Prices for utilities, fuels rise 9 percent in June in Saudi Arabia
RIYADH, SAUDI ARABIA – Prices for housing, water, electricity, gas and other fuels in the Kingdom rose by 9.1 percent...
Economy
Business
Al Mazaya’s subsidiary to sell Saudi firm stake
First Dubai Real Estate Development Co. board cleared the $51.4m deal.
- The board also approved to set off its entire accumulated losses by reducing its capital to 74.129 million dinars from 100 million dinars.
- In May, Bait Al-Amar Al-Khaleeji General Trading and Contracting has purchased 60.029 million shares of Al Mazaya Holding.
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Watch: Saudi GDP to grow faster than expected in 2021
The global drop in oil prices, along with the pandemic and related issues, had dealt quite a blow to the...
- The Saudi economy grew 1.8 percent in Q2 of 2021
- This was the second time it had risen since Q2 2019
Geostrategy
Special forces of UAE, Saudi Arabia, Egypt, Greece conclude military exercises
Special security forces of Saudi Arabia, the UAE, Greece and Egypt have completed joint drills in the Greek capital, Athens.
- The drills are part of a program to enhance military cooperation between friendly countries
- The training plan was conducted by the Royal Saudi Land Forces to maintain a high level of performance, training and combat efficiency
Business
Rush to invest in Saudi mining sector heats up, 4073 applications received
Saudi Arabia has been flooded with license applications from investors at home and abroad to invest in its mining sector....
- The Kingdom plans to launch a comprehensive geological survey to map the country’s mining potential
- According to geological surveys dating back 80 years, the Kingdom has an estimated reserve of untapped mining potential valued at $1.3 trillion
Geostrategy
Cutting fossil fuel use key to environmental protection: IMF
The 'right prices' must fully reflect both supply costs and environmental costs, especially carbon emissions and local air pollution, said...
- Global fossil fuel subsidies amount to around $6 trillion in 2020, which is 6.8 percent of global GDP.
- Emissions would fall by one-third if prices increase to fully reflect environmental and supply costs by 2025, IMF said.
Business
UAE’s Amanat sells stake in Saudi IMC for $118m
The United Arab Emirates-based healthcare and education investment company, Amanat Holdings, has sold its 13.13 percent of minority equity stake...
- The sale is expected to net a gain of $11mln
- Amanat held this stake through its 100 percent holding via subsidiaries in Saudi Healthcare and Education Fund
Arts & Culture
Emaar Entertainment, Eagle Hills Diyar partner to take Reel Cinemas to Bahrain
Reel Cinemas will be the authorized cinema partner for the upcoming Marassi Galleria, a beachfront, world-class mega mall in Manama,...
- Reel Cinemas will be the authorized cinema partner for the upcoming Marassi Galleria, a beachfront, world-class mega mall in Manama, Bahrain.
- Cinema fans in Bahrain will also enjoy a specially crafted F&B menu along with Reel Cinemas’ much-loved Dine-In cinema concept, which will also debut
Business
Panasonic completes acquisition of Blue Yonder for $8.5bn
Panasonic has now purchased the remaining 80 percent of shares of Blue Yonder, adding to the 20 percent which Panasonic...
- The acquisition has completed antitrust clearance procedures and received approval of regulatory authorities in the US and other countries
- The acquisition has completed antitrust clearance procedures and received approval of regulatory authorities in the US and other countries
Business
Qatar First Bank acquires office building in US
Fourteen555 is QFB’s eighth shariah-compliant real estate acquisition in the USA.
- The building becomes the first multi-tenant office addition to QFB’s now eleven-asset strong portfolio, the bank said.
- Major tenants of the building include billion-dollar revenue firms such as Moss Adams and Infor.
Business
Saudi CMA looks to double $213bn funds under its control
The Saudi Capital Market Authority (CMA) intends to double the $213 billion funds under its management.
- The Capital Market Authority wants to create more jobs in the financial sector by increasing the assets under management
- The Fintech accelerator is helping to build the capabilities and talent required by financial technology companies
Company News
IFZA, CBD ink banking deal
Business
Tabreed H1 profit $65 million
Business
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Market Report
UAE delegation, led by Abdullah bin Zayed, in Tel Aviv to discuss ways to boost ties
Sheikh Abdullah is travelling with a high-level UAE delegation on his visit, which will span several days and marks two...
Geostrategy
Saudi Arabia plans seeks to create over 200 smart cities: Minister
Riyadh, Saudi Arabia - Saudi Arabia plans to establish more than 200 smart cities, Majed Al Hogail, Minister of Municipal,...
Business
JAFZA facilitates more than a third of Dubai automotive volume
Dubai, UAE-- Jebel Ali Free Zone (Jafza), part of DP World Group, has facilitated over 1.2 million metric tons (MT)...
Business
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Business
AD Ports ups stake in Egypt firms
The majority stake in the two companies was valued at $140m.
- The group acquired a 70 percent equity stake in Transmar International Shipping Company (Transmar) and Transcargo International.
- Transmar is a regional container shipping company that operates across the Middle East, Red Sea, Arabian Gulf and Eastern Coast of Africa
Geostrategy
Lebanon-Israel maritime talks to conclude in days: Lebanese official
Negotiations between Lebanon and Israel have been mediated by the US to delineate a shared maritime border.
- Negotiations between Lebanon and Israel have been mediated by the US to delineate a shared maritime border
- US mediator Amos Hochstein, who visited Beirut on September 9 said talks were making progress
Business
First phase of ADNOC Refining’s WHR project nears completion
ADNOC Refining's Waste Heat Recovery (WHR) project is designed to capture exhaust heat from the gas-powered turbines at ADNOC Refining's...
- The firm is looking to reduce its greenhouse gas (GHG) emissions intensity by 25% by 2030, aligned to the UAE Net Zero by 2050 Strategic Initiative
- ADNOC has announced partnerships to decarbonise its operations at scale, with up to 100% of the company's grid power being supplied by clean nuclear and solar energy sources