Innovative building codes transform MENA construction
Two emerging construction processes gaining popularity, especially in the MENA region, are 3D printing of concrete structures and offsite construction....Business
UAE ratifies $3.26bn loan for Sheikh Zayed Housing Program
The UAE has approved a $3.26 billion housing loan budget for Sheikh Zayed Housing Program in a cabinet meeting on..."The aim is to fulfil accumulated and expected requests and reduce the waiting period during the coming years", said Sheikh Mohammed bin Rashid
He said the cabinet also approved the establishment of the Emirates Council for Balanced Development to develop plans, implement projects and build government-private partnerships
Qatar Airways and Airbus dispute over A350 safety grows bitter
Qatar Airways on Monday accused aviation giant Airbus of blocking efforts to settle their billion-dollar dispute over the safety of...The airline, which has now grounded 22 of its 53 A350 jets since November 2020, said it was determined to plough ahead with legal action seeking $610 million in compensation
While they fight in the London courts, Airbus has in turn sought to cancel orders made by Qatar Airways for two other A350 jets and 50 A321neo planes
EGA of UAE posts record net profit of $1.5bn for 2021
Emirates Global Aluminium, or EGA, has posted a 1,140 percent jump in net profit to $1.5 billion for 2021.The company's record earnings were attributed to a strong global aluminum market after economies recovered from COVID-19, as well as higher production, sales, and prices
“These record results show that our preparations for the next stage of our corporate journey are nearing completion,” Abdulnasser bin Kalban, CEO of EGA said
Saudi Exports organizes Commercial Mission for 30 businesses to Oman
Saudi Exports Development Authority (SAUDI EXPORTS) today organized a commercial mission for over 30 Saudi senior manufacturers and exporters in...The mission, which targets 70 Omani companies, follows the two countries’ signing of memorandum of understating worth $30 billion for cooperation in various economic fields.
Saudi non-oil exports to Oman reached $932 million till November 2021---food sector SAR 884 million, petrochemicals SAR 709 million and the constructions sector SAR 529 million.
Lucid Motors to manufacture electric vehicles in Saudi Arabia
Lucid Motors has leased a big plot of land for $30 million in King Abdullah Economic City Industrial Valley, in...The leasing of land aims “to construct and operate automotive manufacturing and assembly facility together with all ancillary services”
Financial impact from the project will roll out on the company’s financial statements during the contract duration that will run from 2022 until 2047
Al Arabia sets up e-commerce subsidiary
The subsidiary has a capital standing at SAR 50,000 and will offer multi-vendor business-to-consumer (B2C) products.The subsidiary has a capital standing at SAR 50,000 and will offer multi-vendor business-to-consumer (B2C) products
Al Arabia will announce any material impact regarding setting up the new subsidiary once developed
WTI surges 6%, Brent 5% on Ukraine invasion by Russia
WTI rose 6.27 percent to $97.33, while Brent crude was up 5.24 percent at $103.06.Traders will closely watch an OPEC+ meeting this week, led by Russia, where they will discuss plans for further output
The group has agreed previously to increase production gradually each month, but the Ukraine crisis could disrupt it
UAE, Egypt sign reinsurance pact to bolster trade, economic cooperation
The agreement between the two state-owned firms will bolster the strong trade and economic cooperation, in addition to boosting export...The agreement between the two state-owned firms will bolster the strong trade and economic cooperation, in addition to boosting export relations
The broad range of trade credit insurance amongst these two entities will mitigate risks they might encounter due to various political and commercial reasons
Sukuks cast their spell beyond GCC markets
The total green sukuk market is worth more than US$15 billion, according to Refitiniv, with the Islamic Development Bank (IsDB)...The Sukuk market continued to grow in 2021 due to new procedures put in place to improve standardization while more competitors entered the industry
A $100 million Sukuk fund was announced by GFH Financial Group (GFH) in February 2022
Dubai Maritime City launches $38m infrastructure project
Dubai Maritime City (DMC), DP World’s purpose-built maritime hub, announced the launch of a major project worth AED140 million ($38.1...The project is part of ongoing efforts to boost Dubai’s economy and enhance the efficiency of the logistics sector
It includes developing networks for deep sewage, stormwater, fire, irrigation, potable water
