Abu Dhabi records $2.88 billion in real estate transactions in January
Abu Dhabi, UAE -- Abu Dhabi’s real estate market recorded AED10.6 billion in transactions in January, totaling 2,514 property deals....
Business
Readying for jobs of tomorrow: WEF’s Till Leopold stresses upskilling
Davos, Switzerland -- In the next five years, millions of jobs will be created. Governments, employers, and education institutions, therefore,...
World Economic Forum
Business
Phone firms set for annual meet in shadow of global slump
Barcelona, Spain--The big beasts of the telecom industry will gather in Barcelona on Monday for their most important annual get-together,...
- In total, the four-day show would host almost 750 operators and manufacturers and 2,000 exhibitors.
- A hugely popular idea for many at the show is to force the owners of bandwidth-hungry platforms like YouTube, Netflix and Facebook to pay network operators a "fair share".
Business
ADNOC Gas increases IPO size to $2.5 billion on high investor demand
ADNOC Gas said that ADNOC will now offer 3.83 billion shares, equivalent to approximately 5 percent of ADNOC's total issued...
- Khaled Al Zaabi, Group CFO of ADNOC, said the IPO of ADNOC Gas is set to be the largest-ever market debut on the Abu Dhabi Exchange to date.
- The subscription period for the offering is unchanged and will continue until March 1, as part of a UAE public offering to individuals and other investors in the UAE.
Business
Saudi-Croatia businesses to establish a joint business council
President of the Saudi Chambers Al-Huwaizi revealed that the size of trade exchange between the two countries has grown at...
- This was decided during a meeting between Croatia's former President Kolinda Grabar-Kitarović and her accompanying delegation on Sunday with Saudi business representatives
- President of the Saudi Chambers Al-Huwaizi revealed that the size of trade exchange between the two countries has grown at a rate of 198 percent to $146 million in 2021
Business
Mawani sanctions five new services, links up 43 international ports
Riyadh, Saudi Arabia--The Saudi Ports Authority, also known as Mawani, has sanctioned five new shipping services that will link up the Kingdom with 43 international...
- According to reports, the five new services are projected to support commercial traffic, strengthen the national imports and exports system
- The five new services are dispersed across three ports namely, Jeddah Islamic Port, King Abdulaziz Port in Dammam, and Jubail Commercial Port
Geostrategy
Jordan Senate Chairman, French senate vice-president discuss bilateral ties
AMMAN, JORDAN - Chairman of the Jordan Senate's Committee for Arab, International Affairs and Expatriates Hani Mulki, on Sunday discussed...
- The two leaders also discussed political changes in the surrounding countries following Arab Spring.
- The French leader said her country is looking forward to strengthening relations and partnerships.
Business
Jordan, UAE, Egypt, Bahrain announce joint industrial projects totaling $2bn
Jordan, the United Arab Emirates, Egypt and Bahrain announced the signing of 12 agreements and partnerships worth over US$2 billion...
- The projects are expected to generate 13,000 direct and indirect job opportunities and add US$1.6 billion to the GDPs of the four countries.
- Jordan Minister Yousef Shamali opened the meetings by praising the partnership as a model of a coordinated Arab effort.
Business
Dubai records 35 percent rise in public transport use in 2022: RTA
Dubai, UAE--Dubai has recorded a 35 percent increase in the number of people using public transport like metro, tram, buses,...
- About 1.7 million people rode public transport, shared mobility and taxis daily in 2022 compared to 1.3 million riders in 2021.
- Dubai Metro achieved the largest percentage of the public transport, shared transport and taxis ridership of 36 percent in 2022.
Business
SAIF Zone Al Ansari Exchange ink pact, offer new payment service
SHARJAH, UAE - The Sharjah Airport International Free Zone (SAIF Zone) has signed a cooperation agreement with Al Ansari Exchange,...
- The pact will allow SAIF Zone’s investors and clients to pay fees at any of Al Ansari Exchange's over 230 branches across the UAE.
- The signing ceremony was attended by a number of managers and senior officials from both sides.
Business
Qatar Central Bank issues $274 million treasury bills for a week
Doha, Qatar-- Qatar Central Bank (QCB) issued treasury bills worth QR 1 billion ($274 million) for a one-week term in...
- Treasury bills are issued through auction for banks operating in Qatar to control liquidity rates and money supplies in the market.
- In November last year, the bank issued Treasury Bills and Sukuk for periods of one week, one month, three, six and nine months worth $1.6 billion.
Business
Masdar unveils 200MW Solar Park in Jordan
Amman, Jordan - The Baynouna Solar Energy Company (BSCE), a joint venture between the UAE’s world-leading renewable energy company, Masdar,...
- The Baynouna Solar Park produces over 560 gigawatt-hours (GWh) of energy annually – enough to power 160,000 homes
- The plant also displaces 360,000 tons of carbon dioxide per year, equivalent to taking nearly 80,000 cars off the road.
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Abu Dhabi records $2.88 billion in real estate transactions in January
Abu Dhabi, UAE -- Abu Dhabi’s real estate market recorded AED10.6 billion in transactions in January, totaling 2,514 property deals....
Business
Company News
Burgan Bank Sells 52% stake
Business
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Iran-Azerbaijan trade registers 46 percent jump in 2022
Tehran, Iran-- Trade between Iran and Azerbaijan has registered a 46 percent jump in 2022, according to the deputy prime...
Business
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...
Business
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...
Business
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Business
45 percent of Saudi employees work over 40 hours per week
Riyadh, Saudi Arabia -- Nearly 45.8 percent of employees in Saudi Arabia work more than 40 hours per week and...
- Figures also show that 46.6 percent of employees have received training on health and safety procedures, and 48.7 percent have health and safety departments in their workplace.
- Data also shows that 7.8 percent of employees deal directly or indirectly with chemicals, medical waste, radioactive materials or toxic gases.
Business
Bank takes over Amiantit subsidiary
The bank will absolve Amiantit of all its financial obligations.
- The debt being cleared constitutes approximately 50 percent of the total liabilities that Amiantit owes to various banks.
- Preliminary estimates suggest the company will recognize profits worth US$128 million as a result of this settlement.
Geostrategy
Maersk halts ships’ transit via Red Sea strait for 48 hours
COPENHAGEN, DENMARK - Shipping giant Maersk said on Sunday it was suspending the passage of vessels through a key Red Sea...
- The Maersk Hangzhou, a Singapore-flagged, Denmark-owned container vessel reported being struck by a missile while transiting the Bab al-Mandab Strait.
- It appeared to be undamaged in that attack and "was able to continue its transit north", said Maersk, one of the world's largest shipping companies.