UAE announces top-up tax for multinational enterprises
Abu Dhabi, UAE - The Ministry of Finance has announced the issuance of Cabinet Decision No. 142 of 2024 on...
Business
Dubai airport clocks record 92.3 million passengers
A record 92.3 million passengers travelled through Dubai's international airport last year, its operator said on Thursday, extending a post-pandemic...
Business
US closes SVB in biggest collapse since 2008
The move sends sent global banking shares sputtering, as markets fretted over possible contagion from America's biggest banking failure since...
- The move sends sent global banking shares sputtering, as markets fretted over possible contagion from America's biggest banking failure since the 2008 financial crisis
- SVB specialized in financing start-ups and had become the 16th largest US bank by assets. At the end of 2022, it had $209bn in assets and approximately $175.4bn in deposits
Business
Weeklong real estate deals worth $3.51 billion recorded in Dubai
Dubai, UAE -- Dubai recorded a total of 3,332 real estate transactions worth AED 12.9 billion ($3.51 billion) during the...
- A Dubai Land Department report said that 274 plots were sold for AED 3.17 billion, while 2,370 apartment and villa sales totaled AED 4.93 billion.
- Al Hebiah Fifth recorded the most transactions for this week with 117 sales transactions worth AED 320.97 million, followed by Jabal Ali First.
Business
Masdar, Cote d’lvoire to develop 70MW solar power plant
Abu Dhabi, UAE -- Masdar has signed an agreement with the Cote d'lvoire's energy ministry to explore the development of...
- The agreements were signed under the umbrella of the Etihad 7 initiative, a UAE-led program that aims to build 20GW renewable energy in Africa.
- The plant would support the Republic of Côte d'Ivoire’s goal of 42 percent of its energy mix coming from renewable sources by 2030.
Business
Mohamed bin Zayed issues law to establish Abu Dhabi Transport Company
ABU DHABI, UAE - In his capacity as the Ruler of Abu Dhabi, President Sheikh Mohamed bin Zayed Al Nahyan...
- An affiliate of the Supreme Council for Financial and Economic Affairs, the company will support the emirate’s integrated transport ecosystem.
- It will develop transport systems, and contributing to effective and sustainable transport services for citizens and residents.
Business
QCB issues treasury bills worth $832m for up to nine months
Doha, Qatar -- Qatar Central Bank (QCB) has issued treasury bills worth QR 3 billion ($832 million), attracting a total...
- One of bills, valued QR 1 billion had a tenor of one week and a yield of 5.005 percent.
- The bank issued treasury bills worth $274 million for a one-week term on Feb 26.
Business
Saudi Arabia meet discusses upcoming GCC-UK free trade negotiations
Riyadh, Saudi Arabia -- A meeting was held in Riyadh Thursday to prepare for holding the third round of free...
- The negotiations are scheduled to take place from March 12 to March 16, 2023, at the GCC General Secretariat headquarters in Riyadh.
- The meeting was attended by the heads of negotiating technical teams, directors of departments, and coordinators of technical teams.
Business
Credit Suisse delays yearly report
Delay has had no effect on its annual financial statement.
- The publication of the yearly report which includes information about the company's functioning, was due on Thursday
- The bank had reported a net loss of 7.3bn Swiss francs ($7.9 billion) - the biggest since 2008, in its 2022 financial statement
Business
Aramco’s $7 billion petrochemical project breaks ground in South Korea
Dubai, UAE -- Saudi energy giant Aramco broke ground for its 26.25-billion-riyal ($7 billion) Shaheen Petrochemical Project, its biggest in...
- Scheduled for completion by 2026, the Shaheen project is aimed at converting crude oil into petrochemical feedstock.
- With an annual production capacity of up to 3.2 million tons, Shaeen is Aramco's biggest project in South Korea.
Market Report
Global stocks mixed as markets await US jobs data
Wall Street rose but European stock markets fell as investors brace for US jobs data that they fear could prompt...
- The US Federal Reserve raised rates by a quarter basis point in December, lower than previous decisions.
- European wholesale natural gas prices dived to the lowest level since August 2021, due to high storage levels.
Business
Villas, apartments form bulk of $490m realty deals in Dubai
Dubai, UAE -- Dubai real estate market recorded deals worth AED1.8 billion ($490 million) on Thursday, Dubai Land Department said....
- The deals included 502 sales transactions worth AED1.2 billion, in addition to 98 mortgage deals of AED388.51 million.
- Mortgages included 76 villas and apartments worth AED182.63 million and 22 land plots valued at AED205.88 million.
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UAE announces top-up tax for multinational enterprises
Abu Dhabi, UAE - The Ministry of Finance has announced the issuance of Cabinet Decision No. 142 of 2024 on...
Business
Company News
Alstom to cut 1500 jobs
Business
ADNIC reports $82m profit
Business
Latest News
Most owners holding on to Burj Khalifa homes longer: Report
Dubai, UAE -- The total number of homes available for sale in Dubai’s Burj Khalifa declined by 52 percent during...
Business
ROSHN recognized as best place to work in Saudi Arabia for 2023
Riyadh, Saudi Arabia -- ROSHN Group has been recently recognized as "The Best Place to Work in Saudi Arabia" for...
Saudi Ports Authority invests US$3.46bn in maritime and logistics sectors
Riyadh, Saudi Arabia-- The Saudi Ports Authority also known as Mawani strengthened the maritime and logistics sectors with an investment...
Business
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Business
Qatari exports to clients surge in 2023 to US$412m: Tasdeer
Doha, Qatar--The Qatar Development Bank's Export Development and Promotion Agency (Tasdeer), a subsidiary of the Qatar Development Bank, announced an...
- According to the agency, some 260 Qatari exporters and 130 companies took part in eight international exhibitions during the past year
- The trade missions undertaken by Qatari companies to Iraq and India generated deals worth approximately $57.41m and $31.31m respectively
Business
‘AD Ports redefines future of maritime and logistics’
"Our achievements demonstrate that traditional approaches no longer suffice in the rapidly evolving global market. We have embraced change, not...
- In 2023, AD Ports Group achieved a 116% revenue surge and expanded globally, notably through the strategic acquisition of Noatum, enhancing its global market presence.
- The group's expansion into African markets with a 30-year concession in Congo and a US$2 billion corporate facility agreement underscore its strong financial standing.
Business
Dragon Oil starts oil production
The Al Wasl field is its first oil discovery in Egypt.
- Dragon Oil discovered the Al Wasl field, “North Safa” in 2021, making it the largest oil discovery in the Gulf of Suez region during the last twenty years
- The oil company will begin setting up a new offshore production platform, extending a production line and an electricity line to operate oil pumps