Saudi real estate sees new era of growth, innovation
The Kingdom's property sector is driven by a projected $3 trillion GDP by 2030 and evolving consumer preferences towards homes...
Business
Bitcoin surpasses $57,000 as crypto rally remains strong
Dubai, UAE - The price of Bitcoin on Tuesday surged past $57,000, demonstrating the continued strength of the cryptocurrency market...
Business
Business
Nahdi Medical to list on Tuesday
The company's listing will be the biggest since Aramco.
- With an offer price of SR131 ($35), Nahdi had raised $1.36 billion from its initial public offering, slightly higher than the $1.2 billion sold by ACWA Power a year earlier
- The Jeddah-based pharma retailer currently operates over 1,150 pharmacies across the Kingdom and a rising number in the UAE
Business
Gas production begins at Pegaga
The production started by Abu Dhabi-based Mubadala Petroleum.
- Pegaga will be a key producing field supplying gas to PETRONAS LNG Complex, in Bintulu, Sarawak, Malaysia.
- Mubadala Petroleum has been present in Malaysia since 2010 and is the Operator of Block SK 320 with a 55 percent stake.
Business
ADX embraces FTSE Russell’s Industry Classification Benchmark
The Abu Dhabi Securities Exchange (ADX) has decided to embrace FTSE Russell’s Industry Classification Benchmark (ICB) for all its listed...
- The introduction of the ICB is part of the transition of ADX indices to the co-branded FTSE ADX index series, under the strategic partnership between FTSE Russell and ADX
- The partnership between FTSE Russell and ADX is aimed to develop co-branded indexes and will support the recent launch of ADX’s derivatives market
Business
Licensed firms and SMEs account for bulk of AFZ procurement
Licensed companies and small and medium enterprises (SMEs) accounted for 51 per cent of Ajman Free Zone’s total procurement of...
- Ajman Free Zone covered 27 per cent of the total purchases and contracts of SMEs alone during the same year.
- The Free Zone's procurement policy benefits investors and business owners from more than 165 countries, said Sheikh Ahmed bin Humaid Al Nuaimi, Chairman of AFZ Board.
Business
Salalah Free Zone inks $3.9m deals
The projects will be set up in the Mazaya warehouses.
- The first agreement is on the establishment of a complex for the trade of plastic products
- The second agreement is to establish a complex to assemble communications equipment
Geostrategy
India pitches for collaboration with GCC in steel sector
"As part of the Steel Week, one-to-one meetings were held with leading players in steel production and logistics industries based...
- "One-to-one meetings were held with leading players in steel production and logistics industries based in the UAE," the Indian Ministry of Steel said in a statement
- The Indian government has recently launched a flagship scheme for specialty steel called Production-Linked Incentive
Economy
New UAE app predicts which cheque will bounce
ChequeScore is an app released by the UAE government-owned Al Etihad Credit Bureau, and can predict the possibility of a...
- The UAE issued 21 million cheques in 2021, with an average value of $13,900
- Despite the recent decriminalization of cheque bounces, UAE businesses must still consider the risks connected with them
Business
Evergrande halts trading again
Evergrande and all its units halted trading in Hong Kong on Monday.
- On Monday, the company announced that trading would be ‘halted’, bit did not give a reason
- Shares of Evergrande Property Services Group and China Evergrande New Energy Vehicle Group were suspended
Business
Zain Group signs MoU with Huawei
Zain Saudi Arabia launched the largest 5G network in the region.
- The two entities will also work together to define autonomous driving network-level criteria and explore new use cases.
- Zain Kuwait’s 5G data traffic already accounts for 46 percent of its total wireless traffic.
Business
Houthi drone attack causes ‘temporary reduction’ in Saudi oil
Top crude exporter Saudi Arabia announced a "temporary reduction" in oil output at a facility run by energy giant Aramco...
- The Iran-backed Houthis, against whom Saudi Arabia leads a military coalition in Yemen, have repeatedly targeted the kingdom, including Aramco's sites
- The latest round of attacks comes after an oil refinery in the Saudi capital Riyadh was targeted on March 10 by a drone, an operation claimed by the Huthis
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Saudi real estate sees new era of growth, innovation
The Kingdom's property sector is driven by a projected $3 trillion GDP by 2030 and evolving consumer preferences towards homes...
Business
Company News
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ACWA Power okays dividend
Business
Apple to update iPhone 12 in France over radiation
Both the firm and France's digital minister Jean-Noel Barrot insisted on Friday there was no danger to public health from...
Saudi Arabia leads as MENA region sees gaming boom
The MENA region's gaming revenue is set to hit $7.2bn in 2023, representing 17% of global gamers, while Saudi Arabia's...
Business
AstraTech to expand across India, Pakistan, and Egypt: founder
Sharjah, UAE -- The UAE-based technology firm AstraTech is seeking to expand across India, Pakistan, and Egypt in the near...
Business
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Business
RSG gets Mostadam Diamond Certification
The accolade recognizes RSG's commitment to sustainability.
- Red Sea Global has worked closely with the Ministry of Municipal, Rural Affairs and Housing to help define the innovative Mostadam criteria.
- Together, they are creating vibrant and sustainable communities in the Kingdom, paving the way for a more sustainable housing sector.
Geostrategy
Leaders of China’s National People’s Congress, UAE’s FNC hold talks
BEIJING, CHINA – Chairman of China’s National People's Congress (NPC) Standing Committee Zhao Leji held talks in Beijing with the...
- China, the UAE have consolidated political mutual trust and expanded cooperation.
- China supports the UAE in playing a bigger role in international and regional affairs.
Business
Emirates NBD Group invests in sustainability startup Erguvan
Dubai, UAE - Emirates NBD made an investment in Erguvan, a climate and financial technology venture aimed at providing financial...
- The investment was made via Deniz Ventures, an investment fund launched by DenizBank A.S., Türkiye, under the umbrella of Emirates NBD Innovation Fund
- The Group-wide fund was created to enable investments in FinTech, SustainTech and Tech companies and start-ups across Emirates NBD’s key markets