Abu Dhabi residential sector achieves record growth in 2023, says report
ABU DHABI, UAE - Abu Dhabi’s residential sector has witnessed one of the best years on record, where a total...
Business
Expo 2020 DUBAI
Half million visitors to Saudi pavilion at Expo 2020 Dubai
The total number of visitors to the Saudi pavilion exceeded 30 percent of Expo 2020 Dubai's total number of visitors.
- The visitors are said to have been from various Arab and foreign nationalities
- High-level diplomatic delegations from various countries also visited the pavilion
Geostrategy
Saudi submits bid to host World Expo 2030 in Riyadh
Russia, the Republic of Korea, Italy and Ukraine are other four countries that have submitted bids for the event in...
- Crown Prince Mohammed Bin Salman proposes “The Era of Change: Leading the Planet to a Foresighted Tomorrow” as the theme for the event.
- The Expo 2030 in Riyadh would coincide with the culmination of the Saudi Vision 2030, the Crown Prince's letter said.
Geostrategy
Oil giant Saudi Arabia sees opportunity in climate crisis
Not only is the kingdom ramping up oil production, it is also making a major play for the trillion-dollar emerging...
- Saudi Arabia has promised to go carbon-neutral by 2060 and pledged more than $1 billion for circular carbon economy initiatives.
- Experts say Saudi Arabia has a strong stake in blue and green hydrogen production, solar production and in solutions in carbon capture and storage.
Business
Damac board okays Maple buy
Maple is wholly owned by Damac ex-chairman Hussain Sajwani.
- Damac said its board of directors, other than Sofyan Al Khatib, had reviewed the expert advice on the deal
- It had appointed KPMG as an independent valuer, Arqaam Securities LLC as financial advisor, and Al Tamimi & Company as its legal advisor
Business
Saudi index ends week down 0.4%, Qatar up 1.2%
In the UAE, the Abu Dhabi index added 0.2% with the International Holding Company gaining 0.7%. Dubai index ended the...
- Dubai’s main index fell on Wednesday by 0.1%, affected by a 4.2% drop in the stock of logistics company Aramex.
- Aramco's share price rose 0.8 percent to US$ 10.05, its highest close since December 2019.
Economy
Saudi Arabia, Spain agree to build sustainable tourism
Saudi Arabia’s efforts to redesign the future of tourism accelerated this week with a string of major initiatives in Riyadh...
- Saudi Arabia’s efforts to redesign the future of tourism accelerated this week with a string of major initiatives in Riyadh this week
- Saudi puts tourism on the global stage for the first time at FII 2021, launching the Principles for Redesigning Tourism
Business
Dubai saw $1.33bn real-estate transactions over the week
The Business Bay came on top in terms of volume and value, recording 155 transactions worth AED170 million ($46.29 million).
- A total of 174 plots were sold for AED920.4 million ($250.51 million) this week
- The week also saw 1,080 apartments and villas sold for AED2.18 billion ($590.60 million)
Business
Amazon quarterly profit slips
The company said its sales climbed to $110.8 billion
- The e-commerce colossus said its sales climbed to $110.8 billion, but its profit was about half of its net income from the same quarter last year
- Microsoft, Google parent Alphabet and scandal-hit Facebook have posted whopping profits this week
Business
GlobalFoundries makes its market debut on Nasdaq
The IPO comes at a time when demand for semiconductors and microchips is red hot due to the ongoing global...
- Earning a valuation of $26 billion, the GlobalFoundries IPO is one of the biggest stock market debuts of the year in the US
- The chipmaker had earlier announced the pricing of its initial public offering of 55,000,000 ordinary shares
Business
Facebook renames its company ‘Meta’
The new handle comes as the social media giant tries to fend off one of its worst crises yet and...
- The new handle comes as the social media giant tries to fend off one of its worst crises yet and pivot to its ambitions for the "metaverse" virtual reality version of the internet
- Facebook has just announced plans to hire 10,000 people in the European Union to build the "metaverse," with Zuckerberg emerging as a leading promoter of the concept
Company News
Latest News
ADEX and Egypt sign wheat, commodities financing agreement
Abu Dhabi, UAE -- Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), has...
Business
Ceer and Siemens deal to boost EV in Saudi Arabia
Riyadh-based Ceer is collaborating with Siemens Digital Industries Software to accelerate Ceer’s digital transformation and empower its engineers to design...
Most Read
Business
Saudi minister, Chinese firms seek collaboration in housing development
Beijing, China -- Saudi Arabia's Minister of Municipal, Rural Affairs and Housing, Majid bin Abdullah Al-Hogail, has held a meeting...
- During his meeting with SITEC Group, Al-Hogail deliberated over plans to establish an industrial complex in accordance with the highest pre-casting technology standards.
- This complex will encompass finishing materials and an operational model for industrial zones, enabling the delivery of 5,000 units annually.
Business
Oman LNG signs gas-export deal with Germany’s SEFE
Muscat, Oman-- Oman LNG has signed an agreement with Securing Energy for Europe (SEFE) to supply 400,000 tonnes of liquefied...
- The gas-supply deal looks to boost partnership between Oman LNG and international energy firms like SEFE, paving way for more agreements
- The 4-year-long contract evisages supplying a total volume of 0.4 million metric tonne per annum of LNG from Oman LNG to SEFE
Business
UAE banks provide US$7.73bn in financing to businesses in five months
Abu Dhabi, UAE-- The banks in the UAE increased their credit facilities for the business and industrial sectors by around...
- The banks raised their credit balance for the two sectors by $2.23 billion in May 2023, a monthly increase of 1.11 percent
- Abu Dhabi banks provided around $100.74 billion until the end of May, while Dubai banks lend some $96.31 billion