US stocks open mixed ahead post fresh economic data
New York, US- Wall Street stocks saw a mixed start to Thursday, as traders digested the latest economic data ahead of...
Market Report
China’s Xiaomi to enter EV market
China's EV sector has grown rapidly in recent years.
Business
ADNOC to supply natural gas to Dubai for clean energy transition
ADNOC says domestically produced natural gas is more commercially competitive compared to imported coal or gas and it will support...
- The natural gas will be used to generate electricity at Dubai Electricity and Water Authority (DEWA)’s Independent Power Producer Hassyan Power Complex.
- The Complex was initially built to operate full-time at full load on both natural gas or clean coal but has been transformed to run only on natural gas.
Geostrategy
Ajman Chamber, Russian delegation discuss trade ties
The Chairman of the Ajman Chamber of Commerce and Industry (ACCI) recently received an economic delegation from the Russian Federation...
- ACCI Chairman highlighted investment opportunities in the real estate, building and construction sectors to the Russian delegation.
- The Chairman stressed Ajman Chamber's keenness to develop economic ties and attract investors to the emirate.
Business
Qatar Central Bank’s foreign currency reserves rise to $59bn in August
Official reserves consist of four main components: foreign bonds and treasury bills, cash balances with foreign banks, gold holdings, special...
- Official reserves consist of four main components: foreign bonds and treasury bills, cash balances with foreign banks, gold holdings and special drawing rights deposits.
- In addition to the official reserves, other liquid assets are in foreign currency deposits and the two together constitute what is known as "total international reserves".
Business
ADNEC adopts new corporate identity to support economic diversification
A global hub for major events, ADNEC centre has infrastructure, flexible teams and facilities to provide key services through a...
- A global hub for major events, ADNEC centre has infrastructure, flexible teams and facilities to provide key services through a number of companies
- ADNEC Group encompasses a number of specialised companies that synergistically operate in six main business sectors
Business
Abu Dhabi-based firm GAAC to handle air traffic in Afghanistan
Kabul, Afghanistan - A United Arab Emirates firm signed a contract with Afghanistan on Thursday to manage air traffic across...
- The contract is part of more than $300 million that Abu Dhabi based GAAC aims to invest in Afghanistan over a 10-year period to develop its aviation sector.
- The deal allows GAAC to "operationalize airspace to allow the passage of international carriers", the company's regional head Ibrahim Moarafi said.
Business
ADCB green bond raises $500m
The debut bond that will be issued on 14 Sept was oversubscribed 3.8 times.
- The bond was 3.8 times oversubscribed after attracting local, regional, and international investors that placed total orders of over $1.9 billion.
- The bank said it has embedded ESG into its corporate strategy and has aligned its sustainability approach to the UAE’s ambitions for an inclusive, net-zero economy.
Business
Real estate transactions worth US$544m at Sharjah in August
Real estate transactions in the Emirate of Sharjah totaled US$544 million (AED 2 billion) in August 2022, according to the...
- The total number of transactions according to SRERD records, during the past month amounted to 2,409.
- Mortgage transactions amounted to 303, which is 12.6 percent of the total transactions, with a value exceeding $193 million.
Business
DEWA programs prepare Emiratis to join the organization
Dubai Electricity and Water Authority is committed to promoting Emiratization in its various divisions by adopting an integrated strategy to...
- The MD & CEO of DEWA said that the percentage of Emiratization at DEWA has reached 88.14 percent in senior management.
- DEWA has launched several pioneering projects and programs for the employment of Emiratis.
Business
Louvre Abu Dhabi, NYUAD sign collaboration agreement in key areas
Abu Dhabi, UAE -- Louvre Abu Dhabi and New York University Abu Dhabi (NYUAD) signed an MoU to collaborate in areas...
- The MoU involves exchanges among faculty, staff, and students through programmes, events, and research projects and mutual access to institutional facilities.
- The two institutions have collaborated on Reframing Museums, a live, virtual symposium on the challenges and responsibilities facing museums in the light of Covid pandemic.
Economy
UAE stocks post gain of US$2.72bn in market cap
The UAE financial markets on Wednesday posted gains of over US$2.72 billion (AED10.billion) in market cap driven by upbeat sentiments...
- The UAE financial markets on Wednesday posted gains of over US$2.72 billion (AED10.billion) in market cap driven by upbeat sentiments.
- Abu Dhabi index (FTFADGI) rose 0.566 percent to 9,717.38 points while Dubai General Index (DFMGI) slid 0.406 percent to 3,382.31 points.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
US stocks open mixed ahead post fresh economic data
New York, US- Wall Street stocks saw a mixed start to Thursday, as traders digested the latest economic data ahead of...
Market Report
Company News
Enbridge inks $14bn pact
Business
Latest News
ADCB prices $650m green bond
Business
UBS posts bigger loss
Last year, the bank took over its Swiss rival Credit Suisse.
Saudi Real Estate Market records transactions worth $14.92bn
Riyadh, Saudi Arabia -- More than 70,000 transactions worth SAR 56 billion ($14.92 billion) have been conducted on Saudi Arabia's...
Business
Batelco launches mobile peering service in MENA region
Manama, Bahrain - Batelco, part of the Beyon Group, announces its latest service “Mobile Peering” for members of the platform....
Business
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Business
Agthia Group revenue soars
It posted an 11% jump in net revenue to US$890 million.
- Its net profit jumped 12.7% year-on-year to $56 million, with the faster rate of growth relative to revenue reflecting EBITDA margin expansion
- The company holds cash and equivalents of $136 million with net debt to EBITDA ratio of 1.4x (net debt of $245 million) down from 2.3x
Business
COP28 huge moment for world and UAE: UK Economic Secretary to Treasury
Dubai, UAE-- Describing the COP28 as a huge moment for the world and the UAE, Andrew Griffith, Economic Secretary to...
- Applauding the UAE's COP28 Presidency and leadership, Griffith believes sustainable finance will be central to the global event
- Noting the UAE's diversification of its sources of revenue, he said the oil-rich country is a great example of "what the world needs to emulate"
Market Report
Stocks extend global rally as US jobs data cements rate hopes
Hong Kong, China - Markets rallied again Monday following another strong performance on Wall Street, as below-forecast US jobs data fanned...
- All three main indexes on Wall Street jumped Friday after the jobs reading, which also fueled bets on an interest rate cut by June.
- Asian markets tracked the rally in New York, with Tokyo more than two percent higher, while Hong Kong, Wellington, Manila and Jakarta were up more than one percent