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GCC countries likely to issue less debt this year
The Gulf region seems to have a better fiscal positions thanks to high oil prices and the recovery of the...
- The region seems to have a better fiscal positions thanks to high oil prices and the recovery of the economies from the Covid-19 related woes.
- Analysts last year were especially concerned about Bahrain and Oman whose government debt ratios had risen sharply in recent years.
Business
Al Seer acquires 2 VLCCs
Each carrier has a carrying capacity of 320,000 deadweight tonnage.
- The VLCCs allow for crude oil cargo, provisions, lubricant and fuel.
- Under current market conditions, these newly acquired tankers are expected to provide estimated returns of more than 20 percent.
Business
Air traffic to reach full capacity by 2023 despite uncertainty
Air passengers are expected to hit 83 percent of pre-pandemic levels this year and the aviation industry's return to profit...
- Industry losses are expected to drop to $9.7 billion in 2022, an improvement from $42.1 billion in 2021.
- The aviation industry was sent reeling by the pandemic, with passengers down by 50 percent in 2021.
Business
Abu Dhabi-based Al Roeya newspaper closed down
The CEO of IMI Nart Bouran reportedly visited Al Roeya's Dubai office to announce that the management has decided to...
- More than 100 journalists, editors and others lost their jobs as the Arabic newspaper Al Roeya shuts down
- The last edition of the business newspaper will be printed on Tuesday
Economy
UAE joins global clean energy partnership body
The partnership will enable access to a global hydrogen knowledge database and encourage cooperation with related initiatives and concerned entities.
- Joining the global initiative will support the UAE's long-term policies related to energy and hydrogen
- It will boost the UAE's stature as a leading contributor to the development of international policies related to hydrogen
Geostrategy
Saudi Arabia lets citizens visit Turkey as bilateral relations improve
At the beginning of the pandemic, Saudi Arabia imposed a rule against all foreign travel, and as of last month...
- The move comes two days before Crown Prince Mohammed bin Salman is expected to visit Turkey.
- In May, national flag carrier Saudia resumed flights to Turkey, but citizens were unable to travel there.
Business
EDB to showcase its financing solutions at ‘Make it in Emirates Forum’
Emirates Development Bank (EDB) will participate in the first "Make it in the Emirates Forum" to be held on 21-22...
- The forum is organized by the Ministry of Industry and Advanced Technology.
- EDB is a key partner in the Ministry’s efforts to empower the industrial sector.
Geostrategy
Lebanon to expel Syrian refugees if not repatriated: Mikati
Prime Minister Najib Mikati on Monday said Lebanon was ready to expel Syrian refugees living in the country if the...
- Lebanon, grappling with its worst ever economic crisis, has the world's highest proportion of refugees in its population.
- The government estimates that Syrians account for almost a quarter of its more than six million residents.
Business
ConocoPhillips third to join Qatar’s mega gas expansion
ConocoPhillips' chunk of the North Field East project is half the size of France's TotalEnergies, which has a 6.25 percent...
- No figure for the value of the deal was given but TotalEnergies previously said it had paid $2 billion for its joint venture.
- The expansion of the North Field, which has the world's biggest known natural gas reserves, is estimated to cost more than $28 billion.
Business
Expo City Dubai to open on 1 Oct, will house HQ of DP World
Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum said the Expo site will be transformed into Expo City Dubai, which...
- The new city will continue to host the pavilions of Saudi Arabia, Morocco, Egypt and will be the first WELL-certified community in the region.
- Three of Expo 2020’s most visited attractions-- Al Wasl Plaza, the Garden in the Sky observation tower and the Surreal water feature--will remain.
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Company News
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Red Sea Global launches Saudi’s first seaplane company
TABUK, SAUDI ARABIA - Red Sea Global (RSG), the multi-project developer behind the world’s most ambitious regenerative tourism destinations -...
Business
Dollar sukuk activity for 2023 on course to outpace 2022: Fitch
Dubai, UAE: US dollar sukuk issuance for 2023 is on course to outpace 2022 due to funding needs and diversification strategies,...
Business
Real estate trading volume in Qatar exceeds US$88m in week
DOHA, QATAR - The volume of real estate trading in sales contracts at the Department of Real Estate Registration at...
Business
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Geostrategy
Qatar signs joint cooperation agreements with IMF on SDRs
Dubai, UAE - Qatar has signed two agreements with the International Monetary Fund (IMF) on its contributions towards IMF's poverty...
- Under one of the agreements, Qatar's contribution will be a loan from the special drawing rights account, a soft loan (an implicit contribution to the aid).
- Under the Resilience and Sustainability Trust fund agreement, contributions will be in the form of subscription packages consisting of loans, deposits and reserves.
EasyJet, Airbus sign US$20bn deal
The no-frills airline will buy 157 aircraft from Airbus.
- The airline on Thursday said it had "entered into conditional arrangements" with European planemaker Airbus for 157 aircraft
- Together the deal was worth $19.9 billion and "will deliver lower fuel burn, CO2 emissions and operating costs per seat", EasyJet said
Business
Jarir’s 9M profit down marginally
The fall was attributed to an increase in non-operating expenses.
- The third-quarter net profit rose by 8 percent to SAR 296.3 million, from SAR 273.72 million in Q3 2022, driven by a 4.8 percent rise YoY in sales.
- Total shareholders’ equity, no minority interest, stood at SAR 1.79 billion as of Sept. 30, 2023, down from SAR 1.80 billion a year earlier.