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
Expo 2020 DUBAI
Expo 2020 records close to 11m visits so far
Expo 2020 Dubai has recorded 10,836,389 visits as of 24th January, while the virtual visitation reached 72.5 million.
- Global Goals Week, which ran from 15th to 22nd January at Expo 2020 Dubai associated with the United Nations, proved similarly popular
- Expo 2020 Dubai’s mass virtual visitation is driven by the range of entertainment and extensive live coverage of the Global Goals Week sessions
Business
Volkswagen and Bosch join forces to rev up automated driving
Car giant Volkswagen and parts supplier Bosch have embarked on an "extensive partnership" to bring automated driving to the mass...
- The functions the companies want to make available include so-called "hands-free" systems for urban and motorway driving.
- The project is expected to require the skills of around 1,000 employees and the two companies have already started recruiting new experts to work in the alliance.
Business
e-Trader licenses issued by Dubai’s BRL up 6 percent in 2021
The Business Registration and Licensing (BRL) unit of Dubai’s Department of Economy and Tourism (DET) has issued 16,409 e-Trader licenses...
- 79 percent of the e-Trader licenses issued in 2021 were professional, and 21 percent were commercial.
- A licensee cannot open a shop/store but can avail of three visas if the ownership is 100 percent Emirati and legal liability falls under the license holder.
Economy
Iraq exported oil worth $7 billion in December
The additional revenues of $143 million were achieved from selling quantities of shipments of exported crude oil at a price...
- The additional revenues of $143 million were achieved from selling quantities of shipments of exported crude oil at a price premium
- The exported quantities were loaded by 29 international companies from ports of Basra, Khor al-Amiyah, mono-buoys on the Gulf, and the Turkish port of Ceyhan
Business
US lawsuit could turn global headache for Google
If the search giant loses this lawsuit, it could have to pay back a significant portion of the revenue it...
- Google stands accused of misleading people into believing that changing device and account settings protects people’s personal data
- District of Columbia Attorney-General Karl A Racine said Google has since 2014 ‘systematically surveilled’ users no matter the settings
Business
QIIB 2021 profit at $276m
This was an increase of 7 percent in net profit year on year.
- QIIB said in its statement that the Earnings per share (EPS) amounted to QR0.59 (around $0.16) as of December 31, 2021
- This was against an EPS of QR0.55 (around $0.15) for the same period in 2020marking a rise of around 7.27 percent
Arts & Culture
Cirque du Soleil Entertainment Group to bring its top shows to Saudi Arabia
The agreement with Saudi Ministry of Culture will also see the two parties develop a plan to establish a regional...
- The entertainment group will bring its touring shows like The Illusionist, Now You See Me, Paw Patrol Live – Race to Rescue, Trolls Live, and Blue Man Group World Tour
- In addition to this, Saudi Arabia may soon play host to a brand new Cirque du Soleil resident show unique to the Kingdom
Infographics
Which are the top equity markets in the Middle East?
Here is a comparison between the top equity markets in the Middle East, and how they stack up against a...
- Saudi Arabia has Tadawul, or the Saudi stock exchange, whose benchmark index is known as TASI
- The UAE has the Dubai Financial Market (DFM) as well as the Abu Dhabi Exchange (ADX)
Economy
Largest renewable energy project in Oman opened
The 500 megawatt utility, which cost RO 155 million, figures among Oman Vision 2040 major projects aimed at protecting natural...
- The 500 megawatt utility, which cost RO 155 million, figures among Oman Vision 2040 major projects aimed at protecting natural resources
- The project has been established on an area of 13 million square metres of which 1.5 million was accorded to the double-sided solar panel
Business
UAE, Malta trade bodies join hands for industrial cooperation
FUCCI Chairman Abdullah Mohamed Al Mazrouei signed the MoU with Marisa Xuereb, President of the Malta Chamber.
- The MoU is expected to help both parties expand economic, trade, and industrial cooperation
- It is also expected to encourage Emirati and Maltese businesses to form new partnerships
Company News
IHC acquires stake in Burjeel
Business
APICO to list on Nomu
Business
Latest News
QLM profits fall by 33 percent in first nine months of 2022
The company had reported a net profit of $12.27mn for H1.
Business
Sheikh Khaled bin Mohamed bin Zayed meets CEOs of INPEX, BP
Energy security, enhancing partnerships were discussed.
Business
DEWA commissions 389 11kV substations in Q3 of 2022
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has commissioned 389 11kV substations in Dubai in the third quarter...
Business
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Business
Ma’aden, Barrick Gold alliance get license to explore mining site in Saudi Arabia
Saudi Arabia's Ministry of Industry and Mineral Resources announced that Saudi Arabian Mining Company Ma'aden and Barrick Gold Ltd alliance...
- The site attracted the interest of more than 20 local and international mining companies for an exploration license.
- Ma'aden and Baric alliance have committed on spending over US$12 million to accelerate exploration at the Umm Al-Damar site.
Economy
Indonesia needs 17 million technologically literate workers: Minister
Jakarta, Indonesia--- Indonesia would need 17 million technologically literate workers, or workers who are able to use and manage technology,...
- State-Owned Enterprises (SOEs) Minister Erick Thohir said Indonesia's digital economy will grow to Rp4,500 trillion by 2030.
- The SOEs are committed to supporting the development of the digital ecosystem, he said.
Business
Sharjah Taxi to scale up its fleet of hybrid cars by 65 percent
Sharjah, UAE— Sharjah Taxi intends to increase the number of its hybrid cars running on both fuel and electricity. The...
- The decision is in line with the Emirate’s vision to rationalize the use of energy, in accordance with its development goals and agenda
- Sharjah Taxi had previously completed hybrid vehicle conversions towards 65% of its vehicle fleet in the Eastern Region, which now enjoys environmentally-friendly hybrid vehicles