Business
UAE economy resilient, overcame many global challenges: RAK Properties CEO
The UAE was among the first countries to return to normalcy after the pandemic and is currently hosting Expo 2020...
- RAK Properties investments reach AED15 billion, engaged in several real estate sectors.
- Expo 2020 will especially have a major impact on tourism and real estate sectors, Al Tair said.
Business
DP World reports container volume growth of nearly 12 percent in Q3
The gross volume growth was mainly driven by Asia Pacific, India, Australia, and the MENA region.
- In Q3, DP World handled 19.8 million TEU, up 8.1 percent year-on-year basis.
- The near-term outlook remains positive, but the company expects growth rates to be moderate in the final quarter, said CEO Ahmad Bin Sulayem.
Business
Saudi-Swiss investment to touch $3.2bn by 2030
The Saudi-Swiss Investment Forum aims to touch $3.2bn of financing by 2030. The body, launched on 25 October in Riyadh,...
- Khalid Al-Falih, minister of investment, said the country’s plan is to make Saudi Arabia the most important export destination for Swiss companies
- He added that kingdom’s investment strategy has several key aims it plans to reach by 2030, including doubling annual domestic investment to 9 percent of gross domestic product
Business
IsDB lists sukuk on Nasdaq Dubai
The $1.7bn listing strengthens its position as the largest Sukuk issuer on the bourse.
- The listing strengthens the IsDB’s position as the largest supranational Sukuk issuer on Nasdaq Dubai with a total value of $18.8 billion
- The bell-ringing ceremony was attended by Hamed Ali, CEO of Nasdaq Dubai and Deputy CEO of the Dubai Financial Market (DFM)
Business
16 firms selected for Qatar FinTech Hub’s incubator and accelerator programs
Qatar FinTech Hub was launched by Qatar Development Bank (QDB) with the support of Qatar Central Bank (QCB) to develop...
- The Wave 3 of the program will run until Dec. 2021. QFTH will provide training and mentoring services.
- The six mature FinTechs that have joined the Accelerator program are based in India, Sudan, Malaysia and Indonesia.
Business
UAE credit card applicants to get pre-approved status online
The UAE’s Al Etihad Credit Bureau has joined hands with online financial aggregator Policybazaar UAE to implement real-time eligibility checks...
- The three-digit AECB credit score indicates how likely customers are to fulfill their payment obligations on time based on their past behavior
- Maintaining a good credit history allows customers to avoid higher interest rates and credit refusals
Business
Dar Al Arkan to develop $985m residential project in Saudi Arabia
The project will be developed on an area of 1 million sqm while fully respecting and preserving the topography and...
- The project will be developed on an area of 1 million sqm while fully respecting and preserving the topography and unique environmental features of Taif
- It will offer premium residential units ranging from apartments, villas, and townhouses in addition to a variety of commercial facilities and amenities
Business
Pyypl, Ripple launch on-demand liquidity service in Middle East
ODL uses XRP for instant, low-cost cross-border payments.
- ODL is the process of buying and selling XRP in originating and destination countries
- XRP is the native cryptocurrency of products developed by Ripple’s creator Ripple Labs
Business
Safari lands Saudi contracts
The contracts pertain to managing the King Fahd Causeway.
- Safari has been awarded all three facilities management packages by the King Fahd Causeway Authority
- According to the five-year contract, Safari will provide over 500 staff to maintain and enhance the aesthetics and functionality of the causeway
Interview
Sharjah Sustainable City builds on green concept
The project, which covers 7.2 million square feet of land in Al Rahmaniyah area, builds on the concept of future...
- The project extends over an area of 7.2 million square feet of land in the Al Rahmaniyah area of Sharjah, supporting the urban development of the Emirate
- The city is designed to cover all three elements of sustainability - social, economic, and environmental
Company News
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International Military Forum Army-2023 opens in Moscow
MOSCOW, RUSSIA - The international military-technical forum Army-2023 opens at the Patriot Congress and Exhibition Center here. About 1,500 prominent...
Geostrategy
‘Barbie’ retains top spot at N.American box office for fourth week
Los Angeles, United States - Warner Bros.' hit "Barbie" dominated North American box offices for a fourth consecutive week, industry estimates...
Arts & Culture
ADNOC, Tabreed say breakthrough in project to harness geothermal energy
ABU DHABI, UAE – ADNOC and the National Central Cooling Company (Tabreed) on Monday announced a breakthrough following the conclusion...
Business
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Business
Oil prices slide 1% on strong dollar, China economy worries
Dubai, UAE--Oil prices declined more than 1% on Monday as concerns about China's faltering economic recovery and a stronger dollar...
- U.S. West Texas Intermediate crude was at $82.12 a barrel, down 1.3%, while Brent crude futures fell $1.07, or 1.2%, to $85.74 a barrel
- Prices retreated as the U.S. dollar index extended gains after a slightly bigger increase in U.S. producer prices in July lifted Treasury yields
Business
TAQA H1 net income $3.67bn
The group revenues were AED 26.8 billion, 5% higher than H1,2022.
- The higher revenues were attributed primarily to higher pass-through bulk supply tariffs and transmission use of system within the Transmission and Distribution segment.
- The company announced second interim cash dividend for the year of 0.65 fils per share (approximately AED731 million).
Business
GIS profit climbs in H1
Its net profit jumped to US$77.19m as against US$37.63m.
- Its earnings per share(EPS) amounted to QR 0.151 as of 30th June , 2023 as against EPS QR 0.074 for the same period in 2022
- In February this year, GIS reported a net profit of $79.67 million for the year ended December 31, 2022, with an earnings per share of QR0.156