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
Economy
Iraq confirms distributing residential lands under Dari initiative
Iraqi Prime Minister Mustafa Al-Kadhimi has directed contracting with investment companies to build infrastructure in the areas where residential land...
- The “residential parts will be distributed”, and service buildings will be “built from health and school centers.
- During its meeting on September 22, 2021, the cabinet voted on the mechanism for the distribution of residential land.
Business
Sanad picks new CEO
Sanad, a subsidiary of Mubadala Investment Company, has appointed Mansoor Janahi as the new Group CEO.
- The appointment is a part of Sanad’s new plan to expand its business beyond the aerospace sector
- The strategy and leadership announcements follow the launch of "Operation AED300bn" last year
Business
Sharjah Shopping Promotions sees 40 percent more shoppers this season
The Sharjah Chamber of Commerce and Industry (SCCI) has seen off another season of the 48-day "Sharjah Shopping Promotions" campaign....
- The volume of purchases throughout the 48-day campaign grew by 25 percent.
- Some 653 shops and stores took part in the event, offering attractive discounts of up to 75 percent on leading brands and various types of goods
Economy
Second instalment of Sunref energy program launched in Palestine
Bank of Palestine (BOP) and Proparco in cooperation with the EU have jointly announced the signing of Sunref II Green...
- The purpose of SUNREF Green Finance Program is to provide solutions to promote energy efficiency and renewable projects.
- The program plays a crucial role in the Palestinian ecological system since energy services’ costs are high.
Business
Saudi Arabia receives investment of $2bn in cloud computing
In the last two years, Saudi Arabia has attracted more than $2 billion in investments in cloud computing according to...
- Saudi Arabia has implemented several initiatives to attract more foreign investments and encourage non Saudi companies including startups to invest in the Kingdom
- Many international companies announced plans to move their headquarters to Riyadh for investment opportunities
Business
DP World begins construction of Banana Port in Democratic Republic of Congo
DP World and Government of the Democratic Republic of the Congo (DRC) Tuesday laid the first stone to mark the...
- DP World and Congo government laid the first stone to mark the construction of the port capable of handling the largest vessels in operation.
- The port will have a container handling capacity of about 450 000 TEUs (20-foot equivalent units) per year, and a 30-hectare yard to store containers.
Business
Oman and Finland seek to boost business ties
Oman and Finland are looking to boost cooperation between the private sectors of two countries, particularly in the fields of...
- The meeting also highlighted aspects of enhancing cooperation between the private sectors of the two countries
- The Finnish minister underscored his country’s keenness in developing relations between the two countries
Business
Silal to deploy IoT sensors in 100 farms for improving productivity
Silal, Abu Dhabi-based food and agritech company, in collaboration with Hoogendoorn, one of the world’s innovators in horticulture, on Tuesday...
- Silal will collaborate with Hoogendoorn, one of the world’s innovators in horticulture.
- This project is aimed at enabling local farmers and advisors to make better decisions on irrigation, fertilization, and crop management to maximize locally-grown fresh produce.
Economy
UAE and UK look to upgrade economic ties
The United Arab Emirates and the UK have agreed to develop trade and economic relations between the two countries.
- The two parties highlighted the high level of bilateral relations between the UAE and the United Kingdom, and the joint desire in constantly developing these ties
- The two sides also praised the progress made in countering illicit financial flows
Business
DFM 2021 net profit $28m
Its total revenues reached AED294.6m in 2021, reduces expenses by 4 percent.
- In the fourth quarter of 2021, the net profit increased by 269 percent to AED65.7 million compared to AED17.8 million in the corresponding period of 2020.
- The company's Board of Directors recommended a 3 percent cash dividend to the shareholders, which is equivalent to AED240 million.
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Company News
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Yahsat to pay $53.5m H1 dividend
Business
Wizz to set up fleet in KSA
Business
World economy projected to more than double in size by 2045: OPEC
The global primary energy demand is forecast to continue growing in the medium and long-term, increasing by a significant 23%...
Economy
Egypt’s Sovereign Fund accumulates assets worth $621m
Riyadh, Saudi Arabia— Egypt's Sovereign Fund has accumulated assets worth $621-660 million as it seeks to double it by the...
Business
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Infographics
UAE, China eye $200bn bilateral trade by 2030
The UAE is China’s most important trade partner in the Arab world and responsible for 28 per cent of total...
- It re-exports more than 60 percent of Chinese exports to the region, where the value of trade exchange between the two countries has exceeded $70 billion.
- Ali Obaid Al Dhaheri, UAE Ambassador to China, said early this month that UAE and China ties were a "successful model" for international bilateral relations.
Infographics
Major Saudi Arabian cities witness strong demand for residential, office real estate
Saudi government policies like 15 percent VAT exemption on real estate deals and affordable housing programs are boosting residential real...
- Rents and prices for residential real estate in Riyadh and other major cities such as Jeddah is growing, according to JLL.
- The Saudi real estate market is expected to register a CAGR of more than 9.74 percent during 2022 - 2027, according to Mordor Intelligence.
Geostrategy
UAE, Kyrgyz Presidents review bilateral relations
ABU DHABI, UAE - President Sheikh Mohamed bin Zayed Al Nahyan Monday received President of the Kyrgyz Republic Sadyr Japarov,...
- UAE and Kyrgyzstan affirmed their common interest in enhancing bilateral relations.
- The meeting explored various opportunities of the UAE- Kyrgyz friendship and affirmed to further cooperation in economy, trade.