Federal Reserve begins two-day talk on interest rates
Washington, United States - The US Federal Reserve began two days of discussions on Tuesday at which policymakers are expected to...
Economy
Saudi EXIM bank surpasses 2023 credit goals by 33%
Riyadh, Saudi Arabia -- The Saudi EXIM Bank has given credit facilities amounting to SAR16.5 billion ($4.455 billion), surpassing the...
Business
Business
ADGM adopts Abu Dhabi onshore hotel and tourism legislation
Abu Dhabi, UAE -- Abu Dhabi Global Market (ADGM) has issued the ADGM Hotel and Tourism Regulations 2023 (Tourism Regulations),...
- The onshore tourism legislation includes the regulations and rules concerning hotels and tourism sectors administered by the Department of Culture and Tourism (DCT).
- ADGM’s Registration Authority retains the right to issue commercial licenses to hotels and tourism establishments operating within its jurisdiction.
Economy
Dubai Investments, E20 Investment to develop agricultural land in Angola
Dubai, UAE--Dubai Investments and E20 Investment have signed a memorandum of understanding (MOU) to develop 3,750 Ha of agricultural land...
- The two entities signed an MoU to develop land in Angola, harnessing the country's agricultural sector for growth and economic development
- The agreement looks to convert the land into a thriving agricultural hub, yielding 28,000 tons of rice and 5,500 tons (peak production) of avocados
Business
Business reality TV series ‘Beban’ forays into Saudi Arabia
Manama, Bahrain: Entrepreneurship-themed reality television show ‘Beban’ announces the expansion of its third season to Saudi Arabia, as Hope Ventures,...
- The expansion comes in line with GFH Capital’s efforts to support Saudi-based startups and provide them with the tools, resources, and networks
- Beban has so far featured 62 businesses, resulting in successful co-investments by the private and public sectors exceeding $6 million
Economy
UAE and Mongolia to ramp up trade and investment ties
Ulaanbaatar, Mangolia--The UAE and Mongolia are looking to boost trade and investment cooperation with a focus on the agriculture sector.The...
- Dr. Thani bin Ahmed Al Zeyoudi, UAE's Minister of State for Foreign Trade, is leading a UAE delegation to the Mongolia Economic Forum in Ulaanbaatar
- During the meetings both sides explored the means to develop the partnership, underlining their commitment to enhance trade and investment cooperation
Economy
Abu Dhabi to provide UAE nationals with 5,000 jobs in health sector
Abu Dhabi, UAE-- Some 5,000 new jobs have been opened up in the healthcare facilities by the Department of Health,...
- The department has directed the healthcare facilities to work toward achieving the set targets under the Emiratisation program within their staff
- The Emiratisation initiative is designed to boost the number of Emiratis working in medical profession as doctors and nursing staff
Business
Britain’s biggest water supplier Thames Water wins financial rescue
Thames Water, which supplies 15 million homes and businesses in London and elsewhere in southern England, has debts of almost...
- The company, reported to have been at risk of renationalization ahead of the latest news, said shareholders agreed to provide further funding worth £750 million ($960 million).
- However, it falls short of the £1 billion it sought on top of £500 million secured from shareholders in March.
Business
Algeria firm sign $740m contract with TotalEnergies
Algiers, Algeria - Algeria's state oil company Sonatrach said on Sunday it had signed contracts to boost gas production under an...
- The companies will increase output from two Sahara desert fields in southeastern Algeria, for export to France and elsewhere in Europe
- They also signed "a memorandum of understanding in the field of energy transition and renewable energies", it added
Business
KEZAD Group, GFCF ink deal
GFCF will triple its production after setting up its Phase II in Musasafah.
- Four more chemical products will be added to GFCF's product mix with the opening of the second phase of the factory.
- GFCF's processes minimize water waste, and the production unit will incorporate heat recycling, aligning with KEZAD Group's sustainability goals.
Business
4 bids for Al Ajban power project
There will be a process to select the best proposal.
- Al Ajban Solar PV is EWEC’s third world-leading solar power project.
- Abu Dhabi is home to world’s three largest single-site solar power plants.
Business
Arada H1 sales $1.15bn
The company witnessed a 186 percent increase in sales.
- In total, Arada sold 1,616 homes at its communities during the first half, a 23 percent increase on the same period in 2022.
- Arada’s best-performing community in terms of sales was Masaar, the forested megaproject based in the up-and-coming Suyoh district of Sharjah.
Federal Reserve begins two-day talk on interest rates
Washington, United States - The US Federal Reserve began two days of discussions on Tuesday at which policymakers are expected to...
Economy
Company News
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Qatar Chamber and CzechTrade look to boost trade cooperation
Doha, Qatar--Qatar and Czech Republic are looking to ramp up trade and investment cooperation between the two countries.In this regard,...
Business
DEWA unveils new distribution substations
It commissioned 1,414 substations of 11kv in Dubai.
Business
GCC’s cybersecurity dynamics: The two sides of AI
In the GCC's evolving cybersecurity realm, AI integration is crucial, driving economic growth and transforming defense strategies against complex cyber...
Business
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Business
PureHealth buys Circle Health
The deal signifies PureHealth’s operational capabilities.
- The completion of this transaction further strengthens PureHealth’s commitment to becoming a leading global player in healthcare.
- The company’s expansion into the UK healthcare market reflects its focus on advancing the science of longevity and unlocking time for humanity.
Business
Global personal computer shipments decline 14.8 percent in 2023
DUBAI, UAE - Worldwide PC shipments totaled 63.3 million units in the fourth quarter of 2023, a 0.3 percent increase...
- PC shipments reached 241.8 million units in 2023, a 14.8 percent fall from 2022.
- This is the first time that shipment volume has dipped below 250 million since 2006.
Business
Retail investors on Tadawul rise to 6.05 million in third quarter 2023
Riyadh, Saudi Arabia -- The number of individual investors on the Saudi Exchange (Tadawul) reached 6.05 million by the end...
- Argaam reported that the number of male investors reached 4.48 million in Q3 2023, while the number of female investors grew to 1.58 million.
- The number of portfolios, which is almost twice the number of investors, indicates that some investors have more than one investment portfolio.