Art Dubai 2023 generates US$39m in economic impact, says new study
DUBAI, UAE - Art Dubai, the leading international art fair for the Middle East and Global South, on Sunday announced...
Economy
UAE bank investments at all-time-high of $147 bn in February
Abu Dhabi, UAE - Bank investments in the UAE hit $147 billion by the end of February, the highest level...
Business
Business
Mubadala Capital closes fund after raising $1.6 billion
The Fund III is focused on direct investments in North America and Europe in media, sports and entertainment, consumer and...
- Capital commitments raised from a diverse set of new and existing investors.
- Mubadala Capital said it opened offices in New York and London to better capitalize on investment opportunities.
Economy
UAE to combat money laundering, terror financing
This is in line with the country's commitment to achieve full compliance to the International Financial Action Task Force (FATF)
- This is in line with the country's commitment to achieve full compliance to the International Financial Action Task Force (FATF)
- The country’s ministry of economy highlighted that the private sector is a strategic partner in its efforts to implement the country’s international obligations
Business
Pizza Inn to open 5 stores in Qatar
Founded in 1958, Pizza Inn is an international pizza chain featuring traditional and specialty pizzas
- Founded in 1958, Pizza Inn is an international pizza chain featuring traditional and specialty pizzas
- International deal paves way to open more locations
Himalaya plans $32m factory in Dubai
The medicines made here will be exported to over 100 countries.
- The facility will produce 3 billion tablets, 15 million syrup bottles, and 3 million units of ointment every year
- It will be set up in Dubai Industrial City, and create hundreds of specialized jobs
Aramco eyes $17bn from gas pipeline
This is on the lines of the $12.4bn it got from the oil pipeline deal.
- Potential bidders include North American private-equity and infrastructure funds, as well as state-backed funds in China and South Korea
- Aramco has reportedly approached them through its advisers before the formal sale process starts in the next few weeks
Economy
Bahrain’s deficit dips 35 percent to $1.38bn in H1
Bahrain has succeeded in lowering its deficit by 35 percent to $1.38 billion in the first half of 2021, compared...
- "Strategic planning, along with the persistent dedication of Team Bahrain, has yielded tangible outcomes in the Kingdom's path to development”
- According to the report, recurrent expenditure decreased by 2 percent year-on-year
Business
Aramco plans $20m stock swap with Reliance Industries
Saudi Aramco chairman Yasir Al-Rumayyan was inducted into the RIL board in June in the run-up to this deal.
- This is expected to be an all-stock deal, where Aramco will get a 20% share of RIL for about $20-25 billion worth of its own shares
- Based on Aramco’s valuation of $1.9 trillion, the transaction would give RIL a 1 percent stake in Aramco
Business
PIF ups Activision Blizzard holding in second quarter
The sovereign wealth fund is at the center of the kingdom's plans to transform the economy by creating new sectors...
- During Q4 2020, PIF acquired 14.9 million shares of US video-game maker Activision.
- Its other purchases last year included 7.4 million Electronic Arts shares and 3.9 million Take-Two shares worth about $1.1 billion and $826 million.
Saudi Cement Q2 revenue up 17%
It registered revenue of SR348 million ($92.8 million) in Q2.
- The final number was higher than the estimate of SR324 million by 7.6 percent
- Growth in sales was supported by a 21.5 percent y-o-y growth in volume
Business
Tabreed plans to divest its $113.5m stake in Qatar Cool
Tabreed, the Dubai-listed National Central Cooling Company, will divest nearly 44 percent of its stake in Qatar District Cooling Company (Qatar...
- Assets located in non-core market for the firm
- The transaction is estimated to be around 417 million dirhams ($113.5 million) and will not have any “material impact” on the firm,
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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
Art Dubai 2023 generates US$39m in economic impact, says new study
DUBAI, UAE - Art Dubai, the leading international art fair for the Middle East and Global South, on Sunday announced...
Economy
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Beckham to promote Qatar attractions in tourism push ahead of FIFA World Cup
As part of the campaign, Beckham tours the country with several local personalities, exploring spice markets and street art in...
Economy
Ruwad supports 957 projects totalling $9 million
Sharjah acquired 67 percent of the new projects, while eastern region got 21 percent and the central region 12 percent
Economy
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Business
Ancient Iranian rug tradition gets makeover as sales sink
Changing tastes and increased competition from Asia have forced some in the trade to redesign and resize a tradition dating...
- Rugs traditionally woven in the Islamic republic are known for dense, curving floral designs in rich colours
- Their beauty and quality have long been recognised worldwide, yet sales have collapsed over the past 30 years
Economy
Saudi central bank’s assets climb to $535 billion in July
For the first time in more than five years, assets of Saudi Arabia's central bank have shot up to $535...
- This translates to a month-on-month growth of 1 percent from the $528 billion in June
- The central bank’s net foreign assets fell by $2.48 billion during July to $445 billion
Economy
Jordan approves 33 articles of new investment law so far
The Lower House held an evening session on Sunday, chaired by Speaker Abdul Karim Dughmi.
- The Lower House held an evening session on Sunday, chaired by Speaker Abdul Karim Dughmi
- The drafty law has 52 articles, as referred to by the House Economy and Investment Committee