Middle East and Africa smartphone shipments surge 30% YoY in Q4 2023
Dubai, Riyadh - Smartphone shipments in the Middle East and Africa (MEA) region witnessed a remarkable surge, growing by 30%...
Business
Renault Scenic model wins Car of the Year at Geneva auto show
Renault unveiled a new electric vehicle and its Scenic model won the Car of the Year award at the first...
Business
Business
DAFZA share of Dubai’s non-oil trade is 11% in H1 2021
In terms of re-exports, DAFZA grew 24 percent to total AED40.8 billion, representing 20.5 percent of Dubai's total non-oil foreign...
- In terms of re-exports, DAFZA grew 24 percent to total AED40.8 billion, representing 20.5 percent of Dubai's total non-oil foreign trade
- As for commercial partners, China came in first at 30 percent with a trade value of AED23 billion
Business
Abu Dhabi discusses investment cooperation with Egypt
The Abu Dhabi Development Fund received a delegation from the Central Bank of Egypt.
- Since it commenced its activities in Egypt in 1974, ADFD has funded more than 75 strategic projects in the country
- Spanning several sectors, they have with a total value of approximately AED3.3 billion (around $900 million)
Business
Investcorp expands US holdings
Mubadala is biggest shareholder of asset manager Investcorp.
- Bahrain-based Investcorp has acquired 89 industrial properties across four major US markets
- The real estate acquired is approximately 2.2 million square feet, for a total of $380 million
Business
Masdar to build five solar plants with a capacity of 1 GW in Iraq
Abu Dhabi-based renewable energy company Masdar on Thursday announced it will develop five solar photovoltaic (PV) projects in Iraq with...
- The solar photovoltaic projects will be developed in Dhi Qar, Ramadi, Mosul and Amarah areas.
- Iraq, the second-largest OPEC oil producer, is aiming at 20 to 25 percent of renewables in power production.
Analysis
GCC fertilizer use up in pursuit of food goals
The region is also fast adopting modern agricultural practices such as vertical farming, hydroponics, greenhouse vegetable production to grow more...
- Urea demand is projected to grow close to two percent per year from 2018 to 2025.
- Governments are turning to the private sector to help finance desalination projects to meet water needs.
Business
Saudi to lift ban on Qatar’s beIN Sports: source
Saudi Arabia banned the major broadcaster, which holds the rights to the English Premier League (EPL) and other top competitions,...
- Riyadh was seeking to settle Qatar's $1 billion arbitration claim over pirate broadcasts to Saudi audiences by the BeoutQ network
- Saudi Arabia, the United Arab Emirates (UAE), Bahrain and Egypt cut ties with Doha over allegations it supported extremists and was too close to Iran
Business
Arkan-Emirates Steel merger complete
The merger creates the UAE’s largest steel and building material company.
- The transaction provides significant revenue diversification for the Combined Group
- Arkan issued to Senaat a convertible instrument, which converted into 5.1 billion ordinary Arkan shares
Economy
Natural gas market soars to record heights
Europe's reference Dutch TTF gas price hit 162.12 euros per megawatt hour and UK prices leapt to 407.82 pence per...
- Europe's reference Dutch TTF gas price hit 162.12 euros per megawatt hour and UK prices leapt to 407.82 pence per therm in morning deals
- Soaring gas prices -- coupled with oil which has struck multi-year highs -- have fuelled fears over spiking inflation and rocketing domestic energy bills
Expo 2020 DUBAI
Cisco shares vision for a digital future at Expo 2020 Dubai
Located at Expo 2020 Dubai’s Partner Hub, Cisco’s digitally powered environment takes inspiration from natural groves and their intelligent underground...
- Located at Expo 2020 Dubai’s Partner Hub, Cisco’s digitally powered environment takes inspiration from natural groves and their intelligent underground systems
- Aligned with Expo 2020’s theme of ‘Connecting Minds, Creating the Future’, The Cisco Grove illustrates how smart, intuitive networks can create greater connectivity
Business
Jebel Ali Free Zone buzzes with trade
Jebel Ali Free Zone has been buzzing with activity this year because of a huge jump in the number of...
- In a statement, Jafza said it continued to attract businesses despite the ongoing pandemic because of the business park’s location
- The free zone is considered Dubai’s major source of foreign dire investment (FDI) inflows, accounting for 23.9 percent of total FDIs
Middle East and Africa smartphone shipments surge 30% YoY in Q4 2023
Dubai, Riyadh - Smartphone shipments in the Middle East and Africa (MEA) region witnessed a remarkable surge, growing by 30%...
Business
Company News
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Germany leads Europe push to boost chip manufacturing
Paris, France -- Taiwanese chipmaker TSMC agreed Tuesday on a multibillion-dollar deal to build a plant in Germany, part of a...
Business
US trade deficit narrows in June on bigger imports pullback
Washington, United States - The US trade deficit narrowed in June on a bigger pullback in imports than exports, according to...
Business
Norway to fine Meta $100,000 a day for flouting user data ban
Oslo, Norway - Norway's data protection agency said Tuesday it would start fining Facebook and Instagram owner Meta nearly $100,000 per...
Business
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Business
Dubai’s realty transactions exceed AED2bn Tuesday
Dubai, UAE -- Dubai's real estate market recorded real estate deals worth more than AED 2 billion ($544 million) on...
- The deals include 433 sales transactions worth AED1.7 billion, in addition to 90 mortgage deals totaling AED270.28 million, and 37 gift deals amounting to AED69.36 million.
- The sales included 405 villas and apartments worth AED954.83 million, and 28 land plots worth AED744.62 million.
Business
Eshraq Q2 profit $9.79m
The company had posted a loss of AED7 million in Q2 2022.
- The total operating income surged by 2,446.7 percent to AED44.31 million from a loss of AED1.89 million in Q2 2022.
- To date, Eshraq has sold seven land plots, representing total 27 percent of its existing land bank by book value for a total sale consideration of AED208 million.
Economy
Dubai Q1 GDP grows 2.8% on surge in transport, storage sectors
The transportation and storage sector was the biggest contributor to overall growth at 48 percent. This was followed by the...
- Dubai’s growth in Q1 2023 is significantly higher than that of some of the most developed countries in the world. OECD countries recorded seasonally adjusted growth of 1.6%.
- The accommodation and food services sector reported a 5.6 percent growth rate in the first quarter of 2023.