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
Singapore’s Petrozo Energy setting up Sharjah base to target Middle East
Sharjah, UAE – Petrozo Energy, a leading Singapore-based oil and gas company, has announced a plan to establish a new...
Business
Business
Saudi EXIM Bank and SMBC sign MoU to streamline businesses
The Saudi Export-Import Bank and Sumitomo Mitsui Banking Corporation (SMBC) have signed an agreement under which the two will work...
- Saudi EXIM Bank says MoU is one of many it is pursuing to help Saudi exports grow.
- The SMBC will explore securitization or letters of credit to creditworthy Saudi exporters and Japanese importers.
Business
ADH revenue, profit up by end of Q3
Rise in net profit attributed to a slew of acquisitions.
- Year-on-year revenue growth 341 percent, reaching AED 11,425 million in nine months.
- Healthcare sector major contributor to revenue, which reached AED 11,425 million at the end of Q3.
Business
Abu Dhabi-based fund exceeds target of $50m in second raise
The Chimera Global Fund has surpassed its target of $50 million in its second raise, as it aims to deploy...
- The Abu Dhabi-based fund said it has a “robust pipeline of opportunities” in a number of sectors including financial technology, educational technology, and health technology
- “The fund aims to deploy tickets of up to $5 million in 12-15 companies that span from Series A to pre-IPO stages”
Business
Ministry of Economy and LinkedIn sign MoU to promote UAE as talent destination
The UAE's Ministry of Economy has signed an agreement with LinkedIn for developing a framework for skills-based talent besides identifying,...
- The agreement is geared towards achieving UAE Strategy for Talent Attraction and Retention.
- LinkedIn will collaborate with the ministry’s team to make joint action plans supporting the ministry’s national strategies.
Business
Evergrande shares rise
The Chinese firm has restarted work on 10 projects.
- Evergrande owes various lenders close to $300 billion, but speculations are rife that it may not be able to pay all of it back
- However, after the project restart announcement, shares in the firm rallied more than four percent in early trade
Business
Emirates cancels flights to Sudan after reports of military coup
Emirates has cancelled flights to Khartoum after reports emerged of a military coup in Sudan.
- The airline said that flights to and from Khartoum, operated by EK 733/734, are cancelled from October 25 to October 27, 2021
- “Customers with final destination Khartoum will not be accepted until further notice from any point on the Emirates network”
Business
Al-Ahli Bank of Kuwait net profit $69.6 mn
The bank suffered a net loss of KD 7.9 mn in first nine months of 2020.
- The bank's total assets increased by 4 percent to reach $17.1 billion.
- It launched the first issuance of Kuwaiti dinar-denominated bonds at a value of $165 million.
Business
Aramco, TotalEnergies launch stations
The service stations are part of a joint venture signed in 2019.
- The joint venture is aimed at upgrading a network of 270 service stations and expanding the range of retail services.
- The TotalEnergies stations will house Bonjour Café, while the Aramco stations will feature Fai Café.
Business
Dubai leads MENA region in Global Cities Index
Despite the disruption caused by the coronavirus lockdown Dubai and Abu Dhabi have continued to advance in the race to...
- The city also leads the Middle East and North Africa (MENA) region in the index
- Abu Dhabi secured the fourth spot in the Global Cities Outlook (GCO), rising three places from the seventh position last year
Business
ACWA Power of KSA to build solar power plant in Iraq
Iraq is looking to establish a big solar power plant in the Najaf area that could generate 1,000 megawatts of...
- In this regard it is in advanced discussions with Saudi Arabia’s ACWA Power, the oil ministry announced on its Facebook page
- The ministry said it is close to signing the agreement with the Saudi utility company to generate 1,000 megawatts of solar power in the Najaf Governorate
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
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RSG, Zain build carbon-neutral 5G network
The network runs on clean energy from world's largest carbon-neutral grid.
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...
Business
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Business
Saudi Arabia’s NDMC issues local sukuk worth US$9.57 billion
Riyadh, Saudi Arabia--The Saudi National Debt Management Center (NDMC) has issued new sukuk worth $9.57 billion under the Local Saudi...
- NDMC said in a statement that such a step is part of its initiative to activate its role in managing its public debt commitments
- The sukuk issuance will be done in four tranches of $2 billion, $3.86 billion, $2.88 billion and $853 million, said NDMC
Business
Ithmaar Bank H1 profit up
Its net profit rose to US$4.14m as against US$3.96m last year.
- Its total assets were $5.85 billion at the end of June 2023, 4.6 percent lower than $6.14 billion as on 31 December 2022
- The bank said total owners' equity rose to $100.21m at the end of June 2023, a 4.3 percent increase from $96.06m as on December 31, 2022
Economy
UAE commends UN for successful oil transfer from decaying Yemen tanker
Abu Dhabi, UAE--The UAE has applauded the UN for the successful unloading of oil from the deteriorating tanker, FSO Safer,...
- The UAE's Ministry of Foreign Affairs praised the efforts of the UN, its secretary general and the donor nations for preventing the disaster
- It cost some $143 million to transfer the oil from the stricken tanker to a new vessel, much lower than $20 billion in cleanup cost in the event of a spill