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
UAE Ministry of Energy joins National ICV Program
DUBAI, UAE - The Ministry of Energy and Infrastructure (MoEI) has joined UAE's National In-Country Value (ICV) program following a...
Business
Economy
Kuwait loses $4b per year to corruption: Expert
According to Transparency International, Kuwait in 2020 ranked 78 out of 180 countries in the Corruption Perception Index.
- Kuwait Economic Society chairman Abdul Wahab Al Rasheed said failure to take the right decision at the right time was the worst form of corruption
- He also called for urgent economic reform, without which the country’s budget deficit would equal its sovereign fund by 2035
Business
Consortium awarded exploration rights for Abu Dhabi’s Block 5
ABU DHABI: The Abu Dhabi National Oil Company (ADNOC) on Tuesday awarded exploration rights for Abu Dhabi’s Offshore Block 5...
- The consortium will hold a 100 percent stake in the exploration phase.
- ADNOC has the option to hold 60 percent stake in production phase of the concession.
Economy
Sports sector adds $1bn to Dubai economy each year
The growth in the sector is a result of the Dubai community’s increasing interest to participate in sports activities over...
- Around 1.5 million people regularly engage in sports and physical activities in the emirate, acccording to the Dubai Sports Council
- This has led to an increase in the number of national and international sporting events being hosted in Dubai
Business
HSBC offering Saudi’s first climate-focused investment fund
DUBAI: HSBC Saudi Arabia has said it is offering the first environmental initiative investment fund in the kingdom, which will...
- The fund will provide customers participation and direct access to investments that help reduce the impact of climate change.
- SABB’s Corporate & Private Banking clients among suitable clients in the kingdom.
Meydan taps Empower for cooling
Empower will also acquire the existing cooling plant in the area.
- The total capacity provided would be 382,000 RT
- It will serve the needs of 750 existing and upcoming buildings in the city
Arts & Culture
Black Eyed Peas book Oct date for Egypt concert
Events and entertainment company Venture Lifestyle ME is organizing the concert on October 2 in Giza.
- All four current members of the band are expected to perform at the event
- Tickets are already on sale on an online portal, ranging from $51 to $160 apiece
Economy
GDP of OECD economies up by 1.6 percent in Q2
Despite the rise in the GDP of the Organization for Economic Co-operation and Development (OECD) economies to 1.6 percent in...
- The UK recorded the strongest growth (4.8%) followed by Italy (2.7%)
- GDP also increased in the other Major Seven Economies, but to a lesser extent
Business
Bahrain mall eyes $159m expansion
The expansion work on The Avenues will be launched in Q3 2021.
- The expansion will add a leasable area of approximately 40,000 sq m to the shopping center
- The total gross leasable area will reportedly be approximately 77,500 sq m
Business
DEWA’s sustainability report out
It focuses on social, economic and environmental aspects.
- The 8th annual Sustainability Report 2020 focuses on DEWA’s efforts in promoting sustainability with its social, economic and environmental aspects
- The authority follows the best international practices as well as sustainable and integrated systems that ensure providing value-added services
Business
Jeddah Islamic Port ranks 37 on Lloyd’s list of 100
Jeddah Islamic Port, the largest in Saudi Arabia, has ranked 37 on Lloyd’s list of top 100 global ports in...
- The 2021 edition of Lloyd’s list of top 100 ports was recently published, measuring the annual container throughput volumes of global ports in 2020
- Jeddah Islamic Port had reported a growth of 6.8 percent in 2020, with volumes increasing to 4.7 million TEUs (twenty-foot equivalent unit) from 4.3 million TEUs in 2019
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
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Select Group buys hotel in UK
Business
AD Ports, Hayat Biotech ink deal
Business
Saudi PIF launches new company to digitize real estate sector
The Public Investment Fund has launched a new company aiming to digitize and develop the local real estate sector through...
Business
Saudi’s investment funds’ assets fall by 11 percent in Q2
Investment funds hold both local and foreign assets.
Business
Middle East battles rising data breach costs
Most of the data breaches reportedly happen within the organization, but the silver lining is that organizations are handling these...
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Economy
UAE approves code for education professionals
The UAE Ministry of Education has approved the Code of Conduct for professionals in the sector to set up clear,...
- The code of conduct will enhance an educator’s professional responsibilities
- The code is a framework of the basic values and ethics that an educator must commit to.
Business
Pure Health to invest US$500m
It will buy stake in a US healthcare firm Ardent.
- Ardent Health Services is the fourth largest private hospital operator in the United States with operations across six states.
- Pure Health would receive board observer rights but would not have a seat on Ardent’s board of directors.
Economy
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...
- The Saudi banks’ assets broke the SAR 3 trillion-mark for the first time at the end of Feb 2021, the SAR 2 trillion-mark in Mar 2014 and the SAR 1 trillion-mark in Oct 2007.
- Saudi banks’ assets in June made up almost 135 of real gross domestic product (GDP) of SAR 2.614.7 trillion – their highest level ever.