Construction in China-Saudi Arabia ethylene project begins
FUZHOU, CHINA - Construction of the main complex of a joint-investment ethylene project, which involves petrochemicals giant Saudi Basic Industries...
Business
Business
Dubai eyes top global livability spot
DET and HSBC Bank Middle East have signed a Memorandum of Understanding (MoU), paving the way for increased cooperation in...
- Under the terms of the agreement, DET and HSBC will promote to HSBC customers and employees the unparalleled quality of life in Dubai
- The MoU was signed by Issam Kazim, Chief Executive Officer, Dubai Corporation for Tourism and Commerce Marketing; and Abdulfattah Sharaf, CEO of HSBC UAE
Business
Production capacity of Al Maktoum Solar Park’s fifth phase up by 30MW
The production capacity of the first project of the fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park...
- The increased production results from using the latest solar photovoltaic bifacial technologies.
- The 900-megawatt fifth phase, with investments of AED 2.058 billion, is 60 percent complete.
Business
Securrency Capital picks advisor
Ryan Lemand has joined the brokerage as a board advisor.
- Lemand holds a PhD in financial econometrics, and is the author of two books on financial contagion
- Securrency Capital is a blockchain-enabled brokerage providing access to trading in traditional and digital assets
Market Report
GCC markets remain mixed amidst Omicron woes
Despite an increase in Omicron cases across the world, investors remain confident in the Saudi stock market. The UAE markets,...
- The volume of traded shares on Tadawul reached 197 million through more than 340,000 deals
- Stock markets in the UAE ended in the red on Friday, mirroring weakness in Asian peers
No suspension of flights, says Iraq’s civil aviation authority
"There is no suspension of flights in accordance with the instructions and directives", an official confirmed.
- The Supreme Committee for National Health and Safety issued several decisions, including instructing departing and arriving travelers
- The Aviation Authority will notify the companies of presenting the international vaccination card for departures and arrivals with a (PCR) examination (72) hours before the flight
Economy
Residential areas in focus as real estate prices surge in Kuwait
The real estate housing price rose in Kuwait last year, where investors focused on Kuwaitis' residential areas dealing in uninhabited...
- Some residential districts, mainly inhabited by citizens, witnessed more than 35 percent rise in rates of the plots, leading to record growth of property assets
- The investors sold 375-square-meter houses in Kuwaiti's residential districts such as Al-Khaldiya and Al-Yarmouk in May at a profit of $300,000 in May
Geostrategy
Iran, Syria to establish joint free zone, joint bank
Qasemi, who headed a high-ranking delegation to Syria, met with senior officials from Syria.
- The decisions for the establishment of the mentioned entities were made during a three-day visit of the Iranian minister to Syria
- Iranian Transport and Urban Development Minister Rostam Qasemi announced a joint committee is set to be formed between Iran and Syria
Economy
S&P affirms Kuwait credit rating at A+ with negative outlook
"The government has almost exhausted the General Reserve Fund's liquidity", said the rating agency.
- It argued that despite higher oil prices and production levels, Kuwait's central government deficits are set to average 12 percent of GDP
- It, however, noted that it could revise the outlook to stable if the government successfully addresses Kuwait's existing fiscal funding constraints
Business
DEWA honors suppliers for ‘commitment to highest standards’
In a virtual ceremony, Dubai Electricity and Water Authority (DEWA) has recognized 41 of its suppliers for their commitment to...
- The suppliers were honored in the Strategic, Principal, and Main supplier categories
- The suppliers said that DEWA provides many opportunities to them according to the highest standards of integrity and transparency
Business
Google and Facebook chiefs made ‘illegal’ deal: US court documents
Top bosses of Google and Facebook were directly involved in approving an allegedly illegal 2018 deal to cement their dominance...
- The records, part of an anti-trust lawsuit by a coalition of US states targeting Google, make serious allegations against Big Tech giants long accused of holding monopolies
- It was the third time the suit was amended, and did not list Facebook or its parent company Meta as defendants
Most Read
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
Construction in China-Saudi Arabia ethylene project begins
FUZHOU, CHINA - Construction of the main complex of a joint-investment ethylene project, which involves petrochemicals giant Saudi Basic Industries...
Business
Company News
Latest News
Classic cars back on the road – in Gaza City
Around 2.3 million Palestinians live in the territory, which has been under a crippling Israeli blockade.
Egypt reports drop in unemployment rate in Q2 of 2023
Cairo, Egypt--Egypt's unemployment rate fell slightly by 0.1 percent to 7 percent in the second quarter of 2023, according to...
Economy
Chip giant Nvidia rides AI wave as profits soar
The company's stock rose more than 8 percent following the results. This year the company's share price has more than...
Business
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Business
DIEZ reports 5% rise in revenue
The company logged a 34% surge in EBITDA.
- The organization also achieved a 10% growth in revenue from leasing operations, a 36% growth in revenue from government services
- DIEZ’s three economic zones, the Dubai Airport Free Zone DAFZ, Dubai Silicon Oasis and Dubai CommerCity achieved a combined 17% growth
Business
Vietnam shoemaker to cut 1200 jobs
PouYuen Vietnam employs an estimated 40,000 workers.
- It announced in May almost 6,000 workers with permanent contracts would be laid off, after letting go almost 3,000 permanent staff in February.
- That came after PouYuen put 20,000 of its workers on paid leave in rotation last year.