Qatar real estate trading volume amounts to US$382m in February 2024
DOHA, QATAR – The volume of real estate trading in sale contracts registered with the Real Estate Registration Department at...Business Economy
UAE construction market soars to $94bn in 2023
Abu Dhabi, UAE--The UAE construction market size was $94 billion in 2023 and the market will achieve an AAGR of...Business Economy
UAE’s ADNOC Logistics surges 50 percent in share float
Shares in UAE state oil company ADNOC's logistics unit soared 50 percent as they hit the market in a $769...ADNOC Logistics and Services was heavily oversubscribed even after the offering was expanded from 1.1 billion to more than 1.4 billion shares
The shares rose to over 3 dirhams ($0.82) on the Abu Dhabi stock exchange, up from the launch price of 2.01 dirhams, which was towards the top of its range
Huge investments help Saudi cinema soft power grow
Saudi largesse for the arts has boomed under the kingdom's Crown Prince Mohammed bin Salman, with billions pouring into previously...Mohammed Al Turki, 36, heads Saudi Arabia's Red Sea Film Foundation, his name splashed all over posters and movie credits at Cannes Film Festival last week
The foundation, formed two years ago, holds its own annual festival and has already financed 168 movies, including eight in the official selection at Cannes this year
Nintendo ends online sales of games in Russia
Following the shipment suspension and "as a result of the economic outlook, Nintendo of Europe has decided to wind down...The changes, which were announced and came into effect on Wednesday, follow Nintendo's suspension of product shipments to Russia in March 2022
Russian customers can still re-download previously purchased content but no new payments can be made or new accounts created, a Nintendo statement said
PwC opens regional headquarters
The Middle East headquarters has been set up in Riyadh.PwC Middle East said in a statement that the headquarters in Riyadh comes as part of its broader commitment to the region to create 6,000 new jobs.
Saudi Arabia's regional headquarters program requires companies to establish headquarters in the kingdom by 1 Jan 2024.
ADNOC L&S Q1 net profit $144m
The net profit increased by 79 percent over Q1 2022.ADNOC L&S is the sixth ADNOC unit that will be listed on the Abu Dhabi Securities Market on Thursday following an Initial Public Offering that raised $796 million recently.
The company reported a revenue of $592.2 million for the first quarter, compared to $312.95 million for the same period in 2022.
Equities sink as hardliners Republicans threaten US debt deal
"With some hardliners in the Republican party coming out against the agreement (in a vote due Wednesday), its passage through...Expectations of higher borrowing costs boosted the dollar, seen also as a haven investment in times of economic turmoil.
Oil prices sank for a second day running on weaker demand concerns in leading energy consumers China and the United States.
ADNOC signs deals with 60 firms to produce key non-oil products in UAE
Abu Dhabi, UAE - ADNOC signed deals with more than 60 UAE-based and international companies to locally manufacture key non-oil...This brings ADNOC closer to its target to locally manufacture $19 billion worth of products in its procurement pipeline.
In addition, the deals enabled AED2.84 billion ($774 million) to flow back into the UAE economy through industrial investments.
UAE Central Bank issues new guidelines for virtual assets
Dubai, UAE -- The Central Bank of the UAE (CBUAE) Wednesday issued guidelines on the risks related to, and combating...It will assist LFIs' understanding of risks and effective implementation of their statutory anti-money laundering and combatting the financing of terrorism (AML/CFT) obligations.
The guidance discusses the risks of dealing with VAs and VASPs and sets out clear descriptions of VAs, VASPs and VASP business models.
Saudi SMEs grow by 4.8 percent in first quarter to reach 1.2 million
Riyadh, Saudi Arabia -- The number of small and medium enterprises (SMEs) in Saudi Arabia hit 1.2 million by the...A total of 89,000 new small and medium enterprises were launched during the first quarter of 2023, according to a report by General Authority for Small and Medium Enterprises.
The report also reviewed the achievements of Biban 23 forum, which was attended by 145,000 visitors from around the world.
Flat6Labs invests $10.2m in Abu Dhabi start-ups
Dubai, UAE - Flat6Labs, a seed and early-stage venture capital firm in the MENA region, has invested $10.2 million in...The program, in partnership with DisruptAD, the venture platform of ADQ, provides coaching, mentoring, and training to selected start-ups
Over the past two years, the program has invested in 38 promising start-ups, with the majority (68 percent) based in the UAE
