6 MNCs among new businesses attracted by Dubai Chamber in H1
Dubai, UAE - Dubai International Chamber attracted 56 businesses to the emirate during H1 2023, including six multinational corporations and...
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)...
Business
Economy
UAE announces Net Zero by 2050 strategic initiative
The national drive aims to achieve net-zero emissions by 2050, making the UAE the first MENA to do so.
- The national drive aims to achieve net-zero emissions by 2050, making the UAE the first MENA to do so.
- The Ministry of Climate Change and Environment will lead and coordinate efforts to execute the initiative
Business
Kuwait to tap parks, open spaces for investment
The Kuwaiti cabinet has instructed the Public Authority for Agricultural Affairs and Fish Resources to plan for this.
- The Kuwaiti cabinet has also ordered the parks authority to allocate plots for organizing entertainment activities and events
- These will happen in the agricultural areas of Al-Wafra in the south and Al-Abdali in the north
Business
Sheikh Maktoum says UAE enjoys high financial solvency, credit profile
The UAE continues to enjoy high financial solvency as well as a strong credit profile, minister of finance Sheikh Maktoum...
- Al Maktoum's statement comes as the Ministry of Finance confirms the issuance of a multi-trance bond offering.
- The new bond package, comprising of tranches of 10, 20 and 40 years, will be issued for a subscription.
Arts & Culture
Abdulrazak Gurnah wins literature Nobel Prize
The Nobel Committee said the theme of the refugee’s disruption runs throughout the work of Gurnah, and he was awarded...
- Born in 1948, Gurnah moved to England in the 1960s, and started to write at the age of 21
- He has produced 10 novels and several short stories in English, French, Swedish and German
Business
DAFZA share of Dubai’s non-oil trade is 11% in H1 2021
In terms of re-exports, DAFZA grew 24 percent to total AED40.8 billion, representing 20.5 percent of Dubai's total non-oil foreign...
- In terms of re-exports, DAFZA grew 24 percent to total AED40.8 billion, representing 20.5 percent of Dubai's total non-oil foreign trade
- As for commercial partners, China came in first at 30 percent with a trade value of AED23 billion
Business
Abu Dhabi discusses investment cooperation with Egypt
The Abu Dhabi Development Fund received a delegation from the Central Bank of Egypt.
- Since it commenced its activities in Egypt in 1974, ADFD has funded more than 75 strategic projects in the country
- Spanning several sectors, they have with a total value of approximately AED3.3 billion (around $900 million)
Business
Investcorp expands US holdings
Mubadala is biggest shareholder of asset manager Investcorp.
- Bahrain-based Investcorp has acquired 89 industrial properties across four major US markets
- The real estate acquired is approximately 2.2 million square feet, for a total of $380 million
Business
Masdar to build five solar plants with a capacity of 1 GW in Iraq
Abu Dhabi-based renewable energy company Masdar on Thursday announced it will develop five solar photovoltaic (PV) projects in Iraq with...
- The solar photovoltaic projects will be developed in Dhi Qar, Ramadi, Mosul and Amarah areas.
- Iraq, the second-largest OPEC oil producer, is aiming at 20 to 25 percent of renewables in power production.
Business
Arkan-Emirates Steel merger complete
The merger creates the UAE’s largest steel and building material company.
- The transaction provides significant revenue diversification for the Combined Group
- Arkan issued to Senaat a convertible instrument, which converted into 5.1 billion ordinary Arkan shares
Economy
World Bank official for GCC says Saudi GDP to touch 3.3 percent in 2022
With an improvement in global oil demand, the World Bank has predicted Saudi Arabia’s average gross domestic product to reach...
- Abousleiman bullish on the expansion of the Kingdom’s non-oil sector
- Oil prices are currently at a seven-year high and this week OPEC + reiterated its decision, made in July, to raise production by a modest 400,000 barrels per day in November
6 MNCs among new businesses attracted by Dubai Chamber in H1
Dubai, UAE - Dubai International Chamber attracted 56 businesses to the emirate during H1 2023, including six multinational corporations and...
Business
Company News
stc profit jumps to $1.6bn in H1
Business
Latest News
Bahrain central bank’s $185m treasury bills oversubscribed 216%
Manama, Bahrain—Bahrain’s latest government treasury bills, valued at Bahrain Dinar 70 million ($185 million), have been oversubscribed by 216 percent....
Economy
UAE financial restructuring body holds second meeting
The UAE finance ministry's Financial Restructuring Committee (FRC) recently held the second meeting of its Consultative Council.
Economy
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Business
APICO to list on Nomu
The Arabian Plastic will offer 1m shares at $7.19 per share.
- According to a bourse filing, the offering coverage was 15.43x of the total shares offered during the subscription period
- Yaqeen Capital, the financial adviser and lead manager, will finalize the required procedures with the Saudi Stock Exchange and will determine the date for listing of the shares
Business
Dubai’s RTA earns US$10.12m from auction of number plates
Dubai's Roads and Transport Authority (RTA) fetched $10.12 million from the auction of distinctive vehicle number plates at Grand Hyatt...
- The sale topper was Plate (AA 13), which was exchanged for $1.20 million, followed by Plate (U 70) which was sold for $816,882Â Plate (Z 1000) brought back $601,769
- By offering distinctive licensing plates at open or online auctions, RTA seeks to provide a neutral and transparent platform that avails fair opportunities to all bidders
Business
Qatar’s United Development Company and CBQ sign home loan deal
Doha, Qatar - The United Development Company (UDC), a Qatari public shareholding company, signed a deal with The Commercial Bank...
- The UDC property buyers would be eligible to apply with Commercial Bank for a home loan worth 70% of the property value.
- The consumers are likely to be benefited from fast loan processing and flexible added-value options and payment plans.