Business
Emaar Malls Q3 net profit $122m
The profit is 86 percent more than that of Q3 2020.
- The revenue rose to 1.14 billion dirhams from 839 million dirhams in the same period last year.
- Occupancy at key assets of Emaar was 91 percent during the quarter.
Business
Kuwait’s shopping mall, the Avenues, to open in Saudi Arabia
The largest shopping mall brand in Kuwait, the Avenues, is all set to venture into Saudi Arabia with the opening...
- It will launch the outlets in Riyadh and Alkhobar
- The design for Riyadh is now complete and the contract is expected to be awarded soon
Business
Q3 real estate transactions worth $1.55 billion recorded in Sharjah
Real estate transactions worth AED5.7 billion ($1.55 billion) were recorded in Sharjah during the third quarter of 2021, an increase...
- A total of 1,662 sales transactions were recorded during Q3 2021, showing an increase of 52.5 percent compared to the same period last year.
- About 76 percent (1,262) of the sales transactions were made in the residential sector, followed by industrial sector (206), commercial (152) and agricultural (42).
Expo 2020 DUBAI
Expo 2020 receives 3m visits in first five weeks
It has just been a little more than a month and Expo 2020 has received some three million visits, since...
- Organizers also said that the number of virtual visits to the Expo 2020 Dubai’s online platform has reached 14.8 million since October 1
- Ticket sales for the fair have been beefed up to increase traffic to the fair
Business
Fertiglobe revenues up 175 percent in Q3
The company expects the strong showing to continue in Q4.
- The adjusted EBITDA increased 257 percent to $371 million in Q3 2021 as compared to Q3 2020.
- Fertiglobe will join ADNOC and ADQ as a partner in a new world-scale 1 million metric tons per annum blue ammonia project at TA’ZIZ in Ruwais.
Business
Non-Saudis can now invest in real estate funds in two holy cities
The Capital Market Authority (CMA) of Saudi Arabia allowed the financial market institutions to accept the subscriptions of non-Saudis in...
- The ownership system for non-Saudis in the Kingdom stipulates that non-Saudis are allowed to own real estate for their own residence
- It can happen after obtaining a license from the Ministry of Interior, and for foreign representations to own their official headquarters
Business
Etihad Rail completes construction of UAE network’s first marine bridge
Etihad Rail has completed the construction of a rail bridge connecting Khalifa Port with the UAE National Rail Network. The...
- The bridge will play an important role in improving the transportation of goods in the region.
- Etihad Rail recently completed construction works for Package A of Stage Two, which extends over 139 km.
Business
Investcorp builds €1bn European real estate portfolio
Since launching its European real estate business in 2017, Investcorp has invested close to €1 billion into 80 properties across...
- Since launching its European realty business in 2017, Investcorp has invested €1 billion into 80 properties across the UK, Germany, The Netherlands, and Belgium
- The recent industrial acquisitions comprise three multi-let and seven single-let industrial properties located in Bedford, Warrington, Stone, Gateshead, Stockton-on-Tees, etc
Business
SoftBank posts $3.5bn loss
This is its first quarterly loss since January-March 2020.
- Japan's SoftBank Group has logged its first quarterly net loss in 18 months
- The loss is due to the falling value of investments in its Vision Fund, including Chinese ride-hailing giant Didi Chuxing
Business
Waha Capital reports AED 297mn profit
Net profit for the third quarter stood at AED 32 million.
- The company also maintained an efficient operating model, with a cost to income ratio of 24.5 percent for the trailing twelve months
- The Private Investments business produced a net income of AED 1 million, with the global pandemic and market volatility impacting certain sectors within the portfolio
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Business
Watch owned by China’s last emperor sells for $5m
Arts & Culture
Disparity remains as Saudis, Emiratis see wealth gains
The financial landscape of Saudi Arabia and the UAE is undergoing a significant transformation, with most adults in the region...
Economy
ADNOC Gas signs 5-year LNG supply pact with Japanese energy company
Abu Dhabi, UAE - ADNOC Gas, an integrated gas processing company, on Thursday announced a five-year liquefied natural gas (LNG)...
Business
Saudi economic support vital for progress in various sectors: Yemen PM
Aden, Yemen--Yemeni Prime Minister Maeen Abdulmalik affirmed that the economic support Saudi Arabia provides to Yemen represents a vital factor...
Economy
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Business
Saudi, Chinese companies, banks sign 12 pacts worth $1.33bn
Beijing, China - Saudi Arabian and Chinese companies and banks on Wednesday signed 12 agreements involving an investment exceeding $1.33...
- The two countries focused on strengthening partnerships in urban infrastructure, housing, real estate development, and financing
- Saudi Ministry of Municipal, Rural Affairs, and Housing is currently working with several Chinese companies on housing projects worth $800 million
Business
DWTC’s hospitality branch growth up
The division recorded 32% growth in H1 of 2023.
- Apart from proving its culinary strength with a 32% growth, the division recently won a big haul of medals at Emirates Salon Culinaire 2023
- Its kitchen recently received grade A rating from Dubai Municipality and certifications from Hazard Analysis and Critical Control Points
Business
GSA discusses cooperation with IIHF, ISU to boost winter sports in UAE
Dubai, UAE-- The UAE's General Sports Authority (GSA) and the International Skating Union (ISU) and International Ice Hockey Federation (IIHF)...
- The discussion between officials touched on ways to develop the rules and regulations for ice sports leading to the promotion of winter sports in the UAE
- Sheikh Suhail bin Butti Executive Director of the Sports Development Sector at GSA said that the UAE intends to host international winter sports championships