Bank credit to Saudi public and private sectors up by $105 billion: SAMA
Riyadh, Saudi Arabia -- Total bank credit granted to the public and private sectors in Saudi Arabia reached its highest...
Business
Ajman real estate transactions reach $560 million in March
Ajman, UAE --Â Real estate transactions in Ajman reached AED 2.06 billion ($560 million) in March 2025, marking a significant...
Business
Business
Dubai records over $408 million in realty transactions Monday
Dubai, UAE----Dubai real estate market recorded deals worth AED1.5 billion ($408 million) on Monday, Dubai Land Department said. The deals...
- The deals included 515 sales transactions worth AED1.44 billion and 19 gift deals amounting to AED137.87 million.
- The sales included 483 villas and apartments worth AED1.14 billion, and 32 land plots worth AED299.29 million.
Business
Elon Musk says close to 100 Starlinks ‘active’ in Iran
San Francisco, United States--Nearly 100 Starlink internet terminals are currently operating in Iran, SpaceX chief Elon Musk said Monday. The tycoon...
- Musk had promised to bring the satellite internet network to the country in September as Iranian authorities imposed increasingly severe access restrictions
- Iranians have long used VPNs to access sites blocked in Iran -- even the foreign minister has Twitter account despite the network being blocked in the country
Business
Saudi EXIM signs deal with MITSUI
The deal allows for joint cooperation between the two.
- The agreement will allow the two parties to benefit from their potential, and to provide credit solutions that support the export activities of Saudi non-oil goods and services
- General Manager of MITSUI & CO., MIDDLE EAST LTD, praised this cooperation, which opens new windows for cooperation with the Saudi EXIM Bank
Business
Dubai Chamber unveils fintech, payments business group
Dubai, UAE-- Dubai Chamber of Commerce has unveiled a new financial technology (fintech) and payments business group to join the...
- The launch of the new business group is part of the chamber’s plans to increase the number of business groups that represent economic sectors and activities in Dubai
- The fintech and payments business group will focus on ways to adopt the highest standards in providing businesses financial services and payment solutions
YEARBOOK 2023
Sustainable digital shift in GCC need of the hour
Sustainability remains key focus as the UAE and Saudi Arabia speed up digitalization, which has been the fundamental pillar of...
- Gartner expects that by 2025, 50 percent of chief information officers (CIOs) will have performance metrics tied to the sustainability of the IT organization.
- In the Arab Gulf, national economic visions aimed at alleviating petrochemical dependence have put renewable energy sources front and center.
Business
UAE announces inclusion of Creative Zone in NextGenFDI initiative
ABU DHABI, UAE - The Ministry of Economy has announced that Creative Zone, one of the UAE's largest consulting and...
- The NextGenFDI program, which was launched in July 2022, aims to attract digitally-advanced companies to the UAE.
- NextGenFDI includes fast business licensing, group visa issuance, fast access to banking facilities, as well as access to educational and cloud services.
Business
Groundbreaking of integrated 450,000-sqm Metal Park held in KEZAD
Abu Dhabi, UAE-- The ground breaking of a 450,000 sqm integrated Metal Park in Abu Dhabi was attended by senior...
- The Metal Park Investment ME's Park will be equipped with state-of-the-art facilities to support storage and handling.
- Membership will enable Metal Park Investment ME LTD’s clients to adapt to market demand without infrastructure constraints.
Economy
Dubai Land Department launches its strategic plan 2026
DUBAI, UAE : The Dubai Land Department (DLD) launched its new strategic plan and vision, shaping the features and landmarks...
- The new strategic plan is in line with the national agenda to build a better economy.
- DLD has a mission of enabling the real estate community by providing seamless services, effective legislation and integrated data.
Business
DEWA’s hydroelectric power plant in Hatta is 59 percent complete
DUBAI, UAE -Â The Dubai Electricity and Water Authority (DEWA) under-construction pumped-storage hydroelectric power plant site in Hatta is 58.48...
- This is the first station of its kind in the GCC, with investments of up to US$387 million.
- The power plant will have a production capacity of 250 megawatts, a storage capacity of 1,500 megawatt-hours.
Business
ACWA Power seals $2.4 bn deal
The firm signed PPA with the National Electric Grid of Uzbekistan.
- ACWA Power purchased three wind power special purpose vehicles (SPVs) to establish a 1.50-gigawatt (GW) wind farm in Kungrad.
- Upon implementation, the new wind farm is expected to offset 2.40 million tons of carbon emissions annually and power 1.65 million households.
Bank credit to Saudi public and private sectors up by $105 billion: SAMA
Riyadh, Saudi Arabia -- Total bank credit granted to the public and private sectors in Saudi Arabia reached its highest...
Business
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Maaden posts net loss in Q3
Business
NMDC, AD Ports Group ink MoU
Business
Saudi Arabia to launch 35 renewable energy projects in 2024: Minister
Riyadh, Saudi Arabia -- Saudi Ministry of Industry and Mineral Resources is set to launch nearly 35 renewable energy projects...
Business
Aramco, Intel to set up Saudi Arabia’s first open RAN center
Riyadh, Saudi Arabia -- Aramco Digital Co. and Intel have unveiled plans to establish Saudi Arabia’s first open radio access...
Business
Saudi Chemical Co announces dividend
The company will distribute $11,385,120 to its shareholders.
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Business
Empower, ASHRAE form alliance
They partnered to lead global expansion of the cooling sector.
- The talks touched on improving energy efficiency within the cooling and heating sector, underscoring the importance of shared knowledge
- One of the results that came out of the meeting was the agreement to develop a standardized District Cooling Guide applicable in various countries
Business
DEWA awards pipeline contract
The US$3m-contract is for the laying of GRE pipes in Hatta.
- The contract is part of the pumped-storage hydroelectric power plant that DEWA is currently constructing in Hatta, a first of its kind in the GCC
- The CEO of DEWA said the project supports the plan to develop Hatta and address its social, economic and environmental requirements
Business
GIB, KSA wrap up Sukuk debut
Gulf International Bank is a merchant bank in the Middle East
- The bank’s Sukuk programme is aligned with its strategic objectives to facilitate balance sheet growth and contribute to the realization of the national economic objectives
- GIB Capital’s CEO Osamah Shaker said that the bank is delighted to act as the sole arranger for the establishment of the Sukuk Programme and the Bank’s debut issuance