Amman Chamber of Industry exports for January-February 2024 reaches $1.3bn
AMMAN, JORDAN - Amman Chamber of Industry (ACI) exports amounted to US$1.3 billion (JD926 million) during the last two months...Business Economy Global
ADCB approves cash dividends worth US$1.1bn Â
ABU DHABI, UAE – Abu Dhabi Commercial Bank (ADCB) has approved the Board of Directors proposal to distribute a cash...Business Banking & Finance
Emaar Development reports 26% growth
The company's EBITDA for the quarter was $310 million.The company's sales backlog stands at AED 45.680 billion (US$ 12.437 billion), indicating a healthy demand for its properties
Emaar Development delivered 1,600 residential units in Q1, with over 28,500 residences currently under development in the UAE
Kuwait awards Mitsubishi Power contract to run its largest power station
Kuwait City, Kuwait – Mitsubishi Power, a power solutions brand of Mitsubishi Heavy Industries, announced on Monday that it had...The company will provide major plant upgrade services and cutting-edge technologies for the Sabiya Power and Water Distillation Station
Mitsubishi Power will be responsible for the upgrade of 8 units of Steam Turbines, Generators (gas and oil fired) and Control Systems unit
Meydan Free Zone-ADIB pact to promote SMEs, sustainability in economy
Abu Dhabi, UAE-- The recent partnership signed between Abu Dhabi Islamic Bank (ADIB) and Meydan Free Zone is expected to...The partnership will enable trade license holders in the Meydan Free Zone to access ADIB's range of banking products and services
Hamed Ahli, head of Meydan Free Zone, said the MoU will drive new financing potential for companies seeking to grow from Dubai
French president to meet Elon Musk in Paris to discuss joint projects
Finance Minister Bruno Le Maire gave no details of Monday's talks with Musk, saying simply that "all of today's investments...The two men will talk about the "attractiveness of France and its industries", Macron's office announced, with the head of state hoping for fresh investment
Finance Minister of France told that "negotiations are ongoing" with the Musk, who is in Paris for a meeting of 200 foreign business leaders with the French government
Newmont snaps up Newcrest for $19bn to create a world-leading gold producer
By swallowing up Newcrest, the US mining giant will cement its position as the world's biggest gold producer, with operations...Melbourne-based Newcrest's shareholders will receive 0.4 of the US firm's shares for each Newcrest share, giving them 31 percent of the combined group
The Newmont expects to deliver US$500 million in annual "synergies" and to generate an estimated US$2 billion in cash flow as a result of the takeover
Oman and Etihad Rail Company signs MoU with Vale, Brazilian mining firm
Dubai, UAE-- Oman and Etihad Rail Company, the operator of the UAE-Oman Rail Network, has signed a memorandum of understanding...The signing of the agreement between the two will explore the possibility of transportation of iron ore between the UAE and Oman, linking it up with Vale's unit in Sohar Port
According to Suhail Mohammed al Mazrouei, UAE’s Minister of Energy and Infrastructure, the agreement is in line with the country's desire to set up partnerships with big companies
Global oil industry needs $12trn investments by 2045
Oil alone will make up almost 29 percent of the world’s energy needs by 2045, requiring an investment of over...OPEC member countries are ready to play a key role in providing energy to the world and in reducing emissions, Al Ghais said
The oil industry, he said, needs a long-term, investment-friendly climate that works for producers and consumers
Telecom Egypt sells 162 million shares
The government sold a 9.5% stake for US$121.6mn.The North African country desperately needs privatization in order to meet a series of foreign debt obligations over the next few months
When the two-part sale is complete, it will bring down the Egyptian government's stake in Telecom Egypt down to 70 percent from 80 percent
Luxury markets embrace sustainability
The luxury markets in the GCC region are experiencing significant growth, driven by an increasing demand for high-end products. Despite...With increasing purchasing power and evolving consumer lifestyles, the luxury watches and jewelry market in the GCC region is expected to continue its upward trajectory
The number of watch and jewelry collectors is growing in the GCC region, leading to an overall increase in luxury goods and related events, particularly in Saudi Arabia
Saudi Arabia’s insurance sector grows by 26.9 percent in 2022
Riyadh, Saudi Arabia -- Saudi Arabia's insurance sector grew by 26.9 percent in 2022, bringing gross written premiums to SAR...SAMA said in the 16th Saudi insurance market annual report that health, protection and savings, and motor insurance recorded significant increases in gross written premiums.
The penetration ratio to non-oil GDP increased from 1.91 percent in 2021 to 2.09 percent in 2022. The overall loss ratio remained unchanged at 83.4 percent in 2022.
