Mubadala Energy makes gas discovery
This is the company's second successful well in the Andaman area.Company News Business
US forms coalition to combat Houthi attacks in Red Sea
US Defense Secretary Lloyd Austin said in a statement that countries seeking to defend "the foundational principle of freedom of...Business Geostrategy
Saudi Arabia to improve labor quality
Saudi Arabia will start giving out professional licenses from next year in order to improve the quality of its domestic...The Ministry of Municipal and Rural Affairs and Housing for regulating city operators will start the first phase of issuing professional licenses for 16 professions
The major professions for which the ministry is seeking to introduce mandatory professional license in a phased manner consist of technicians, construction workers
Saudi Arabia takes offense at EU duties
Saudi Arabia has filed a World Trade Organization complaint over EU anti-dumping duties on imports of a chemical compound used...In the complaint, dated Aug. 17 but circulated to WTO members on Thursday, Saudi Arabia charges that the EU unfairly imposed provisional anti-dumping duties
The chemical compound is used in a variety of industrial processes, including to produce polyester fibers and components for manufacturing plastic bottles
Abu Dhabi updates Covid-19 travel list of ‘green’ countries
Travelers from these countries need not quarantine on arrival in Abu Dhabi.Travelers from these countries need not quarantine on arrival in Abu Dhabi.
The list is effective from 12am (UAE time) Friday and subject to change based on global Covid-19 developments.
EGA obtains $5.5 billion loan to refinance debt
The term loan facility reduces by $1 billion the size of EGA’s existing seven-year $6.5 billion loan facility signed in...Middle East’s largest aluminum maker expects loan to enable optimal dividend policy for shareholders.
The company could be listed if shareholders wish, says CFO.
19,000 kg banned drugs among Saudi customs H1 seizures
The customs authority has foiled more than 1,000 attempts to smuggle prohibited items into Saudi Arabia.Zakat, Tax and Customs Authority processes $80 bn worth of inbound and $34 bn outgoing goods.
About153,000 inspections carried out in the kingdom detect more than 20,000 zakat and tax violations.
Saudi Arabia to accept IATA Travel Pass from Sept 30
Saudi Arabia’s General Authority of Civil Aviation has accepted the pass as a valid way of confirming Covid-19 test.Eventually this acceptance will be expanded to vaccine certification
Travelers to and from Saudi Arabia will soon have the choice of using either the Pass or the national health app
Dubai real estate rally: transactions worth $192 million recorded on Aug18
A recent report by real estate firm Chestertons said value of residential transactions increased by nearly 50 percent during the...Mortgage deals worth AED104.87 million and 12 gift transactions amounting to AED22.86 million also recorded.
Completed property sales accounted for 71 percent of total transaction value and 59 percent of volume in Q2.
UAE, Saudi Arabia realty growth trumps Covid-19
Timely preventive measures such as vaccination of frontline construction workers, embracing new technologies , financial stimulus packages, loan relaxation and...HSBC Bank expects the rally in Dubai’s real estate sector to last several years.
Dubai’s prime properties snapped up fast owing to low prices.
Drake & Scull net profit vaults to $21.2m in H1
Drake & Scull International (DSI) has reported a net profit of $21.2 million for the first half of 2021. The...As of June this year, accumulated losses amounted to 4.82 billion dirhams, compared to 4.9 billion dirhams at the end of December 2020
The losses have been attributed to, among others, the work in progress and contract receivables in the company’s legacy projects
Race between UAE and Saudi Arabia heats up in logistics
The United Arab Emirates (UAE) and Saudi Arabia are engaged in a new bout of competition that could decide which...The UAE has a market share of logistics industry is 42% (US$60 billion) compared with Saudi Arabia’s share is 25%
As the share of maritime trade is 70% of the global trade, sea freight is the main mode for cargo delivery is logistics and transportation in the GCC region