Real estate transactions worth over US$74m take place in Qatar in week
DOHA, QATAR - The volume of real estate trading in the country in sales contracts at the Department of Real...
Business
Saudi Arabia, China sign MoU to develop air transport cooperation
Beijing, China - Saudi Arabia and China on Thursday signed a memorandum of understanding (MoU) to develop air transport cooperation. The...
Business
Business
Construction of $834m steel casting plant in Saudi to begin this year
A metal casting and forging plant will be built by South Korea’s Doosan Heavy Industries and Construction at the cost...
- The plant will be constructed at the King Salman Global Maritime Industries Complex by South Korea’s Doosan Heavy Industries.
- The plant orders in Saudi Arabia and the Gulf Cooperation Council are expected to grow around 2 trillion won per year in 2028.
Business
Amanat Holdings income leaps up
Amanat Holdings has posted a huge jump in its income for the year ended December 31, 2021 to AED367 million...
- Amanat has recommended the highest dividend payout to date of AED150 million, for which the Board of Directors will be seeking shareholders' approval
- The company reported a record net profit of AED280.8 million, a twenty-eight fold increase from the AED10.1 million reported in FY-2020
Business
Erdogan invites UAE business leaders to invest in Turkey
Turkish President Recep Tayyip Erdogan called on business leaders in the wealthy United Arab Emirates Tuesday to invest in his country,...
- Erdogan arrived in the UAE capital Abu Dhabi on Monday for a two-day visit to revive relations that were long strained by regional disputes
- Turkey-UAE trade topped 26.4 billion dirhams ($7.2 billion) in the first half of 2021. The UAE hopes to double or triple trade volume with Turkey
Business
Engie posts €4.2bn profit
It pointed to energy prices and good asset performance for the rise.
- The firm posted a net profit of €3.7 billion ($4.2 billion) after a loss of €1.5 billion in 2020
- The emergence of the Covid-19 pandemic had roiled the global economy and energy prices
Business
Investcorp acquires 64 industrial properties in US for US $640 million
The properties grow Investcorp’s US industrial real estate holdings to approximately $3.5 billion across approximately 32 million square feet comprised...
- The properties grow Investcorp’s US industrial real estate holdings to approximately $3.5 billion across 32 million square feet comprised of more than 425 buildings
- The latest acquisitions provide Investcorp with Class B+/B industrial warehouses that are 95 percent leased
Business
UAE F&B trade hit $20bn in first 9 months of 2021: Dubai Chamber
The rise was said to have been supported by growing demand and expanded efforts to enhance food security and diversify...
- Imports, at $12.8 billion, accounted for the largest share of the UAE’s F&B trade during January-September 2021
- This was followed by exports at $4.1 billion and re-exports at $3.3 billion over the same period last year
Business
Accountants drop Trump, say records can’t be relied upon
Mazars informed the Trump Organization in a letter last Wednesday that it would no longer work for the company.
- Mazars informed the Trump Organization in a letter last Wednesday that it would no longer work for the company
- The accounting firm added that an investigation of its own and "information received from internal and external sources" had also played a part in it reaching that conclusion
Business
Hollywood actor jailed for $650m scam
Zachary Horwitz has swindled millions in a huge Hollywood Ponzi scheme to finance a lavish lifestyle of yachts, jets and...
- 35 year old American actor swindled $650 million in multi-million dollar Ponzi scheme
- Judge Mark Scarsito sentenced Horwitz to 20 years and ordered him to repay $230 million to his victims
Business
US regulator announces $100 mn fine on crypto lender
The first-ever such case came as the Securities and Exchange Commission (SEC) looks to establish regulatory authority over digital currency...
- The first-ever such case came as the Securities and Exchange Commission (SEC) looks to establish regulatory authority over digital currency services
- "This is the first such case involving crypto lending platforms," SEC chair Gary Gensler said in a release
Business
UAE launches Nationals Development Pathway for food security
The UAE Food & Beverage Business Group enables the active participation of professionals, Emiratis and SMEs to support the food...
- The UAE Food & Beverage Business Group enables the active participation of professionals, Emiratis and SMEs to support the food sector
- The Middle East Sugar and Calorie Reduction Programme was also unveiled at Gulfood as the first series under the NDP
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Real estate transactions worth over US$74m take place in Qatar in week
DOHA, QATAR - The volume of real estate trading in the country in sales contracts at the Department of Real...
Business
Company News
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DFM registers 34,800 new accounts in 8 months
Dubai, UAE - Brokerage firms in the Dubai Financial Market (DFM) witnessed a substantial influx of New Investor Numbers (NIN),...
Business
Saudi Arabia and Singapore pledge to ramp up economic ties
Singapore-- Saudi Arabia and Singapore have pledged to enhance economic cooperation between the two countries and also reviewed the challenges...
Economy
Energy, commodity prices hurt profits of GCC firms
GCC-listed companies' net profit dropped to US$ 57.9 billion in Q2-2023. While retail, capital goods, and utilities sectors faced profit...
Market Report
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Geostrategy
Iran’s non-oil export to ECO countries from Mar 21 to July 22 2023 reaches $3.6bn
TEHRAN, IRAN – Iran’s export of non-oil products to the Economic Cooperation Organization (ECO) member states in the first four...
- In the four-month period, Iran exported 8.161 million tons of non-oil commodities to ECO member states.
- In the same period, Iran imported 1.394 million tons of goods, valued at $2.445 billion, from the ECO states.
Economy
Qatar’s Q2 2023 budget posts record surplus of US$2.7bn
DOHA, QATAR - The Ministry of Finance announced that the budget of Qatar for the second quarter of the year...
- The surplus would be directed towards reducing public debt, raising the reserves of the Qatar Central Bank.
- It would be used for enhancing the savings of future generations through the Qatar Investment Authority.
Business
Markets mostly rise ahead of crucial United States jobs report
Wall Street's three main indexes ended a volatile August on a tepid note Thursday after data showed the Fed's preferred...
- The labor report comes at the end of a week that has seen traders cheered by figures indicating the world's top economy is showing signs of softening.
- Dealers also cheered the latest measures to help the property sector, which allow cities to cut down-payments for home buyers.