Qatar Industrial Production index up 2.8 percent in April
DOHA, QATAR- The Industrial Production index (IPI) of Qatar for April 2023 reached 106.4 points which is an increase of...
Economy
Emirates Post names new chairman
EPGC has announced that Badr Al Olama is its new chairman.
- Badr Al Olama is the current executive director of the UAE Clusters at Mubadala’s Investment Company
- He also spearheads the organizing committee of the UN-backed Global Manufacturing and Industrialization Summit
Geostrategy
Syria agrees to help Lebanon get gas, electricity
The country has said it is ‘ready’ to help Lebanon with ‘transit for Egyptian gas and Jordanian electricity via Syrian...
- Lebanon’s fuel shortage has reached such proportions that millers have warned they might have to stop making bread
- Meanwhile, Unicef has said 4 million Lebanese could lose access to water as pumps run out of fuel
Business
Bahrain cuts truck wait duration by 15 times
Bahrain’s Customs president hailed importers, traders, and customs agents for the achievement.
- Bahrain said it has reduced the average waiting period for such loaded trucks to just 52 minutes in the first half of August
- This was in comparison to the 757 minutes — more than 12 and a half hours — in the previous years
Mubadala buys gas field stake
It has spent $1.03 billion to buy a stake in the Tamar gas field.
- Israel-based Delek Drilling signed a sale and purchase agreement with Mubadala
- As a result, the Abu Dhabi-based company now has 22 percent non-operated stake in the gas field
Aston Martin Vantage to police Dubai
The Vantage joins other sports and supercars of the police force.
- The Dubai Police Vantage’s custom number plate alludes to the UAE’s seven emirates and Aston Martin’s association with the James Bond franchise
- The 25th film in that series, No Time to Die, is expected to be released worldwide next month
Economy
UAE pulls up underperforming tax authority, energy ministry
The UAE has said some underperforming government offices and ministries have 90 days to improve their digital services.
- The findings were based on a public poll announced three months ago to gauge efficiency of digital services by government entities
- As part of the poll, 55,000 people gave inputs on the digital services provided by 30 government agencies
Business
Kuwait’s equity market gains for sixth consecutive month
DUBAI: Kuwait’s equity market sustained its upward momentum in August as Kuwait All Share index rose 3.1 percent for the...
- Consumer goods sector top gainer followed by banks.
- S&P GCC composite index gained 3.6 percent in August as all GCC markets, except Oman, were positive for the month.
Geostrategy
Two years after normalization of ties, Israel names first envoy to Bahrain
Eitan Na'eh had served for eight months as the temporary head of mission at the Israeli embassy in the United...
- The move came two days after the first Bahraini ambassador to Israel, Khaled Yousif Al Jalahma, inaugurated the Gulf state's embassy in Israel
- The UAE and Bahrain signed the US-brokered agreements to establish diplomatic relations with Israel in September 2020
Economy
Africa data centre expansion plan to cover Morocco, Tunisia, Egypt
The project will involve building 10 hyperscale data centres, in 10 countries, over the next two years at a cost...
- The project will involve building 10 hyperscale data centres, in 10 countries, over the next two years at a cost of more than US$500m
- It is being funded through new equity and facilities from leading development finance institutions and multilateral organisations
Business
IsDB’s insurance arm and IFPA sign agri-food pact
DUBAI: To promote agri-food projects and investments, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the...
- Agreement provides both agencies framework for collaboration, including attracting and promoting investment.
- IFPA aims to foster direct relationships between agricultural businesses in the Islamic Organization for Food Security member states.
Company News
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Qatar grows its suite of world-class hotels with new openings this month
The Wyndham Grand Doha West Bay Beach, St. Regis Marsa Arabia Island and the Rixos Hotel Doha will soon unveil...
Economy
DMCC puts on display world’s largest pink diamonds at DDE
DMCC has hosted the unveiling of one of the world’s largest internally flawless fancy vivid pink diamonds – the "Williamson...
Business
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Economy
Dubai records over US$653m in realty transactions on Monday
DUBAI, UAE - Dubai real estate market recorded 568 sales transactions worth US$373 million (AED1.37 billion) on Monday, data released...
- Dubai real estate market recorded 568 sales transactions worth US$373 million on Monday.
- The sales included 503 villas and apartments worth US$283 million and 65 land plots worth US$88 million.
Videos
UAE Arab world’s best paymaster
The lowest average monthly salary is paid in Sri Lanka (US$143.62) and the highest in Switzerland (US$6142.1), according to a...
- The lowest average monthly salary is paid in Sri Lanka (US$143.62) and the highest in Switzerland (US$6142.1)
- Salaries are also lowest in some of the Arab countries such as Egypt and Algeria
Business
ADNOC announces $548m contract for Lower Zakum field
Abu Dhabi National Oil Company (ADNOC) Monday announced the award of a US$548 million (AED2.01 billion) contract to build a...
- The award will increase the Lower Zakum field’s gas production capacity from 430 million to 700 million standard cubic feet per day.
- The project will see the construction of a new subsea pipeline that will run 85 kilometers from Zakum West Super Complex to Das Island.