IPOs in MENA raise US$5.8bn in first nine months of 2023
ABU DHABI, UAE - A recent report revealed that 29 initial public offerings (IPOs) were recorded in the Middle East...
Market Report
Business
East Pipes to list on TASI
The offer comprised a total of 6.3 million shares.
- This came after the initial public offering of the company was 71.8 times oversubscribed, setting the final offer price at SR80 ($21.3)
- SNB Capital, as the financial advisor of the offer, led the book-building process, which started on Jan. 11 and ran through Jan. 17
Business
Bangladesh aiming at direct shipping line to UAE for faster connectivity
Bangladesh wants to establish a direct shipping line with the UAE, which will reduce the existing navigation time by two...
- Foreign Minister of Bangladesh AK Abdul Momen, on a four-day official visit to the UAE, said Bangladesh is keen to utilize the UAE’s expertise in port management.
- The bilateral trade between two countries in 2021 stood at $1.8 billion, Momen said, adding that a direct shipping line would help multiply it several times.
Geostrategy
Bahrain and Egypt share solid relations: Fawzia bint Abdulla Zainal
Bahrain and Egypt share solid long-standing brotherly relations, and there is steady progress in it due to their deep partnership...
- The two sides discussed ways to enhance parliamentary relations between the two countries, in addition to the mechanisms to develop joint action.
- They also exchanged points of view on regional and global issues of mutual interest affirming the importance of cooperation between the two.
Geostrategy
Turkish president Recep Erdogan’s visit reflects growing relations: UAE
Erdogan's visit on Monday will be marked by a visual display on the Burj Khalifa façade, lighting up several landmarks...
- Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed Al Nahyan had visited Ankara in November 2021 on the invitation of the Turkish President.
- Turkey is the 11th largest trading partners of the UAE, while the UAE is Turkey’s 12th biggest trading partner globally and the largest in the Gulf region.
Business
Saudi firm BinDawood eyes expansion by way of acquisition
Future Tech Retail, a firm owned by Saudi retailer BinDawood Holding, will acquire a sixty-two percent stake in International Applications...
- Future Tech Retail, which is fully owned by BinDawood Holding, signed the deal with Amwaj Real Estate Co. and First Commercial Application Co
- The potential acquisition comes in a bid to strengthen BinDawood’s position in the e-commerce sector and enhance its omnichannel presence
Business
2021 edition of World’s Coolest Winter raises UAE hotel revenues by 50 percent
UAE government's World's Coolest Winter campaign, which was launched in December 2021, has raised revenues of hotel establishments to AED1.5...
- The campaign promoted tourism, natural sites and entertaining destinations and experiences across the seven emirates of the UAE.
- The campaign also raised the number of domestic tourists from 950,000 to 1.3 million, an increase of 36 percent over the first edition of the campaign.
Business
QLM net profit up 8 percent
The insurer reported a growth of 16 percent in underwriting income.
- The Company’s net profit for the Year 2021 is QAR 106.2 million compared to QAR 98 million in 2020, a growth of 8 percent.
- The company’s board has recommended a cash dividend of 22 percent (QAR 0.22 per share).
Business
Ras Al Khaima issues 1,749 business licenses in 2021
The Emirate of Ras Al Khaima has given out 1,749 business licenses in 2021, a thirty-six percent jump over the...
- Commercial sector licenses increased by 921, accounting for 53 percent of the total issued licenses, an annual growth of 30 percent compared to 2020
- It was followed by industrial and professional licenses at annual growth rates of about 47 percent and 46 percent respectively
Geostrategy
Dubai Municipality planted on average 466 trees a day in 2021
Dubai Municipality has added 2.83 million square meters of green areas to the city by planting more than 170,000 trees...
- The Municipality has added 2.83 million square meters of green areas to the city by planting more than 170,000 trees in various locations.
- The total area of green spaces under the Municipality’s supervision to around 43.83 million square meters.
Expo 2020 DUBAI
Expo 2020 Dubai warns of fraud over Coldplay concert tickets
Some free tickets for the February 15 concert of British music band Coldplay were apparently being resold online for money.
- Expo 2020 Dubai has warned that the many copies of the same ticket may be sold online
- Each ticket has a QR code that can be scanned only once, to deter exactly such practices
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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
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Sure Global to list on Nomu
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...
Business
UAE a safe global oil, energy supply source: OPEC chief
Since joining the OPEC, the role of the UAE has remained clear: to increase production, maintain economic growth, achieve diversification...
Interview
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Economy
German industries explore investment opportunities in UAE
Some of Germany’s leading industrial companies participated in a roundtable event hosted by the UAE Ministry of Industry and Advanced...
- From the UAE side, representatives from ADNOC, Abu Dhabi Department of Economic Development, Abu Dhabi Investment Office, and TAZIZ were present.
- The delegates also discussed the future of supply chain opportunities in a post-pandemic world.
Business
Saudi Arabia’s first electric vehicle brand Ceer launched by Crown Prince
Ceer will design, manufacture and sell a range of vehicles in Saudi Arabia and the MENA region, including sedans and...
- Ceer is projected to directly contribute US$8 billion to Saudi Arabia’s GDP by 2034, the PIF said. Ceer vehicles are scheduled to be available in 2025.
- Each vehicle will be designed and manufactured in Saudi Arabia, and tested to the highest global automotive quality control and safety standards.
Geostrategy
UAE, Indonesia to cooperate in energy sector
UAE and Indonesia have signed a Declaration of Intent to boost economic and social development between the two countries and...
- The declaration was signed between the UAE Ministry of Energy and Infrastructure and the Indonesian Ministry of Energy and Mineral Resources.
- It was signed during a joint meeting between the two countries at the Abu Dhabi International Petroleum Exhibition Conference ‘ADIPEC 2022.