New-Age Growth Comes Home to the GCC
The region, fueled by ambition and massive investment, is rapidly advancing in technology and infrastructure, aiming to secure a leading...Technology Business Economy Geostrategy Opinion
Abu Dhabi real estate transactions reach $4.69bn in Jan, Feb 2025
Abu Dhabi, UAE -- Real estate transactions in Abu Dhabi reached AED17.24 billion ($4.69 billion) in the first two months...Business
Dubai records $2.74 billion in weeklong real estate transactions
Dubai, UAE -- The real estate and properties transactions valued at 10.1 billion ($2.74 billion) in total during the week...A total of 209 plots were sold for AED 2.19 billion, 2,100 apartments and villas were sold for AED 4.84 billion.
The sum of the amount of mortgaged properties for the week was 2.28 billion, with the highest being a land in Al Raffa, mortgaged for AED 269.5 million.
BRICS to launch bonds worth US$28bn in local currencies
Tehran, Iran-- BRICS is preparing to launch new bonds in global markets, which will be available in local currencies rather...The BRICS bank will soon release the bonds called ‘Maharaja Bonds’ worth $28 billion
The new bonds will be made available for governments, financial institutions, and regular investors
ADQ, ADNEC to buy stake in TMG
The two will acquire 40.5% stake in the Egyptian firm.The two firms will invest through a special purpose vehicle, with 49 percent equity ownership by ADQ and 51 percent equity ownership by ADNEC
The buying of a stake represents a major foreign direct investment in Egypt and marks a strong vote of investor confidence in the Egyptian tourism and hospitality sector
PIF’s diverse investments transform Saudi economy
From sports and gaming to pharmaceuticals and aviation, the Saudi Public Investment Fund's strategic initiatives are shaping a dynamic future...From sports and gaming to pharmaceuticals and aviation, the Saudi Public Investment Fund's strategic initiatives are shaping a dynamic future for the the Kingdom's economy.
The PIF's diverse industry launches and acquisitions, managing $701 billion in assets, have created over 644,000 jobs in pharmaceuticals, aviation, and tourism sectors.
Biggest fuel refinery plant of Africa begins production
Lagos, Nigeria - Africa's biggest diesel and aviation fuel refinery built by the continent's richest man has started production, the company...The 650,000 barrel-per-day Dangote refinery could be a game changer when fully operational by helping end Nigeria's reliance on fuel imports.
The facility sits on 2,635 hectares (6,500 acres) of land at the Lekki Free Zone on the edge of Lagos city and cost an estimated $19 billion.
DEWA records 12.5 million digital transactions in 2023
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) announced that its customers conducted around 12.5 million digital transactions in...DEWA offers digital services for electricity and water management, as well as innovative sustainability services.
These include smart living initiative, features like consumption monitoring, comparison with high-efficiency homes.
US sanctions Hong Kong, UAE firms over Houthi support
The move comes hours after US and UK forces launched strikes against the Houthi rebels, seeking to halt their repeated...The two companies designated on Friday by the US Treasury Department were Hong Kong-based Cielo Maritime and UAE-based Global Tech Marine Services
They were said to have shipped Iranian commodities on behalf of the network of Houthi financial facilitator Sa'id al-Jamal, said the Treasury
Delta reports profit jump
Its revenue jumped to $14.2 billion for the quarter.The company reported net income of more than $2 billion for the October to December period, up from $828 million for the same period in 2022
Delta shares slumped by more than eight percent around midday on Friday, while rival United Airlines saw its shares plunge by 9.4 percent
Oil prices rise on Red Sea escalation, corporate earnings season
Crude prices spiked more than four percent before ebbing somewhat after the allies launched deadly strikes following weeks of disruptive...In Friday trade, the Dow dipped while the S&P 500 edged higher as investors digested corporate earnings and a surprise drop in wholesale inflation
Leading banks were mostly lower following a deluge of quarterly results, while airlines were hammered after Delta's forecast disappointed investors
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
