Oman year-on-year growth rate touches 15.4 percent
Muscat, Oman - Oman's achieved a 15.4% year-on-year sector growth, as reported by the National Center for Statistics and Information...Business Economy
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
Flyadeal ropes in Airbus to support its A320 fleet
The Saudi low fares airline, flyadeal, has signed a long-term Flight Hour Services (FHS) agreement with Airbus to support its...The carrier will benefit from integrated material services including spare pool access
The agreement includes the 1,000th aircraft supported by Airbus Flight Hour Services
Bahrain-origin exports up by 62 percent in July
Saudi Arabia ranked first for Bahrain-origin exports and re-exports. Portable digital automatic data processing machines were the top product re-exported...Unwrought aluminum and agglomerated iron ore and concentrates top two exports.
Brazil, China and UAE top three importers for Bahrain.
Expo 2020: Syria pavilion to display world’s first alphabet
The war-ravaged nation has themed its participation ‘We Will Rise Together’, inspired by its rich cultural past and future aspirations.Visitors can learn about the development of early writing systems and alphabets across the nation.
An interactive recital of humankind’s oldest musical notation will be held at the pavilion.
Prices of Dubai villas go through roof
Prices of villas and apartments have leaped up in Dubai by as much as 27 percent in the second quarter...Property management company Asteco says gradual recovery continues in Q2, with price surges in some areas
Jumeirah Park saw the highest rise in sales price increase - 27 percent from Q1 to Q2 2021
Portal to connect engineers with clients in Saudi Arabia launched
Details of the providers of services such as surveying consultancy, design contracts, boundary supervision and turnkey contracts will be available...It will have details of registered businesses that can provide the required services in specific areas.
Saudi Council of Engineers expects the portal to enhance competition, transparency.
Kuala Lumpur-based IILM reissues $1.25 bn short-term Sukuk
IILM's Governing Board includes the central banks and monetary agencies of UAE and Qatar as members. It is a regular...The competitive tender was oversubscribed at an average rate of 1.6 times.
IILM’s year-to-date cumulative issuances reaches $9.36 billion through 24 Sukuk.
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.
Saudi Arabia leads GCC AI healthcare race
Experts predict AI will contribute $320 billion to the Middle East economy by 2030 and virtual care, remote patient monitoring...Saudi Arabia is predicted to benefit the most from the shift to AI among the six GCC countries
AI is expected to contribute $15.7 trillion to the global economy by 2030.
