Saudi RCU begins rock excavation for Sharaan Resort in AlUla
ALULA, SAUDI ARABIA – The Royal Commission for AlUla (RCU) has marked a significant milestone in the development of the...
Arts & Culture
Türkiye’s traditional realty charm: Alive or fading?
Driven by its strategic location, cultural heritage, and government incentives, Türkiye's real estate market remains a focal point for regional...
Business
Business
Real estate deals worth $381 million recorded in Dubai Tuesday
Dubai real estate market recorded deals worth AED1.4 billion ($381 million) on Tuesday, including 387 sales transactions worth AED1.15 billion....
- The transactions also included 68 mortgage deals of AED149.38 million, and 85 gift deals amounting to AED140.85 million, data released by Dubai's Land Department (DLD) showed.
- The sales included 336 villas and apartments worth AED913.23 million, and 51 land plots worth AED241.01 million.
Business
Seera sees 43% slide in loss
The Saudi travel group saw its loss fall to $35m in H1.
- The travel agency's gross booking value climbed up 105 percent on the year to $1.09 billion, and revenue was up 125 percent to $282 million
- Almosafer, its travel business, bounced back with increased demand in the second quarter along with a gross booking value of $453 million
Business
BinDawood’s H1 profit tumbles
Largest Saudi retailer posts a 31% dip in H1 profit to $28.80m.
- The company's board proposed a half-year cash dividend payout of $27 million at SR0.9 per share
- Its sales and revenues surpassed $640 million during the first half of the current year
Business
Saudis beat the heat in City of Fog
The ‘City of Fog’ in Saudi Arabia’s rugged south is a prized destination for many in the kingdom looking to...
- At Al-Namas, humid monsoon weather keeps temperatures below 30 degrees Celsius, dropping as low as 15 degrees Celsius at night
- Ministry of tourism figures show that Saudi families spent $21.33 billion on domestic travel last year, a 30 percent increase from 2019
Business
Al Akaria posts profit in H1
The developer's profit rose to $4.3m, after last year's loss.
- Shored up by a 152 percent jump in revenues, the company's stock price climbed up as it returned to profitability,
- The developer also incurred less expenses during the six-month period, thanks to a drop in selling and marketing costs by $320,000
Economy
UAE stocks generate strong cash flows Tuesday
FAB gained AED173.7 million in liquidity, closing at AED19.740, while ALPHADABI drew AED102.9 million, ending at AED24.040.
- FAB gained AED173.7 million in liquidity, closing at AED19.740, while ALPHADABI drew AED102.9 million, ending at AED24.040
- The ADX-listed ADNOC Distribution was among big gainers, ending 1.09 percent higher at AED4.620, followed by ADNOC Drilling which closed 0.28 percent up at AED3.620
Analysis
Most Arab clubs play hard to score financial surplus
Only five football clubs in the region — Al-Fateh, Al-Hilal and Al-Faisali of Saudi Arabia, as well as Morocco's Al-Wydad...
- Only five football clubs in the region — Al-Fateh, Al-Hilal, and Al-Faisali of Saudi Arabia, as well as Morocco's Al-Wydad and Nahdet Berkane —have reported budgetary excess
- Almost all other remaining Arab clubs -- including Al-Nasr, Al-Ittihad and Al-Ahly -- have posted deficits, according to the latest report 'The Financial East of Arab Clubs'
Business
Ban on single use plastic bags in Sharjah to begin from Jan 2024
Sharjah has banned single-use plastic bags and materials in the Emirate of Sharjah as of 1st January 2024. It follows...
- It follows Sharjah’s efforts of making an environment-friendly emirate and its supportive plans of conservation, said reports
- The ban was decided during a meeting of the Sharjah Executive Council (SEC) Tuesday morning at the Sharjah Ruler’s office.
Economy
Jordan government committed to public-private engagement
The government is committed to expanding the management consulting services sector's participation in enhancing industrial production processes and facilitating access...
- Jordan's government views its partnership with the private sector as a cornerstone to achieve economic and social development
- The ministry of industry, trade and supply's consulting council was established to formulate economic policy and legislation
Economy
Two new solar projects to double Qatar’s renewable energy output
Qatar on Tuesday announced two major solar projects that will more than double its energy output from the renewable source...
- The plants at Mesaieed and Ras Laffan will take Qatar's solar output to 1.67 gigawatts by the end of 2024, Qatar Energy said in a statement.
- South Korean conglomerate Samsung will lead construction of the new solar plants, with an initial investment of more than $600 million.
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Saudi RCU begins rock excavation for Sharaan Resort in AlUla
ALULA, SAUDI ARABIA – The Royal Commission for AlUla (RCU) has marked a significant milestone in the development of the...
Arts & Culture
Company News
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Borouge to pay $650m H1 dividend
Business
EGA H1 net profit $533 million
Business
Drought forces Panama Canal operator to cut ship traffic
Panama City, Panama - The operator of the Panama Canal, the passageway for cargo ships between the Atlantic and Pacific oceans,...
Business
Mwani Qatar posts 39% increase in transshipment containers
Doha, Qatar -- The Qatar Ports Management Company (Mwani Qatar) announced a 39 percent increase in transshipment containers in October,...
Business
Agreements worth $3.54bn inked at Global Health Exhibition
Riyadh, Saudi Arabia -- A total of 138 agreements, MoUs and deals worth more than SAR 13.3 billion ($3.54 billion)...
Business
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Business
e& net profit up 20% in Q3
The company's revenues increased by 3.3 percent to $3.64 billion.
- The company said that at constant exchange rates, consolidated revenue increased by 8 percent and consolidated EBITDA increased by 6.9 per cent.
- The number of etisalat by e& subscribers in the UAE reached 14.0 million in Q3 2023, representing an increase of 4.7 percent.
Toyota hikes annual profit forecast
The company plans a $13.9bn investment in a battery plant.
- Toyota said a weaker yen and cost-cutting efforts meant it now expects annual net profit of 3.95 trillion yen, from a previous estimate of 2.58 trillion yen
- Toyota on Tuesday said it now plans a $13.9 billion investment in a battery plant in North Carolina in US, expanding a previous commitment to spend $5.9 billion
Business
Saudi Arabia emerges as only bidder for 2034 World Cup
The Saudi bid comes one year after neighboring Qatar hosted the first World Cup in the Middle East, where the...
- The full bids for 2030 and 2034 will be evaluated by FIFA and put to a vote at two separate congress meetings
- The kingdom made the bid for the 2034 event known on October 4, as soon as the procedure had been launched