Dubai’s weeklong real estate transactions exceed US$2.5bn
DUBAI, UAE - A total of 1,445 real estate transactions worth over US$2.5 billion (AED 9.5 billion) were conducted during...
Business
DEWA commissions 200MW second unit in Al Maktoum Solar Park
Dubai, UAE - Dubai Electricity and Water Authority (DEWA) commissioned the 200MW second unit of the parabolic basin complex in...
Business
Business
Tecom to be listed on DFM
It is part of a strategy to help DFM reach the AED3-trillion mark
- Tecom is said to have 10 business communities that offer infrastructure, regulations, and a support network to help businesses set up operations
- These business communities include Dubai Internet City, Dubai Media City, Dubai Design District, and Dubai Industrial Park
Geostrategy
US imposes sanctions on Iran
The sanctions announced by the US Treasury and State Department targeted government officials and organizations.
- The US treasury hit sanctions on Iran, Uganda and Syria for increasing political repression and execution of its own citizens
- Iran agreed to sign nuclear accord in 2015 with the US, UK, France, China, Russia and Germany
Geostrategy
Saudi Arabia, UAE discuss ways to boost relations
UAE President Sheikh Khalifa bin Zayed Al Nahyan conferred the “Order of Zayed” on Saudi crown prince Mohammed bin Salman...
- Abu Dhabi crown prince Sheikh Mohamed welcomed and Saudi crown prince Mohammed bin Salman to the UAE
- Saudi crown prince is in Abu Dhabi as part of his tour of the GCC countries
Business
Aramco lands $15.5bn Blackrock deal
The deal creates the Aramco Gas Pipelines Company.
- The subsidiary Aramco Gas Pipelines Company will lease usage rights in Aramco’s gas pipelines and lease them back to Aramco for 20 years
- In return, it will receive a tariff payable by Aramco for the gas products that will flow through the network
Business
50% of top 10 automotive OEMs will design their own chips by 2025
“Automotive semiconductor supply chains are complex,” said Gaurav Gupta, research vice president at Gartner. “In most cases, chip makers are...
- The on-going chip shortage is primarily with mature semiconductor technology node devices that are fabricated on smaller 8-inch wafers
- Semiconductor chip foundries, such as TSMC and Samsung, have provided access to cutting-edge manufacturing processes
Geostrategy
Qatar, Turkey sign 11 new agreements
The signing is to take place at the 7th session of the Supreme Strategic Committee between the two countries.
- The signing is to take place at the 7th session of the Supreme Strategic Committee between the two countries
- Qatar is also working alongside Turkey and the interim government of Afghanistan to reach an agreement to restart the normal operation of Kabul Airport
Business
Moody’s forecasts stable outlook for GCC banks
Moody’s has forecast a stable outlook for GCC banks during the next 12 to 18 months, primarily due to economic...
- “Banks’ asset quality will remain high, even as non-performing loans rise slightly as repayment holidays expire”
- GCC governments have ample capacity to support banks in a crisis remains very high, thanks to large sovereign wealth funds
Arts & Culture
UAE launches AED50 banknote to mark Golden Jubilee
The new issue is the first banknote made of polymer material to be circulated in the UAE. Polymer banknotes are...
- The initiative comes in honor of the founding father Sheikh Zayed bin Sultan Al Nahyan
- It also honors the first generation of rulers of the emirates, as well as their role in uniting the country
Economy
UAE first to have 4.5-day workweek in the world
Official sources said the country would, from January 1, ‘transition to a four and a half day working week,’ with...
- From January 1, all government entities may have eight working hours a day from Monday to Thursday, from 7:30 am to 3:30 pm
- Fridays will apparently have 4.5 working hours: from 7:30 am to noon, with Friday sermons and prayers held after 1:15 pm
Business
Saudi Arabia, Oman ink 13 business deals
The deals were inked by Oman Investment Authority firms with Saudi counterparts as Saudi Crown Prince Mohammed bin Salman visited.
- OQ signed three MoUs in the fields of petrochemicals, renewable energy and green hydrogen sector
- In the field of dry dock and logistic services, Asyad signed an MoU with a Saudi shipping company
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Dubai’s weeklong real estate transactions exceed US$2.5bn
DUBAI, UAE - A total of 1,445 real estate transactions worth over US$2.5 billion (AED 9.5 billion) were conducted during...
Business
Company News
SALIC to set up storage center
Business
Latest News
Yellow Door closes $400m equity raise
It plans to deploy $1bn in sustainable energy projects.
Business
ADNIC, JAFZA sign insurance pact
JAFZA is home to over 9000 companies, including Fortune 100 firms.
Business
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Business
Retal’s stock rises 2.4%
It will build 550 housing units in Riyadh for $161m.
- Retal said in a bourse filing that the project is expected to positively affect the company’s results after the sale begins and the project is completed
- Last month, Retal and National Housing signed another agreement to build 759 housing units in Riyadh
Geostrategy
UAE President Sheikh Mohamed holds talks with President Putin
UAE President Sheikh Mohamed bin Zayed Al Nahyan has called for peace during his meeting with Russian President Vladimir Putin...
- Sheikh Mohamed "emphasised the UAE's policy of supporting peace and stability and called for the continuation of serious consultations to resolve the Ukrainian crisis"
- The two leaders also discussed various aspects of UAE-Russia relations.
Infographics
Foreign assets of Gulf central banks rise post Covid
Here are the details of how GCC countries gained in past four years in terms of foreign assets held by...
- Here are the details of how GCC countries gained in past four years in terms of foreign assets held by each of the central banks of the region post-pandemic
- Saudi Arabia’s foreign reserve assets recorded a jump of SR40.8 billion (US$10.88 billion) during the month of September 2022, reaching SR1756.2 billion