Why investors rush to gold in uncertain economic times?
London, United Kingdom -- Why do investors flock to gold when economic times turn tough? As the precious metal reaches...
Business
47 global firms interested in developing 7th phase of Al Maktoum solar park
Dubai, UAE --Â A total of 47 international companies have shown interest in developing the seventh phase of the Mohammed bin...
Business
Business
Tadweer added to ADQ’s portfolio
Tadweer's full share ownership was transferred to ADQ.
- Tadweer is the sole custodian of waste management for the emirate of Abu Dhabi.
- ADQ’s energy and utilities portfolio also includes Abu Dhabi National Energy Company (TAQA), Emirates Nuclear Energy Corporation (ENEC).
Business
Ardian, Mubadala Capital announce $2.1bn private equity partnership
New York, USA - Ardian, a world leading private investment house, and Mubadala Capital, the asset management arm of Mubadala...
- The two companies have built a strong relationship since forming a successful initial partnership in 2017
- They have curated a portfolio of ten limited partnership interests with a leading group of General Partners predominantly in North America and Europe
Market Report
Stocks sink globally as central banks hike rates, data fan recession fears
Global stocks sank as central banks hiked interest rates again and signaled they needed to go higher to tame inflation....
- ECB president Christine Lagarde warned that inflation in the 19-nation eurozone was still "far too high" and more action needed to be taken.
- The world's major central banks are seeking to dampen red-hot inflation.
Business
Europe’s biggest oil field hikes production, to provide 7% of continent’s demand
Located in the Norwegian waters of the North Sea, the Johan Sverdrup field which until now pumped some 535,000 barrels...
- The field, which is believed to hold 2.7 billion barrels of recoverable oil equivalent, will represent about a third of Norway's total oil production.
- Equinor owns 42.6 percent of the Johan Sverdrup field, alongside Norway's Aker BP (31.6 percent) and Petoro (17.4 percent), while France's TotalEnergies owns 8.4 percent.
Economy
US industrial output decreases in November
Industrial production in the US slumped in November with "broad based" decreases, the Federal Reserve said, as output for bigger-ticket...
- The Fed has raised its benchmark lending rate seven times this year in an effort to cool the world's biggest economy.
- Total output dropped 0.2 percent in November, with the first decline in months defying analysts' expectations of an uptick, according to Fed data.
Business
AMEA Power wins bid
The company will build a 120MW solar project in South Africa.
- The Doornhoek PV Project will sell electricity to the state utility, Eskom, under a 20-year Power Purchase Agreement.
- AMEA Power is the majority shareholder in the $120 million project and has partnered with a consortium wholly owned by African women.
Business
King Khalid airport best performer in Nov in high passenger rush category
.Riyadh, Saudi Arabia---Saudi Arabia’s General Authority of Civil Aviation issued its monthly report on the performance of the kingdom’s international...
- Saudi Arabia’s General Authority of Civil Aviation issued its monthly report on the performance of the kingdom’s international and domestic airports for the month of November 2022.
- The performance is based on 14 basic criteria such as waiting time at customs, baggage and passport control.
Business
ECI inks MoU with RAKEZ to help Ras Al Khaimah’s non-oil trade
DUBAI, UAE - Etihad Credit Insurance (ECI), the UAE Federal export credit company, signed an MoU with Ras Al Khaimah...
- ECI to provide RAKEZ members access to flexible state-backed trade finance support.
- As of November 2022, ECI has facilitated US$71 million worth of secured non-oil trade for businesses operating in Ras Al Khaimah.
Business
Boursa Kuwait, Tadawul sign pact
The deal is expected to boost capital markets in the region.
- The deal will help cross-listing of companies on both exchanges as they will look to synergize their efforts in the areas of financial literacy
- Boursa Kuwait CEO said the signing of the MoU is an indication of their long-term partnership to develop the market and enhance the investment environment across the region
Business
Altawkilat, Saudi auto distributor expanding into UAE
ALTAWKILAT is one of the largest automotive distributors in Saudi, with over 75 years of experience.
- ALTAWKILAT is one of the largest automotive distributors in Saudi, with over 75 years of experience
- It will open its first facility in Abu Dhabi in January 2023, followed by Dubai and Sharjah
Why investors rush to gold in uncertain economic times?
London, United Kingdom -- Why do investors flock to gold when economic times turn tough? As the precious metal reaches...
Business
Company News
Arab Bank posts net profit
Business
Elm net profit up 43%
Business
Latest News
Deyaar, Arady Properties sign MoU
Deyaar is a leading real estate developer in Dubai.
Qatar’s customs and tax departments link up e-services to ‘facilitate’ business
Doha, Qatar--The General Authority of Customs and the General Tax Authority have announced the launch of the interconnection between their...
Business
Qatar expects a decrease in inflation next year
Doha, Qatar-- Inflation in Qatar is expected to fall in 2024, according to Ali bin Ahmed Al Kuwari, the Minister...
Economy
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Business
‘Diverse economic needs boost global sukuk market’
"Rising rates negatively impact global issuances of sukuk, thereby affecting the global sukuk market. This reduces the appetite of global...
- The Sukuk market is projected to reach $823.4 billion by Q3-2023, reflecting a significant 9.8% annual growth, indicating its continued expansion.
- Sukuk adoption is driven by factors such as filling budget gaps, diversifying funding sources, and establishing flexible financial tools for economic stability.
Economy
UAE best performing economy in Arab region, says Arab Monetary Fund
Abu Dhabi, UAE - The United Arab Emirates was named the most economically competitive nation in the Arab world, a...
- The report noted the UAE secured the top position in the government financial sector index, ranking first in the deficit/surplus to GDP ratio and second in the tax burden index
- The UAE also topped the infrastructure sector index, leading in mobile phone subscriptions and the percentage of the population with access to electricity
Business
China’s BYD to manufacture cars in Hungary
BYD already has operations in Hungary, including an electric bus factory.
- "BYD is set to build its first passenger car factory in Szeged, Hungary, marking a significant step toward green mobility in Europe," BYD Europe said on X.
- Originally specializing in battery production, BYD moved into the automotive sector in 2003 and has since become a heavyweight in electric vehicle (EV) production.