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
DEWA given Net-Zero statement of verification for work on climate change
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has received the net-zero statement of verification and assurance certificate in...
Business
Arts & Culture
Expo 2020: AR Rahman introduces Firdaus Orchestra
A total of 50 musicians — aged between 16 and 51 — from 23 countries in the region have come...
- The Firdaus Orchestra will perform at concerts at Expo 2020 Dubai
- The concerts will feature works composed by Rahman for the orchestra’s inaugural performance
Business
Pact signed for setting up incubator to support SMEs in Oman
DUBAI: An incubator to support Small and Medium Enterprises in Oman will be established by Oman’s Authority for Small and...
- The incubator will be specialized in the logistics sector, supply chains, and services affiliated with the Public Authority for Special Economic Zones and Free Zones.
- A pact was signed between Oman’s Authority for Small and Medium Enterprises Development (Asmed) and Oman Drydock Company in this regard.
Business
Dubai records $327m realty deals in week ending Wednesday
The deals consisted of 266 real estate sales transactions worth AED849.88 million.
- August 2021 was the second-highest month since December 2013 in terms of the number of sales transactions in one month.
- The real estate market in Dubai is seeing sustained growth in the run-up to Expo 2020 Dubai.
Economy
UAE, India talk on Economic Partnership Agreement
It is the second deal that Dr. Al Zeyoudi is pursuing this month, following negotiations with Indonesia, as the UAE...
- Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, is in New Delhi to discuss trade and investment relations
- It is the second CEPA deal that Dr. Al Zeyoudi is pursuing this month, following negotiations with Indonesia, as the UAE accelerates its global trade agenda
Business
Union Properties exits Dubai shopping deal
The deal with an unnamed developer was valued at $114m.
- The company chairman calls the deal a part of the firm's plans for diversifying the real-estate portfolio.
- Union Properties posted a profit of AED 32 million for H1.
Business
Dubai real-estate transactions for August cross $4bn
These are the latest numbers from the 18th edition of Mo’asher, which is Dubai’s official sales price index.
- The number of transactions in August 2021 was 5,780
- They are said to be worth AED14.97 billion (around $4.08 billion)
Business
Abu Dhabi to use drones for delivery of vaccines and drugs
DUBAI: Abu Dhabi's department of health (DoH) will be using drones for the transport of high-value medical goods such as...
- US-based Matternet partners with logistics company Skygo and Department of Health for 'world's first city-wide medical drone network.
- SkyGo and Matternet have completed the first phase of in-country flight testing.
Business
23 solar panel plants to come up across Saudi Arabia
DUBAI: As many as 23 factories that will manufacture solar panels and systems will be set up across Saudi Arabia,...
- The factories will be established in 12 industrial cities, according to Modon.
- Products to be manufactured include Solar cells, slim panels for generating solar energy, solar energy panels.
Economy
Dubai approves $17.7 billion over 20 years for citizens’ housing
The outlay is for the next 20 years, Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum said.
- The government intends to increase the number of beneficiaries fourfold.
- In 2020, Abu Dhabi government announced $2 billion worth of housing loans, homes and land to more than 6,100 citizens.
Science
UAE relaxes mask mandate, but with riders
UAE residents may not wear a face mask in certain places while keeping a safe physical distance of two meters.
- Local authorities are expected to put signs showing the places where people will be allowed not to wear a face mask
- This will happen as long as people adhere to the physical distancing of two meters
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
Company News
Al Seer targets 2-3m tons cargo
Business
Latest News
New PPP law will help UAE achieve competitive economy: Massimo Falcioni
PPPs boost efficiency, increase transparency in funds management, simplify processes that have cost implications, and integrate technologies, said ECI CEO
Economy
Dubai looks to raise $817m from IPO of Salik Company
Dubai is looking to raise $817 million in the initial public offering of Salik. It is selling 1.5 billion shares...
Business
GCC countries hail national reconciliation in Sri Lanka
Abdulmohsen bin Khuthaila in his speech on the sidelines of an official debate on human rights in Geneva, said that...
Geostrategy
Most Read
Analysis
US Fed Reserve may remain hawkish in coming months
Despite the recent slowdown, the US economy remains robust, which allows for more aggressive monetary policy tightening. The US consumer...
- The US Federal Reserve will lean "hawkish," raising rates by 75 bps in September and 50 bps both in November and December, before a final 25 bps hike in early 2023
- Despite the recent slowdown, the US economy remains robust, which allows for more aggressive monetary policy tightening, Qatar National Bank says in its weekly report
Economy
Saudi Arabia launches three new iron and steel projects
An integrated iron sheet production complex with a capacity of 1.2 million tonnes per year is one of the projects.
- An integrated iron sheet production complex with a capacity of 1.2 million tonnes per year is one of the projects
- A factory will also be established to produce circular iron blocks with an estimated production capacity of one million tonnes per year
Business
UAE treasury bonds post “exceptional” bidding results
The fourth auction, which witnessed the first issuance of five-year T-Bonds saw a strong demand through the six primary bank...
- Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, stated that the new five-year T-Bonds will contribute to strengthening the local debt capital market
- In May 2022, the UAE issued the dirham denominated T-Bonds of the UAE Government (T-Bonds), in two and three year tenures.