare, a top-rated American content delivery network, into its rapidly expanding zone, Dubai Internet City has...
- Cloudflare announced Dubai as its first office in the Middle East to support its growing EMEA operations
- In 2021, Dubai led the world in attracting foreign direct investment (FDI) with a record number of 418 greenfield FDI projects
Economy
Three Saudi ports make world records on CPPI 2021
The CPPI is an indicator produced by the Transport Global Practice of the World Bank.
- The CPPI is an indicator produced by the Transport Global Practice of the World Bank.
- The King Abdullah Port ranks first on the list of 370 global ports, while Jeddah Islamic Port ranks eighth
Economy
UAE to fund interest on home loans for its nationals
The UAE has decided to fund interest on home loans obtained by its nationals from banks "to ensure economic well-being...
- Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, has revealed that the UAE Cabinet has endorsed a new policy for UAE nationals home finance
- The minister made the remarks in a briefing organized by the Ministry of Energy and Infrastructure, represented by SZHP
Business
Agreement signed for new payment channels and services on AjmanPay app
Ajman’s Department of Finance (DoF) signed a cooperation agreement with First Abu Dhabi Bank (FAB) and Magnati to support the...
- This agreement is in line with Ajman government’s strategy of fostering strategic partnerships between the public and private sectors.
- It also complies with DoF’s efforts to develop innovative financial services that offer customers the facility to save their financial data.
Business
UAE and India to expand ties in renewable power, sustainable finance
India was the second-largest trading partner of the UAE in 2021 as it accounted for 9 percent of the total...
- The UAE and India agreed to expand bilateral cooperation towards accelerated climate action and implementation of the Paris agreement.
- The UAE’s cooperation with India in the area of climate aims to support India’s ambition to achieve 450 gigawatts (GW) of renewable energy.
Geostrategy
Saudi group at WEF calls for international cooperation
A Saudi delegation said Wednesday that the transformation march launched by it a few years ago contributed to enhancing the...
- The delegation participated in a panel discussion entitled "Kingdom of Saudi Arabia: A Future Vision".
- It highlighted kingdom's role in supporting the region's stability within the framework of promoting development.
UAE plans to issue bonds, Sukuk valued at $1.3bn in Q1 2024, says official
HONG KONG - UAE Ministry of Finance Undersecretary Younis Haji Al Khoori announced that the ministry's issuance of bonds and...
Business
Company News
UAE views creativity through the lens of openness
Arts & Culture
Zain Group 9M net profit $492m
Business
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Ahlibank 9M net profit $65m
Business
ADNIC 9M net profit $72m
Business
US unveils high-tech B-21 stealth bomber
PALMDALE, UNITED STATES - The United States on Friday unveiled the B-21 Raider, a high-tech stealth bomber that can carry...
Business
Jordan to elect commerce chamber boards in poll
Amman, Jordan— The commercial sector across Jordan will go to the polls on Saturday to choose representatives in the boards...
Economy
VOX Cinemas unveils debut slate of original Arabic films
Diverse line-up of movies features local stories from new and established storytellers from Saudi Arabia, Egypt, Lebanon and UAE.
Arts & Culture
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Geostrategy
G7, EU agree oil price cap to reduce Russia war funding
The price cap is designed to make it harder to bypass the sanctions by selling beyond the EU. Poland's ambassador...
- The price cap, negotiated between the G7 group and the European Union, will come into effect with an EU embargo on Russian crude oil from Monday
- The embargo will prevent shipments of Russian crude by tanker vessel to the EU, which account for two thirds of imports
Business
SABIC signs pact with Aramco, PKN ORLEN
They will study feasibility of Polish petrochemical sector investment.
- The agreement laid the first cornerstones towards a potential partnership with Aramco and PKN ORLEN in petrochemical production, said SABIC acting CEO.
- In August, Aramco and SABIC Agro-Nutrients Company obtained the world's first independent certifications recognizing the production of blue hydrogen and blue ammonia.
Geostrategy
Energy crisis driving climate-friendly power savings, says IEA
PARIS, FRANCE - Russia's invasion of Ukraine has driven countries across the world to boost energy efficiency, creating "huge potential"...
- Governments have scaled up fossil fuel subsidies to cushion the impact of rising energy costs on households in the wake of the Ukraine conflict.
- According to the IEA research, governments, industry and households invested a record $560 billion this year in energy efficiency measures.