Real estate trading volume in Qatar exceeds US$88m in week
DOHA, QATAR - The volume of real estate trading in sales contracts at the Department of Real Estate Registration at...
Business
Dubai at top global ranking for attracting Greenfield FDI projects in H1 2023
DUBAI, UAE - Dubai remains the top global destination for attracting Greenfield Foreign Direct Investment (FDI) projects, with the emirate...
Business
Economy
Lebanon fuel distributors urge government to curb dollar rise
The Lebanese pound has lost more than 90 percent of its purchase power since end-2019, due to its devaluation against...
- Fuel distributors issued a statement urging ministers to shore up the value of the Lebanese pound against the dollar
- Their statement, read by representative Fadi Abu Shakra, stressed that ‘the schedule of fuel prices will be issued next Tuesday’
Economy
Oman on road to economic recovery, say government numbers
Given the current trends, the country’s GDP is expected to grow by 13.8 percent by the end of the current...
- As a percentage of the GDP, the deficit was down from 15.5 percent in 2020 to 3.8 percent this year
- All credit rating agencies amended Oman’s future outlook during this year to ‘stable’ and ‘positive’
Business
Tesla recalls 700,000 vehicles
Around 200,000 were recalled in China, after 500,000 in the US.
- The vehicles recalled are Model S and Model 3 cars, with Tesla promising to inspect the issue free of charge
- The defects affect the vehicles' backup cameras or cause the hoods to open suddenly while driving
Business
Saudi central bank to use Bloomberg for repo operations from January
Bloomberg's Auction System is a part of Bloomberg's enterprise solution for central banks and government financial agencies.
- The Saudi central bank has announced that it will use Bloomberg's Auction System from January
- It will use the system to conduct repo, reverse repo, and Open Market Operations with locally operating banks
Business
AD Ports Group revenue grows 22% to US$760mn in 2021
AD Ports Group signed several partnerships to accelerate trade and the development of industry in the UAE and beyond, including...
- AD Ports Group closed 2021 with the signing of a number of strategic agreements with the Aqaba Development Corporation
- The Group received global interest in its issuance of a US$1 billion bond and subsequent listing on the ADX and the LSE
Business
Masdar to build Georgia’s biggest solar energy plant
Renewable energy company Masdar will be developing Georgia's largest solar power plant, with a capacity of 100 megawatts (MW), jointly...
- The 100-megawatt plant will be built jointly with Georgian Energy Development Fund (GEDF).
- GEDF is a joint-stock company, founded by the Ministry of Economy and Sustainable Development, and wholly state-owned. Georgia.
Business
Iran making efforts to ease travel of expats to country: Ebrahim Raisi
Iranian expats are free to travel to and from the country and the government's plans and decisions should ensure that...
- President Raisi said "ill-wishers of the Iranian nation" were intimidating Iranian expatriates so that they will not come back to their country.
- Iranian laws recognizes even the second and third generation Iranians abroad as Iranian citizens.
Business
EGA repays Al Taweelah loan
The repayment four years and seven years early totaled $361 million.
- The project finance facilities had been extended by 13 export credit agencies and banks for the development of the company’s Al Taweelah smelter in Abu Dhabi.
- EGA’s said its financing has been reduced by over $1 billion in the last two years and now consists of a senior term loan facility of $5.5 billion
Arts & Culture
Dubai Racing Club to celebrate #DubaiDestinations initiative on 1 Jan
The Dubai Racing Club announced that its seventh race meeting at the Meydan Racecourse on 1 January 2022 will be...
- Each of the day’s seven races will be named after one of Dubai's iconic destinations, beginning with the ‘Etihad Museum’ maiden race.
- The Meydan Racecourse attracts thousands of visitors every year from all over the world to follow its events and races, the statement said.
Economy
CBUAE fines exchange house $160,000 for using civilian vehicle to transport money
The exchange house used a civilian vehicle to transport the money instead of using Cash-in-Transit Agent.
- The exchange house used a civilian vehicle to transport the money instead of using Cash-in-Transit Agent
- The CBUAE works to ensure that all licensed financial institutions operating in the UAE, including exchange houses, abide by UAE laws
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Real estate trading volume in Qatar exceeds US$88m in week
DOHA, QATAR - The volume of real estate trading in sales contracts at the Department of Real Estate Registration at...
Business
Company News
Gulf Navigation repays loan
Business
Latest News
Pure Health to invest US$500m
Business
UAE gross banks’ assets up 0.9% to over $1tn by Aug end
The Money Supply aggregate M2 increased by 1.4 percent from $437 billion at July end to $443 billion at the...
Economy
UAE to provide Ukraine with $100m in humanitarian aid
Minister of State for International Cooperation Reem bint Ebrahim Al Hashimy said the UAE's continued efforts to mitigate the humanitarian...
Economy
Abu Dhabi, Bangladesh to enhance trade, economic ties
The Abu Dhabi Department of Economic Development (ADDED), and Bangladesh Embassy in Abu Dhabi, have organized the Economic Cooperation Forum...
Geostrategy
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Geostrategy
Nord Stream probe tailored against Russia, says Kremlin
The Kremlin said that the investigation into the explosions that tore through the Nord Stream gas pipelines was being 'tailored'...
- Russia has accused Western countries of being behind the explosions of the pipelines.
- Russia had earlier expressed bewilderment over its exclusion from an investigation into the incident.
Business
Morocco supervisory authority approves Takaful Insurance Company
Rabat, Morocco---A Takaful insurance company will be established in Morocco by Qatar Islamic Bank, Atlanta Insurance and Moroccan Tourism and...
- The Atlanta Insurance Company will hold 60% of the shares, Moroccan Tourism and Real Estate Loan Bank 20% and Qatar Islamic Insurance Company and QIIB 10% each.
- Takaful is Sharia-compliant Islamic insurance wherein members contribute money into a pool system to guarantee each other against loss or damage.
Economy
CBUAE issues commemorative coins on Tawazun’s 30th anniversary
The Central Bank of the UAE (CBUAE) in collaboration with the Tawazun Economic Council (Tawazun), has issued 1,000 silver commemorative...
- Tawazun was established in 1992 to create, build and manage industrial relationships.
- The issuance of the commemorative coins aims to highlight the vital role of Tawazun.