Mawani, CMA CGM Group lay foundation for logistics park at Jeddah Islamic Port
RIYADH, SAUDI ARABIA – The Saudi Ports Authority (Mawani) and CMA CGM launched on Wednesday a new logistics park at...
Business
Sharjah records real estate transactions worth US$980m in October 2023
SHARJAH, UAE – A total of 3,798 transactions were conducted here in October 2023 across various regions of the emirate,...
Business
Business
DWC Airport to host Business Aviation Event ‘MEBAA’ in December
DWC Airport in Dubai will host the MEBAA Show, a business aviation platform, from 6-8 December 2022. The event will...
- The event will showcase the latest trends, insights, innovation and commercial opportunities shaping the future of business aviation.
- Providing a platform for the entire business aviation community, the MEBAA Show will convene again to build partnerships.
Business
Zakat Fund reports revenue of $6 billion in 2021
The Zakat Fund has recorded total revenues of $6 billion in 2021, an increase of 5 percent over the same...
- Abdullah bin Aqeedah Al Muhairi, Secretary-General of the Zakat Fund, said that the fund is totally transparent
- Al Muhairi stressed that the Fund will continue working to raise awareness on the Islamic duty of Zakat
Business
Saudi seaports registers 5.3 percent increase in cargo handling
This includes a 48.28% growth in passenger volume, with the total number reaching 88,000.
- The total food shipments amounted to more than 2 million in January, representing an increase of 2.06 percent compared to last year.
- The statistical figures for January 2022 issued by MAWANI also showed an increase in other operational indicators of Saudi ports.
Geostrategy
Israel, UAE invite joint research proposals from varsities, research institutes
The UAE and Israel are inviting universities and research institutes in both countries to submit joint research proposals based on...
- Successful proposals will be selected by a joint UAE-Israel committee, which will choose one project to be funded.
- The selected research project will receive $200,000 of funding from the UAE Space Agency and Israel Space Agency.
Business
Alpha Dhabi revenues rise 400 percent
The gross profit in 2021 was AED5.1 billion in 2021, compared to AED 218 m in 2020.
- The company said the performance was driven by the strong and consistent business activities of its subsidiaries.
- Alpha Dhabi Holding made strategic investments in 2021 by acquiring a 17.5 percent stake in Aldar which was increased to 30 percent at the year-end.
Business
ADQ to launch digital bank, after CBUAE grants approval
A new digital bank backed by ADQ, an Abu Dhabi-based investment and holding company, will soon begin operations, after the...
- With its headquarters in Abu Dhabi, the digital bank named Wio will enhance the capital's growing reputation as a global financial services centre
- The digital banking platform's primary shareholders ADQ and Alpha Dhabi, one of the fast-growing investment holding companies in the Middle East, own 65 percent
Business
Spotlight on Saudi model cargo villages as the sector grows in 2021
Saudi Arabia recorded a growth in air cargo traffic during 2021 compared to 2020, with the total air cargo until...
- The total air cargo until the end of December of 2021 amounting to more than 653,000 tons.
- The model cargo village at King Khalid International Airport in Riyadh is an advanced logistics platform with an estimated capacity of 500,000 tons.
Geostrategy
Arab Economic and Social Council backs Saudi bid to host Expo 2030
The League called upon the Arab countries to contribute to mobilizing international support for the Kingdom’s request to host the...
- The League called upon the Arab countries to contribute to mobilizing international support for the Kingdom’s request to host the exhibition
- The League held 109th ministerial session of the Economic and Social Council of the Arab League, which was held Thursday at the headquarters of the Arab League
Business
Work begins on $6.2bn Borouge 4 project in Abu Dhabi
The facility is being built at the Borouge’s polyolefin manufacturing complex in Ruwais in Abu Dhabi.
- The project is expected to play a significant role in meeting the projected growth of the global demand for polyolefins
- It will also apparently provide critical feedstock for the TA’ZIZ Chemicals Industrial Chemicals Zone in Ruwais in Abu Dhabi
Business
ADNIC 2021 profit is AED401.8 mn
The Company’s earnings per Share are AED 0.70
- ‘The Company’s diversified investment portfolio delivered excellent results with an increase in the Investment Income of 25.6% compared to 2020’
- In the fourth quarter of 2021, ADNIC extended its partnership with Al Bayt Mitwahid Association to support the association’s wide range of community welfare initiatives
Most Read
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
Mawani, CMA CGM Group lay foundation for logistics park at Jeddah Islamic Port
RIYADH, SAUDI ARABIA – The Saudi Ports Authority (Mawani) and CMA CGM launched on Wednesday a new logistics park at...
Business
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Sure Global to list on Nomu
Business
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
Jordan’s King meets Russian minister, urges stability in southern Syria
AMMAN, JORDAN - Jordan's King Abdullah received Russian Foreign Minister Sergey Lavrov in Amman on Thursday and stressed the importance...
Geostrategy
Abu Dhabi Ship Building signs MoU
The deal was signed with Indonesia's state-owned shipbuilder PT Pal.
Business
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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.
Interview
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...
- Since joining the OPEC, the role of the UAE has remained clear: to increase production, maintain economic growth, achieve diversification through other sources, and reduce costs
- The UAE, one of the largest OPEC producers, has attained a significant stature in global energy and oil markets in terms of production, refinery, storage, transport and shipping
Business
Fertiglobe Q3 revenues up $1.32bn
Adjusted EBITDA grew 64 percent to US$606 million.
- Free cash flow increased to US$189 million from US$56 million in Q3 2021
- The company will pay US$700 million, equivalent to AED0.31 per share, to shareholders in April 2023