Economy
IMF pegs 2021 global growth at 5.9%
The IMF noted that emerging variants of the novel coronavirus have made policy choices more difficult, with limited room to...
- The predicted 5.9 percent growth is 0.1 percentage point less than the IMF’s July prediction
- The IMF said this revision was due to supply disruptions for some and worsening pandemic dynamics for others
Economy
Saudi Arabia issues over 1,600 residential plots in September
The plots are said to have been issued under the country’s Sakani Housing program, which is a part of Saudi...
- The Sakani scheme runs in partnership with the private sector
- It also channels financing options to people who can also construct their own homes
Business
Madayn lands Oman solar deal
Madayn has signed a deal to build a 100MW solar PV farm.
- Oman-based Madayn has signed an agreement with Mubadrah and Solar Wadi to build a solar farm
- Madayn, also known as Public Establishment for Industrial Estates, will build the farm in the Suhar Industrial City
Geostrategy
Arab youth name UAE country of choice for the tenth consecutive year
For the tenth consecutive year, Arab youth have said the UAE is the country they would like to live in...
- A third of the youth polled in a survey cite UAE's growing economy and opportunities it offers as attractions.
- Ninety-nine percent of Emiratis say their country’s economy was heading in the right direction.
Business
Jarir posts $194m net profit in nine months
Q3 net profit surges 44 percent compared to Q2.
- The increase in net profit was attributed to a decrease in selling and marketing expenses and financing costs.
- The net comprehensive income grows by about 2 percent.
Business
ArcelorMittal arm buys Sharjah mill
ArcelorMittal Projects is a part of the ArcelorMittal Group.
- ArcelorMittal Projects has also leased 1.38 million sq ft of industrial land in the zone
- The entire transaction, to be concluded in two phases, has a price tag of AED90 million ($24.51 million)
Business
DP World and UK’s CDC Group to create Africa investment platform
DP World will contribute its stakes in three existing ports and invest $1 billion over the next few years through...
- DP World will contribute its stakes in three existing ports and invest $1bn over the next few years.
- CDC is committing $320 million initially and a further $400 million over the next several years.
Economy
Lebanon leaders start conclave to plan rescue of economy
Lebanon is currently experiencing possibly the worst economic crisis in the world.
- Members of the Lebanese government started a conclave to develop a vision on a rescue and action plan for the country
- The conclave began at the monastery of Saint John the Citadel in Beit Meri
Business
ACWA Power to enter Saudi Arabia’s main market from Oct. 18
Riyad-based ACWA Power will enter Saudi Arabia’s main market from the start of trading on Oct.18 and also join the...
- After debut on the Saudi exchange, ACWA shares jump by 30 percent.
- ACWA Power is selling an 11.1 percent stake at SR56 ($14.93) per share. It is the third-largest listing on the bourse.
Business
UAE and Italy’s export credit agencies review progress of joint initiatives
Etihad Credit Insurance (ECI), the UAE Federal export credit company, and SACE, the Italian export credit company (CDP Group), have...
- Etihad Credit Insurance chief says significant gains made in Halal-certified businesses.
- The two sides explored how they can help boost the flow of goods, services and investment capital worldwide.
Company News
Latest News
Saudi China’s largest oil supplier in Q1 despite Beijing’s Russia imports
Riyadh, Saudi Arabia - Saudi Arabia topped the list of oil suppliers to China for the first time in four...
Business
UAE, France, India share vision on sustainable growth: Sheikh Abdullah
New York, USA - UAE, France and India have discussed the need for enhancing global cooperation to counter energy and...
Geostrategy
Binance gets MVP license from Dubai virtual assets authority
Dubai, UAE--Binance, the leading global blockchain services provider, said Tuesday it has received the Minimal Viable Product (MVP) license from...
Business
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Business
DEWA, Desolenator ink pact
Dutch firm will provide water desalination technology
- The innovative design is intended to be 100 percent reliant on solar energy.
- As per the agreement, a pilot water desalination plant has been installed at the Jebel Ali Power Plant and Desalination Complex.
Infographics
Arab democratization slides further in 2021
Tunisia, the only democracy to remain a democracy after the Arab Spring, may turn authoritarian if a draft constitution published...
- According to the Economist Intelligence Unit Democracy Index, the Middle East and North Africa is the lowest ranked of all regions covered in the index.
- Many Arabs surveyed say they would prefer a strong leader 'who would bend the rules to get things done'.
Economy
‘Standardization key to enhancing quality of local products’
UAE Minister of Industry and Advanced Technology (MoIAT) Dr. Sultan bin Ahmed Al Jaber said that hosting the International Organization...
- The UAE minister said the ISO annual meeting is in tune with MoIAT's efforts to benefit from international expertise.
- Sultan Al Jaber added that such events showcase the UAE's quality infrastructure and deepen partnerships with relevant national and global entities.