Global challenges hit M&A activity in Middle East, GCC
Sovereign Wealth Funds emerge as pivotal players, driving economic diversification and strategic cross-border partnerships, says Riccardo Molinari of Bain &...
Business
Saudi solar company ALUPCO partners with Mexico-based Array technologies
Riyadh, Saudi Arabia - Saudi Arabian aluminum extrusion company Aluminum Products (ALUPCO) has entered into a strategic collaboration with Array...
Business
Business
NBF starts e-trading platform
NBFX will help customers digitally hedge their treasury requirements.
- The new platform is available for both conventional and Shariah-compliant banking customers on a 24/5 basis
- Customers will be able to execute transactions during and beyond the bank’s working hours and benefit from liquidity across all time zones
Business
Most of $3.8bn remittances to the Philippines in July came from Middle East
Filipinos living overseas have sent back some $3.8 billion in July with most of the remittances coming from the Middle...
- Central bank figures show personal remittances from overseas Filipinos reaching $3.18 billion in July
- Saudi Arabia was the third-biggest source of these money transfers, while Qatar and the UAE were also in the top 10
Business
Huawei to invest $15m in Middle East to widen cloud services market
Huawei, the Chinese tech giant, will invest $15 million across the Middle East during the next three years in order...
- The new investment includes $7.6 million being allocated for partner development, more than $2.5 million to be put behind credits and other cloud resources
- Chinese tech giant looks to groom SMEs to use cloud computing services
Business
Gargash Group buys out Deem Finance for unknown sum
Gargash Goup, the UAE-based conglomerate, has bought out Deem Finance, the financial services provider, for an undisclosed sum. The conglomerate...
- Firm looks to enhance its offerings in financial services sector
- Deem Finance offers credit cards, personal loans and wholesale deposit products to UAE corporate clients
Business
AD Ports to set up state-of-the-art cruise terminal in Jordan
AD Ports Group will set up a state-of-the-art cruise terminal at Marsa Zayed in Aqaba, Jordan, after the signing of...
- It will be the first facility to be developed by AD Ports Group in Jordan and its first cruise facility outside of the United Arab Emirates
- The new terminal will serve as a gateway in the Port of Aqaba
Business
Aramco, McDermott eye onshore modular construction
Saudi Arabia is aiming to give a boost to local industries and in this regard Aramco and McDermott, the US-based...
- Modular construction is a process where a building is constructed off site before being transported and assembled at a final location
- The two companies will use McDermott’s Saudi Arabia Fabrication in Ras Al-Khair (SAFIRA) facility to conduct the feasibility study
Business
Mitsubishi to supply Empower 100,000 refrigeration ton capacity chillers
DUBAI: Emirates Central Cooling Systems Corporation (Empower) will be using Mitshubishi's air-conditioning and heating systems for its environmentally friendly district...
- A deal between the two allows Empower to increase capacity to 200,000 refrigeration tons.
- Empower will start using the new units in its plants under construction located in Zabeel, Business Bay, Madinat Jumeirah.
Business
Villas to drive Dubai realty growth in Q4
Arabian Ranches, Dubailand, Dubai South, Palm Jumeirah, MBR City, Dubai Hills Estate and DAMAC Hills 2 are likely to be...
- Up to 50% sales growth is expected in the villa segment during Q4 on a QoQ basis
- The demand for villas is expected to surge in the areas near Expo 2020
Business
Johnson Controls to build Dubai RIT’s sustainable campus
The company has partnered with Dubai Silicon Oasis Authority for energy optimization and efficiency of the campus.
- RIT Dubai aims to attract students and faculty committed to building a net-zero economy.
- More than 1,000 students can learn from the company's AI solutions.
Business
Dubai business licenses issued in Aug register 54 percent growth
The growth reflects the ease of doing business in the Emirate and the government's measures to simplify procedures for businesses.
- 59 percent of the new licences issued in August 2021 were professional.
- At 38 percent, sole establishment companies topped the list, followed by civil companies and limited liability companies.
Global challenges hit M&A activity in Middle East, GCC
Sovereign Wealth Funds emerge as pivotal players, driving economic diversification and strategic cross-border partnerships, says Riccardo Molinari of Bain &...
Business
Company News
QGIRCO reports Q1 profit drop
Business
Latest News
Trust for cryptocurrencies, CBDCs grows in MENA
Favoring CBDCs for efficiency, convenience, and security, 63% of MENA residents believe central banks should introduce them, and 73% are...
Business
European LNG imports fall to lowest level since start of Ukraine war
Brussels, Belgium - Europe's liquefied natural gas (LNG) imports fell to the lowest level since the start of the Russian...
Business
Most Read
Geostrategy
In a warming world, is an air-conditioned future inevitable?
Washington, United States - They are ubiquitous in the United States, controversial in Europe and coveted in South Asia. As heatwaves...
- Air conditioning is responsible for the emission of approximately one billion metric tons of carbon dioxide per year, according to the International Energy Agency (IEA).
- The number of air conditioners in the world, about two billion today, is set to skyrocket as temperatures and incomes rise.
Business
DAE H1 profit up 13%
The company posted a 15% increase in revenue to $670 million.
- The company acquired seven aircraft (two owned and five managed), while 16 aircraft were sold (10 owned and six managed), it added.
- A total of 64 lease agreements, extensions and amendments were signed -- 48 owned and 16 managed -- while its customers were spread across 60 countries.
Business
Global outstanding sukuk cross $800bn for first time: Fitch Ratings
Sovereigns were the key issuers. Fitch said the pricing of most sukuk and comparable bonds continued to be similar and...
- Most Fitch-rated sukuk are senior unsecured obligations of the issuer and rank equally with other senior unsecured obligations, including bonds.
- Most Fitch-rated sukuk continued to be investment-grade at 79%, with 12.6% of issuers having a Positive Outlook, and 77.5% having a Stable Outlook in Q2.