UHNWIs drive Dubai’s luxury real estate growth
"The ultra-high-net-worth individuals (UHNWIs) have transformative impact on the real estate market. These individuals, with their discerning tastes and substantial...
Opinion
Rise in remittances hikes demand for Jordanian dinar, says chamber of commerce
AMMAN, JORDAN – Rising remittances from the Kingdom’s citizens working abroad has contributed to increasing demand for Jordanian dinar.Exchange companies...
Economy
Business
Gulf Bank to up paid-up capital
It will be hiked by US$79.6m through a public offering.
- According to a bank statement, the offering will be at a nominal value of 100 fils, in addition to a share premium of 130 fils for each share
- The bank posted a net profit of $56.50 million for the first three months of the current year, a 15 percent rise as against the same period of 2022
Business
Shams signs MoU with South Korean firm to develop media content
Sharjah, UAE--Sharjah Media City (Shams) has signed a memorandum of understanding (MoU) with Munhwa Broadcasting Corporation (MBC), the largest television...
- The agreement is designed to advance media content in both countries in accordance with regulations and legislation
- Rashid Abdullah Al Obed, Managing Director of Sharjah Media City, said his firm will continue to build ties with global media companies
Business
Alantra sets up base in DIFC
The global firm will provide investment banking services.
- With a base in Dubai, Alantra will have direct access to diverse opportunities fueled by the tide of emerging markets trade and investment
- Its investment banking branch provides advice on M&A, debt advisory, financial restructuring, and capital markets transactions
Business
Dubai’s realty builds on innovation and sustainability
Dubai's skyline epitomizes modern development, with its appeal bolstered by strong property management and developers capitalizing on increasing sales.
- Dubai's skyline epitomizes modern development, with its appeal bolstered by strong property management and developers capitalizing on increasing sales
- COVID-19 and innovations have transformed property management, with a surge in demand for larger apartments and villas, says Deyaar Development's VP
Geostrategy
EU okays updated Pfizer and BioNTech’s anti-Covid vaccine
Adults and children over five require a single shot "irrespective of their Covid-19 vaccination history" while younger children may get...
- The European Medicines Agency said it "has recommended authorizing an adapted Comirnaty vaccine targeting the Omicron XBB.1.5 subvariant".
- Known as Comirnaty Omicron XBB.1.5, the mRNA vaccine is to be used to prevent Covid-19 in adults and children from six months.
Business
Lego first half profit dips 17%
But the toy giant's market share grew as sales rose slightly.
- The company's CEO said revenue surged 10 percent faster than the market, as its revenue touched $4 billion in the first half of 2023.
- Lego credited the growth in revenue to success of products like Star Wars and Lego Icons, also including Lego City, Lego DREAMZzz.
Business
Another Saudi sports push: PIF buys stake in US mixed martial arts league
Combining elements of everything from boxing to judo and Muay Thai, mixed martial arts (MMA) had a limited following in...
- It is the first deal sealed by SRJ Sports Investments, a new company unveiled earlier this month by the Saudi fund known as the Public Investment Fund.
- Sports have been a major component of the oil-rich Gulf kingdom's effort to rebrand as a global business and tourism destination under the Vision 2030 reform agenda.
Business
GCC asset management market $500bn by 2026
Strong capital inflows, a young and growing population and growing awareness about asset management will drive the sector's growth in...
- The rise of a middle class is increasing the demand for investment products and services.
- Strategy& Middle East estimates that currently more than 70 percent of regional private wealth is in offshore accounts.
Business
UAE first half non-oil foreign trade hits all-time high of $337 billion
The results are buoyed by record non-oil exports, which reached AED 205 billion in H1 2023, an 11.9 percent growth...
- Imports increased to AED 693 billion, up 17.5 percent compared to the first half of 2022 and 2.6 percent more than the second half of 2022.
- China has retained its position as the UAE’s leading global trading partner, followed by India, the US and Saudi Arabia.
Business
Saudi Arabia’s imports from GCC countries fall by 19% in June
Riyadh, Saudi Arabia -- Saudi Arabia’s imports from Gulf Cooperation Council (GCC) countries fell 19 percent year-on-year (YoY) to SAR...
- UAE accounted for 65.6 percent, or SAR 3.61 billion, of the total Saudi imports, down 13 percent YoY, Argaam reported.
- The Kingdom's imports from Qatar only registered a growth (of 49 percent) to SAR 48 million, from 32 million a year ago.
UHNWIs drive Dubai’s luxury real estate growth
"The ultra-high-net-worth individuals (UHNWIs) have transformative impact on the real estate market. These individuals, with their discerning tastes and substantial...
Opinion
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Saudi, UAE report highest levels of gross debt
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Toyota sells record number of vehicles in 2023
It is the world's top automaker for the fourth year in a row.
Business
Hong Kong court orders liquidation of China’s Evergrande
Evergrande's demise has been closely watched as it was once a pillar of China's economy, with the construction and property...
Business
Bahrain and Hungary aim to boost trade, investment ties
Budapest, Hungary--Bahrain and Hungary have held discussions to boost economic and trade ties between the two countries.In this regard, Khalid...
Business
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Business
Toyota to suspend shipments of 10 models due to testing irregularities
Tokyo, Japan - Toyota said Monday it was suspending shipments of 10 models that use engines linked with testing irregularities at...
- The affiliate, Toyota Industries, did not conduct proper horsepower output testing for the certification of three diesel engine models, the parent group said
- Toyota Industries said in a separate statement that its workers adjusted the fuel injection amounts to make the data "better-looking"
Business
Dubai Investments buys GFP stake
GFP secures nearly $60 million in equity financing to expand its network.
- GFP aims to create the leading fertility network in the region, and one of top 10 globally, according to a statement.
- Saudi Arabia will be the focus of the investment. GFP’s facility in Riyadh is currently under construction and is due to commence operations later this year.
Business
Hamad Al Marar is EDGE CEO
EDGE has a local and global orderbook of over $5billion.
- Al Marar succeeds Mansour AlMulla, who is returning to ADQ Group following a successful two-year managerial secondment to EDGE.
- He will utilize his leadership skills and experience within the UAE’s defense industry to guide the group into the next phase of its evolution.