Thousands of international companies join Dubai Chamber of Commerce in 2023
Dubai, UAE--A study undertaken by Dubai Chamber of Commerce has revealed that Indian investors topped the list of nationalities of...
Business
Qatar real estate trading volume amounts to US$382m in February 2024
DOHA, QATAR – The volume of real estate trading in sale contracts registered with the Real Estate Registration Department at...
Business
Business
First Abu Dhabi Bank prices $600 million five-year green bond
Dubai, UAE -- First Abu Dhabi Bank (FAB) has raised $600 million from an offering of a five-year bond, which...
- The green bond was upsized to $600 million from the initial $500 million after the orderbook was oversubscribed 2.8 times.
- A substantial 85 percent of the allocation went to international investors, the highest achieved by a MENA issuer in 2023.
Business
MoIAT, Shahin sign strategic partnership to enhance UAE’s green mobility
ABU DHABI, UAE - UAE Ministry of Industry and Advanced Technology (MoIAT) has signed a Letter of Intent (LoI) with...
- According to the Global Electric Mobility Readiness Index (2022), the demand for electric vehicles in the UAE has been rising over the past few years.
- The report shows the UAE, which has more than 300 charging stations, has one of the largest charging-station-to-vehicle-ratios in the world.
Business
QatarEnergy signs 15-year gas deal with Bangladesh firm
The state-owned hydrocarbon giant will supply 1.5 million tons annually starting in January 2026, the Qatari firm said at the...
- QatarEnergy chief said the gas could come from the North Field project which holds the world's biggest natural gas reserves and extends beneath the Gulf into Iranian territory.
- QatarEnergy currently supplies Bangladesh with more than 3.5 million tons of LNG per annum, Kaabi said. Qatar is one of world's top LNG producers.
Business
Dubai’s main investment arm ICD posts record $9.8bn in net profit for Q1
Dubai, UAE -- The Investment Corporation of Dubai (ICD) has posted a net profit of AED 36.1 billion ($9.8 billion)...
- Revenues increased by 58 percent to AED 267.4 billion due to a significant surge in travel and tourism activities reflected in the transportation and Other segment.
- Banking and financial services, the largest contributor this year, generated AED 15.3 billion of net profit.
Business
IEA says renewable energy capacity to increase at record level in 2023
PARIS, FRANCE -  Renewable power capacity will grow by a record number this year as high fossil fuel prices and energy...
- Global additions of renewable energy capacity are expected to rise by 107 gigawatts to more than 440 GW in 2023.
- Newly installed solar and wind capacity is estimated to have save EU electricity consumers $107 billion between 2021-2023.
Business
Saudi Arabia’s SME sector grows by 4.8% in Q1 2023
Riyadh, Saudi Arabia - The number of SMEs in Saudi Arabia increased by 4.8 percent in the first quarter of...
- Riyadh, the capital city of Saudi Arabia, is playing a crucial role in fostering a business-friendly environment and is home to over 41% of the country's SMEs
- One of the significant contributors to the growth of SMEs in Saudi Arabia was the Biban 23 forum, a global entrepreneurship event held in Riyadh in March
Business
UAE Economy Ministry fines 137 companies for AML/CFT violations
Dubai, UAE -- A total of 137 companies operating from the UAE were fined AED65.9 million for failing to comply...
- The Ministry fined these companies, which are operating in the UAE's non-financial business or professions (DNFBP) sector, after carrying out inspection of 840 companies.
- The Ministry of Economy revealed that a total of 831 violations committed by violators were found, including failure to adopt necessary measures.
Business
UAE’s ADNOC Logistics surges 50 percent in share float
Shares in UAE state oil company ADNOC's logistics unit soared 50 percent as they hit the market in a $769...
- ADNOC Logistics and Services was heavily oversubscribed even after the offering was expanded from 1.1 billion to more than 1.4 billion shares
- The shares rose to over 3 dirhams ($0.82) on the Abu Dhabi stock exchange, up from the launch price of 2.01 dirhams, which was towards the top of its range
Arts & Culture
Huge investments help Saudi cinema soft power grow
Saudi largesse for the arts has boomed under the kingdom's Crown Prince Mohammed bin Salman, with billions pouring into previously...
- Mohammed Al Turki, 36, heads Saudi Arabia's Red Sea Film Foundation, his name splashed all over posters and movie credits at Cannes Film Festival last week
- The foundation, formed two years ago, holds its own annual festival and has already financed 168 movies, including eight in the official selection at Cannes this year
Nintendo ends online sales of games in Russia
Following the shipment suspension and "as a result of the economic outlook, Nintendo of Europe has decided to wind down...
- The changes, which were announced and came into effect on Wednesday, follow Nintendo's suspension of product shipments to Russia in March 2022
- Russian customers can still re-download previously purchased content but no new payments can be made or new accounts created, a Nintendo statement said
Thousands of international companies join Dubai Chamber of Commerce in 2023
Dubai, UAE--A study undertaken by Dubai Chamber of Commerce has revealed that Indian investors topped the list of nationalities of...
Business
Company News
Ooredoo, QNBN sign agreement
Business
Latest News
Q3 corporate earnings show mixed results in GCC
Market Report
Over 12m people visit Riyadh Season in 60 days
RIYADH, SAUDI ARABIA - Two months after their launch, on October 11, 2023, Riyadh Season events had already attracted 12...
Arts & Culture
Europe stocks rise, Asia tepid as oil jumps and Bitcoin shines
Following record highs in 2023 for the likes of Paris, Frankfurt and Tokyo, investors are predicting more gains as central...
Business
China’s new tariffs policy to hasten industrial transformation
Beijing, China -- China's import and export tariff adjustments on some goods took effect on Monday, including implementing provisional import...
Economy
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Economy
Qatar’s industrial sector PPI down in Nov on lower oil prices
Doha, Qatar -- Qatar's Producer Price Index (PPI) of the industrial sector in the country for November was 118.65 points,...
- Qatar's industrial PPI fell 1.95% in November, driven by oil price drops in mining and some manufacturing sectors.
- Electricity prices defied the trend, showing MoM and YoY increases, while water prices dipped MoM but rose slightly YoY.
Business
Card transactions drive 8 percent Saudi spending growth in Nov
Riyadh, Saudi Arabia --Consumer spending in Saudi Arabia grew by 8 percent to SAR 111.5 billion ($29.73 billion) in November...
- Point-of-sale purchases led the charge, rising 12% year-over-year as Saudi Arabia embraces cashless shopping.
- Cash withdrawals from ATMs rose by almost 1 percent YoY to roughly SAR 45.6 billion in November.
Business
Halliburton, Hamriyah Free Zone in pact
Halliburton has been operating in the UAE for five decades.
- Under the agreement, Halliburton will expand its footprint within the UAE by establishing a cutting-edge facility for calibrating drilling tools used in the oil industry
- The state-of-the-art facility is set to occupy a substantial area of more than one million square feet within the Hamriyah Free Zone