Dubai food and beverage sector stirs up with investment of US$577m
Dubai, UAE-- The food and beverage sector in Dubai has attracted new FDI worth $577 million from 2019 to 2023,...
Business
ACME ammonia plant in Oman
The plant will cost of $3.5 billion and be built in three years.
- The plant will be an integrated facility using 3 GWp of solar and 0.5 GWp of wind energy
- This will be used to produce 2,400 TPD of green ammonia with an annual production of 0.9 million tons
Business
GCC hotel industry readies for a comeback
The Gulf hotel sector's investments, according to reports, have reached $27 billion. New hotel projects worth $3.5 billion in the...
- Hotel licenses in Saudi Arabia can now be obtained in just 10 days.
- Until March 2021, UAE had 1096 hotels with 181.3 thousand rooms.
Business
Visa signs MoU with AMF
They will explore ways to boost cross-border payments.
- Visa and AMF’s regional payment platform will design optimal solutions to unlock sustainable opportunities in payment industry.
- Visa said the MoU reinforces its commitment to support the evolution of the Arab region and the vital role digital payments plays in this sphere.
Business
Emirates allows Beirut travelers 10kg extra baggage
Emirates said it had last year set up a humanitarian airbridge with Lebanon, dedicating flights to deliver much needed emergency...
- Increase in allowance to help people carry medical and other goods to Lebanon.
- Shortage of supplies has hit Lebanon, which is undergoing one of the worst economic crises in history.
Business
Iran to sell more electricity to Pakistan
Iran at the moment has electricity exchange with Armenia, Azerbaijan, Iraq, Turkmenistan, and Afghanistan.
- Pakistan is all set to increase its electricity import from Iran to 70 MW
- It will use this power at its under-development Gwadar port
Business
UAE residents got $91.4 billion in personal loans
Gross credit, which includes which includes loans to residents and non-residents and non-banking financial institutions up by 0.9 percent compared...
- The country's banking sector’s assets reached AED 3.2 trillion in June 2021, up by 0.6 percent compared to a year earlier.
- Total deposits also went up by 2.3 percent to AED 1.9 trillion during the same period.
Analysis
Family firms call heirs to take command
Family-owned businesses in the Middle East, estimated to be worth more than $1 trillion, have been bogged down with issues...
- An estimated US$15 trillion assets are expected to be transferred to the heirs globally.
- The GCC governments offer incentives to the family businesses to get enlisted in the bourses.
Oman Shell updates SME training
The new program will build the capabilities of entrepreneurs.
- Oman Shell has designed the program to ensure that it aligns with Shell’s social investment strategy and Oman Vision 2040
- It takes into consideration the aspirations of its partners and entrepreneurs, while empowering entrepreneurs and Omani businesses
Arts & Culture
New Bond, Matrix footage thrill CinemaCon
The annual CinemaCon trade show sees Hollywood studios bring glitzy stars and never-before-seen footage to a Las Vegas casino to...
- The annual CinemaCon trade show sees Hollywood studios bring glitzy stars and never-before-seen footage to a Las Vegas casino to woo theater bosses
- The plot of "No Time To Die" starring Daniel Craifg as 007 picks up after 2015's "Spectre," with the loyalty of a love interest now seemingly called into question
Business
UAE banks flush with profit again with improved Q2 performance
The top ten lenders of the United Arab Emirates have shown a health rebound in profitability, with the country’s banking...
- Return on Equity (RoE) was back at Q4 2019-levels and loans and advances (L&A) showed improvement, according to a report from Alvarez & Marsal (A&M)
- Aggregate RoE improved from 9.8 percent in Q1 2021 to 10.9 percent in Q2021, for the first time in the last five quarters, as net income increased 11.5 percent
Company News
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American Q1 profit at $10m
Business
FAB posts Q1 net profit of $1bn
Business
War-weary Yemenis drown torment in specialty coffee
The Arab world's most impoverished country, locked in an eight-year conflict between Houthi rebels and forces supporting the internationally recognized...
Israel troops kill Palestinian teen in West Bank: ministry
So far this year, violence linked to the Israeli-Palestinian conflict has killed at least 203 Palestinians, 27 Israelis, one Ukrainian and one Italian,...
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Business
DEWA commissions 676 11 kV distribution substations in H1 2023
Dubai, UAE - Dubai Electricity and Water Authority (DEWA) commissioned 676 11kV distribution substations across Dubai in the first half...
- The construction of the substations and associated tasks for new customers required a combined effort of 505,684 man-hours
- Last week, DEWA and Sungrow, decided to collaborate to accelerate clean energy adoption in the UAE
Business
Fawry to expand into Saudi Arabia
The money transfer firm plans to set up base across the GCC.
- The talks with Saudi Payments, according to Fawry, are likely to conclude by the end of the year
- In Saudi Arabia, the number of users in the digital commerce market is expected to amount to 36.38m by 2027
Business
DIB logs 15% net profit growth
The bank recorded a total income of $2.53 billion.
- The bank's net financing and sukuk investments have reached $68 billion
- Total income rose to $2.53 billion, reflecting a 49 percent YoY increase