UHNWIs drive Dubai’s luxury real estate growth
"The ultra-high-net-worth individuals (UHNWIs) have transformative impact on the real estate market. These individuals, with their discerning tastes and substantial...
Opinion
Business
UAE’s Al Habtoor slams bogus listicles
A leading magazine recently published Top 10 Richest Arab billionaires list and was criticized for ignoring many nationalities and known...
- Forbes Middle East recently published “Top 10 Richest Arab billionaires” list and was criticized for ignoring many nationalities and known wealthy businessmen
- Egyptian billionaire businessman Nassif Sawiris with $7.7bn topped the Forbes Middle East list, followed by Algerian Yassaad Rabab and family at $5.1bn
Business
Global stocks slide on Fed tightening and China prices
Asian stocks posted losses on Monday as unease lingered over tightening monetary policy by the Fed and rising prices in...
- The drop followed a negative lead from Wall Street
- In Tokyo, the Nikkei closed 0.6 percent lower, while Hong Kong and Shanghai lost more than three percent and two percent respectively
Business
Al Seer begins VLGC construction
Lucky Gas is the company's first Very Large Gas Carrier.
- Last year, Al Seer Marine formed a joint venture named ABGC DMCC with BGN International to build two new VLGCs.
- Lucky Gas is expected to be completed and delivered by March 2023. The second VLGC, named North Gas, is expected to commence steel cutting in May 2022.
Business
QIC, QInvest partner to form asset management company
The new company, jointly owned by QIC and QInvest, will be a Sharia'a compliant entity, regulated by Qatar Financial Centre...
- The new company, jointly owned by QIC and QInvest, will be a Sharia'a compliant entity, regulated by Qatar Financial Centre Regulatory Authority
- Founded in 1964, QIC was the first domestic insurance company in Qatar. It is listed on the Qatar Stock Exchange
Business
Future uncertain for Germany refinery fed on Russian oil
The PCK refinery in Germany has been processing crude oil from Russia since before reunification, but a looming ban on...
- The PCK refinery is located in the town of Schwedt in former East Germany near the Poland border
- It employs 1,200 people, and many local businesses depend on the custom it brings to the area
Business
Musk not joining Twitter board: CEO
Parag Agarwal announced on Tuesday that Musk was joining the board.
- Elon Musk, who became the largest shareholder after buying 73.5 million shares in Twitter, has decided not to join its board
- A day earlier, Musk called out users who were followed by millions and billions of people on Twitter but rarely posted on it
Business
UAE tycoon slams bogus listicles
Forbes recently published Top 10 Richest Arab billionaires list and was criticized for ignoring many nationalities and known wealthy businessmen.
- Forbes recently published “Top 10 Richest Arab billionaires” list and was criticized for ignoring many nationalities and known wealthy businessmen
- Egyptian billionaire businessman Nassif Sawiris with $7.7 billion topped the Forbes list, followed by Algerian Yassaad Rabab and family at $5.1 billion
Business
AI plays crucial role in GCC’s economic progress
Artificial Intelligence, wired into the economic plans of many GCC countries, is likely to contribute 12.4 percent to Saudi GDP...
- The Middle East is expected to accrue US$320 billion of the total global benefits of AI in 2030
- AI is expected to contribute over US$135.2 billion in 2030 to the Saudi economy
Business
Dubai issues 24,662 new business licenses in Q1 2022
Dubai has issued 24,662 new business licenses in Q1 2022, a report by the Department of Economy and Tourism (DET)...
- A DET Business Registration and Licensing report said 57 percent of the new business licenses issued during Q1 2022 were professional and 43 percent commercial.
- A total of 136,034 business registration and licensing transactions were completed during Q1 2022, a growth of 36 percent compared to Q1 2021.
Business
India’s Taj Group eyes Gulf expansion, to build hotel in Makkah
The luxury hotel chain is planning 15 new hotels in the next 10 years, which include at least 5 new...
- The luxury hotel chain has planned 15 new hotels in the next 10 years
- This includes at least 5 new properties in Dubai and a new hotel in Makkah
Company News
Asian markets swing as US jobs data disappoint
Market Report
Latest News
ADNOC, Fertiglobe to pilot cost-effective modular carbon capture technology
ABU DHABI, UAE – ADNOC and Fertiglobe on Tuesday announced the pilot deployment of the world’s first cost-effective modular CycloneCC...
Business
Jazan City for Primary and Downstream Industries exports first shipment to US
JAZAN, SAUDI ARABIA - The Jazan City for Primary and Downstream Industries has marked a significant milestone with the departure...
Geostrategy
ACWA Power signs $911 million water purchase agreement with DEWA
Dubai, UAE -- Dubai Electricity and Water Authority (DEWA) Tuesday signed a 30-year water purchaser agreement worth SAR 3.42 billion...
Business
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Business
Saudi Cruise signs pacts with leading firms
The agreements are aimed at boosting investment in Aroya Cruise.
- It signed partnerships with the ICEway for IT services, SourceToad for software engineering and Otalio for property management systems on board ships
- In September 2023, Saudi Cruise announced cooperation with top-notch companies in the sector, MJM Marine and DE Wave for Aroya.
Business
Najm inks pact with iot squared
The aim is to advance insurance services in the Kingdom.
- iot squared is a joint entity between the Public Investment Fund (PIF) and STC Group and it provides leading IOT solutions in the logistics service field.
- Najm for Insurance Services was set up in 2007 due to cooperation between insurance firms, Saudi Central Bank and the General Department of Traffic.
Business
ADNOC and Occidental to advance direct air capture project in UAE
Abu Dhabi, UAE -- ADNOC and international energy company, Occidental, announced today an agreement to undertake a joint preliminary engineering...
- They will undertake a joint preliminary engineering study for the construction of the first megaton-scale direct air capture (DAC) facility outside the United States.
- ADNOC said the study will assess the proposed one million tons per annum (mtpa) DAC facility to be connected to ADNOC’s carbon dioxide (CO2) infrastructure.