Dubai Islamic Bank completes $1bn sovereign financing Pakistan
Dubai, UAE -- Dubai Islamic Bank (DIB) has announced the successful completion of a landmark US$1 billion syndicated term-finance facility...
Geostrategy
Business
QGIRCO reports Q1 profit drop
The insurance firm's net profit fell to US$12.36 million.
- Its earning per share amounted to QR 0.051 as of March 31, 2023 as against QR 0.068 for the same period in 2022
- The insurance company also reported a profit drop in the third quarter of 2022, compared to the same period in 2021
Economy
Iraq, Iran sign MoU to build railway track linking two nations
The railway track will connect Iran's southwestern town of Shalamcheh with Basra in Iraq in what will be the first...
- The laying of railway line has been long in the making, with two MoUs having been signed in 2011 and 2013, but the project was halted due to legal and economic problems
- Considered to be a strategic event in the region, the new MoU came about after the current governments of the two countries evinced a renewed interest in the project
Business
MENA region startup funding falls to 2018-19 levels
Factors contributing to the slowdown include the aftermath of SVB crisis, Eid and Easter holidays, and the global decrease in...
- Factors contributing to the slowdown include the aftermath of SVB crisis, Eid and Easter holidays, and the global decrease in investment in tech startups due to Ukraine war
- Despite the decline, two deals worth US$35 million each were announced in May, indicating a potential slowdown rather than a complete lack of investment in the region
Business
Dubai real estate sector strengthens on investors’ confidence
The present market conditions indicate that investing in real estate assets, especially in beachfront destinations, is opportune. These destinations are...
- Despite global crises, the emirate's thriving market, dynamic economy, favorable government policies, and robust infrastructure entice both local and international investors
- Beachfront destinations are expected to drive significant growth in the sector as the UAE's real estate serves as a hedge against inflation and a safe haven investment
Geostrategy
Jordanian-American committee discusses trade, food security
AMMAN, JORDAN - The ninth session of the Joint Jordanian-American Committee, which was held in the United States, discussed cooperation...
- The Jordanian delegation urged US investors to enhance investment in the Kingdom.
- The delegation thanked US for its continuous support to Jordan in several sectors.
Business
Poll: Competence, quality key to boost GCC logistics
The TRENDS poll highlights the need to invest in transportation infrastructure, streamline customs procedures, and improve warehousing and distribution capabilities.
- The TRENDS poll highlights the need for GCC nations to invest in transportation infrastructure, streamline customs procedures, and improve warehousing and distribution capabilities
- The UAE emerges as a leader in quality infrastructure, ranking first in the MENA region and 11th globally in the Quality Infrastructure Index for Sustainable Development, it adds
Geostrategy
Japan, South Korea eye detente as North Korea threat looms
Japan's Prime Minister Fumio Kishida said his "heart aches" for Koreans who suffered under colonialism, as Seoul and Tokyo seek...
- Tokyo and Seoul have long been at odds over historic issues linked to Japan's brutal 1910 to 1945 colonial occupation of the Korean peninsula.
- Bilateral ties were torpedoed in 2018, when South Korea's Supreme Court ordered Japanese firms to compensate the wartime victims of forced labor.
Business
Alba posts Q1 profit drop
The aluminium giant's profit fell 68% to US$126.2mn.
- The company's total equity at the end of March 2023 stood at $4.62 billion, a 5 percent drop to $4.84 billion as of December 31, 2022
- Demand for aluminium fell across the Middle East by 6 percent with Bahrain's consumption falling by 9 percent, and UAE's by 6 percent
Economy
Iran reports 32% increase in wheat output in April and May
Tehran, Iran--Iran has reported a large increase in its purchases of domestically-grown wheat in the months of April and May....
- The country's southwestern province of Khuzestan accounted for 623,000 mt of wheat supply delivered to GTC silos during the months of April and May
- The Islamic Republic purchases a big chunk of wheat from growers in the country under a program that offers them favorable prices and transportation
Business
Jordan-Iraq business forum to begin in June, seek deeper trade ties
Amman, Jordan-- Seeking to widen its economic and trade ties with Jordan, the Iraqi Business Council (IBC) will organize the...
- The forum will focus on sectors such as energy, mining, construction, IT, real estate development, finance, telecom, and industry
- Both countries seek to promote investment in several fields, establish joint partnerships, and enhance trade and investment exchange
Dubai Islamic Bank completes $1bn sovereign financing Pakistan
Dubai, UAE -- Dubai Islamic Bank (DIB) has announced the successful completion of a landmark US$1 billion syndicated term-finance facility...
Geostrategy
Company News
Latest News
Saudi Arabia leads GCC in project awards this year
The 2024 outlook for the MENA region's project market is exceptional, with an anticipated surpassing of $270 billion in value,...
Business
Norway’s sovereign wealth fund posts record US$213bn profit
Oslo, Norway - Norway's sovereign wealth fund, the world's biggest, said Tuesday it raked in a record profit of 2.2 trillion...
Business
Most Read
Business
Pfizer reports loss in Q4
The drugmaker's revenues fell 41 percent to $14.2 billion.
- The drugmaker lost $3.4 billion in the fourth quarter, compared with profits of $5.0 billion in the year-ago period
- Pfizer reiterated its 2024 revenue forecast of $58.5-$61.5 billion after 2023 revenues came in at $58.5 billion
Business
Oman and Etihad Rail Co, Al Jazeera Steel sign MoU for raw materials
Sohar, Oman -- Oman and Etihad Rail Company (OER), the developer and operator of the UAE-Oman Rail Network, and Al...
- Under the terms of the agreement, OER will leverage the UAE-Oman Rail Network to support Al Jazeera Steel in optimizing inbound and outbound logistics from its factories in Oman.
- Once fully operational, the UAE-Oman Rail Network will unlock efficiency in freight movement by reducing travel time between both countries.
Business
Ras Al Khaimah witnesses rise in issue of valid business licenses in 2023
RAS AL KHAIMAH, UAE - The economic growth of the Emirate continued to accelerate in 2023, with the Department of...
- The industrial sector in Ras Al Khaimah achieved a 5.3 percent annual growth rate in valid licence capital.
- Commercial licences experienced a 14.4 percent annual increase, bringing their total capital to $1.3 billion.