Boost investment to avert ‘decade of wasted opportunity’: World Bank
Global growth is set to slow from an estimated 2.6 percent in 2023 to 2.4 percent this year, 0.75 percentage...Business Economy
Union Properties begins work on townhouses in Dubai’s Motor City
Union Properties, the Dubai-based developer, has begun work on the construction of Motor City Hills, building three-story townhouse villas.The company has just signed an investment agreement with real estate firm Aqua Properties
Motor City Hills is Union Properties’ latest project in the heart of Dubai’s Motor City
UAE’s ADNOC Drilling to list on Abu Dhabi Securities Exchange
ADNOC Drilling will list on Abu Dhabi Securities Exchange on October 3. The company will list under the trading symbol...In the first week of September, the ADNOC subsidiary floated 11 percent of its share capital in an initial public offering (IPO) at 2.3 dirhams ($0.6262) per share
In a statement the exchange said the company will list under the trading symbol ADNOCDRILL
Al Mazaya’s subsidiary to sell Saudi firm stake
First Dubai Real Estate Development Co. board cleared the $51.4m deal.The board also approved to set off its entire accumulated losses by reducing its capital to 74.129 million dinars from 100 million dinars.
In May, Bait Al-Amar Al-Khaleeji General Trading and Contracting has purchased 60.029 million shares of Al Mazaya Holding.
Rush to invest in Saudi mining sector heats up, 4073 applications received
Saudi Arabia has been flooded with license applications from investors at home and abroad to invest in its mining sector....The Kingdom plans to launch a comprehensive geological survey to map the country’s mining potential
According to geological surveys dating back 80 years, the Kingdom has an estimated reserve of untapped mining potential valued at $1.3 trillion
UAE’s Amanat sells stake in Saudi IMC for $118m
The United Arab Emirates-based healthcare and education investment company, Amanat Holdings, has sold its 13.13 percent of minority equity stake...The sale is expected to net a gain of $11mln
Amanat held this stake through its 100 percent holding via subsidiaries in Saudi Healthcare and Education Fund
Panasonic completes acquisition of Blue Yonder for $8.5bn
Panasonic has now purchased the remaining 80 percent of shares of Blue Yonder, adding to the 20 percent which Panasonic...The acquisition has completed antitrust clearance procedures and received approval of regulatory authorities in the US and other countries
The acquisition has completed antitrust clearance procedures and received approval of regulatory authorities in the US and other countries
Qatar First Bank acquires office building in US
Fourteen555 is QFB’s eighth shariah-compliant real estate acquisition in the USA.The building becomes the first multi-tenant office addition to QFB’s now eleven-asset strong portfolio, the bank said.
Major tenants of the building include billion-dollar revenue firms such as Moss Adams and Infor.
UAE and KSA: Competing for a real estate pie
Saudi Arabia and the United Arab Emirates contributed about 70 percent of the total value of the Gulf Cooperation Council's...Saudi Arabia and the UAE contributed about 70 percent of the total value of the GCC's real estate deals in H1 2021
Reports published by KAMCO Research claim Saudi Arabia provided 44% of the value of deals in the MENA region in 2021
Saudi CMA looks to double $213bn funds under its control
The Saudi Capital Market Authority (CMA) intends to double the $213 billion funds under its management.The Capital Market Authority wants to create more jobs in the financial sector by increasing the assets under management
The Fintech accelerator is helping to build the capabilities and talent required by financial technology companies
Al-Nefaie named Seera Group CEO
He was appointed acting CEO of the group in AprilMajed bin Ayed Al-Nefaie succeeds Abdullah Al-Dawood.
He has been the vice-president of the revenue department at Makkah Construction and Development Co.
