Chinese EV company Xpeng shares up 6% post mass-market car launch
Xpeng shares rose after the Chinese electric car company launched its new mass-market Mona brand on Tuesday with prices starting...
China’s robot makers chase Tesla to deliver humanoid workers
Beijing, China - China dominates the market for electric vehicles. Now it's chasing in the race to build battery-powered humanoids...
Business
Business
Oil wealth stirs up Baghdad-Kurd enmity amid deadlock
Iraq's oil wealth is rekindling tensions between federal authorities and the autonomous Kurdish region, in a row that could compromise...
- Iraq sits on enormous oil reserves, and revenues from the sector feed 90 percent of the federal government budget
- It exports an average of 3.3 million barrels of crude oil per day (bpd), while production in Kurdistan amounts to just over 450,000 bpd
Business
Jarir reports drop in H1 profit
The profit declined to $114m with its stock sliding too.
- Consequently, its shares fell 2.78 percent to $39 on Sunday
- This decline was caused by a 5.5 percent drop in sales compared to the same period last year along with higher marketing and sales expenses
Business
Capacity of DEWA IPP projects exceeds 4,000 MW
IPP model enabled DEWA to save an additional investment of AED 26 billion, which it invested in other infrastructure projects.
- IPP model enabled DEWA to save an additional investment of AED 26 billion, which it invested in other infrastructure projects
- DEWA has developed a new benchmark for solar energy prices for every kilowatt hour, thus making Dubai a global benchmark for solar energy prices
Interview
PPP projects inject more vigor into Saudi healthcare
The Kingdom is stepping forward and allowing the private firms to invest in healthcare infrastructure, Sandeep Sinha, Head of Healthcare...
- The Kingdom is seeing a rise in private investment in the industry with multiple forthcoming healthcare PPP projects
- Improving access to quality healthcare and building a world-class infrastructure are crucial pillars of Saudi Arabia's Vision 2030
Videos
Dubai makes rental payment hassle free
An agreement between Dubai Land Department and Emirates NBD eliminates the need for manually managing postdated cheques submitted to landlords.
- Dubai has one of world’s most competitive real estate markets. Rents have increased dramatically in the emirate: In May, the average monthly apartment rent was $7,500.
- Real estate is an important part of the UAE’s economy, responsible for around 5 percent of the gross domestic product.
Economy
Dubai retains spot as world’s top tourism FDI destination in 2021
Dubai has retained its top rank worldwide for attracting foreign direct investment (FDI) into tourism in 2021. With AED6.4 billion...
- With $1.74 bn in FDI across 30 FDI projects during the year, Dubai ranked number one in FDI capital, projects, and job creation in the tourism sector.
- Dubai welcomed 7.28 million international overnight visitors in 2021, representing a 32 percent year-over-year growth.
Geostrategy
Iraqi PM calls for joint efforts to tackle issues facing region
Iraqi Prime Minister Mustafa Al-Kadhimi said the Middle East has been affected by climate change, water crisis, dangers of desertification,...
- The Middle East has been affected by climate change, water crisis, dangers of desertification and COVID-19 pandemic.
- Iraqi Prime Minister Mustafa Al-Kadhimi has called for joint efforts to confront the issues facing the region
Geostrategy
Jeddah Summit enhances ties with US, GCC countries: Saudi minister
Saudi Minister of Investment Eng. Khalid bin Abdulaziz Al-Falih said that the Saudi-US and GCC-US summits, in the presence of...
- Jeddah Summit strengthens solid relations and strategic partnership between the US and GCC countries
- Economic relations between the US and the Kingdom are nearly 90 years old, says Saudi minister
Business
Sharjah records real estate transactions worth $517 million in June
A total of 747 real estate sales in 106 areas valued at $517 million were recorded in Sharjah in the...
- The total number of real estate transactions was 2,521, including 358 mortgage transactions worth AED 764 million (14.2 percent).
- The June real estate transactions in the emirate covered more than 6 million square feet and included residential, commercial, industrial, and agricultural lands.
Market Report
UAE equities gain, Saudi market posts losses
Abu Dhabi and Dubai stock markets climbed up, while the Saudi index tanked down by more than 1.1 percent this...
- The Saudi TASI index ended trading on Wednesday, July 13, 2022, in the red zone, to close down 127 points, or 1.1 percent, to close at the level of 11,290 points
- The general index of the Abu Dhabi Securities Exchange ended trading on Tuesday, July 12, 2022, increasing by 0.1 percent to 9,171 points
Chinese EV company Xpeng shares up 6% post mass-market car launch
Xpeng shares rose after the Chinese electric car company launched its new mass-market Mona brand on Tuesday with prices starting...
Company News
Latest News
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...
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...
Business
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...
Opinion
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Business
Maaden posts net loss in Q3
Sales revenue was US$1.6 billion (SAR 6.22 billion) in Q3 2023.
- Maaden posted a net profit of US560 million (SAR 2.1 billion) in Q3 2022.
- Maaden posted net earnings of $183 million for the first nine months of 2023.
Business
NMDC, AD Ports Group ink MoU
The firms will continue to work closely on future global projects.
- The agreement is in line with the objectives of UAE’s national strategy for industry and advanced technology.
- The MoU will help the two firms to work together to strengthen the global maritime industry and support the economic growth of the UAE.
Business
BP rebounds with $4.9bn Q3 profit
The oil giant had posted a net loss of $2.2bn the previous year.
- However, underlying replacement cost profit excluding exceptional items more than halved to $3.3 billion.
- "This has been a solid quarter supported by strong underlying operational performance demonstrating our continued focus on delivery," said BP's official