Dubai Integrated Economic Zones posts record $91 billion trade in 2024
Dubai, UAE – The Dubai Integrated Economic Zones Authority (DIEZ) recorded its highest-ever trade performance in 2024, with total trade...
Business
Business
Dubai Investments net rises to $157m
Real estate sector remains one of the key business verticals.
- Total income for the Group increased by 31 percent from US$422 million (AED 1.55 billion) in H1 2022 to US$552 million (AED 2.03 billion) during H1 2023.
- Total shareholder equity increased to US$3.5 billon as of June 30 2023, compared to US$3.5 billion (AED12.84 billion) as of year ended December 31 2022.
Business
Empower H1 2023 revenue at $333m
The company’s EBITDA in H1 2023 was US$178 million.
- In the July 2022 to June 2023 period, Empower’s consolidated revenue was US$778 million.
- Empower CEO said the firm continues to expand investments in its portfolio of assets and infrastructure.
Business
European LNG imports fall to lowest level since start of Ukraine war
Brussels, Belgium - Europe's liquefied natural gas (LNG) imports fell to the lowest level since the start of the Russian...
- LNG deliveries fell 7% in July from a year earlier to 8.6 million tons, the least since November 2021, according to ship-tracking data .
- This drop coincides with a slide in the regions benchmark gas prices, which have slumped more than 80% in the period.
Business
OERC, Jindal to set up sustainable transport logistics solution
Abu Dhabi, UAE - Oman and Etihad Rail Company (OERC) signed a deal with Jindal Shadeed Iron & Steel (Jindal)...
- It will allow Jindal to annually transport up to 4 million tons of raw materials and finished products from its steel complex at Sohar Port to the UAE’s markets.
- OERC will leverage its rail network to support Jindal in optimizing operational integration through facilitated loading and unloading processes.
Business
Brazilian-Saudi Investment Forum witnesses inking of 25 MoUs
SAO PAULO, BRAZIL - The Ministry of Investment organized here the Brazilian-Saudi Investment Forum, which saw the signing of many...
- The 25 MoUs covered petrochemicals, healthcare, defense, food, real estate, tourism, water desalination and treatment, and agriculture.
- The new library will act as a central hub to connect the university’s 28 sub-libraries and will contribute towards enhancing its educational capabilities.
Business
Ooredoo Algeria gets new CEO
Roni Tohme, the Acting CEO, has been confirmed as the CEO.
- Tohme brings over 21 years of experience in telecoms and finance to his new role, having previously served as Ooredoo Algeria’s Chief Financial Officer.
- During his tenure as CFO, he played a vital role in shaping an agile and lean finance department, contributing to the company’s business transformation.
Economy
Saudi Arabia real GDP grows 1.1 percent in Q2 2023
RIYADH, SAUDI ARABIA - The real GDP of Saudi Arabia grew by 1.1 percent in the second quarter of 2023,...
- According to the report, seasonally adjusted real GDP decreased by 0.1 percent in Q2 of 2023 compared to Q1 of 2023.
- GASTAT carries out all statistical work, as well as the technical oversight of the statistical sector in Saudi Arabia.
Economy
Jordan’s investments increase by 47.6% in H1 2023
Amman, Jordan - Jordan's total volume of investments witnessed a 47.6 percent increase, according to data released by the Ministry...
- The total investment volume reached $841.6 million, compared to $570.2 million during the same period in 2022
- 236 investment projects capitalized on the advantages offered by the Investment Environment Law
Geostrategy
UAE urges collective action for sustainable development at G20 ministers meeting in India
DUBAI, UAE – UAE Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri highlighted the importance of collective...
- The UAE minister called upon G20 countries to fulfil their commitment to providing the pledged financial support for global climate initiatives.
- She said that is only by collective action that the global community can achieve the worldwide emission reduction target.
Geostrategy
UAE finance ministry unveils new corporate taxation rules
ABU DHABI, UAE - The UAE Ministry of Finance (MoF) on Saturday announced administrative penalties for violations related to the...
- The penalties will be imposed on Taxable Persons, whether an individual or a legal entity, who do not comply with their obligations.
- Penalties also apply in cases of failing to properly keep records or submitting the required records and other information specified in the Tax Law.
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Dubai Integrated Economic Zones posts record $91 billion trade in 2024
Dubai, UAE – The Dubai Integrated Economic Zones Authority (DIEZ) recorded its highest-ever trade performance in 2024, with total trade...
Business
Company News
EIC to pay $22m dividend
Business
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Burjeel Holdings net profit up
Business
How Pakistan is becoming a top tech hub in the GCC
Pakistan's IT sector is thriving, with growing exports and recognition as a tech hub, driven by government support, skilled talent,...
Economy
Qatar strikes new 15-year 3 mtpa LNG supply deal with Kuwait
Qatar agreed on Monday to supply Kuwait with 3 million tons per annum (mtpa) of liquefied natural gas (LNG) for...
China’s robot makers chase Tesla to deliver humanoid workers
Beijing, China - China dominates the market for electric vehicles. Now it's chasing in the race to build battery-powered humanoids...
Business
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Saudi bid to host 2034 World Cup positions Kingdom as global center for top sports events
Saudi Crown Prince Mohammed bin Salman announced the Kingdom’s bid to host the 2034 FIFA World Cup. He said this...
- Saudi topped the UNs’ list for highest growth in international tourist numbers in 2023
- FIFA is set to confirm Saudi Arabia as the host for the 2034 event in December
Business
Dubai welcomes record 9.31m international overnight visitors in H1
Dubai, UAE -- Dubai welcomed 9.31 million international overnight visitors from January to June 2024, a 9 percent increase over...
- Dubai was named the No.1 global destination for an unprecedented third successive year in the Tripadvisor Travellers’ Choice Awards in January.
- Occupied room nights increased by 3 percent, with 21.35 million at the end of H1 2024, compared to 20.73 million in H1 2023.
Economy
Record high Gold prices amidst expected September FED rate cut
Gold prices continued to notch new records Wednesday, lifted by increasing conviction that the Federal Reserve will cut interest rates...
- Gold rose 0.5% to $2,482.29 per ounce, hitting an all-time high
- Markets are fully pricing in a rate cut of at least 25 basis points