ADQ, Orion to establish JV
The partners commit to deploying $1.2bn in the next four years.Company News Business
‘Middle East is a promising area with a lot of initiatives going on in the UAE, Saudi Arabia’
Beyond AI, new technologies will leverage artificial intelligence to drive the next phase of the Fourth Industrial Revolution, Alphaeus Hanson,...Business Economy
Egypt denies suspending navigation through Suez Canal
Cairo, Egypt - Egypt Saturday said that navigation movement in the canal is regular from both directions, Chairman of the...Dollar revenues from Egypt's Suez Canal have experienced a 40 percent decline since the beginning of the year compared to 2023
The Suez Canal is a crucial source of foreign currency for Egypt, and efforts have been made to boost revenues, including the ongoing expansion of the canal
Record-breaking home sales in Dubai’s upscale market in 2023
Dubai, UAE – Sales of properties worth more than $1.35 million and $2.70 million in Dubai hit record levels in 2023,...Among the communities tracked by CBRE, in 2023, Palm Jumeirah registered the highest volume of transactions in both the prime and super-prime market segments
Off-plan sales in the $1.35 million and $2.70 million segments of the market accounted for 67.2% and 70.8% of total transaction volumes, respectively
Oil prices rise after US, UK strike Houthi rebels
Oil prices surged four percent after US and UK forces launched strikes against Iran-backed Houthi rebels after attacks on ships...Wall Street had ended flat on Thursday, while the dollar was closing the week with gains against the euro.
The Houthis have carried out a number of strikes on vessels in the Red Sea, a key international shipping route.
ADQ, ADNEC Group sign agreements
They will buy 40.5% stake in TMG Holding’s hospitality business.ADQ and ADNEC will invest through a special purpose vehicle, with 49 percent equity ownership by ADQ and 51 percent equity ownership by ADNEC.
ICON is a leading player in Egypt’s luxury and upscale hospitality market, with a track record of building and owning some of the most celebrated luxury hotels in Egypt.
Abu Dhabi real estate deals hit $517 million since Jan 1: DARI
Abu Dhabi, UAE -- Real estate transactions in Abu Dhabi amounted to approximately AED 1.9 billion ($517 million) in the...The value of real estate mortgages in the emirate reached about AED 1.5 billion through the registration of 215 mortgage deals.
Al Saadiyat Island topped the list with a value of AED 8.9 million, followed by Yas Island which occupied four consecutive positions, totaling about AED 23 million
Lunate Capital launches Shariah-compliant ETF tracking Indian equities
ABU DHABI, UAE - Lunate Capital announced the launch of the Chimera SP India Shariah ETF, a physical, in-kind, liquid,...The fund will track the performance of Shariah-compliant Indian equities listed on the Bombay Stock Exchange.
The Index tracks the performance of the 30 most liquid Shariah-compliant Indian stocks listed on the BSE.
CBUAE cancels license of First Insurance Brokers Company
ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) has cancelled the license of First Insurance Brokers Company...The sanction comes as a result of the CBUAE’s decision following the company’s non-compliance with the regulations.
The CBUAE works to ensure that all insurance companies and related professionals comply with laws and regulations.
QNB net profits up 8% in 2023
The QNB Group posted a net profit of $4.25 billion.The bank said that earnings per share (EPS) amounted to QR 1.55 as of 31st December 2023 compared to QR 1.44 for the same period in 2022.
The bank's board has announced the distribution of a cash dividend of 65 percent of the nominal share value (QR 0.65 per share).
Tawazun Council acquires TASNEEF
Subsidiaries of TASNEEF were also acquired.This strategic move aims to enhance the council's role in developing national defense industries, the Council said.
TASNEEF has established a number of services, including issuing rules of relevance to the classification of ships.
Sharjah, Sfax chambers look to boost ties between UAE and Tunisia
Sharjah, UAE--The Sharjah Chamber of Commerce and Industry (SCCI) and the Chamber of Commerce and Industry of Sfax, Tunisia, held...The talks centered upon holding joint events and improving coordination to encourage businessmen to participate in exhibitions
The Sharjah Chamber received an invitation from the Tunisian side to participate in an exhibition at the Sfax International Fair
