Hotel Dar Tantora is inspired by Saudi’s AlUla ancient mudbrick buildings
ALULA, SAUDI ARABIA – Situated in the heart of Old Town here, Dar Tantora Hotel offers guests a chance to...
Arts & Culture
Geopolitical tensions boost oil, weigh on equities
Geopolitical tensions sent oil prices climbing and weighed on equities as investors also continued to worry about prospects for interest...
Market Report
Business
Twitter failed to safeguard users’ personal data, claims ex official
Twitter misled users and federal regulators about glaring weaknesses in its ability to protect personal data, the platform's former security...
- Twitter's former security chief Peiter Zatko also accused the social media giant of significantly underestimating the number of automated bots on the platform.
- The hacker-turned-executive Zatko, who goes by the nickname "Mudge," also claims that Twitter prioritizes growing its user base over fighting spam and bots.
Business
Aldar says it recirculated $2.39bn into UAE economy through ICV
Aldar Properties said Tuesday that it has recirculated AED8.8 billion ($2.39 billion) to the local economy through In-Country Value (ICV)...
- The ICV aims to boost economic performance and support local industries by redirecting higher portions of public spending into the national economy.
- In its sustainability report, Aldar said that Aldar Projects also signed development project contracts worth AED8.5 billion, including 16 contracts with UAE-based companies.
Business
Sharjah records 2,417 real estate transactions in July 2022
Sharjah Real Estate Registration Department (SRERD) has revealed that total transactions carried out in July 2022 amounted to 2,417 transactions...
- The department's statistics reveal that Muwaileh Commercial area had the highest number of sales transactions in Sharjah,
- SRERD monthly report showed that sales transactions were recorded at 24.3 percent
Business
Dubai records real estate deals worth $472 million on Monday
Dubai recorded real estate transactions worth AED1.7 billion ($472 million) on Monday, which included 562 sales transactions worth AED1.42 billion....
- The transactions included 75 mortgage deals of AED271.02 million, and 42 gift deals amounting to AED94.62 million.
- The sales included 520 villas and apartments worth AED1.08 billion, and 42 land plots worth AED335.9 million.
Business
EGA H1 2022 profit $1.61bn
Cast metal sales rose 11% compared to H1 2021.
- EGA noted this is its best ever half yearly performance as the first half of 2022 exceeded the net profit of entire 2021.
- EGA's adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) was $2.07billion in H1 2022.
Business
DEWA breaks own record for overhaul of gas turbines
Dubai Electricity and Water Authority (DEWA) has announced breaking its own world record in major inspection outage duration for the...
- DEWA has reduced the maintenance outages for critical inspection operations from 11 days to nine days.
- There is a reduction in the maintenance duration of 84 percent compared to 2006.
Business
Kuwait central bank issues $792 bonds, tawarruq for three months
The Central Bank of Kuwait (CBK) has issued bonds and related Tawarruq worth Kuwaiti Dinar 240 million ($792 million) payable...
- The bank said in a statement that the new securities have a return rate of 2.625 percent.
- Tawarruq is a financing arrangement where the buyer can obtain cash immediately through a series of sale transactions.
Business
ESG acquires stake in two firms
ESG is a subsidiary of International Holding Company.
- The company said it has acquired a 60 percent stake in Vision Factory, one of the biggest furniture and joinery production facility in the UAE.
- The company has also taken a 45 percent stake in Decovision, a quality interior design and engineering services provider.
Business
Court denies Ben & Jerry’s effort to prevent sales in Israeli settlements
The company, known for its political activism, took the unusual step seeking an injunction after London-based Unilever announced it had...
- In July last year, Vermont-based Ben & Jerry's announced it would no longer sell its ice cream in the Palestinian territories
- However, Israeli license-holder Avi Zinger had continued to produce the ice cream in his factory in the suburbs of Tel Aviv and distribute it to the Israeli settlements
Business
Sumou signs $144m deal
The Saudi real estate firm will build 507 villas in Madinah.
- The company said in a bourse filing that it will develop villas for Al-Samiya, a residential project located in Al-Madinah
- The construction is expected to be completed in 42 months and will be financed based on equity and off-plan sales
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Hotel Dar Tantora is inspired by Saudi’s AlUla ancient mudbrick buildings
ALULA, SAUDI ARABIA – Situated in the heart of Old Town here, Dar Tantora Hotel offers guests a chance to...
Arts & Culture
Company News
Borouge to pay $650m H1 dividend
Business
EGA H1 net profit $533 million
Business
Latest News
Gulf Bank to up paid-up capital
Business
Second quarter foreign investments in Saudi Arabia hit $666bn
Riyadh, Saudi Arabia -- Foreign investments in Saudi Arabia increased 4 percent year-on-year (YoY) to SAR 2.50 trillion ($666. 39...
Business
Toyota hikes annual profit forecast
The company plans a $13.9bn investment in a battery plant.
Most Read
Business
Al Hilal ranks among world’s 50 wealthiest clubs
European clubs owned by Arabs continue to dominate the rankings, with Sheikh Mansour bin Zayed-owned Manchester City standing at the...
- Paris Saint-Germain, owned by Qatar Sports Investments, came in third with a market value of US$1.14 billion
- Newcastle United, owned by Public Investment Fund, is at 11th spot with a market value of $687.57 million
Opinion
US curbs on Iran’s oil exports may hit global portfolios
The US tightening sanctions on Iranian oil could have a negative impact on individual and institutional investment portfolios by disrupting...
- The potential US sanctions on Iran's crude oil exports, due to its support for Hamas, could directly impact global portfolios, especially those with energy sector assets.
- Potential restrictions on Iran will present both challenges and opportunities for energy stocks, possibly prompting central banks to raise rates amid inflation concerns.
Business
Investors eye gold as safe haven amid Gaza tensions
The ongoing Gaza conflict has driven gold prices over $2,000/oz, highlighting the deep connection between geopolitical tensions and global financial...
- The ongoing Gaza conflict has driven gold prices over $2,000/oz, highlighting the deep connection between geopolitical tensions and global financial market reactions.
- The 'political reversal' scenario for the present Middle East developments involves potential involvement of Lebanon and Syria, while the 'oil crisis' scenario involves Iran.