UAE construction market soars to $94bn in 2023
Abu Dhabi, UAE--The UAE construction market size was $94 billion in 2023 and the market will achieve an AAGR of...
Economy
Jafza reports 28% year-on-year growth in 2023 of new Indian companies
DUBAI, UAE – Jebel Ali Free Zone (Jafza) is a major contributor to the growing trade between India and the...
Business
Business
Qatar Investment Authority to invest $12.4bn in UK economy: CEO
Doha, Qatar - Qatar Investment Authority (QIA) will invest up to GBP 10 billion ($12.4 billion) in the UK economy over...
- The pledge was made during a meeting with the UK Secretary of State for Business and Trade, Kemi Badenoch, on the first anniversary of the Qatar-UK Strategic Investment partnership
- Badenoch emphasized the shared commitment of the UK and Qatar to drive growth in key industries of the future, such as green technology, and cyber security
Business
AD Ports, Vale to build low-carbon mega hubs for steel industry
Abu Dhabi, UAE -- AD Ports Group and Brazil's Vale, the world's largest producer of iron ore and nickel, sign...
- The agreement will see an allocation of land and related services from KEZAD for the Mega Hub, in addition to the development of a handling facility at Khalifa Port.
- The agreement also includes a maritime collaboration to explore opportunities related to the management and operation of very large ore carriers.
Economy
China scammer uses AI to pose as man’s friend, steal millions
The victim, surnamed Guo, received a video call last month from a person who looked and sounded like a close...
- Guo was persuaded to transfer $609,000 after the fraudster claimed another friend needed the money to come from a company bank account to pay the guarantee on a public tender
- Realising his mistake after messaging the friend whose identity was stolen, Guo alerted police who notified a bank to stop trasaction and he managed to recover his 3.4 million yuan
Business
Tadawul-listed firms report 22% drop in first quarter net profit
Dubai, UAE -- A 22 percent drop in net profit was reported by Tadawul-listed companies in the first quarter of...
- Argaam reported the decline in net profit was due to a drop in Saudi Aramco’s first quarter earnings by more than 17 percent, as well as lower earnings of petrochemical companies.
- The first-quarter results included SAR 5.87 billion one-off gains generated by Kingdom Holding Company (KHC) from selling half of its stake in Four Seasons Holding.
Business
Netflix widens password-sharing crackdown worldwide
As growth at Netflix cooled last year, the Silicon Valley-based streaming giant set out to nudge people watching for free...
- The company told financial analysts recently that it had delayed a broad crackdown on password sharing "to improve the experience for members"
- Getting people viewing for free to sign up for the Netflix ad tier would improve its appeal to advertisers, Insider Intelligence senior analyst Ross Benes said
Business
SEDD designates specific areas to run auto spare parts business
Sharjah, UAE--In order to create a competitive and diversified economy, the Sharjah Economic Development Department (SEDD) has reorganized many economic...
- The department said that trading in used auto spare parts in the emirate will be "reorganized" by amending the geographical areas permitted to practice the business
- The reorganization is part of the strategey to promote economic growth and consolidating the emirate's posiiton as the key global trade and economic center
Business
Honda to supply Aston Martin engines from 2026
The tie up, announced on Wednesday, comes in the run-up to this weekend's Monaco Grand Prix with Aston Martin a...
- The tie up, announced on Wednesday, represents a return to F1 for Honda, who left in 2021 but retain links with Red Bull and AlphaTauri
- Aston will continue to be powered by Mercedes power units until 2026 when there is a sizeable shift in F1's technical landscape
Business
Companies dole out US$326.7bn in record dividends in Q1
Dividends across the world spiked 12% in Q1 compared to the same period in 2022, which was already an all-time...
- One-off special dividends reached $28.8 billion over the three-month period, the second biggest amount since the first quarter in 2014
- According to Janus Henderson, companies are forecast to shell out $1.6 trillion in dividends in 2023 as a whole
Business
Al Dahra Group signs supply agreement with Estonian firm Golden Fields
Riga, Latvia--Al Dahra Group has signed a supply agreement with Golden Fields, an Estonian agriculture company specializing in the production...
- Under the terms of the deal Al Dahra Group will be supplied forage commodities by Golden Fields through its agreements in Estonia, Lithuania, Latvia and Finland
- Al Dahra Group CEO Arnoud van den Berg said that owing to the partnership with Golden Fields, a promising new page has been turned for agriculture in the Baltic region
Business
Qatar interested in developing Iraqi energy projects: Iraqi oil minister
Doha, Qatar-- Qatar is keen to obtain rights for oil and gas exploration in Iraq, according to Iraq's oil minister...
- The Iraqi minister exhorted international companies to take part in developing oil fields as "these investments play a big role in securing financial resources of Iraq"
- Baghdad signed deals with UAE firm Crescent Petroleum and two Chinese companies in February this year for the development of six oil and gas fields
UAE construction market soars to $94bn in 2023
Abu Dhabi, UAE--The UAE construction market size was $94 billion in 2023 and the market will achieve an AAGR of...
Economy
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EDGE signs MoU with MBRSC
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Solutions+, EIH sign MoU
Business
13 million merchandise tons shipped via special corridor, says Ukraine
The corridor was created in August to link Ukraine's ports to the Bosphorus Straits, several weeks after Moscow refused to...
Business
GCC Commercial Arbitration Centre to use AI in its operations
Manama, Bahrain-- The GCC Commercial Arbitration Centre has started to harness AI techniques, according to its secretary general, Dr. Kamal...
Business
Bahrain kicks off roadshow in China to boost tourism sector
Manama, Bahrain--The Bahrain Tourism and Exhibitions Authority (BETA) began a roadshow in Shanghai and Guangzhou, China, involving prominent travel, tourism,...
Business
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Business
Excel Astra to build facility in KEZAD
The fabrication unit will cost the firm US$5.44m.
- The new installation will benefit from the collective expertise of KEZAD and ASTRA to accelerate growth in the industry sector while creating jobs and providing products
- The business facility is expected to source $21.78 million worth of goods and services from the local market annually, thereby strengthening the local economy
Business
Saudi EXIM Bank ink $51bn deal with Turkish firms
Riyadh, Saudi Arabia - Saudi EXIM Bank signed line of credit agreements worth $51 million with Türkiye Finans Katılım Bankası...
- The agreement is likely to help boost trade between the two countries and facilitate the flow of Saudi non-oil exports to the Turkish markets
- The agreement with Türkiye Finans Katılım Bankası A.Ş values at $26 million, the one with Albaraka Türk Katilim Bankasi A.S. at $25 million
Business
UAE insurance sector assets rise US$3.1bn in 9M 2023
ABU DHABI, UAE - The UAE insurance sector continues to exhibit robust growth, as evidenced by a 9.6 percent increase...
- Central Bank of the UAE data shows that assets rose 3.05 percent from US$1 billion to US$ 34.7 billion between Q2 and Q3 of 2023.
- The UAE's leadership position within the Arab insurance landscape is further solidified by its consistent ranking among the top global performers.