Currencies in Middle East resilient from Covid period till date
RIYADH, SAUDI ARABIA - As the world grapples with the economic aftermath of the COVID-19 pandemic, Middle Eastern countries, particularly...
Economy
DEWA files patent for energy liquid
The liquid enhances efficiency of energy storage systems.
Business
Business
Boeing says MENA will need 3,000 new aircraft in 20 years
The MENA region will need some 3,000 new aircraft worth $700 billion in the next 20 years to cater to...
- The value of the Middle East’s commercial jet market including services over the next 20 years will be around $1.4 trillion
- The region’s single-aisle fleet of 660 is forecast to nearly triple to 1,750 jets over the next 20 years
Business
Etisalat Group and G42 partner to merge Khazna data centers
Etisalat Group and G42 have joined hands to merge their data centers, creating the UAE's largest data center provider. A...
- A total of 12 data centers will be combined in under the joint venture operating under Khazna Data Centres.
- G42 and Etisalat Group will each own 60 percent and 40 percent of Khazna Data Centres, respectively.
Business
Emirates Islamic net profit $218m
Higher non-funded income, reduction in the cost of risk push profits up.
- The total income rose 14 percent year on year and 43 percent on the same quarter in 2020 by higher non-funded income.
- The customer financing stood at AED 42.4 billion, an increae of 4 percent from 2020.
Business
Emirates Integrated Telecommunications Company profit rises to AED283 million in Q3
According to financial results, mobile customer base reached 6.5 million. The postpaid segment remains resilient with net-adds of 13,000. The...
- The revenues have grown 6.9% to AED 2,874 million on sustained demand for broadband services
- EBITDA amounted to AED 1,100 million due to cost optimization which helped contain margin pressure
Business
Bahrain to open up ‘.bh’ domain name registry
A domain name is a name in English or Arabic letters chosen to be the address and the identity of...
- So far, mostly government entities have had permission to use this domain name
- Now, the TRA has launched a campaign to introduce the mechanisms for registering new websites with the .bh domain name
UAE to ease Covid curbs, allow bigger home gatherings
Owing to the decline in the transmission of coronavirus in the country, the United Arab Emirates has decided to relax...
- According to the new set of rules, occupancy at parties has been capped at 80 per cent or a maximum of 60 guests
- A negative PCR test taken no more than 48 hours before the event is also a must
S&P says lackluster tourism to keep Dubai economy down
Although Dubai is set for a ‘modest’ recovery this year on the back of a high vaccination rate in the...
- The economy of the Middle East trade, finance, and tourism hub shrank 10.9% last year
- S&P expects Dubai's real gross domestic product growth to average about 2% between 2022 and 2024
Business
UAE, Iraq agree to promote and protect investments
The agreement is part of the UAE’s endeavors to strengthen and activate means of economic and investment cooperation globally.
- The agreement aims to encourage foreign investment by improving the investment environment and enhancing economic cooperation
- It will also look to secure a balance between rights and obligations between investors and the host country
Business
UN report says global FDI rebounds to $852bn in H1
A United Nations report has depicted a positive picture of global foreign direct investment during the first half of 2021....
- Countries around the world recorded a total of $852 billion in FDI flows, showing a “rapid recovery” from the 2020 lows
- Developed economies recorded the biggest increase in new investments, with FDI reaching an estimated $424 billion in the first half of the year
Business
Gulf Islamic Investment of UAE to invest $500m in India
Gulf Islamic Investment of UAE will invest $500 million in India over the next three years as it takes steps...
- The shariah-compliant firm said its current investment plan is sector-agnostic and is now keen to partner with Indian start-ups and growth companies
- This follows its Indian investment debut in 2020 with India Growth Portfolio (IGP-I)
Currencies in Middle East resilient from Covid period till date
RIYADH, SAUDI ARABIA - As the world grapples with the economic aftermath of the COVID-19 pandemic, Middle Eastern countries, particularly...
Economy
Company News
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UAE starts third unit of Barakah Nuclear Energy Plant
UAE has successfully started Unit 3 of the Barakah Nuclear Energy Plant, located in Abu Dhabi's Al Dhafra Region, its...
Business
Dubai records realty transactions worth US$1.8bn in week
A total of 2,401 real estate transactions worth US$1.8 billion (AED6.7 billion) were conducted during the week ending September 23,...
Economy
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Business
ADNOC, TAQA conclude $3.8 bIllion offshore decarbonization deal
Abu Dhabi, UAE---ADNOC and Abu Dhabi National Energy Company (TAQA) Friday announced the financial closing of their $3.8 billion project...
- This is a first-of-its-kind high-voltage direct current (HVDC) sub-sea transmission network in the MENA region.
- A Consortium will build, own, operate and transfer the transmission system alongside ADNOC and TAQA, with the full project returned to ADNOC after 35 years of operation.
Economy
‘Barakah Nuclear Power Plant promotes clean, safe energy’
UAE Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei said that the start-up of Unit 3 of Barakah...
- The nuclear plant plays a key role in promoting the transition to safe and environmentally friendly energy sources.
- Several countries began to focus on developing nuclear power to meet the challenges of energy security and climate change.
Business
Borouge to pay dividend of $325m
This is the first payment of the total $975m dividend for 2022.
- The interim dividend payment reflects Borouge's strong financial performance in H1 2022 and its outlook for the remainder of 2022, the company said.
- In the first half of 2022, Borouge reported a 16.4 percent increase in revenue to $3.5 billion (AED12.7 billion) versus the same period last year.