IOTA Foundation launches US$10m investment fund at Investopia 2024
ABU DHABI, UAE – Minister of Economy and Chairman of Investopia Abdullah bin Touq Al Marri attended the unveiling of...
Business
Middle East oil policies not dictated by US, says Russia
MOSCOW, RUSSIA – US will no longer be able to dictate oil prices in the Middle East, Director of the...
Geostrategy
Business
Emaar H1 revenue 3.69 billion
H1 2022 EBITDA up 66 percent $1.6 billion.
- Q2 EBITDA up 53 percent to reach $798 million compared to $523 million in the same period of 2021.
- Emaar’s international real estate operations recorded property sales of $661 million in H1 2022 and contributed revenue of AED2.068 billion ($563 million
Business
Tadawul posts 23% fall in profit
The profit fell to $74 million in H1 in a year of record listings.
- It reported an 8.3 percent decline in revenue to $157 million, mainly due to the decrease in trading services and post-trade services
- Higher salaries and employee-related benefits further weighed on profit during the six-month period, leading to a rise of 9.8 percent in expenses to $80 million
Economy
Jordan industries’ use 24m cubic feet gas daily in 2021
The average natural gas consumption for Jordan's industries amounted to 24 million cubic feet (CF) per day during 2021, according...
- Gas production from Risha Field, eastern Jordan, reached about 6,510 million cubic feet during 2021 at a daily rate of 17.8 million cubic feet
- The capacity of Risha Field has been raised to about 32 million cubic feet per day, as Risha Wells 53, 51, 50 have entered production in 2021
Geostrategy
Jordan, Morocco to launch hospitality training facility
A Jordanian-Moroccan hospitality and tourism training project will be launched in the Hashemite Kingdom as part of the strategic partnership...
- The Moroccan ambassador stressed on Jordan's pivotal role in joint Arab efforts and regional issues.
- The envoy stressed on the partnerships between Jordan and Morocco in tourism, agriculture, renewable energy
Geostrategy
President invites Swiss President to visit the UAE
President of the Swiss Confederation Ignazio Cassis, has received a written message from President Sheikh Mohamed bin Zayed Al Nahyan...
- The UAE is keen on strengthening bilateral relations with Switzerland
- Sheikh Abdullah has delivered the written message of the UAE President to the Swiss President
Business
DEWA smart services receive wide praise from customers
Dubai Electricity and Water Authority (DEWA) smart services have helped customers raise the efficiency of their electricity and water consumption...
- The customers praised DEWA’s efforts to provide all means to promote a culture of sustainability and raise awareness about protection of natural resources
- They lauded the company's digital channels, including DEWA’s website and smart app, that help them to complete their transactions easily and smoothly
Economy
Qatar World Cup will be most luxurious yet, says hospitality firm boss
Jaime Byrom, who has sold millions of hotel rooms over 10 World Cups, said wealthy supporters will be flocking to...
- Jaime Byrom, who has sold millions of hotel rooms over 10 World Cups, said wealthy supporters will be flocking to the tiny Gulf state from around the globe
- Packages range from $700 for a top ticket with a slap-up meal, to bills of a million dollars-plus for big groups staying in top hotels and watching several matches
Business
OPEC sees demand for oil tanking this year
OPEC warns that the demand growth for 2023 will slow further to 2.7 million bpd, leaving its forecast unchanged from...
- OPEC said that the cut in growth forecast is attributed to the economic impact due to Russia’s invasion of Ukraine and high inflation
- The global oil market, according to OPEC, is strongly rebounding to pre-COVID-19 levels
Business
Saudi Electricity borrows $568m
The money will be used to fund Egypt interconnection project.
- Saudi Arabia and Egypt signed contracts for a $1.8 billion electricity interconnection project to ensure an exchange of 3,000 MW of electricity between both nations
- The utility firm announced that it has also obtained a syndicated loan of $3 billion from a number of international banks
Business
RAK Chamber members’ exports in Q2 2022 totaled $447m
The Ras Al Khaimah Chamber of Commerce and Industry issued its statistics for the second quarter of 2022, which showed...
- The report also showed that the number of certificates of origin issued by the chamber totaled 5,871.
- A total of 326 plots were sold for $446 million, while 1,567 apartments and villas were purchased for $849 million
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IOTA Foundation launches US$10m investment fund at Investopia 2024
ABU DHABI, UAE – Minister of Economy and Chairman of Investopia Abdullah bin Touq Al Marri attended the unveiling of...
Business
Company News
Evergrande posts H1 loss
Business
Latest News
stc Group begins work in Europe
Business
Hamriyah Freezone Authority, Amazon UAE ink pact for logistics center
SHARJAH, UAE - Hamriyah Freezone Authority (HFZA) and Amazon UAE have signed a lease agreement for a new logistics center...
Business
Sulaiman Al Habib 9M profit $405m
The Group reported a nearly 16% year-on-year rise in revenues.
Business
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Geostrategy
Iran, Russia to invest $38bn in developing INSTC
TEHRAN, IRAN – The Iranian head of Solyanka Port in Russia said that the International North-South Transport Corridor (INSTC) is a...
- The Iranian head of Solyanka Port spoke of the measures taken by the Islamic Republic of Iran Shipping Line (IRISL ) to develop the INSTC route.
- The IRISL group purchased 30 rail wagons, 5,400 containers and ordered the construction of 21 equipped vessels for strengthening maritime routes.
Business
Mubadala issues its first-ever Green Bond for $750m
Abu Dhabi, UAE - Mubadala has issued its first-ever Green Bond for US$750 million with a tenor of 10.5 years,...
- The order books peaked at more than $6 billion with robust demand from local, European, Asian, and American accounts
- The transaction further diversified Mubadala’s debt investors base by bringing in new investors, as a large proportion of demand came from new investors
Business
Durar launches ‘MASA Residences’ in Ras Al Khaimah worth US$190.58m
RAS AL KHAIMAH -- Durar, a prominent UAE real estate developer, is set to launch MASA Residences, a luxury residential...
- Christie’s International Real Estate Ras Al Khaimah will exclusively handle sales and marketing for the development
- The project marks Durar's entrance into the UAE's northern Emirates and is poised to elevate Al Marjan Island's landscape