OPEC+ decides to keep oil production levels unchanged
Vienna, Austria--The participants of the 53rd Meeting of the Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum...Business
flynas receives 50th jetliner out of 120 Airbus A320neo ordered
RIYADH, SAUDI ARABIA – flynas, the Saudi air carrier and the leading low-cost airline in the Middle East and the...Business Tourism Aviation
US manufacturing beats expectations, slumps less in September
Washington, United States - US manufacturing activity contracted in September by the least since late 2022, beating analyst expectations despite weakness...The Institute for Supply Management's (ISM) manufacturing index came in better than anticipated at 49 percent last month, up from 47.6 percent in August.
This was 1.0 percent above the median expectation of economists surveyed by MarketWatch, but below the 50 percent threshold indicating growth in the sector.
DEWA commissions 200MW second unit in Al Maktoum Solar Park
Dubai, UAE - Dubai Electricity and Water Authority (DEWA) commissioned the 200MW second unit of the parabolic basin complex in...It is set to provide clean energy for approximately 320,000 residences and reduce carbon emissions by 1.6 million tons annually.
This phase uses the Independent Power Producer (IPP) model with investments of up to AED 15.78 billion ($4.30bn).
SVC inks pact with IMPACT46
SVC is a government investment firm established in 2018.IMPACT46's Fund III will invest in Saudi growth-stage companies and up to pre-IPO stage businesses.
The fund will allocate capital to seed-stage startups and promising startups from the broader Middle East region.
Central Bank of Oman foreign assets up by 27% by July end
Muscat, Oman -- Foreign assets at the Central Bank of Oman (CBO) grew by 27.4 percent to RO 6.855 billion...Initial data issued by the NCSI showed that local liquidity stood at RO 21.362 billion, an increase of 4.9 percent compared to the corresponding period in 2022.
Total loans and financing in commercial banks and Islamic windows grew by 8.7 percent by the end of July 2023 to RO 30.272 billion, compared to RO 27.860 billion.
European telecom firms urge EU to make tech, streaming giants pay
Telecoms giants say that they need more money to maintain and update the infrastructure to meet Europe's voracious data needs,..."Big tech companies pay today almost nothing for data transport in our networks, far from covering the costs needed to expand networks," a letter published by the European telecoms
The CEOs said the European Union estimated that at least 174 billion euros ($183 billion) of new investment is needed by 2030 to meet connectivity targets.
Bahrain’s Treasury Bills oversubscribed by 270 percent
MANAMA, BAHRAIN – This week’s US$186 million (BD 70 million) issue of Government Treasury Bills has been oversubscribed by 270...The bills, carrying a maturity of 91 days, are issued by the CBB, on behalf of the Government of Bahrain.
The issue date of the Treasury Bills is October 4, 2023 and the maturity date is January 3, 2024.
RSI buys stake in First Fix
The company acquires 51 percent stake in First Fix.The selling shareholders will receive a deferred sum of US$78.4 million upon the fulfilment of certain relevant conditions.
Red Sea International will have the option to capitalize debt through the issuance of additional shares in First Fix.
Ducab bags 30 major contracts
The contracts were secured in the oil, gas and petrochemical sector.The company said it had produced and supplied more than 10 billion meters of cable products in 2023 alone.
The company will be showcasing its advanced range of PetroBICC cables at ADIPEC.
Global economic concerns hit GCC equity performance
Influenced by global inflation concerns and high rates, Gulf markets faced second consecutive monthly dip in September. Only Dubai and...Gulf equity markets experienced a downturn for the second consecutive month in September 2023, reflecting global economic concerns
While major indices like the MSCI World Index and the S&P 500 saw declines, only Dubai and Qatari markets managed to post gains
Abu Dhabi’s non-oil economy up by 12.3 percent in second quarter
Statistical estimates published by the Statistical Centre Abu Dhabi said the construction sector grew by 19.1 percent in the second...The manufacturing activity grew by 7 percent compared to the same period last year, with the sector recording its highest quarterly value-added since 2014.
Abu Dhabi's financial sector recorded a robust growth of nearly 30 percent, also its highest growth rate since 2014.
