TAQA, GS Inima and EWEC seal deal
Abu Dhabi's Shuweihat 4 desalination project secures $444 million.
Business
UAE, Kazakhstan sign MoU to combat financial crimes
ASTANA, KAZAKHSTAN – UAE and the Republic of Kazakhstan signed an agreement to enhance bilateral cooperation in the combating of...
Geostrategy
Economy
Saudi Finance Ministry forecasts kingdom’s GDP to grow by 7.4%
The Saudi Finance Ministry has forecast the kingdom's real gross domestic product to grow by 7.4 percent.
- The expected growth is driven by a rise in the oil GDP associated with the Organization of the Petroleum Exporting Countries agreement and the expected improvement in non-oil GDP
- As the economy continues to recover from pandemic repercussions, the government will continue to enhance the role of the private sector to be the main motivator of economic growth
Business
Qatar Development Bank launches program for micro-enterprises
Qatar Development Bank (QDB) announced the launch of a version of the "Al Dhameen" program for micro-enterprises, for the first...
- Al Dhameen program for micro-enterprises is characterized by a profit rate and distinct conditions.
- He noted the program will contribute to the development of the national business system in terms of access to financing.
Business
AUB to acquire Citi Bahrain unit
The acquisition includes retail banking and credit card.
- Citigroup expects to close the transaction by the second half of this year, after which no changes will apply to the services provided to Bahraini customers.
- Citigroup plans to exit operations in 13 markets, including Bahrain, Australia, China, India, Indonesia and South Korea.
Business
High demand for G6 currencies leads DGCX trading volumes
The Dubai Gold & Commodities Exchange (DGCX) recorded a monthly Average Open Interest (AOI) of 134,154 contracts during the month...
- Euro and British Pound Futures Contracts recorded a year-on-year (YOY) advanced growth of 527.5 percent and 261.5 percent respectively.
- Trading volumes in the Japanese Yen as well as the Australian Dollar registered a significant YTD growth of 339.2 percent and 755.76 percent respectively.
Infographics
Islamic banking tipped to grow in GCC
Of recent, Islamic banking has been getting quite a boost from governments and financial institutions in the Gulf Cooperation Council.
- Islamic banks are prohibited from collecting or paying interest, which raises the question: How do they make a profit, or even stay in business?
- The answer is that they make money through equity participation, which requires a borrower to give the bank a share of their profits
Economy
$2.4m grant for West Bank project to improve livelihoods
A grant of $2.4 million from the Japan Social Development Fund (JSDF) will help increase economic opportunities and improve the...
- The grant from Japan Social Development Fund will improve the lives of fragile communities along the Palestinian Heritage Trail across the West Bank.
- The Palestinian territories have faced long-lasting instability, exacerbating macroeconomic volatility, and increasing unemployment for over a quarter of the population.
Economy
Saudi non-oil private sector posts fastest growth in four years
The non-oil private sector of Saudi Arabia has recorded more growth in March than it did in more than four...
- the seasonally adjusted S&P Global Saudi Arabia Purchasing Managers’ Index posted at 56.8 in March, rising from 56.2 in February, with the Output Index recording the highest growth
- However, it highlighted that a sharp rise in global energy and commodity prices due to the Russia-Ukraine war had imposed an inflated cost burden on Saudi Arabian businesses
Economy
Oman to generate 25 GW of solar, wind energy
The country aims to produce 25 gigawatts (GW) of renewable solar and wind energy, which will be used to produce...
- The country aims to produce 25 gigawatts (GW) of renewable solar and wind energy, which will be used to produce over 1.5 million tons of carbon-free hydrogen per year.
- Najla Zuhair Al Jamali, Executive Manager of Alternative Energy at OQ said that GEO is at the vanguard of mega-scale green fuels projects
Business
Dubai Financial Services Authority inks MoU with Central Bank of Mauritius
The MoU places an emphasis on technologies pertinent to financial services, regulation and supervision.
- The MoU places an emphasis on technologies pertinent to financial services, regulation and supervision
- The two authorities will foster open dialogue on operational and technology risk supervision and anti-money laundering
Business
ACI exports up 50% in Q1
The growth was driven by medical supplies, dermatology, knitting sector.
- The United States, India, Saudi Arabia and Iraq imported JD940 million worth of ACI exports, which is more than half
- India came first with JD373 million imported in the first quarter of 2022 compared to JD157 million in the same period of 2021
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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
TAQA, GS Inima and EWEC seal deal
Abu Dhabi's Shuweihat 4 desalination project secures $444 million.
Business
Company News
Latest News
Masdar Green acquires properties
The 3 Pearl rated properties in Masdar City are worth $254m.
Business
Dubai Aerospace acquires Sky Fund Irish I
Sky Fund I leases aircraft to 14 airline customers.
Business
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Business
FIFA World Cup: Coca-Cola Middle East launches locally produced 100% rPET bottles
350ml Coca-Cola, Sprite and Fanta bottles, plus 500ml Arwa water bottles, will be available to consumers.
- 350ml Coca-Cola, Sprite and Fanta bottles, plus 500ml Arwa water bottles, will be available to consumers
- The Coca-Cola Company has has been an official sponsor of the FIFA World Cup since 1978
Business
AD Ports Group and Transmar launch new Pakistan Service
The new container shipping service links Karachi with the region’s major ports within UAE, KSA, Egypt, Jordan, Sudan and Djibouti.
- The new container shipping service links Karachi with the region’s major ports within UAE, KSA, Egypt, Jordan, Sudan and Djibouti
- The new route will contribute to AD Ports Group’s strategic objectives of increasing regional and global connectivity
Arts & Culture
Sheikh Zayed Festival to air World Cup matches for fans
Abu Dhabi, UAE— The Sheikh Zayed Festival will provide a number of screens for the regular airing of the FIFA...
- According to the Higher Committee organizing the festival, the screens will be set up throughout different areas from the 20th November to 18th December 2022
- Fans can enjoy an exciting array of events, before and after games that include concerts, entertainment, heritage and cultural shows