Dubai’s top 10 land deals in 2023 is worth US$2.3bn
DUBAI, UAE – A real estate brokerage based here has compiled the 10 largest land deals in the Emirate since...
Business
PIF announces pricing of inaugural $3.5bn global sukuk issue
RIYADH, SAUDI ARABIA - The Public Investment Fund (PIF) on Thursday successfully priced its first dollar-denominated Shariah-compliant trust certificates (sukuk)....
Business
Business
Saudi Ports Authority announces new direct shipping service to Djibouti
The Saudi Ports Authority (MAWANI) has announced a new direct shipping service connecting Saudi Arabia to Djibouti, through the container...
- The service will connect Jeddah Islamic Port to Djibouti through the container transport company, Transmar.
- Jeddah Islamic Port is one of the three Saudi ports included in the 2021 edition of Lloyd's List of Top 100 Ports.
Economy
Top company leaders highlight priorities for MENA governments at CEO Dialogue
Top company leaders highlight priorities for MENA governments at CEO Dialogue Leaders of top regional and international companies in the...
- The CEO Dialogue was hosted by the World Government Summit in collaboration with the Atlantic Council’s empowerME Initiative and Majid Al Futtaim.
- They discussed economic and social changes in the region over the past few years, development and opportunities for global growth.
Business
UAE an attractive work destination for GCC countries, says pension authority
The UAE is one of the most attractive Gulf Cooperation Council (GCC) countries for GCC citizens to work in, according...
- A total of 6,903 employees from GCC countries work in the UAE, out of the total 19,808 GCC employees working outside their countries.
- In the UAE, the insured is expected to pay 5 percent, public entities 15 percent and private entities 12.5 percent, and the rest of the 2.5 percent.
Business
ADNOC, TAQA partner to power, decarbonise offshore operations
The two companies announced on Wednesday a $3.6 billion (AED13.22 billion) strategic project to significantly decarbonise ADNOC’s offshore production operations,...
- The innovative project will see the development and operation of a first-of-its-kind high-voltage, direct current subsea transmission system in the MENA region
- It will power ADNOC’s offshore production operations with cleaner energy, delivered through the Abu Dhabi onshore power grid, owned and operated by TAQA
Science
MBRSC to manufacture MBZ-SAT, most advanced satellite in the region
The Mohammed Bin Rashid Space Centre (MBRSC) on Tuesday announced that it has completed the critical design review of MBZ-SAT,...
- The satellite design already completed weighs over 800 kg and is one of the largest and most advanced satellites to be developed in the UAE
- MBZ-SAT has been pivotal in supporting the local space industry, with 90 percent of the mechanical structure and 50 percent of the electronic modules being built in the UAE
Geostrategy
Sharjah Council okays measures for boosting safety of agri products
The Sharjah Executive Council (SEC) has approved a draft Emiri decree on organizing the Sharjah Classic Cars Club, and a...
- The Council approved draft Emiri decrees on organizing the Sharjah Classic Cars Club and the Sharjah Self-Defense Sports Club.
- The council directs the authorities concerned to equip cadres with the necessary inspection and control skills.
Geostrategy
The UAE joins SESAME as a member with observer status
Minister Al Kaabi indicated that the achievement will enhance the nation’s scientific capabilities and enable its scientific and industrial organizations...
- The move will enable scientists, researchers and industrial entities in the UAE to use the center’s specialized laboratories to conduct research and develop local industries.
- SESAME was conceived as an international facility for the benefit of the MENA region to help the region retain and attract scientific and engineering talent.
Geostrategy
Saudi media says the kingdom supports Yemen’s legitimate government
The General Authority for Statistics (GASTAT) released the Labor Market Publication, confirming that the unemployment rate of Saudis remained stable...
- Al-Bilad newspaper reported in its editorial that the Kingdom of Saudi Arabia exerts unprecedented efforts in supporting the legitimate government in Yemen.
- Al-Riyadh newspaper reported in its editorial that the addressing of unemployment rate is among the key goals of the Kingdom of Saudi Arabia's vision 2030.
Business
Indian Minister says UAE most popular tourist destination for his countrymen
The UAE is the most popular destination in the world for Indian tourists, according to figures submitted to Indian Parliament...
- The second and third most popular destinations for Indians were Thailand and Bangladesh, but their figures were way below those of the UAE.
- The Minister confirmed that 314,495 Indians left on tourist visas for the UAE in the first quarter of this year.
Business
Dubai records $212 million worth of realty transactions on Monday
Dubai’s real estate market recorded 246 sales transactions worth AED610.89 million ($166 million) and mortgage deals of AED151.82 million in...
- The sales included 223 villas and apartments worth AED 503.64 million, and 23 land plots worth AED107.25 million.
- The mortgages included 38 villas and apartments worth AED110.84 million and 18 land plots valued at AED40.99 million.
Dubai’s top 10 land deals in 2023 is worth US$2.3bn
DUBAI, UAE – A real estate brokerage based here has compiled the 10 largest land deals in the Emirate since...
Business
Company News
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Aldar, Abu Dhabi Residents Office to enhance Golden Visa services, offerings
Abu Dhabi, UAE-- The Abu Dhabi Residents Office, part of Abu Dhabi Department of Economic Development (ADDED), has signed a...
Business
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'...
Geostrategy
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...
Business
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Business
Aramco to build fabrication yards
The yards will more than triple Saudi offshore fabrication capacity.
- The new yards are being constructed in Ras Al Khair in collaboration with National Petroleum Construction Company (NPCC) and McDermott International.
- They are expected to fabricate and assemble offshore platforms, jackets and structures for subsea pipelines.
Economy
Saudi economy is the fastest growing among G-20 in 2022: report
The announcement comes after the IMF affirmed that the Kingdom's economic prospects are positive in the short and medium term.
- The announcement comes after the IMF affirmed that the Kingdom's economic prospects are positive in the short and medium term
- The estimates of the OECD report for the Kingdom contradict the bleak and ambiguous outlook that stems from the Russian-Ukrainian crisis
Business
QIB’s profit shoots up 13%
It reported $783m profit in the first nine months of the year.
- The bank's data showed an increase in earnings per share for the period ending on Sep. 30, 2022, to reach QR1.21, compared to QR 1.07 for the same period last year
- QIB carries out all banking, finance, investment and banking services in accordance with the provisions of Islamic Sharia