Over 70% report revenue surge in UAE from digital payments, Visa finds
Dubai, UAE - More than 70% of surveyed retailers in the UAE have experienced increased revenue and higher customer footfall since...
Business
Business
SMEH of Saudi Arabia fixes price range for IPO
Scientific and Medical Equipment House of Saudi Arabia has set a price range between $12-13.9 per share for its offer...
- The book-building period for participating entities will run from Jan. 17 to Jan. 27, 2022, a bourse statement by the offering’s book-runner, Alistithmar Capital, revealed
- Shares devoted to participating entities will stand at 6 million shares, representing the full offering of 30 percent of the company’s capital
Business
Sharjah Publishing City Free Zone registers 2,000 new companies in 2021
A total of 2,000 new companies from 106 countries registered with the Sharjah Publishing City Free Zone (SPC Free Zone)...
- Most of these companies were from the UK, India, Pakistan, the Philippines, and Lebanon.
- SPC provides 600 furnished offices for publishing entrepreneurs and 6,000 square meters of space for investors.
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
Over 70% report revenue surge in UAE from digital payments, Visa finds
Dubai, UAE - More than 70% of surveyed retailers in the UAE have experienced increased revenue and higher customer footfall since...
Business
Company News
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ECI, KazakhExport ink MoU
Business
Israel and Bahrain agree to increase trade volume, boost tourism
"The foreign minister and I agreed that we should work together to increase the number of direct flights, the tourism,...
Geostrategy
Mubadala, Petrobras sign MoU
The two parties will explore potential investment in a biofuel project.
Business
Qatar tourist arrivals surge on post-world cup momentum
Doha, Qatar -- More than 2.56 million people visited Qatar from January to August 25, which is more than the...
Business
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Business
UAE creates federal authority for gaming, casino giants flock to country
Dubai, UAE - The United Arab Emirates (UAE) has established a federal entity responsible for regulating gaming activities within the...
- Ras Al Khaimah, one of the UAE's seven emirates, is planning to open a Wynn Resort valued at around $3.9 billion, which will include a casino
- The decision to allow gambling comes amid heightened economic competition in the Gulf, particularly with neighboring Saudi Arabia
Business
Tesla, Chinese EV brands jostle for limelight at German fair
Chancellor Olaf Scholz will officially inaugurate the IAA mobility show, held in Germany every two years, on Tuesday. But Monday's...
- The industry-wide shift towards electric vehicles will be front and centre at this week's fair, with Chinese carmakers out in force as they eye the European market
- US electric car pioneer Tesla, owned by Elon Musk, will return to the IAA for the first time since 2013 and is expected to unveil a revamped version of its mass-market Model 3
Business
Italy’s Eni plans to invest $7.7 bn in Egypt
Cairo, Egypt - Italian energy giant Eni has revealed plans to invest $7.7 billion in Egypt's energy sector over the...
- The company in collaboration with its partners, intends to channel these investments into various projects within the country
- Eni is an integrated energy company that has presence in 69 countries around the world, including Algeria, Angola, Mexico, Indonesia and Italy