Dubai Investments acquires 7.68% more stake in Monument Bank
Dubai, UAE - Dubai Investments, the leading investment company listed on the Dubai Financial Market (DFM), acquired additional 7.68 percent...
Business
Business
Construction of $834m steel casting plant in Saudi to begin this year
A metal casting and forging plant will be built by South Korea’s Doosan Heavy Industries and Construction at the cost...
- The plant will be constructed at the King Salman Global Maritime Industries Complex by South Korea’s Doosan Heavy Industries.
- The plant orders in Saudi Arabia and the Gulf Cooperation Council are expected to grow around 2 trillion won per year in 2028.
Business
Amanat Holdings income leaps up
Amanat Holdings has posted a huge jump in its income for the year ended December 31, 2021 to AED367 million...
- Amanat has recommended the highest dividend payout to date of AED150 million, for which the Board of Directors will be seeking shareholders' approval
- The company reported a record net profit of AED280.8 million, a twenty-eight fold increase from the AED10.1 million reported in FY-2020
Business
Investcorp acquires 64 industrial properties in US for US $640 million
The properties grow Investcorp’s US industrial real estate holdings to approximately $3.5 billion across approximately 32 million square feet comprised...
- The properties grow Investcorp’s US industrial real estate holdings to approximately $3.5 billion across 32 million square feet comprised of more than 425 buildings
- The latest acquisitions provide Investcorp with Class B+/B industrial warehouses that are 95 percent leased
Economy
Jordan passes 2022 budget with spending volume of over JD12 billion
The government’s action prioritizes the completion of the regional electricity linkages with Egypt, Palestine, Iraq, and Lebanon.
- The government’s action prioritizes the completion of the regional electricity linkages with Egypt, Palestine, Iraq, and Lebanon
- The budget seeks to increase the coverage of domestic revenues for current expenditures this year to about 88 percent
Infographics
How economically free are GCC countries?
In economically free societies, governments allow labor, capital, and goods to move freely.
- Economic freedom may be described as the fundamental right of every human’ to control their own labor and property
- In an economically free society, individuals are said to be free to work, produce, consume, and invest in any way they please
Business
Etisalat 2021 revenue up 3.2%
The consolidated revenue stood at AED53.34 billion ($14.52 billion).
- The company attributed the growth to increased demand for data connectivity and digital services
- The growth was also attributed to international operations and improvement in domestic operations
Business
UAE launches Nationals Development Pathway for food security
The UAE Food & Beverage Business Group enables the active participation of professionals, Emiratis and SMEs to support the food...
- The UAE Food & Beverage Business Group enables the active participation of professionals, Emiratis and SMEs to support the food sector
- The Middle East Sugar and Calorie Reduction Programme was also unveiled at Gulfood as the first series under the NDP
Geostrategy
UAE, Turkey sign 13 agreements, MoUs in key areas
The signing of cooperation agreements and MoUs ‘mark the beginning of a new era in relations’ between the two countries...
- Erdogan visits UAE for first time in nearly a decade to revive relations that were long strained by regional disputes
- The two countries vow 'to confront a number of common challenges" through dialogue and diplomatic resolve
Business
Mubadala closes Brazil fund
Brazil Special Opportunities Fund I is Mubadala's first fund in Brazil.
- The fund raised capital from a diverse set of global investors, including a leading public pension fund, family offices and corporates among others.
- Mubadala Capital manages over $10 billion of assets in third-party managed funds across its Brazil, private equity, public equities and venture capital businesses.
Geostrategy
Islamic Development Bank sets up fund for providing aid to Afghanistan
The Islamic Development Bank (IsDB) approved the establishment of the Afghanistan Humanitarian Trust Fund (AHTF), which will channel humanitarian and...
- The Afghanistan Humanitarian Trust Fund will be administered by the bank and receive contributions from member states.
- For project financing, it approved $337.63 million for transport, agriculture, and human capital development projects in Guinea, Cote d’Ivoire, and Senegal.
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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
Company News
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UAE’s mobile internet fastest in Arab world
Infographics
Qatar Central Bank issues treasury bills, sukuk worth $1.6 billion
Doha--The Qatar Central Bank (QCB) has issued Treasury Bills and Sukuk for periods of one week, one month, three, six...
Business
Saudi-Finnish business forum discusses enhancing trade ties
HELSINKI, FINLAND - Heading a high-level delegation to Finland, Saudi Arabia's Minister of Commerce and Chairman of the Board of...
Geostrategy
Saudi real GDP grows by 8.6 percent in Q3: Ministry of Economy
An economic report issued by the MEP---the ministry will publish such reports quarterly on domestic and global economic updates---real non-oil...
Economy
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Business
Abu Dhabi Ship Building signs MoU
The deal was signed with Indonesia's state-owned shipbuilder PT Pal.
- They will build a range of interceptors, landing craft, and rigid-hull inflatable boats (RHIBs) for Indonesia’s naval and coast guard requirements.
- ADSB operates three main naval programmes: Corvettes, offshore patrol vessels and fast interceptor vessels.
Geostrategy
Arab nations to hold economic development summit every four years
Dubbed the 'Arab Development Summit', it may be hosted by the Cairo-based Arab League.
- Dubbed the 'Arab Development Summit', it may be hosted by the Cairo-based Arab League
- An extraordinary session, attended by leaders and heads of state, may be held "when necessary, a statement read
Business
Villas and apartments worth $479 million sold in Dubai on Thursday
Dubai, UAE---Dubai real estate market recorded transactions worth AED2.4 billion ($653 million) on Thursday, according to Dubai Land Department. A...
- The deals include 842 sales transactions worth AED1.96 billion, in addition to 112 mortgage deals of AED487.55 million, and 17 gift deals amounting to AED30.97 billion.
- The sales included 769 villas and apartments worth AED1.76 billion, and 73 land plots worth AED195.5 million.