Shipping service connecting India, South East Asia with Saudi Arabia comes up
RIYADH, SAUDI ARABIA – VASI Shipping Pte Ltd has introduced a new shipping service IMS at King Abdulaziz Port in...
Business
Nakheel, Meydan join Dubai Holding
The Board of Directors of both Nakheel and Meydan will be abolished.
Business
Geostrategy
Global body to fund 26 FAO projects worth $174.7m
ROME, ITALY - Building on growing momentum to tackle environmental problems by addressing the ways in which our food and...
- With these new projects, FAO's partnership with the GEF will have helped countries access over $1.4 billion in financing.
- These 26 projects will support countries to create or improve the management of nearly 17.9 million hectares of protected areas on land and sea
Economy
Saudi Arabia’s imports from GCC states drop 15% to $1.49bn in Apr
Riyadh, Saudi Arabia -- Saudi Arabia’s imports from Gulf Cooperation Council countries fell 15 percent year-on-year to SAR 5.6 billion...
- Compared with March 2023, the Kingdom's imports from GCC dropped by 21 percent, or SAR 1.52 million.
- The Kingdom's merchandise imports rose 1 percent year-on-year to almost SAR 57.9 billion in April.
Business
Aquaterra gets UAE contract
Firm will deliver a complete end-to-end managed service.
- Aquaterra Energy will work closely alongside in-country partners to manufacture and transport the project equipment.
- This will provide thousands of hours of local employment for the region, as well as opportunities for upskilling and knowledge sharing.
Business
Dubai real estate market records highest ever first-half sales
Dubai, UAE -- Dubai's real estate market has recorded its highest semi-annual sales figures ever, with 61,000 deals worth AED...
- The growth rate in terms of sales value amounted to 57 percent on an annual basis during the first six months of 2023.
- During June 2023, a total of 10,405 real estate sales deals with total value of AED 30.3 billion, which is the highest number ever for the month of June.
Economy
Availability of government sukuks boosts investment options for Islamic banks: Fitch
Doha, Qatar--The increasing availability of government sukuk and Islamic liquidity management tools by the Qatar Central Bank supports liquidity management...
- The ratings agency expects the market share to increase overall in 2023 because of high public demand and strong retail networks
- Fitch believes the launch of treasury sukuk in 2022 is a structural improvement as it adds to Islamic banks' short-term liquidity tools
Economy
Top Abu Dhabi firms to attend Europe’s asset and wealth management conference
Abu Dhabi, UAE-- Prominent Abu Dhabi companies are taking part in Impower Fund Forum, the largest asset and wealth management...
- Set to take place in Monte Carlo, Monaco, it is considered to be the largest asset and wealth managment conference in Europe
- The forum will be an opportune platform for Abu Dhabi companies to showcase their accomplishments and engage with industy players
Economy
UAE national banks provide $11bn in financing to commercial, industrial sectors
Dubai, UAE - National banks in the UAE have increased their credit financing to the business and industrial sectors by...
- The data reveals that the UAE banks provided a total of $201 billion to the business and industrial sectors by April 2023
- Traditional banks were the primary source of credit financing for these sectors, providing $184 billion or 82.5 percent of the total
Business
New regulations aim to restrict greenwashing practices
PARIS, FRANCE- Common standards unveiled on Monday for companies to report their greenhouse gas emissions could curb misleading climate claims in...
- Currently, most large companies report how many tons of carbon they emit into the atmosphere each year, but the data is often not reliable.
- The poor quality of data and lack of common standards allows companies to overstate their climate credentials - the practice of "greenwashing".
Business
SPARK, Hutchinson Ports ink pact
SPARK Logistics Company will meet the needs of investors.
- SPARK is the world's largest energy hub, spanning 50 square kilometers in the Eastern Province of Saudi Arabia.
- Under the agreement, SPARK Logistics Company has been granted concession rights to provide logistics services.
Business
Institutional investors buy more local stocks in UAE markets since Jan
Abu Dhabi, UAE -- Institutional investors bought more local stocks than they sold in the Abu Dhabi Securities Exchange (ADX)...
- Net purchases by institutional investors totaled AED 5.6 billion ($1.52 billion), after buying stocks worth AED165.4 billion and selling AED159.7 billion in stocks.
- Institutional investments accounted for some 78 percent of the total trading volume, both buying and selling, in both markets since the start of the current year.
Shipping service connecting India, South East Asia with Saudi Arabia comes up
RIYADH, SAUDI ARABIA – VASI Shipping Pte Ltd has introduced a new shipping service IMS at King Abdulaziz Port in...
Business
Company News
ENEC, X-energy sign agreement
Business
Bosch to cut 1,500 jobs
Business
Latest News
UAE, Saudi Arabia lift up Arab stock markets, post US$493bn in gains in 2023
Abu Dhabi, UAE-- Stock markets across the Middle East posted record highs in 2023, with combined gains of $493 billion,...
Business
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Business
Global air travel reaches 99% of 2019 levels: IATA
IATA’s Director-General Willie Walsh said that international travel is 5.5% below pre-pandemic levels, but that gap is narrowing fast. "And...
- In November 2023, the total traffic rose 29.7 percent compared to November 2022
- Middle Eastern airlines saw an 18.6 percent traffic rise in November
Business
Chinese experts decode Apple’s encrypted AirDrop messaging
Beijing, China - Chinese state-backed experts have found a way to identify people who use Apple's encrypted AirDrop messaging service, according...
- AirDrop allows users to send content to Apple devices in close proximity without an internet connection, encoded so they cannot be viewed by other people
- Chinese officials said experts "cracked the tough technological problem of the transmission of inappropriate information with anonymous traceability via AirDrop"
Business
Saudi Arabia picks bidders for mining exploration sites
Riyadh, Saudi Arabia -- Saudi Arabia Wednesday announced preferred bidders in the fourth series of the licensing rounds conducted as...
- The Ministry of Industry and Mineral Resources stated that the exploration licenses will be issued in accordance with the Mining Investment Law.
- The um Hadid site is located in the Afif region, in the center of the Kingdom. Covering an area of some 246 km2, it includes mineral deposits of silver, lead, copper and zinc.