Abu Dhabi Judicial Department’s Auction App generated $925m in property sales
Abu Dhabi, UAE - Since its launch in June 2022 through mid-February 2024, the Abu Dhabi Judicial Department's (ADJD) Auction...
Business
Mawani completes Red Sea Gateway Terminal at Jeddah Islamic Port
Riyadh, Saudi Arabia - The Saudi Ports Authority, Mawani, announced the completion of the Red Sea Gateway Terminal at Jeddah...
Business
Expo 2020 DUBAI
World leaders, dignitaries hail UAE for Dubai Expo 2020
Several world leaders and dignitaries who attended the Dubai Expo 2020 have hailed the mega event as "a beacon for...
- The Expo will host the first Global Goals Week to be held outside of the United Nations in New York from 15-22 January.
- It will be the seventh Theme Week held under Expo’s flagship Program for People and Planet, helping to drive positive action.
Business
On 40th anniversary, Abu Dhabi Airport vows improved services
Abu Dhabi Airports marked the 40th anniversary of the inauguration of Abu Dhabi International Airport (AUH) on Sunday, local media...
- The Airport was inaugurated on 2nd January 1982, with Etihad becoming the national carrier and the home airline in 2003.
- AUH launched the Smart Travel System in 2016, the first of its kind in the region, to ease passenger processing and experience.
Business
Record cargo shipped through Egypt’s Suez Canal last year
Egypt's Suez Canal Authority said the key waterway netted record revenues last year, despite the coronavirus pandemic and a six-day...
- Connecting the Red Sea and the Mediterranean, the canal accounts for roughly 10 percent of global maritime trade and is a source of much-needed foreign currency for Egypt.
- The number of ships using the canal rose from 18,830 in 2020 to 20,694 in 2021, or more than 56 ships per day.
Economy
Dubai government approves budget for 2022-24
Sheikh Mohammed bin Rashid Al Maktoum said the budget supports the Dubai Strategic Plan 2030 and places Dubai at the...
- The budget features an expenditure of AED181 billion, with around AED60 billion expenditures and AED57.55 billion in expected revenues for 2022.
- Economy, transportation and infrastructure account for 42 percent of the expected expenditure, followed by social development (30 percent).
Business
Emaar Development CEO resigns
Bader Hareb resigned with effect from December 30 for ‘personal reasons.’
- The resignation was announced in a letter addressed to DFM Chief Executive Officer Hamed Ahmed Ali
- The letter did not give any detail of a successor to Hareb, or an interim appointment till one was named
Business
Iran gas platform out of service after catching fire
The gas transmission pipeline of platform 16 of South Pars gas field started leaking on the seabed.
- Gas leaking from the platform caught fire after a lightning strike
- The platform is now 'not operational' and repairs were underway
Business
Covid-19 clouds hover over world’s New Year party
As the year drew to a close, the emergence of the Omicron variant pushed the number of daily new Covid-19...
- As the pandemic enters its third year, it still dominates life around the globe
- Seoul to San Francisco, new year celebrations were canceled or curtailed
Business
Gulf markets end 2021 on positive note
The Gulf financial markets ended 2021 on the rise, waiting to achieve significant gains next year.
- Rising oil prices and fewer concerns about the impact of the Omicron variant pushed the Saudi stock index up 0.7% this week
- The Dubai index had a solid week supported by the rise of the shares of Emaar and several banks
Business
Saudi central bank to use Bloomberg for repo operations from January
Bloomberg's Auction System is a part of Bloomberg's enterprise solution for central banks and government financial agencies.
- The Saudi central bank has announced that it will use Bloomberg's Auction System from January
- It will use the system to conduct repo, reverse repo, and Open Market Operations with locally operating banks
Business
Ikea to hike prices by 9%
The hike is due to pandemic-fueled supply-chain snarls.
- Ikea faced higher operating costs in North America and Europe
- It is now passing on that cost burden to its customers
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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
Abu Dhabi Judicial Department’s Auction App generated $925m in property sales
Abu Dhabi, UAE - Since its launch in June 2022 through mid-February 2024, the Abu Dhabi Judicial Department's (ADJD) Auction...
Business
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Meeza to offer 50% shares in IPO
Business
UAE’s investments in Ethiopia touch US$2.9bn as non-oil trade expands
Abu Dhabi, UAE-- As the UAE President Sheikh Mohamed bin Zayed visits Ethiopia to strengthen relations with the African country,...
Business
Brazil star Neymar arrives in Saudi Arabia ahead of unveiling ceremony
Riyadh, Saudi Arabia--Neymar was greeted with much fanfare Friday as he arrived in Saudi Arabia where he joins a growing list...
Business
Dubai records $2.83bn billion in weekly real estate transactions
Dubai, UAE -- Real estate transactions valued at more than AED 10.4 billion ($2.83 billion) were recorded in Dubai during...
Business
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Business
Chinese property giant Evergrande files for bankruptcy in US
Evergrande, once China's top property developer, was found in 2021 to be struggling with more than $300 billion in liabilities,...
- Several major developers have been hit in the unfolding drama as they fail to complete housing projects, triggering protests and mortgage boycotts from homebuyers.
- Evergrande has worked on an offshore debt restructuring agreement for months and unveiled a proposal earlier this year.
Business
China’s investment rises 23% in BRI countries in Jan-July 2023
BEIJING, CHINA - Between January and July 2023, Chinese enterprises made non-financial direct investments totaling US$13.69 billion (RMB95.34 billion) in...
- This growth amounts to approximately US$13.69 billion, constituting nearly 20 percent of the overall investment in January-July 2023.
- The value of newly signed contracts amounted to US$103 billion, indicating a marginal 0.6 percent year-on-year increase.
Business
Etihad Cargo flight lands in Hubei
Hubei's Ezhou Huahu Airport is world's fourth professional cargo airport.
- Etihad Cargo's Boeing 777-200 freighter arrived in Ezhou on Friday, making the carrier the first international airline to operate flights to the airport.
- Equipped with a 23,000sqm cargo terminal and a 700,000sqm freight transit center, the airport serves as a gateway for air trade between China and the rest of the world.