NDMC arranges $2.5bn credit facility
The Shariah-compliant facility spans a tenure of three years.
Business
Business
Aramco, ENOWA ink pact
The firms will jointly establish an e-fuel demonstration plant.
- The e-fuel technology has the potential to reduce CO2 emissions by over 70 percent on a complete life cycle basis.
- The integrated facility will generate 12 tons of synthetic methanol per day from green hydrogen and CO2, using proprietary technologies.
Business
RSG, KHC set up joint venture
The JV will develop and own the Four Seasons Resort Red Sea.
- The anticipated luxury resort is situated on Shura Island, the main hub for Red Sea destinations.
- It will offer 149 rooms and suites, plus 31 residential properties, as well as six restaurants and lounge outlets.
Business
KEZAD Group signs lease agreement with Advanced Petro Services
ABU DHABI, UAE - Khalifa Economic Zones Abu Dhabi (KEZAD) Group, the integrated trade, logistics, and industrial hub of Abu...
- KEZAD’s industrial ecosystem is equipped with state-of-the-art infrastructure which perfectly supports Advanced Petro Services’ 24,000 sqm facility.
- The CEO of KEZAD Group said APS is well-positioned to make a significant impact in the broader Abu Dhabi industrial landscape.
Business
Total of 52 MoUs signed in Saudi-Korean Investment Forum
RIYADH, SAUDI ARABIA – A total of 52 memorandums of understanding (MoUs) were signed at the Saudi-Korean Investment Forum here....
- The private sector inked 48 MoUs in sectors ranging from transportation, tourism, energy, technology, infrastructure and cybersecurity.
- The pacts aim to enhance investments between Saudi Arabia and South Korea which reflect the efforts towards collaboration between the two nations.
Business
Nedaa, Dubai Customs ink MoU
MoU to enhance digital solutions for efficiency.
- The MoU will help to integrate efforts and exchange experiences to improve the level of services provided to various groups and segments of society.
- The two parties will focus on developing an operational mechanism aimed at ensuring a reliable and effective communication network for Dubai Customs,
Business
Nearly 5,000 member companies join Sharjah Chamber in 2023
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) has logged an impressive surge in new memberships this...
- The Chamber’s main branch and its other branches in Al Dhaid, Khor Fakkan, Dibba Al-Hisn, and Kalba now boast 45,373 active members.
- The total export and re-export values of the members of the Sharjah Chamber reached US$4.6 billion through the third quarter of the current year.
Business
Dubai’s top 10 land deals in 2023 is worth US$2.3bn
DUBAI, UAE – A real estate brokerage based here has compiled the 10 largest land deals in the Emirate since...
- The recovery in land sales reflects developers’ efforts to acquire the best plots for launching real estate and commercial projects.
- Several sale deals in Dubai focus on investors’ desire to buy land for investment purposes and get high returns as prices continue to rise.
Business
EasyLease Q3 revenue $57.66m
It's net profit was AED 26.5 million ($7.21m) in Q3 2023.
- it's net profit was AED 26.5 million ($7.21m) in Q3 2023, compared to AED 32.73 million ($8.91m) YoY over Q3 2022.
- Cost-effectiveness, exceptional maneuverability and expedited travel, are driving the popularity of two-wheelers in the UAE.
Business
Mawani, SGP ink US$266m pact
The aim is to establish multiple logistics zones in the Kingdom.
- The objective is to establish logistics zones that will enhance efficiency of the sector, improve service quality and generate additional job opportunities.
- This initiative is expected to strengthen the role of the logistics sector in supporting the national economy.
Geostrategy
Ground operation likely in Gaza Strip, says Israeli envoy to Russia
MOSCOW, RUSSIA - The probability that the Israel Defense Forces (IDF) will launch a ground operation against Palestinian group Hamas...
- Israel announced a total blockade of the Gaza Strip.
- Israeli forces have been bombarding the area.
Company News
Latest News
HMG 2023 net profit $544m
Business
QEWC 2023 net profit US$426m
Business
Over 105m people visit Dubai Mall in 2023
DUBAI, UAE – Dubai Mall welcomed a record 105 million visitors in 2023, a jump of over 19 percent on...
Business
Saudi Arabia’s Purchasing Manager’s Index rises to 57.2 points in Feb
RIYADH, SAUDI ARABIA - The seasonally adjusted Riyadh Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia...
Economy
Saudi Arabia to imprison, fine people for helping, employing illegal immigrants
RIYADH, SAUDI ARABIA – The Directorate of Public Security stressed that anyone who facilitates the entry, transfer or employment of...
Geostrategy
Most Read
Geostrategy
OIC to hold extraordinary meeting on Israeli aggression on March 5
Jeddah, Saudi Arabia - The Organization of Islamic Cooperation (OIC) will hold an extraordinary meeting of its Council of Foreign...
- OIC Secretary-General Hissein Brahim Taha is expected to address the opening session, which will be preceded by a preparatory senior officials' meeting
- On October 11, 2023, Saudi Arabia hosted the extraordinary Joint Arab and Islamic Summit in Riyadh, organized by the OIC and the Arab League
Business
ADIB 2023 net profit $1.4bn
The bank achieved a Return on Equity of 27.1 percent.
- ADIB achieved record-breaking performance in 2023, with significant growth across all its businesses.
- Enhancing its digital presence, the bank saw a rise in actively digital customers through improvements to its mobile app.
Business
Dubai Taxi Company net profit up 54%
The company will pay a dividend of $19.33 million for Q4.
- Revenue for the year increased 11 percent year-on-year (YoY) to AED 1.95 billion, primarily driven by the strong performance of its taxi segment.
- DTC’s fleet size at the end of 2023 was more than 7,400 vehicles, with its taxis and limousines completing 46 million trips in 2023, an increase of 8 percent YoY.