Morgan Stanley sees upswing in MENA M&A deal volumes and values
After a challenging year where M&A activity in the Middle East and North Africa took a tumble, Morgan Stanley forecasts...
Business
Edmond de Rothschild to open advisory office in Dubai
Dubai, UAE -Edmond de Rothschild Group has announced the opening of an advisory office, Edmond de Rothschild (Middle East), at...
- The Group has obtained an advisory license from the Dubai Financial Services Authority, which regulates services in DIFC
- Ali Raza Syed, Senior Executive Officer of Edmond de Rothschild (Middle East), will be leading the local office in DIFC
Business
Dubai Holding acquires the iconic The Westin Paris – Vendome
The hotel, with its ultra-prime location, is one of the most sought-after real estate assets in Paris, France.
- The hotel, with its ultra-prime location, is one of the most sought-after real estate assets in Paris, France
- The acquisition further strengthens Dubai Holding’s extensive portfolio of world-class assets in key gateway locations
Business
CBUAE revokes exchange house’s license over ‘misconduct’
Abu Dhabi, UAE -The Central Bank of the UAE (CBUAE) has revoked the licence of Dollar Exchange, an exchange house...
- The findings highlighted that the exchange house had a weak compliance framework and had failed to comply with its regulatory obligations
- The central bank, through its supervisory and regulatory mandates, works to ensure that all exchange houses, their owners and staff abide by the UAE laws
Business
Careem to end Qatar operations
The company did not offer any explanation for the decision.
- The announcement comes two months after the World Cup in Qatar, when Careem-branded vehicles transported visiting fans
- Careem was bought by Uber Technologies Inc. in 2019 for $3.1 billion, giving the US firm market dominance across the Middle East and Pakistan
Business
HelioTech, Avio Aero ink pact to develop of rotorcraft industry
The agreement was signed at the Strategic Development Fund (SDF) stand at the Tawazun Council’s chalet, on the sidelines of...
- The agreement was signed at the Strategic Development Fund (SDF) stand at the Tawazun Council’s chalet, on the sidelines of IDEX and NAVDEX 2023
- Avio Aero is one of the leading companies in the aviation industry that designs, manufactures and maintains civil and military aviation propulsion systems
Business
Twitter cuts more staff
A media report said that company has laid off 10% of its workforce.
- The fresh round of layoffs included product managers, big data experts and engineers working on machine learning and platform reliability
- Since Musk took ownership of Twitter, the platform has been riven by chaos, with mass layoffs, and the major advertisers fleeing
Business
Super-rich Russians lift UAE property market to record heights
There might be a global slowdown in the property market, but thanks to Russian buyers, the UAE, in contrast, has...
- The number of Russians who bought property in Dubai shot up by 164 percent in the first quarter of 2022.
- According to Better Homes Consulting, Russians made up the largest segment of foreign real estate buyers in Dubai last year
Infographics
Slower GCC growth expected in 2023
The region's biggest economy, Saudi Arabia, was projected to accelerate to 8.3 percent in 2022 before moderating to 3.7 percent...
- Maroun Kairouz, Director for the Middle East and North Africa (MENA) at the World Economic Forum says GCC countries would be the least affected by the recession.
- Easing of pandemic restrictions, and positive developments in the hydrocarbon market drove strong recoveries in 2021 and 2022 across the GCC, World Bank says.
Business
Military, security sector free zone set up in Tawazun Park
Abu Dhabi, UAE---Tawazun Council, the defense and security acquisitions authority for the UAE armed forces and Abu Dhabi police, has...
- The 2.8-square-kilometer zone has been established to commence operations related to defense and security industries and associated activities.
- Tawazun Industrial Park is a regional center for defense and security industries.
Business
SABIC Agri profit $2.7 bn
The net profit for the year nearly doubled compared to 2021.
- The company's sales (revenue) nearly doubled to 18.98 billion riyals in 2022 from 9.59 billion riyals the previous year.
- The increase in net profit was due to an increase in average selling prices of company's products, increase in quantities sold of company products.
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Morgan Stanley sees upswing in MENA M&A deal volumes and values
After a challenging year where M&A activity in the Middle East and North Africa took a tumble, Morgan Stanley forecasts...
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Makeen, Rolls-Royce forge partnership
They will manufacture, test, sell and service mtu engines in Saudi.
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Qatar’s foreign merchandise trade surplus $4.58 billion in Nov 2023
Doha, Qatar -- Qatar's foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus...
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PGA works to extend ‘active and productive’ Saudi merger talks
An update on the PGA Tour website regarding talks said the memo, which reportedly was obtained by The Golf Channel...
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Visitors flock to Sheikh Zayed Festival, boosting exhibitors’ sales
Abu Dhabi, UAE--Sheikh Zayed Festival is witnessing a large public turnout from citizens, residents and tourists from all over the...
- The Heritage Village saw a huge crowd of visitors buying products made by Emirati families, boosting the businesses and industries
- Visitors can avail discounts on a wide range of products across all pavilions and sections, in addition to having new food experiences
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UAE announces reduction in fuel prices for January
ABU DHABI, UAE - The prices of petrol and diesel are set to decrease in the country in January following...
- This change reflects a continuous trend observed in the fuel prices over the past few months.
- September and October witnessing increases and November and December seeing reductions.
YEARBOOK 2023
From climate action to global aid: Inside UAE’s remarkable year
Abu Dhabi, UAE -- The UAE is bidding farewell to 2023, dubbed the ‘Year of Sustainability'. From hosting the relatively...
- UAE launched ALTÉRRA, the world’s largest private investment climate action vehicle, aimed at raising and mobilizing an additional $250bn for climate action.
- Despite global headwinds, CBUAE projects 3.3 percent year-on-year growth projected for the UAE economy in 2024.