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
DIFC unveils wealth center
The center will be a hub for high-net-worth individuals.
- The center will look to provide advisory and concierge services, education and training, outreach and high-end networking, besides undertaking research and issuing publications
- Tarek Hajjiri, CEO for the new project, said that the new center will play a unique role in guiding family businesses in relation to governance, succession, ownership, wealth
Business
Macroeconomic issues may hit logistics across GCC
The Covid-19 pandemic, regional lockdowns, and Ukraine war have been disrupting trading lane in air and maritime freight, affecting the...
- The Covid-19 pandemic, regional lockdowns, and Ukraine war have been disrupting trading lane in air and maritime freight, affecting the global supply chain, say experts
- Saudi Arabia and the UAE are both striving to reduce operational costs and facilitate faster deliveries by adopting smart port technologies and integrating port value chain
Business
Micron to invest in chip production
The firm will invest $40bn by the end of the decade.
- There has been a global shortage of computer chips in recent months caused by production and transportation snags.
- The spending on US production is part of the company's planned $150 billion global investment in manufacturing.
Business
Southern Cement H1 profit $40mn
Profit fell 42 percent compared to H1 2021.
- In comparison to 2021, the profit declined by 42 percent, when it was $68.4 million.
- The company’s net profit in second quarter 2022 dropped 30 percent to $16.22 million
Business
Dubai realty market records deals worth $653 million on Tuesday
Dubai real estate market recorded 436 sales transactions worth AED971.4 million ($264 million), in addition to 101 mortgage deals of...
- The sales included 360 villas and apartments worth AED738.88 million, and 76 land plots worth AED232.51 million.
- The emirate's real estate market record realty transactions worth over AED1.6 billion on Monday.
Business
Three day Ajman Dates festival concludes, promotes palm plantation
The seventh edition of three-day Liwa Ajman Dates and Honey Festival at the Emirates Hospitality Center in Ajman, concluded. Organized...
- The event acted as a platform for promotion of palm plantation, and production of dates, honey and fruits.
- People visited the festival in huge numbers, which included many events aimed at reviving the cultural Emirati heritage
Economy
WUWM Abu Dhabi 2022 to discuss global food chain
The World Union of Wholesale Markets (WUWM) Conference 2022, which will be held in the Middle East for the first...
- The World Union of Wholesale Markets (WUWM) Conference 2022 will be held in the Middle East for the first time
- As the world’s largest network of wholesale markets, WUWM represents the industry’s most significant suppliers of fresh food
Economy
Jordan forms a PPP council to boost mining sector
Jordan's Minister of Energy and Mineral Resources on Tuesday announced the formation of a Public-Private Partnership (PPP) council for mining,...
- This Public-Private Partnership is part of the plan for implementation of the economic modernization vision
- The minister said that there is a need for establishing a research center for mining and metallurgy as part of the vision
Business
IHG H1 profits surge to $216mn
IHG said it would resume its interim dividend
- InterContinental Hotels Group said that profits rose sharply in the first half after Covid travel restrictions were lifted around the world
- IHG, which also owns brands such as Crowne Plaza and Holiday Inn, said that first-half revenues jumped by 52 percent to $1.8 billion.
Business
Yahsat H1 revenue $206m
This is the company's highest ever first-half revenue.
- The high revenue is due to a double-digit growth in Managed Solutions and Mobility Solutions.
- The Adjusted EBITDA increased by 5.3 percent year-on-year to AED448 million ($122 million), delivering a robust margin of 59.3 percent.
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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
Company News
Latest News
Robot maker dreams of turning sci-fi into reality
Ryo Yoshida's monster-sized drivable robot is hard to park and the $3-million price tag will crush most wallets.
Science
Saudi Arabia’s economy exceeds US$1trn mark
RIYADH, SAUDI ARABIA – The gross domestic product of the Kingdom exceeded US$1 trillion which displays strong progress towards meeting...
Economy
UAE, Saudi stock exchanges surpass Arab peers with $167bn in gains
Abu Dhabi, UAE -- The financial markets of the United Arab Emirates and Saudi Arabia topped the Arab stock exchanges...
Business
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Business
Qatar records real estate sales contracts worth $84m in five days
Doha, Qatar -- Qatar recorded real estate trading volume in sales contracts worth QR 308 million ($84.59 million) for the...
- Total sales contracts for residential units for the same period was QR 1.09 billion.
- Sales were concentrated in AL Rayyan, Doha, Al Wakrah, Al Daayen, Umm Salal, Al Khor and Al Dakhira municipalities.
Business
UDC posts net profit of US$63m
The net profit has been reported for the first nine months of 2023.
- The company said that the Earnings per Share (EPS) amounted to US$0.01 (QR 0.065) as of September 30, 2023.
- UDC is a Qatari public shareholding company and the master developer of The Pearl and Gewan Islands.
Business
QFZ, Samsung C&T ink MoU
The two will collaborate in green, sustainable technologies.
- Both the parties will work together to achieve sustainability objectives within the free zones in Qatar through energy transition.
- QFZ, Samsung C&T will also explore co-investment opportunities in green infrastructure within the free zones.