Economy
Palestine wheat stocks could run out within 3 weeks
The cost of wheat flour in Palestine has already surged by nearly 25 percent because of the Ukraine crisis.
- Most households in the Gaza Strip are now buying food on credit
- Many families are eating less and lower quality of food items
Economy
Jordan Interior Ministry introduces 5-year entry visa
The decision also grants visa holders a temporary three-month stay that is obtained directly at border posts on each trip.
- The decision also grants visa holders a temporary three-month stay that is obtained directly at border posts on each trip
- The ministry said that it is working to create a safe environment for investors and simplifying procedures for their travel
Business
DEWA IPO biggest since Aramco
DEWA shares soared 19% in the first minutes of trading on Tuesday.
- DEWA last week said it had raised AED22.3 billion ($6.1 billion) in the region's largest IPO since Saudi Aramco
- Some 9 billion shares, an 18 percent stake, were listed, with the initial price set at AED2.48 ($0.68)
Infographics
How do MENA oil prices compare with the world?
Prices of crude oil have skyrocketed across the world, thanks to the Russian invasion of Ukraine and the subsequent sanctions...
- Russia is a major supplier of oil to European countries and the United States, besides other countries
- However, they are not accepting crude from Russia anymore, pushing up prices of oil from elsewhere
Arts & Culture
Eid Al Fitr likely to begin on May 2: Emirates Astronomical Society
The UAE moon-sighting committee is expected to convene to confirm the official starting date for Eid.
- The International Astronomical Center, which had announced the beginning of Ramadan, is yet to weigh in on the situation
- The IAC had announced, on March 21, that the first day of the holy month would fall on April 2 in most Muslim countries
Business
Dubai records $417m worth of realty transactions on Monday
The Dubai real-estate market recorded transactions amounting to more than AED1.53 billion ($417.72 million) on Monday, April 11.
- Dubai saw 403 sales worth AED1.12 billion (around $305 million) and 80 mortgage deals of AED414.07 million ($112.73 million)
- The emirate also saw 10 gift transactions that amounted to AED18.32 million (almost $5 million) on Monday
Business
dnata of UAE unveils new cargo center at Heathrow airport
dnata, Dubai-based air and travel services provider, has unveiled a new 10,500 sqm cargo center at London Heathrow airport.
- The new facility is part of the firm’s dnata City East complex, and will increase its capacity at Heathrow
- It now operates 13 cargo centers at six airports in the country
Business
Empower pipeline grows 33.2 percent
The growth in Dubai cooling network occurred between 2018 and 2021.
- The new total length of the district cooling network in Dubai is 446 times the length of Burj Khalifa, the world's tallest building.
- The network expansion in 2021 is attributed to the new projects added to Empower's portfolio, most notably the Marsa Al Arab, and the expansions of Dubai Healthcare City.
Economy
UAE approves formation of council for digital economy
The United Arab Emirates (UAE) has given go-ahead to the formation of a digital economy council in a cabinet meeting....
- The strategy aims to double the contribution of the digital economy to the UAE's GDP from 9.7 per cent to 19.4 per cent within the next 10 years
- The maturity of GCC digital economies could match that of Organization of Economic Co-operation and Development (OECD) countries within five years if they continue at the same pace
Business
SIIG of Saudi Arabia to buy all shares of Petrochem
SIIG, also known as Saudi Industrial Investment Group, has obtained the approval to buy all shares of Petrochem.
- SIIG will now fully own Petrochem and as a result the latter will be suspended from trading on the Saudi Stock Exchange beginning Monday
- The acquisition transpired as Saudi Arabian energy companies are restructuring their operations in response to a market that has lost some of its demand
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Company News
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ADCB Q3 net profit at US$432m
Business
China unveils plan to shore up industrial economy
Beijing will adopt industry, region and enterprise-specific measures to secure the sound development of key industries.
Economy
UAE, Turkmen presidents’ meet, witness signing of MoUs, pacts
The agreements included one between the foreign affairs ministries of the two countries and an MoU in the agricultural and...
Geostrategy
DMCC digitises gold trading through tokenisation of Comtech gold bullion
DMCC Tradeflow is an online platform for registering the ownership of commodities stored in UAE facilities.
Business
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Business
OPEC+ isn’t discussing output increase: Saudi minister
The "categorical denial" has come after the Wall Street Journal reported on Monday that Saudi Arabia, which co-leads the OPEC+...
- The Wall Street Journal reported on Monday that Saudi Arabia and other members were considering an "increase of up to 500,000 barrels a day".
- Saudi officials have vigorously defended the recent production cut in the face of criticism from Washington, saying it was driven purely by market conditions
Infographics
Global economic woes take toll on GCC contracts
High inflation and the West's sanctions on Russia for its Ukraine invasion besides the supply chain disruptions caused by China's...
- The increase in benchmark rates by global and regional central banks to combat runaway inflation also affected project funding.
- The UAE overtook Saudi Arabia as the largest projects market in the GCC during Q3-2022.
Business
Masdar Green acquires properties
The 3 Pearl rated properties in Masdar City are worth $254m.
- The acquisition follows a $200 million green loan secured from First Abu Dhabi Bank (FAB) in January to help finance the REIT’s growth.
- Masdar Green REIT was established by Masdar as an investment vehicle for professional investors to invest in a sustainable, income-generating real estate portfolio in Masdar City.