IHC announces formation of 2PointZero – a next generation holding company
ABU DHABI, UAE - The International Holding Company (IHC) announced the initiation of the transfer of 2PointZero, a next generation...Business
flynas flies over 11m passengers in 2023, up 28 percent from 2022
RIYADH, SAUDI ARABIA – flynas reported record results for its performance in 2023 compared to the previous year 2022, with...Business Aviation
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
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
Shadow of Syria’s exiled haunts revived Aleppo souk
Aleppo, long considered one of Syria's main commercial hubs, has lost many of the merchants and businessmen who once gave...Aleppo, long considered one of Syria's main commercial hubs, has lost many of the merchants and businessmen who once gave the city its economic edge
The vast souks, the oldest of their kind in the world, stretch from the western part of the Old City to the gates of the citadel in the east
UAE outsmarts competitors in luring foreign investors
The UAE government's recent decision to slash the fee to set up a business by 94% to US$272 is expected...The UAE Government has slashed the fees for setting up a business by about 94% to only US$272 (AED 1,000)
In A T Kearny’s FDI Confidence Index 2021, the UAE gained four places – from 19th rank in 2020 to 15th rank in 2021
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
‘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
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
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
Gulf, Asian markets hurt amidst concerns about Chinese economy
The sentiment gets a jolt after Chinese regulators gives dressing down to ride-hailing giant Didi Chuxing and ten other car...Major stock markets in the Gulf remain weak in line with Asian shares that slide on concerns about Chinese economy after a run of soft data
Series of measures against Chinese tech firms as well as other sectors including private tuition, property and video games hurt the world markets
DFM’s trade count up 161% after minimum trading commission waiver
Total number of trade count on Wednesday’s trading session reached to 6739 transactions, the highest level of daily trade count...The DFM General Index gains 13.6 points (0.50 percent), taking its 2021 gains to 17 percent
The DFM decision to waive minimum trading commission is aimed at promoting retail investors’ participation in the market
