Rudolph Lohmeyer: The Gulf is redefining the global future, not just adapting to it
The Middle East must counter global economic divergence by enhancing regional financial integration to drive collective growth, Rudolph Lohmeyer tells...Business Economy
Alpha Dhabi acquires interest in NCTH
The deal increases NCTH's portfolio to 8 hotels with 1,500 keys.Company News Business
Phoenix set for IPO on ADX
It is the first crypto entity to be listed on a Middle East bourse.The firm specialises in a range of services, from high-performance computing to crypto and cloud mining, data centre hosting, crypto trading, and crypto mining products
The IPO on Abu Dhabi Securities Exchange would be the first privately owned crypto and blockchain entity to be listed on a Middle East stock market
Qatar banker Sheikh Jassim withdraws bid to buy Man Utd
Sheikh Jassim was among the front-runners to buy Manchester United after several rounds of bidding earlier this year, but the...British billionaire Jim Ratcliffe is now set to secure a 25 percent stake in the club for around $1.7 billion
Al Thani's bid was for full control of Manchester United and promised to clear the club's borrowings
IMF agrees on rise in funding, extra Africa board seat
The IMF announced member nations agreed to increase their contributions to the global lender and give sub-Saharan Africa a third...The quotas, which are based on the size of a country's economy, determine how much funding a nation should provide to the IMF.
IMF chief Kristalina Georgieva and World Bank President Ajay Banga used this week's meetings to urge members to step up funding.
UAE, South Korea ink MoU to enhance air transport relations
ABU DHABI, UAE - The United Arab Emirates, represented by the General Civil Aviation Authority (GCAA), has signed a Memorandum...This MoU includes an agreement to increase the number of national carrier flights between the two countries to 21 flights per week.
The signing of this MoU followed discussions held in Seoul on October 12 and 13, 2023, with representatives from both countries' aviation sectors.
SFD to provide US$20m loan to Central African Republic for development projects
MARRAKESH, MOROCCO - The CEO of the Saudi Fund for Development (SFD), Sultan bin Abdulrahman Al-Marshad, signed an additional US$20...The agreement was signed on the sidelines of the 2023 World Bank and International Monetary Fund Annual Meetings in Morocco.
The US$20 million loan agreement aims to finance development projects in CAR, including the establishment of a 250-bed hospital.
Lufthansa to suspend Beirut flights amid Middle East tensions
The spokesman, who blamed the decision on the "current situation in the Middle East", confirmed information from two passengers who...Evacuation flights for 950 German nationals in Israel were organized on Thursday and Friday by the German government
These flights were chartered by Lufthansa at the request of the foreign ministry, and flew from Tel Aviv to Frankfurt and Munich
Gold prices soar over 3% amid escalating Middle East conflict
Dubai, UAE - Gold prices surged over 3% on Friday, heading for their most robust weekly performance in seven months,...Investors closely monitored the intensifying conflict in the Middle East, which has been unsettling markets
Meanwhile, spot silver saw a 4% rise to $22.72 per ounce, marking its first weekly gain in three weeks
Smart and Autonomous Vehicles Industries cluster launches at Masdar City
Abu Dhabi, UAE - A Smart and Autonomous Vehicles Industries (SAVI) cluster was launched at Masdar City on Friday. It...SAVI will support innovation and the commercialization of smart and autonomous vehicle technologies in the UAE
The Abu Dhabi Department of Economic Development (ADDED) and Abu Dhabi Investment Office (ADIO) are spearheading the development of SAVI
Saudi business sector’s operating revenues at US$1.36trn in 2022, says GASTAT
RIYADH, SAUDI ARABIA - The business sector in the Kingdom reported a 24 percent rise year-on-year (YoY) in operating revenues...Operating revenues are the cash revenues generated from core or other sub-activities, according to the General Authority for Statistics.
Manufacturing activities recorded nearly US$378 billion revenues, followed by the wholesale and retail trade at US$201 billion.
Dubai records weeklong real estate deals worth $3.51 billion
Dubai, UAE -- A total of 1,659 real estate transactions worth over AED 12.9 billion ($3.51 billion) were conducted during...The DLD report showed that 297 plots were sold for AED 5.08 billion, while 1,362 apartments and villas were purchased for AED 4.57 billion.
The total value of mortgaged properties for the week reached AED 2.37 billion.
