New-Age Growth Comes Home to the GCC
The region, fueled by ambition and massive investment, is rapidly advancing in technology and infrastructure, aiming to secure a leading...
Opinion
Abu Dhabi real estate transactions reach $4.69bn in Jan, Feb 2025
Abu Dhabi, UAE -- Real estate transactions in Abu Dhabi reached AED17.24 billion ($4.69 billion) in the first two months...
Business
Business
Saudi Arabia 60 percent self-sufficient in mango production
Dubai, UAE – Saudi Arabia has achieved 60 percent self-sufficiency in the production of mangoes in the kingdom, producing more...
- The kingdom produced more than 88000 tons of mangoes on more than 6880 hectares of land, the Ministry of Environment, Water and Agriculture said.
- More than 20 varieties of mango are produced during the growing season from April to August, which include Tommy Atkins, Kate, Kent, Alphonso.
Business
Oman issues order to regulate consumer cooperatives
MUSCAT, OMAN - Oman Ministry of Commerce, Industry and Investment Promotion on Sunday issued an order to regulate the activities...
- The order aims at promoting Omani products, establishing new supply chains, supporting national industries.
- The ministry pointed out that consumer cooperatives operate under a legal framework to sell goods.
Business
Ras Al Khaimah Economic Zone attracts 1,839 companies in Q1
Ras Al Khaimah, UAE--Ras Al Khaimah Economic Zone (RAKEZ) brought in 1,839 new companies in the first quarter of 2023,...
- RAKEZ CEO said the reason companies choose the zone was because of its innovative business solutions and aiding enterprises of diverse types
- The economic zone also posted high growth in sectors like services, e-commerce, and media companies, highlighting its diverse business landscape
Business
Women leaders ‘just as competent as men’
Creating an environment conducive to growth for women is no longer a nice-to-have but simply good business sense, says Sahar...
- Sahar Haidar, Director of Global Operations at Amana, highlights the competence of women leaders in male-dominated fields.
- Haidar emphasizes the importance of mentorship and creating supportive environments for women in the workforce.
Business
SDF signs $240m loan pact for Pakistan hydropower project
Dubai, UAE -- The Saudi Fund for Development (SFD) has signed a US$240 million loan agreement to support Pakistan's Mohmand...
- The project is co-financed by the Saudi Fund for Development, OPEC, Islamic Development Bank, and the Kuwait Fund for Arab Economic Development.
- By using renewable energy sources, the project will generate 800 MW of electricity production capacity.
Business
$124m plot of land among $2.83bn weekly realty deals in Dubai
Dubai, UAE – A plot of land that sold for AED456.25 million ($124.23 million) in Business Bay was the most...
- The Dubai Land Department said in its weekly report that 222 plots were sold for AED1.8 billion and 2,086 apartments and villas were sold for AED4.56 billion.
- Al Hebiah Fifth recorded the most transactions for this week with 93 sales transactions worth AED246.61 million.
Economy
US hiring eases in March as economy shows signs of cooling
US job gains eased in March for a second straight month, government data showed, adding to signs that the economy...
- The figures could bring some relief to policymakers who have been battling to rein in stubborn inflation.
- To ease demand, the Federal Reserve has lifted the benchmark lending rate nine times since early last year.
Economy
World food prices fall for 12 consecutive months, says UN
World food prices are still high but have fallen by a fifth compared to a year ago when prices soared...
- FAO said the fall in benchmark prices was "driven by declines in world quotations for cereals and vegetable oils."
- The UN agency added that food remained expensive for developing countries highly dependent on imports.
Business
Number of SMEs in UAE reaches 557,000 by end of 2022: Minister
Dubai, UAE -- A total of 557,000 small and medium enterprises (SMEs) were operating in the UAE at the end...
- Minister of Economy Abdullah bin Touq Al Marri said the number was in line with UAE’s ambitious plan to achieving 1 million SMEs by the end of 2030.
- The UAE banks provided AED 83.3 billion ($23 billion) in financial facilities to small and medium-sized enterprises in 2022.
Business
Al Ansari lists on DFM
The group raised $210m through the sale of 750 million shares.
- The group successfully raised $210 million)through the sale of 750 million shares for AED1.03
- The IPO was met with strong demand from investors, with the offering oversubscribed 22 times
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
New-Age Growth Comes Home to the GCC
The region, fueled by ambition and massive investment, is rapidly advancing in technology and infrastructure, aiming to secure a leading...
Opinion
Company News
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Beltone 9M net profit at $2.7m
Business
EU court’s adviser says $2.6bn fine on Google be upheld
Google suffered a legal blow at the European Court of Justice when the body's adviser recommended that a US$2.6 billion...
Business
Borouge signs supply agreement
The two-year agreement is worth AED 160 million ($43.56 million).
Business
FAB issues first Sukuk globally in 2024
ABU DHABI, UAE - First Abu Dhabi Bank (FAB) has issued a five-year US$800 million Sukuk at US Treasury +85bps,...
Business
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Amazon cuts hundreds of jobs
The cull will reach 27,000 positions across the company.
- Amazon said it was slashing hundreds of staff in its entertainment division, targeting both movie streaming service Prime Video and Amazon MGM Studio
- The cull comes as part of Amazon's biggest ever job cutting plan launched last year, which it said will reach 27,000 positions across the company
Business
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,...
- ADX's market capitalization surged to US$803.4 billion and DFM's value jumped to $187.2 billion
- Saudi Arabia's stock exchange posted $368.2bn in gains, sendings it market capitalization up to $3trn
Business
Uber, Kia sign EV partnership
It is aimed at "enhancing electric vehicle offerings".
- Uber and Kia said they are committed to "collaborate on Kia's planned development and deployment" of its new series of electric vehicles
- The partnership of the two companies is aimed at "enhancing electric vehicle offerings available on Uber's mobility platform," they said