GCC, US vow to work jointly for regional stability
The strategic partnerships between the two sides seek to focus on peace, security, stability, integration, and economic prosperity in the...
Geostrategy
DEWA extended 64km water transmission pipelines in 2022
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) extended water transmission pipelines of 64 kilometers lengths in several areas...
Business
Business
Dubai sees real estate deals worth AED9.4bn; 146 plots fetch AED2.26bn
The DLD weekly report said 146 plots were sold for AED 2.26 billion, 1,080 apartments and villas were sold for...
- The DLD weekly report said 146 plots were sold for AED 2.26 billion, 1,080 apartments and villas were sold for AED 2.25 billion
- Jabal Ali First recorded the most transactions for this week with 40 sales transactions worth AED 89.57 million, followed by Ras Al Khor with 30 sales
Business
Egypt taps consortium for $6bn high-speed rail line
The consortium consists of Siemens Mobility, Arab Contractors, and Orascom Construction. Egypt’s National Authority for Tunnels has chosen the consortium...
- The project is expected to link two cities that are about 660km apart
- Orascom estimates that the project will create 15,000 direct jobs
Business
Investcorp sells PRO Unlimited
EQT Private Equity has bought it from the Bahrain-based asset manager.
- The transaction was first announced on June 28, 2021
- The Bahrain-based asset manager had acquired PRO Unlimited in October 2014
Business
‘Fly Arna’ Armenia’s new national airline
The new national airline is a joint venture between ANIF and Air Arabia.
- The name was chosen by the joint venture company from over 500 suggestions
- ANIF and Air Arabia Group had agreed to launch Armenia’s new national airline in July 2021
UAE’s non-oil trade with Arab countries hits AED191bn in H1
The non-oil trade between the UAE and Arab countries grew 29 percent to AED191 billion in the first half of...
- UAE’s Minister of Economy Abdulla bin Touq Al Marri calls for greater efforts to increase intra-Arab trade
- He underlines the UAE’s support for all relevant regional efforts, made within the Greater Arab Free Trade Area (GAFTA) and the Arab Customs Union
Business
Burgerizzr sets IPO share price at $44
A total of 725,000 ordinary shares of the Saudi company were fully subscribed.
- The coverage ratio amounted to 6,646% of the total IPO shares.
- The company is yet to coordinate with Tadawul to finalize the date of the listing
Business
Saudi Arabia’s ACWA Power plans $1bn IPO
The Saudi utility developer -- half-owned by the the Kingdom's Public Investment Fund, plans to issue 85.3 million shares --...
- Only about 81.2 million shares, representing 11.1 percent of the company, will be offered to the public
- A bidding and book building process for institutions will start on September 15 and end on September 27
DEWA launches camp for women
The two-month virtual camp is said to feature six learning tracks.
- The virtual self-development camp is being attended by 200 participants across different divisions
- It will focus on balancing personal and professional lives, career success tools, and self-development and adjusting to change
SABIC inks $6bn China deal
Saudi Basic Industries Corporation is the chemical arm of Aramco.
- SABIC’s deal in China is expected to see it build a mega petrochemical complex in the country
- The total investment going into the project will reportedly be 40 billion yuan ($6.18 billion)
Geostrategy
Iran discusses oil cooperation with China
Iran is hard pressed to sell its oil to countries across the world due to the sanctions placed by the...
- Iranian Oil Minister Ali Owji has met discussed ways to increase cooperation with the CNPC
- CNPC’s Middle East department deputy head Libin Zhang met Owji in Vienna on Thursday
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
GCC, US vow to work jointly for regional stability
The strategic partnerships between the two sides seek to focus on peace, security, stability, integration, and economic prosperity in the...
Geostrategy
Company News
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Select Group buys hotel in UK
Business
AD Ports, Hayat Biotech ink deal
Business
Saudi banks’ assets surpass UAE peers first time since 2007
Based on June data of Saudi and UAE central banks, the aggregate assets of Saudi banks (3.529.1 trillion) exceeded those...
Economy
Qatar Central Bank issues treasury bills valued $164m for Sept
Doha--Qatar Central Bank (QCB) has issued treasury bills for September 2022 for three, six and nine months, with a value...
Economy
Blinken welcomes appointment of new UN envoy to Libya
US Secretary of State Antony Blinken has welcomed the appointment by UN Secretary-General Antonio Guterres of Abdoulaye Bathily as Special...
Geostrategy
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Economy
Bahrain launches multi-entry e-visa for training purposes
Bahrain has launched a multi-entry e-visa for training purposes, allowing a holder to stay in the kingdom for six months.
- The Nationality, Passports and Residence Affairs (NPRA) said the visa is part of the 24 initiatives to enhance the NPRA services and the economic recovery plan
- The visa could be applied for on www.evisa.gov.bh for a fee of BD60
Business
Saudi import of plastic products climbs 18% to 456,000 tons
The import of plastic products into Saudi Arabia has shot up 18 percent to 456,000 tons in the second quarter...
- According to the General Authority for Statistics, the increase in imports was fueled by a 45 percent yearly rise in imports from China
- The total plastic and rubber imports grew 19 percent to $1.89 billion in the second quarter of 2022
Geostrategy
Lebanon arrests five agents suspected of killing Syrian detainee
Shocked at the death of a Syrian detainee in custody of security officials, Lebanon has arrested five State Security agents...
- The State Security agents arrested Bashar Abdel Saud on August 31 and took him to an agency facility in Bint Jbeil in southern Lebanon for questioning with other detainees
- According to a source the agents wanted to extract a confession from the deceased suspect that he was a member of the Islamic State though he continued to deny the allegation