WTO approves services trade rules, overcoming objections
The set of rules will streamline authorization requirements and ease procedural hurdles faced by businesses, according to a press release....
Geostrategy
IHC posts net profit of US$8.97bn
Its revenue jumped to US$16.33 billion, a rise of 17.9 percent.
Business
Business
OTO gets $3m from MEVP and Derayah
It is the 'largest seed' raised by a MENA SaaS firm.
- OTO is currently offering its services in Saudi Arabia, UAE, Kuwait, Oman, Qatar, Bahrain, and Egypt.
- The funding will help the company to grow its customers base across GCC and Egypt.
Business
Qatar National Bank posts 8 percent jump in net profit to $2.83bn in 9 months of 2021
Qatar National Bank (QNB), the Gulf's biggest lender, posted an 8 percent increase in nine-month net profit to $2.83 billion,...
- Loans and advances grew 7% in the period while total assets rose 10% to 1,084 billion riyals, it said in a statement
- Operating income in the first nine months of 2021 grew by 8% to 20.7 billion riyals, it said
Business
DEWA gets $10.9bn via IPWP model
DEWA used the IPWP model in a number of its key projects.
- One of the model’s key features includes the implementation of the directives of the leadership
- It also includes adopting a successful partnership model on sound commercial foundations
Investigation
Dubai Police carries out region’s largest drug bust
The Dubai Police have arrested a man they say had smuggled 500 kg of pure cocaine, which has a street...
- The police operation, codenamed Scorpion, led to the seizure of 500 kg cocaine
- The cops said this was the region's largest drug seizure, and also resulted in an arrest
Business
Business confidence in Dubai reaches third-highest level in 10 years: Survey
Business confidence in Dubai reached its third-highest level in 10 years as companies in the emirate begin to feel the...
- A survey by Dubai Chamber said companies in the emirate begin to feel the positive impact of Expo 2020.
- Global supply chain restrictions were identified as a key challenge for business leaders.
Business
Pipeline to transport gas from Qatar to UAE secures $3bn in financing
The Dolphin Gas Project, a natural gas pipeline to transport Qatari natural gas to the United Arab Emirates and Oman...
- Dolphin Ltd. will obtain financing through a revolving loan to implement expansions in pipelines that transport gas from the Qatari North Field to the UAE capital Abu Dhabi
- Dolphin Energy Limited is working on implementing the project after collecting funding from 15 banks for a period of up to 10 years
Business
London draws buyers from Middle East with hot property deals as fear of Covid eases
Buyers from Middle East have been scouting London for property deals in prime central London, with sales in the first...
- “We have seen an influx of Middle Eastern investment into London over the last month"
- Strict travel restrictions, Knight Frank said, have led to pent-up demand, and footfall of Middle Eastern travelers through London's Heathrow Airport has also risen in August
Business
UAE may open VoIP services to all next year
Mobile phone users in the Gulf country are currently allowed to use the internet-enabled video and audio calls only through...
- The UAE's telecom regulator is likely to roll out VoIP services for everyone in the country next year
- This could be either in January 2022 or after Expo 2020, which ends on March 31, 2022
Business
Shares of Al Rajhi Bank gain three percent, rise to highest level in 15 years
Shares of Al Rajhi Bank gained three percent in today’s trading session, touching its highest level in 15 years. The...
- The stock rose more than 3 percent in today's morning session, with around 1 million shares of trade volume, raising it by over 80 percent year-to-date
- The share was trading at SR135.20 in the morning session.
Business
Prescott announces Dubai project
The project is worth AED140 million (more than $38 million).
- Prescott Real Estate Development is launching a residential development called Prime Residency III in the Al Furjan area of Dubai
- It will be a mixed-use development that offers studios and one-bedroom apartments, with views of the city’s skyline
WTO approves services trade rules, overcoming objections
The set of rules will streamline authorization requirements and ease procedural hurdles faced by businesses, according to a press release....
Geostrategy
Company News
Latest News
ADFD finances $105.4m energy security project in Tanzania
ABU DHABI, UAE - The Abu Dhabi Fund for Development (ADFD) has signed a loan agreement with the Government of...
Geostrategy
Saudi Arabia’s real estate deals decline by 16 percent in 2022
Riyadh, Saudi Arabia -- The value of Saudi Arabia's real estate transactions declined 16 percent year-on-year (YoY), or SAR 36.2...
Business
Dubai Chamber attracts 69 emerging technology firms in H1
Dubai, UAE -- Dubai Chamber of Digital Economy, one of the three chambers operating under the umbrella of Dubai Chambers,...
Business
Most Read
Economy
CBUAE revokes licenses of currency exchange house, commercial broker company
Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) has revoked the license of Dirham Exchange, an exchange...
- The administrative sanctions followed after the entities were found in violation of the UAE laws on combating money laundering crimes, the financing of terrorism, etc
- The findings showed that the entities had a weak compliance framework and failed to comply with their regulatory obligations and to report regulatory breaches to the CBUAE
Business
ADNOC Gas awards $3.6bn contract to expand its gas processing infrastructure
Abu Dhabi, UAE: ADNOC Gas, the integrated gas processing company, announced on Wednesday the award of a $3.6 billion (AED13.1...
- Over 70% of the award value will flow back into the UAE’s economy under ADNOC's successful In-Country Value (ICV) program
- The scope of the contract includes the commissioning of new gas processing facilities which will enable an optimized supply to the Ruwais Industrial Complex
Business
Oman Air approves restructuring program to lower rising debt
Muscat, Oman--Looking to address its mounting debt, Oman Air has backed a restructuring program to reduce its losses by 15...
- In the month of May, the airline said it will reduce its net loss by a further 56 percent in 2023, compared to a reduction of 35 percent in 2022
- Its chairman said the program stands on four pillars: financial sustainability, corporate governance, commercial factors, and human capital