Hotels in UAE generate revenues of US$7bn in first seven months, says minister
ABU DHABI, UAE - In the first seven months of the year, hotel establishments in the UAE generated revenues of...
Business
Tadawul’s sukuk, bonds market sees $3.4bn negotiated deals in first 9 months of 2023
RIYADH, SAUDI ARABIA – The Saudi Exchange's (Tadawul) sukuk and bonds market witnessed 74 negotiated deals worth nearly SAR 12.77...
Market Report
Business
Egypt to levy 10% customs tax on import of mobile phones
Egypt has decided to levy a ten percent customs tax on the import of mobile phones in order to promote...
- Egypt’s Minister of Finance explained that the amendments aim to encourage investment, maximize production facilities
- The amendment of some categories of customer tariffs comes in light of the conclusions reached by the Higher Council of Customs Tariffs in Egypt
Geostrategy
UAE vows to ease suffering of victims of human trafficking
The UAE has affirmed its commitment to assist in the efforts to ease the suffering of victims of human trafficking,...
- Gargash highlighted the importance of similar regional and international forums that focus on the keenness of countries working together to eliminate this crime
- He also thanked Saudi Arabia for hosting the forum, as well as Bahrain for performing the duties of its standing secretariat-general
Economy
Bahrain launches investment platform allowing access to strategic projects
The Economic Development Board (EDB), Bahrain's investment promotion agency, on Tuesday announced the launch of the investment platform (invest.bh) that...
- Bahrain's Economic Recovery Plan has seen the announcement of strategic projects worth more than $30 billion.
- Investable projects include Bilaj Al Jazayer Tourist City, Bahrain Metro, USA Trade Zone, Aluminium downstream zone and Sports City.
Business
Qatar affirms its commitment to WTO agreements
Qatar has affirmed its commitment to the principles and agreements of the World Trade Organization (WTO), and praised the body's...
- During the meeting in Geneva the two sides discussed ways to enhance bilateral cooperation and support the ongoing negotiations within the framework of the organization
- The minister stressed Qatar's commitment to the principles and conventions of the World Intellectual Property Organization
Geostrategy
Turkey jails opposition party politician: reports
A well-known Turkish defense analyst and founder of the opposition Democracy and Progress Party (DEVA), Metin Gurcan, has been jailed...
- Turkish police detained him on Friday
- Gurcan was then jailed on Monday, according to the private NTV broadcaster
Business
UAE Cabinet approves laws for housing loans, medicines
The UAE cabinet has also approved policies to boost the creative sector, and even rehabilitate convicts and juvenile delinquents.
- The UAE Cabinet has approved the requirements and conditions to clear housing loans for Emiratis
- It has also approved the UAE National Medicine Policy, which aims to achieve equitable availability and affordability of essential medicines
Geostrategy
Pakistan backs Saudi bid to convene OIC session on Afghanistan
Pakistani Foreign Minister Shah Mahmood Qureshi said in a statement on Monday that his country supports the Kingdom's initiative.
- Pakistani Foreign Minister Shah Mahmood Qureshi said in a statement on Monday that his country supports the Kingdom's initiative
- Extraordinary Session of the Organization of Islamic Cooperation (OIC) Council of Foreign Ministers will discuss the humanitarian situation in Afghanistan
Economy
Saudi Fund for Development to give $3 billion to Pakistan
Saudi Arabia reactivated its support for Pakistan in the last week of October, including about $3 billion in safe deposits...
- Saudi Arabia reactivated its support for Pakistan in the last week of October, including about $3 billion in safe deposits and $1.2 billion in oil supplies on deferred payments
- The SBP statement said the deposit agreement reflected the strong and special relationship between the Kingdom of Saudi Arabia and Pakistan
Market Report
Multiply Group to list on ADX
Multiply Group has assets of AED 8.16 billion and 3,240 employee
- The group’s listing on ADX will offer investors the opportunity to invest in the field of disruptive digital technology and other key industries
- The company’s combined portfolio strikes a balance between companies that generate recurring income and high-growth businesses
Business
Emirates Stallions acquires stake in WFC
Acquisition aimed at diversifying Emirates Stallions' business.
- WFC’s main revenue drivers are Real Estate, Retail, Aerospace, Defense, Government, Education, Technology, Manufacturing, Hospitality, and F&B.
- Emirates Stallions Group is present in 20 markets and has assets of AED555 million as of the end of Q2 2021 and over 3,000 employees.
Hotels in UAE generate revenues of US$7bn in first seven months, says minister
ABU DHABI, UAE - In the first seven months of the year, hotel establishments in the UAE generated revenues of...
Business
Company News
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Majid Al Futtaim H1 EBIDTA $517m
Business
UAE, Serbian presidents discuss bilateral relations
They also discussed opportunities to extend their cooperation within the framework of their comprehensive strategic partnership.
Geostrategy
Dubai records over US$435m in realty transactions Monday
Dubai real estate market recorded 445 sales transactions worth US$321 million, in addition to 68 mortgage deals of $121 million...
Business
Saudi Arabia’s Industrial Production Index in August up by 6.8 percent
Riyadh, Saudi Arabia-- Saudi Arabia's Industrial Production Index in August 2022 increased by 6.8 percent compared to August 2021. The...
Economy
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Business
Burjeel begins trading on ADX
Shares closed the debut session up 15 percent ($0.62).
- The company raised AED1.1 billion ($299.49 million) after offering a 11 percent stake in an IPO.
- It was oversubscribed 29 times to over AED32 billion after seeing a significant demand from UAE and outside investors.
Business
E-marketing reduce prices of poultry products by up to 20% in Saudi
Riyadh, Saudi Arabia--Saudi Poultry Producers Committee has said that use of some applications in marketing has helped consumers obtain products...
- Saudi Poultry Producers Committee recommends farmers to benefit from modern marketing technologies.
- Saudi Ministry of Environment, Water and Agriculture recently set up a company to market Saudi agricultural products in cooperation with the Federation of Saudi Chambers.
Business
Al Sagr to cut capital
It has sought shareholders' nod for 65% capital reduction.
- According to a bourse filing, the Saudi insurer aims to reduce its capital from $106 million to $37.33 million.
- The company is restructuring its capital in order to write off accumulated losses of $69.33 million