Dubai’s weeklong real estate transactions exceed US$4.2bn
DUBAI, UAE - A total of 4,048 real estate transactions worth over US$4.2 billion (AED 15.6 billion) were conducted during...
Business
UAE, ILO ink agreement to enhance labor inspection capabilities
GENEVA, SWITZERLAND - The UAE has signed a cooperation agreement with the International Labor Organization (ILO) to collaborate in labor...
Economy
ADQ to list Abu Dhabi Ports on ADX
ADQ, one of the largest holding companies, has announced its plan to list Abu Dhabi Ports Company on the Abu...
- The listing on the ADX is expected to comprise a sale of a portion of existing shares to investors in the UAE
- For the year ended 31 December 2020, Abu Dhabi Ports reported revenues of AED 3.4 billion, a growth of AED 0.7 billion (c. 24%) compared to 2019 despite the COVID-19 impact
Bahrain now ranks among top 20 in foreign investment
Bahrain has attracted three times the amount of greenfield FDI that might be expected given the size of its economy,...
- The Financial Times Group publication has ranked Bahrain second in the Gulf and third in the Middle East and North Africa
- Bahrain obtained 3.23 points, which reflects the relatively large contribution of foreign investments to the economy, the report says.
Geostrategy
Saudi and Abu Dhabi crown princes review bilateral relations
Saudi Arabia's Crown Prince Mohammed bin Salman and the Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed reviewed issues of...
- Saudi Arabia's Crown Prince Mohammed bin Salman and the Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed reviewed issues of common interest vital to both countries
- The two reviewed the latest regional and international developments and also talked on mutual relations between the kingdom and the UAE.
Business
Aramco Q2 net income $25.5 billion, up by 288 percent
The results driven by higher oil prices and a recovery in worldwide demand, supported by the global easing of COVID-19...
- H1 net income $47.2 billion, representing a 103 percent increase over the same period in 2020.
- The Q1 dividend of $18.8 billion was paid in the second quarter and Q2 dividend of the same amount will be paid in the third quarter.
Business
GIG completes acquisition of AXA
The rebranding of AXA to GIG will happen in the next few months.
- At $474.75 million, the deal is the largest insurance acquisition in the region.
- The transaction expands GIG’s insurance business portfolio, bringing the Group into two new markets in Oman and Qatar.
Business
Dubai property sales hit four-year high in August
The figures indicate that the property market, particularly the residential market, is recovering after hitting a low at the start...
- A total of 37,537 sales transactions worth 88.12 billion dirhams were made by August end, which is 22.61 percent higher than the value of deals made in 2020.
- The entire year of 2020 had 35,401 sales transactions worth 71.87 billion dirhams.
Economy
Egypt’s foreign reserves leap up to $40.67bn in July
Egypt's net foreign reserves have risen to $40.672 billion in August from $40.609 billion in July, the central bank said...
- Egypt's net foreign reserves have risen to $40.672 billion in August from $40.609 billion in July
- Foreign reserves have been rising since June 2020, after dropping to around $36 billion
Business
Adnoc Drilling to offer 7.5% stake in IPO
Adnoc Drilling is the largest national drilling company in the Middle East by rig fleet size.
- Adnoc retains the right to increase the size of the offering at any time before pricing of the IPO
- It will continue to own a majority of Adnoc Drilling’s share capital after the IPO
Business
Emaar Properties and Emaar Malls get nod for merger
The proposed merger of Emaar Properties and Emaar Malls received a boost when the capital market regulator, Securities & Commodities...
- The proposed merger still requires shareholder approval
- As per the proposal, the existing business of Emaar Malls will be reconstituted in a wholly owned subsidiary of Emaar Properties
Geostrategy
South Korea mulls reviving FTA talks with GCC
The two sides have not had a mutual FTA for more than 10 years now.
- South Korea and the GCC agreed to negotiate an FTA in 2007, but talks have been stalled since 2009
- Now, Korean Trade Minister Yeo Han-koo will soon meet his UAE counterpart Thani Al-Zeyoudi virtually in this regard
Dubai’s weeklong real estate transactions exceed US$4.2bn
DUBAI, UAE - A total of 4,048 real estate transactions worth over US$4.2 billion (AED 15.6 billion) were conducted during...
Business
Company News
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UAE meets 42% of Japan’s crude oil needs in July
Japan imported 81.05 million barrels of crude during July, of which 79.17 million barrels, or 97.17 percent, came from Arab...
Economy
Saudi allows duty-free markets at air, sea and land ports
Riyadh, Saudi Arabia -Saudi Arabia has approved the establishment of duty-free markets, when necessary, at air, sea and land ports...
Business
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Economy
Oman issues Treasury Bills worth $103 million for 91 days
Muscat, Oman---The government of Oman issued Treasury Bills worth Omani Riyal 40 million (US$103 million) for a period of 91...
- The average accepted price reached RO 99.419 for every RO 100, and the minimum accepted price arrived at RO 99.270 per RO 100.
- Treasury Bills are short-term highly secured financial instruments issued by the Ministry of Finance.
Business
Shapoorji bags Majid Al Futtaim deal
The US$217.4m contract covers construction of 808 villa sets.
- The projected date of completion of the projects at Tilal Al Ghaf is mid-2024.
- A key highlight of Tilal Al Ghaf is its central recreational lagoon bordered by white sandy beaches.
Economy
ADJD notarization, authentication transactions jump in August
The Abu Dhabi Judicial Department (ADJD) has achieved a record surge in total notarization and authentication transactions carried out in...
- There were 13,000 notarization and authentication transactions operations in August.
- The availability of multiple electronic options for submitting and completing transactions remotely helped in the increase.