Abu Dhabi’s private sector grows by over 35 percent in 2023
ABU DHABI, UAE – The Abu Dhabi Department of Economic Development (ADDED) organized, in collaboration with Abu Dhabi Investment Office...
Economy
ahli islamic introduces Sharia-compliant Money Market Fund
MUSCAT, OMAN – As part of its investment solutions and Sharia-compliant products and services, ahli islamic, ahlibank’s Islamic banking window,...
Business
Economy
UK inflation highest in 40 years on rocketing energy costs
Official data showed Tuesday that Britain's unemployment rate has fallen further to a near five-decade low, but the value of...
- Nations across the world are plagued by decades-high inflation as the Ukraine conflict pushes up energy and food prices.
- The squeeze on UK household budgets tightened further in April due to tax hikes, while wages are failing to keep pace with inflation.
Business
Robot hives in Israel kibbutz hope to keep bees buzzing
They function as normal hives, but apiaries built at a kibbutz in Israel's Galilee are decked out with high-tech artificial...
- The hives operate on solar energy, have adjustable temperatures, eliminate pests and can even extract honey automatically using an integrated centrifuge.
- Startup Beewise came up with the idea in an effort to reduce mortality rates in a species that has in the past years seen sharp rates of decline due to environmental threats.
Business
Dubai issues 32,564 Instant Licenses since launch of initiative in Aug 2017
A total of 32,564 Instant Licenses have been issued by the Business Registration and Licensing (BRL) unit at the Department...
- Instant licenses could be secured in a single step within five minutes through invest.dubai.ae platform.
- While 59 percent of these licenses were professional, 41 percent were commercial.
Business
Qatar announces it will invest additional $5 billion in Spain
Qatar on Wednesday said it plans to invest an additional $5 billion in Spain on the second day of a...
- Qatar, one of the world's three biggest exporters of liquified natural gas (LNG), is currently Spain's fifth-largest supplier after the United States, Algeria, Nigeria and Egypt.
- Before the pandemic, Qatari investment in Spain stood at 2.67 billion euros ($2.8 billion), the Spanish government said, making it the country's 24th biggest investor.
Business
Dubai Museum of the Future, Binance to launch first-ever NFT collection
Dubai’s Museum of the Future will develop and launch several digital products on the blockchain, starting with the first-ever NFT...
- The Museum, which launched only a few weeks ago, is already making an impact with visitors, with tickets and Museum Future Talks series sold out days in advance.
- The first NFT drop is set to be announced in the coming weeks, with the collection to be linked to ‘The Most Beautiful Building on Earth’.
Business
Dubai records $490 million in real estate transactions on Tuesday
Dubai real estate market recorded 391 sales transactions worth AED 1.4 billion ($381 million) and 60 mortgage deals of AED...
- The sales included 342 villas and apartments worth AED 1.11 billion, and 49 land plots worth AED 295.09 million.
- Dubai real estate market recorded the highest number of transactions since 2010 registered in a single quarter in Q1 2022.
Business
Morocco ‘breathing again’ as tourists return after Covid curbs
Morocco this week reopened land borders with the Spanish enclaves of Ceuta and Melilla, two years after they were shut...
- The city of Marrakesh, famous for its views of graceful red buildings set against palm trees and snow-capped mountains, has long drawn visitors
- The city was hard hit by a two-year collapse in tourism that saw arrivals to the North African kingdom plummet to just a third last year from 2019
Business
ADNOC and Borealis AG to list 10% of Borouge plc on ADX
ADNOC and Borealis AG will list 10 percent of Borouge plc, a joint venture between the two companies, on the...
- Borouge is one of the world's leading providers of innovative and differentiated polyolefin solutions for the agriculture, infrastructure, energy, advanced packaging, and mobility
- ADNOC has already embarked on a major expansion drive in this space, including the recently announced Borouge 4 complex and the TA'ZIZ Industrial Chemicals Zone in Ruwais
Business
IMF and Pakistan to discuss release of funds as economy falters
Pakistani Prime Minister Shehbaz Sharif, who took power with a coalition that removed Khan in a no-confidence vote last month,...
- Pakistan has repeatedly sought international support for its economy, which has been hit by crippling national debt
- A six billion dollar IMF bailout package signed by former Prime Minister Imran Khan in 2019 was never fully implemented
Business
UAE to build LNG plant with capacity to produce 9.6m tons
The Abu Dhabi National Co.has revealed that it would build a new liquefied natural gas plant with the capacity to...
- The project, to be built at Fujairah, would more than double its export capacity as the demand surges
- the UAE has three liquefaction plants with a total capacity of 5.8 million tons per annum at Das Island, located inside the Gulf
Abu Dhabi’s private sector grows by over 35 percent in 2023
ABU DHABI, UAE – The Abu Dhabi Department of Economic Development (ADDED) organized, in collaboration with Abu Dhabi Investment Office...
Economy
Company News
EIH buys stake in Gewan Holding
Business
Latest News
DUBAL, Oriental Copper ink MoU
Business
SABIC H1 net profit slumps 87%
Business
Lufthansa profit soars
Business
Nakilat profit up 6.1%
Business
Saudi Crown Prince launches Ardara company to develop AlWadi
Riyadh, Saudi Arabia -- Saudi Arabia's Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud Monday announced the launch of...
Geostrategy
Al Seer Marine receives new very large gas carrier, fleet size rises to 20
ABU DHABI, UAE - Al Seer Marine, a subsidiary of Abu Dhabi-based International Holding Company, has announced the takeover of...
Business
Funds raised by startups within TECOM Group’s in5 hub up 20%
Dubai, UAE -- in5, part of TECOM Group and an innovation and entrepreneurship hub in the region, has witnessed a...
Business
Most Read
Business
Artificial intelligence key focus as GITEX 2023 begins
GITEX, Dubai's premier tech event, kicks off its 43rd "Technology Week" at the Dubai World Trade Center, spotlighting the latest...
- With each passing year, GITEX has consistently exceeded expectations, offering a glimpse into the next frontier of technological evolution
- The event also supports technology startups and displays the latest inventions and advanced innovations in information technology from various parts of the world
Business
Merger of Saudi Enaya and UCA okayed
The merger remains subject to regulatory approvals.
- The two companies had signed a binding merger agreement through a share swap deal, under which UCA will issue a 0.837 common share for each issued share in Saudi Enaya.
- On 29 April 2021, Saudi Enaya Cooperative and Amana Cooperative Insurance signed a merger agreement.
Business
Nakilat profit jumps 4.8%
The company's profit swelled to US$327 million in Q3 of 2023.
- Its earnings per share (EPS) amounted to QR 0.21 as of Sep. 30, 2023, versus EPS of QR 0.20 for the same period in 2022
- The company, in March, obtained approval to raise the ceiling for non-Qatari ownership in the company's capital to 100%