Jordan’s EMRC grants approvals for EV charging infrastructure
AMMAN, JORDAN - The Energy and Minerals Regulatory Commission (EMRC) has issued over 300 authorizations for the installation of electrical...Business Energy Geostrategy
Dubai records real estate deals worth $472 million on Monday
Dubai recorded real estate transactions worth AED1.7 billion ($472 million) on Monday, which included 562 sales transactions worth AED1.42 billion....The transactions included 75 mortgage deals of AED271.02 million, and 42 gift deals amounting to AED94.62 million.
The sales included 520 villas and apartments worth AED1.08 billion, and 42 land plots worth AED335.9 million.
EGA H1 2022 profit $1.61bn
Cast metal sales rose 11% compared to H1 2021.EGA noted this is its best ever half yearly performance as the first half of 2022 exceeded the net profit of entire 2021.
EGA's adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) was $2.07billion in H1 2022.
DEWA breaks own record for overhaul of gas turbines
Dubai Electricity and Water Authority (DEWA) has announced breaking its own world record in major inspection outage duration for the...DEWA has reduced the maintenance outages for critical inspection operations from 11 days to nine days.
There is a reduction in the maintenance duration of 84 percent compared to 2006.
Kuwait central bank issues $792 bonds, tawarruq for three months
The Central Bank of Kuwait (CBK) has issued bonds and related Tawarruq worth Kuwaiti Dinar 240 million ($792 million) payable...The bank said in a statement that the new securities have a return rate of 2.625 percent.
Tawarruq is a financing arrangement where the buyer can obtain cash immediately through a series of sale transactions.
ESG acquires stake in two firms
ESG is a subsidiary of International Holding Company.The company said it has acquired a 60 percent stake in Vision Factory, one of the biggest furniture and joinery production facility in the UAE.
The company has also taken a 45 percent stake in Decovision, a quality interior design and engineering services provider.
Court denies Ben & Jerry’s effort to prevent sales in Israeli settlements
The company, known for its political activism, took the unusual step seeking an injunction after London-based Unilever announced it had...In July last year, Vermont-based Ben & Jerry's announced it would no longer sell its ice cream in the Palestinian territories
However, Israeli license-holder Avi Zinger had continued to produce the ice cream in his factory in the suburbs of Tel Aviv and distribute it to the Israeli settlements
Sumou signs $144m deal
The Saudi real estate firm will build 507 villas in Madinah.The company said in a bourse filing that it will develop villas for Al-Samiya, a residential project located in Al-Madinah
The construction is expected to be completed in 42 months and will be financed based on equity and off-plan sales
GCC and UK set sights on signing Free Trade Agreement
Dr. Nayef Al Hajraf, Secretary-General of the GCC, voiced hope that the talks would lead to an ambitious Free Trade...Dr. Nayef Al Hajraf, Secretary-General of the GCC, stressed the importance of the friendly relations between the GCC and the UK in serving the common interests of both sides
The joint statement, signed with British Trade Secretary Anne-Marie Trevelyan on 22nd June, laid the groundwork for launching the negotiations today
OPEC+ has ‘means’ to deal with oil volatility: Saudi Arabia
Prince Abdulaziz bin Salman said in an interview with Bloomberg that OPEC+ has the commitment, the flexibility, and the means...OPEC and 10 allies led by Russia a group known as OPEC+ agreed last month to raise production by 100,000 bpd in September
They had agreed to increases of almost 650,000 bpd in July and August, but the cartel has struggled to meet its quotas
Retail sector in Gulf region stares at slump in business
Market experts predict a hard summer for the GCC retail industry as rising costs keep shoppers away from malls and...With high inflation biting into family budgets, households have cut back on spending on essential commodities because of the high cost of goods
While the high-end malls and stores can fall back on their deep reserves of cash to get over the crisis, it is the small and medium-sized businesses that are struggling to survive
