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‘Wadeem’ sold out for $1.49bn

This is the highest Abu Dhabi real-estate release to date.

Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.

Saudi Arabia’s inflation rate 2 percent in Jan, rental prices main driver

Riyadh, Saudi Arabia -- Saudi Arabia's annual inflation rate in Jan 2025 reached 2 percent compared to January 2024, the...

ADFD finances $105.4m energy security project in Tanzania

ABU DHABI, UAE -  The Abu Dhabi Fund for Development (ADFD) has signed a loan agreement with the Government of...
  • The project’s objective is to fully connect the Kagera administrative region with the national electricity grid.
  • It will reduce dependency on energy imports from Uganda and provide sustainable electricity source.

6 MNCs among new businesses attracted by Dubai Chamber in H1

Dubai, UAE - Dubai International Chamber attracted 56 businesses to the emirate during H1 2023, including six multinational corporations and...
  • It also supported the expansion of 15 local and national companies into global markets, either by increasing their exports or helping them to establish a presence abroad.
  • During H1 2023, Dubai International Chamber inaugurated six global representative offices in Hong Kong, Australia, the United Kingdom, Indonesia, South Africa, and Singapore.

Ukraine ‘satisfied’ with Saudi-led mediation to end war

Russia, which was not invited to the summit, said that a resolution was possible if Ukraine "stopped the hostilities and...
  • Representatives from around 40 countries including China, India, the United States and Ukraine took part in the peace summit, which was held in Jeddah
  • The head of Ukraine's presidential office, Andriy Yermak, said there was an agreement on the next meeting, "but there are no exact dates"

Dubai Investments net rises to $157m

Real estate sector remains one of the key business verticals.
  • Total income for the Group increased by 31 percent from US$422 million (AED 1.55 billion) in H1 2022 to US$552 million (AED 2.03 billion) during H1 2023.
  • Total shareholder equity increased to US$3.5 billon as of June 30 2023, compared to US$3.5 billion (AED12.84 billion) as of year ended December 31 2022.

Empower H1 2023 revenue at $333m

The company’s EBITDA in H1 2023 was US$178 million.
  • In the July 2022 to June 2023 period, Empower’s consolidated revenue was US$778 million.
  • Empower CEO said the firm continues to expand investments in its portfolio of assets and infrastructure.

European LNG imports fall to lowest level since start of Ukraine war

Brussels, Belgium - Europe's liquefied natural gas (LNG) imports fell to the lowest level since the start of the Russian...
  • LNG deliveries fell 7% in July from a year earlier to 8.6 million tons, the least since November 2021, according to ship-tracking data .
  • This drop coincides with a slide in the regions benchmark gas prices, which have slumped more than 80% in the period.

OERC, Jindal to set up sustainable transport logistics solution

Abu Dhabi, UAE - Oman and Etihad Rail Company (OERC) signed a deal with Jindal Shadeed Iron & Steel (Jindal)...
  • It will allow Jindal to annually transport up to 4 million tons of raw materials and finished products from its steel complex at Sohar Port to the UAE’s markets.
  • OERC will leverage its rail network to support Jindal in optimizing operational integration through facilitated loading and unloading processes.

Brazilian-Saudi Investment Forum witnesses inking of 25 MoUs

SAO PAULO, BRAZIL - The Ministry of Investment organized here the Brazilian-Saudi Investment Forum, which saw the signing of many...
  • The 25 MoUs covered petrochemicals, healthcare, defense, food, real estate, tourism, water desalination and treatment, and agriculture.
  • The new library will act as a central hub to connect the university’s 28 sub-libraries and will contribute towards enhancing its educational capabilities.

Ooredoo Algeria gets new CEO

Roni Tohme, the Acting CEO, has been confirmed as the CEO.
  • Tohme brings over 21 years of experience in telecoms and finance to his new role, having previously served as Ooredoo Algeria’s Chief Financial Officer.
  • During his tenure as CFO, he played a vital role in shaping an agile and lean finance department, contributing to the company’s business transformation.

Saudi Arabia real GDP grows 1.1 percent in Q2 2023

RIYADH, SAUDI ARABIA - The real GDP of Saudi Arabia grew by 1.1 percent in the second quarter of 2023,...
  • According to the report, seasonally adjusted real GDP decreased by 0.1 percent in Q2 of 2023 compared to Q1 of 2023.
  • GASTAT carries out all statistical work, as well as the technical oversight of the statistical sector in Saudi Arabia.

Saudi Arabia’s inflation rate 2 percent in Jan, rental prices main driver

Riyadh, Saudi Arabia -- Saudi Arabia's annual inflation rate in Jan 2025 reached 2 percent compared to January 2024, the...

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Saudi Arabia’s oil exports fall by $13 billion in fourth quarter of 2023

In December, oil exports fell by SAR 13.5 billion or 15.8% to SAR 72 billion ($19 billion) from SAR 85.5...

Construction costs set to rise in UAE, Saudi Arabia in 2024: Report

Dubai, UAE -- Construction costs are set to increase in the UAE by 2-3 percent, and in Saudi Arabia by 5-7...

Qatar’s Industrial Production Index up 3.9% in Dec 2023

Doha, Qatar -- Qatar's Industrial Production index (IPI) in December 2023 reached 95.3 points, an increase of 3.9 percent compared...

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Saudi National Bank launches US dollar-denominated sukuk

RIYADH, SAUDI ARABIA - Saudi National Bank (SNB) commenced the US dollar-denominated senior unsecured sukuk issuance through a special-purpose vehicle.The sukuk are offered to qualified investors...
  • The sukuk are offered to qualified investors inside and outside Saudi Arabia.
  • The amount and sukuk’s terms of offer will be subject to market conditions.

‘Israeli army tortures and rapes Palestinian girls’

The experts have expressed concern that an unknown number of Palestinian women and children, including girls, have reportedly gone missing...
  • Palestinian women and girls have reportedly been arbitrarily executed in Gaza, often together with family members, including their children, a UN press statement said
  • Experts have called for an independent, impartial, prompt, thorough, and effective investigation into the allegations and for Israel to cooperate with such investigations.

stc 2023 revenues is $19.28bn

Gross profit for 2023 rose 1.1 percent compared to 2022.
  • The growth was mainly attributed to the increase in commercial unit revenues by 5.1 percent
  • It was also due to rise in carriers and wholesale unit revenues by 1.4 percent in stc KSA,.