Saudi Arabia takes part in global mineral and mining meet in Canada
RIYADH, SAUDI ARABIA – A delegation comprising several entities from the Kingdom’s industry and mineral resources' system participated in PDAC...
Business
Analysis
Growth picks up as MENA drives into EV market
Rising prices of metals, elements, and compounds used in EVs could be a headache, but the MENA region and the...
- EVs use more than the 1,400-odd chips that normal cars use has not helped matters
- Chip shortage and supply-chain bottlenecks could hamper EV adoption in the MENA region
Economy
Policy reforms help Saudi FDI inflow rise 326%
The Kingdom seeks to increase its net FDI inflow by 1,816 percent between 2021 and 2030, raising it to $103.5...
- The Kingdom is likely to witness an increase in net FDI by 1,816 percent between 2021 and 2030
- The country’s wholesale and retail sectors issued more than 44 percent of new FDI licenses in Q4, 2021
Business
Aldar Properties of Abu Dhabi put on sale 182 boutique flats
Aldar Properties has announced that all 182 apartments at the second tower of its boutique Reflection project are now available...
- Reflection II is located at the heart of Reem Island, overlooking Abu Dhabi's mangroves, and with all units ready to move in during Q2 2022
- The second tower is being brought to the market to cater to specific demand from both home buyers and investors for high quality
Business
UAE lifts curbs on travel to 12 African countries
The United Arab Emirates has lifted curbs on travel to twelve African countries for citizens fully vaccinated and who have...
- It is okay now to travel to Kenya, Tanzania, Ethiopia, Nigeria, Republic of Congo, South Africa, Botswana, Eswatini, Lesotho, Mozambique, Namibia and Zimbabwe
- The authorities specified the categories of citizens who are allowed to travel to these countries
Business
Dubai South attracts 700 new companies by end of 2021
The total number of companies operating out of Dubai South reached 4,600, attracting more than 700 new companies by the...
- The total number of people working out of Dubai South was expected to reach 20,848 individuals by the end of 2021.
- Dubai South Properties handed over almost all its units at The Pulse, an urban mixed-use development comprising 1,400 apartments and 240 townhouses.
Business
Emaar EC reschedules SR976m loan with SABB
Emaar EC has signed a rescheduling agreement with the Saudi British Bank revising the terms of SR976.25 million Shariah-compliant outstanding...
- The amended terms of the facility also include a grace period up to June 2023 and a repayment starting from June 2023 until December 2029
- Before rescheduling, the financing period was from September 2014 until September 2021
Business
Facebook looks for answers as user numbers fall
Founder Mark Zuckerburg has told investors that people have a lot of choices for how they want to spend their...
- The company has been battling regulatory issues, negative headlines around bullying and disinformation.
- It lost one million daily users in the last quarter of last year but still has almost 1.9 billion, figures that dwarf every other platform.
Business
Sanofi posts strong sales
French pharmaceutical group's overall sales rises 4.8% to $43.3bn in 2021.
- While Sanofi has yet to produce a jab against Covid, its Dupixent drug, which also treats eczema, has been a huge success
- The company posted overall sales of 37.8 billion euros ($43.3 billion) in 2021, a 4.8 percent increase
Business
Dubai hosts 7m tourists in a ‘remarkable turnaround’
More than seven million foreign tourists visited Dubai last year, marking a "remarkable turnaround", the government of the Gulf city...
- The figure was up 32 percent on 2020, the first full year of the coronavirus pandemic, Dubai's economy and tourism department said in a statement
- This year, however, missile attacks since last month by Yemeni rebels on the United Arab Emirates of which Dubai is a member have prompted US and UK travel warnings
Economy
Oman signs three agreements worth $244m with Saudi Fund for Development
Oman has signed three agreements RO 94 million ($244 million) with the Saudi Fund for Development (SFD) for supporting SMEs...
- The first MoU dealt with supporting small and medium enterprises (SMEs) through a soft loan portfolio of RO 57.6 million.
- The second and third MoUs contribute to the funding of infrastructure projects in the Special Economic Zone at Duqm (SEZAD).
Saudi Arabia takes part in global mineral and mining meet in Canada
RIYADH, SAUDI ARABIA – A delegation comprising several entities from the Kingdom’s industry and mineral resources' system participated in PDAC...
Business
Company News
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Business
Iran-US non-oil trade reaches US$31m in January-July 2023
TEHRAN, IRAN - The US Bureau of Statistics in its latest report said the trade between Iran and the United...
- Trade between Iran and the US in January- July 2023 registered a 26 percent growth compared to the same period last year.
- Iran and the United States had traded US$24.7 million worth of non-oil products from January to July 2022.
Business
Aldar Estates buys FAB Properties
Aldar Estates will benefit from a stable growth pipeline.
- The transaction will see Aldar Estates integrate a property management portfolio of 22,000 residential units across 600 properties.
- The platform will now comprise 157,000 residential units under management, prime retail, and commercial spaces.
Economy
Saudi Industrial Production Index falls third month in a row
Riyadh, Saudi Arabia -- Saudi Arabia’s Industrial Production Index (IPI) fell for the third month in a row, declining by...
- Saudi IPI retreated to 122.03 points in July, according to the base year 2010, compared to 135.23 points in the year-ago period.
- The decline in IPI is the largest since April 2021, when it recorded a drop of 24Â percent.