Dubai faces warehouse shortage, says new report
DUBAI, UAE — The supply of under construction warehouse stock in Dubai’s industrial market stands at 1.56 million square feet according...
Business
Business
Saudi stocks shoot up on the back of high oil prices
Nudged by high oil prices, Saudi stocks inched up as the main index, TASI, gained 0.24 percent to touch 12,882,...
- Oil prices kept rising rapidly, as Brent crude oil peaked at $130.85 per barrel, while US WTI crude reached $125.96 per barrel
- Wataniya Insurance Co. gained 4.40 percent at the opening bell to be the top gainer at the opening bell
Business
Major UAE companies to work for raising solar power production capacity
The companies are Emirates Global Aluminum (EGA), Abu Dhabi National Energy Company (TAQA), Dubai Holding and Emirates Water and Electricity...
- TAQA and Dubai Holding envisage acquiring EGA's electricity generation assets in the UAE, holding a 50 percent share each.
- For TAQA, the acquisition of EGA's power assets would increase the company's UAE-based capacity to more than 23 gigawatts.
Geostrategy
Kyrgyzstan and Ras Al Khaimah to expand cooperation in investment, trade
Kyrgyzstan and the UAE have discussed enhancing the investment and trade cooperation between the two sides. Mohamed Ali Musabbeh Al...
- Both sides agreed at a meeting to organize a business visit by a delegation from the chamber to Kyrgyzstan.
- The meeting also discussed several projects and investment opportunities that will increase the trade exchange between Kyrgyzstan and Ras Al Khaimah.
Economy
Over 27,800 new firms join Dubai Chamber of Commerce in 2021
Over 27,800 new member companies joined the Dubai Chamber of Commerce in 2021, a 66.8 percent increase compared to 2020,...
- The Chamber said it also achieved its goal of becoming 100 percent paperless by the end of 2021, representing an important milestone in its digital transformation mission.
- The value of exports and re-exports of Dubai Chamber of Commerce members amounted to AED227 billion.
Economy
Abu Dhabi’s agricultural production in 2020 reaches $3.72 billion
Abu Dhabi's agricultural production in 2020 was valued at AED13.7 billion ($3.72 billion) in 2020, with an increase of 12...
- Crop production reached 421,524 tons, about 59.6 percent of the total agricultural production, with an increase of 33 percent compared to 2017.
- Dates made up 61 percent of the total plant production with about 258,335 tons, compared to 39 percent of vegetable and fruit production.
Business
Most of Saudi employers to add to workforce in 2022: Hays
Some 80 percent of Saudi Arabia's employers are considering to add to their workforce in 2022, with a reasonable decline...
- The Hays report noted that 43 percent of employers intended to expand their workforce in 2021, while it was just 29 percent in 2020
- The research report suggests that 2022 may face a drought in hiring employees who fall under technology, managerial, and leadership
Business
Empower to pay $136m in dividends
The dividend is 53.4 percent of the net profit earned by the firm last fiscal.
- The total dividends to shareholders amounted to AED3.15 billion since its inception in 2004, Empower said.
- The company reported total revenue of AED2.464 billion in 2021, increasing 9.3 percent compared to 2020.
Business
SIB foreign ownership up 40%
The decision follows approval of the Bank's General Assembly.
- The announcement follows the approval of the Bank's General Assembly, held on 26th February, and highlights an increasing demand from investors
- Mohamed Abdalla, CEO of Sharjah Islamic Bank, stressed that the UAE is in a competitive position which enables it to compete with advanced global economies
Geostrategy
Jordan and Morocco keen to boost bilateral cooperation, regional development
Jordan Senate President Faisal Fayez Monday held talks with Moroccan officials in Rabat on bolstering Jordan-Morocco cooperation and the regional...
- Jordan's Senate President Faisal Fayez held the discussions with his Moroccan counterpart Naam Miyara in Rabat.
- Fayez hailed the role of King Abdulla II and that of Morocco's Mohammed VI in strengthening the bilateral ties.
Economy
Female empowerment key to Gulf economic growth
Several initiatives taken by Gulf states demonstrate women will play a key role in achieving the transformational goals.
- Women's hiring in GCC countries has increased substantially during the past decade.
- Saudization and Emiratization of jobs is likely to see a surge in the number of women joining the workforce.
Dubai faces warehouse shortage, says new report
DUBAI, UAE — The supply of under construction warehouse stock in Dubai’s industrial market stands at 1.56 million square feet according...
Business
Company News
QNB posts 7% rise in profit
Business
Latest News
Post-Covid UAE real estate upswing to continue
A high number of residential and commercial units delivered in 2022 means tenant retention will become more critical, and rental...
Videos
G20 health, finance ministers agree to launch US$1.4bn pandemic fund
The G20 health ministers have agreed to establish a pandemic fund.
Geostrategy
COP27 focuses on ways and means to feed 8 billion people
The adaptation and agriculture thematic day at COP27 focused on how the world will feed eight billion people.
Science
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Arts & Culture
Saudi Arabia to host Under-21 World Snooker Championship in 2023
Riyadh, Saudi Arabia- --Saudi Arabia will host the World Under-21 Snooker Championship for men and women in July 2023, SPA...
- International Billiards and Snooker Federation has also agreed in principle to host the World Cup for Billiard and Snooker for men and women in Oct. 2024 for six balls and masters.
- Hosting the championship is the kingdom's one more step towards the development and promotion of the sports sector in its pursuit to achieve the Saudi Vision 2030 goals.
Business
PIF sells 10 percent stake in Tadawul Group at $51 per share
The offering size was SAR 2.3 billion ($611 million), making it the second largest Accelerated Bookbuild Offering to ever take...
- Last year, the PIF, which is led by the Crown Prince and Prime Minister Mohammed bin Salman, sold a 30 percent stake in Tadawul in a $1 billion IPO.
- This transaction is in line with PIF’s strategy to recycle the Fund’s capital and invest in emerging and promising sectors in the local economy, PIF said.
Geostrategy
Bahrain sees record voter turnout in general elections
Manama, Bahrain—At least 73 percent of voters have turned out to cast ballots in the 2022 Bahrain general election, the...
- The elections, according to Bahrain News Agency, went smoothly across the kingdom and the eligible voters used the right of franchise
- The minister said that the success of the record turnout was a culmination of the democratic progress led by His Majesty King Hamad bin Isa Al Khalifa since 2002