Non-Jordanian investors own 47% of ASE market value as of February 2024
AMMAN, JORDAN – Data released by the Amman Stock Exchange reveals that non-Jordanian investors bought shares worth US$12.5 million (JD8.9...
Market Report
GCC records surge in women’s workforce participation
Driven by resilience, legislation, and determination, the female populace is reshaping the socio-economic fabric of the Gulf countries, a TRENDS...
Business
Business
$44.92m EDB, FAB loan for Lamprell
The facility is in line with EDB's strategy to support large corporates.
- The bespoke credit facility additionally benefited from the comprehensive trade credit solutions provided by Etihad Credit Insurance (ECI).
- The facility will be utilized to support Lamprell in delivering two new build jack-up rigs for IMI which are currently under construction.
Business
IHC acquires stake in Al Qudra
The acquisition is part of Al Qudra's diversification strategy.
- Al Qudra Holding, founded in 2005, has a large portfolio of customers including Manarah Bay, a multi-usage project covering about 52,000 square meters in Abu Dhabi.
- The frim operates as an investment holding company and focuses its investments and strategic partnerships in sectors such as oil and gas.
Business
Dubai World Trade Center to become regulator for virtual assets, crypto
The World Trade Center will deliver and oversee a new world-class regulatory framework of Virtual Asset legislative and enforcement policies.
- The announcement follows the efforts to further develop Dubai virtual assets and markets, includes creating a framework for financial products.
- The Dubai World Trade Centre will collaborate with the private sector and relevant entities in Dubai to create an attractive environment for the sector.
Business
BNP Paribas sells US unit Bank of the West for $16.3 billion
French lending giant BNP Paribas said Monday it had sold its US retail and commercial banking arm Bank of the...
- BNP has owned the bank since 1979 and operates 555 branches in 20 US states, with over 9,000 staff.
- The French lender said the US arm had accounted for around five percent of its group-wide pre-tax earnings of between 12 and 14 billion euros in recent years.
Geostrategy
Dubai airport fully operational for first time since pandemic
Dubai airport, one of the world's busiest travel hubs, is fully operational for the first time since the coronavirus pandemic...
- Travel via Dubai increases at the end the year, with foreigners -- who make up the majority of the emirate's population -- heading home for the holidays.
- Since the pandemic began, the UAE has registered over 744,400 cases, including 2,152 deaths.
Economy
Dubai emerges as global superyacht capital
Dubai is now home to 15 marinas with more than 3,000 berths, which can accommodate an array of pleasure craft...
- Dubai is now home to 15 marinas with more than 3,000 berths, which can accommodate an array of pleasure craft and luxury yachts as well as superyachts and gigayachts
- More than 200 superyachts were registered across the Middle East as of 2019 with Dubai being the base for many of these vessels, says a report by Oxford Business Group
Arts & Culture
UAE ends cinema censorship, introduces 21+ age rating
The UAE announced Sunday it will no longer censor cinematic releases, introducing a 21 and above age rating for films...
- The UAE has decided that it will no longer censor cinematic releases
- The country has introduced a 21 and above age rating for films it classifies for mature audiences
Business
Abu Dhabi Ports Group to build first cruise facility outside of UAE
Abu Dhabi Ports Group has signed an agreement with the Aqaba Development Corporation (ADC) of Jordan to build a cruise...
- It will be the first facility to be developed by AD Ports Group in Jordan.
- Under the agreement, AD Ports Group's digital arm, Maqta Gateway will also manage the implementation of an advanced Ports Community System.
Business
Alpha Dhabi Holding to invest $272m in TA’ZIZ as part of expansion plans
Alpha Dhabi Holding, the Abu Dhabi-based conglomerate, has announced that it will be investing about AED1 billion in the Abu...
- Alpha Dhabi has announced targeting AED8 billion for investments in real estate, hospitality and healthcare.
- TA’ZIZ is an industrial services and logistics organization that enables and supports the growth of the Ruwais Industrial Complex.
Business
UAE gateway to GCC and Africa markets, says India’s industry minister
India's Minister for Commerce and Industry Piyush Goyal has said that his country's goal is to become the UAE's number...
- UAE commits $100 billion investment and infrastructure creation in India, says Piyush Goyal.
- The UAE-India CEPA will be India’s fastest-negotiated Free Trade Agreement ever between two nations, he said.
Non-Jordanian investors own 47% of ASE market value as of February 2024
AMMAN, JORDAN – Data released by the Amman Stock Exchange reveals that non-Jordanian investors bought shares worth US$12.5 million (JD8.9...
Market Report
Company News
Latest News
Egypt to drill 45 exploratory gas wells with investment of US$1.9bn
Cairo, Egypt--The Egyptian government plans to drill 45 natural exploratory gas wells in the Mediterranean and the Nile Delta with...
Business
Q Properties awards $470bn contract for Reem Hills Phase 1 Villas construction
Abu Dhabi, UAE – Q Properties, a real estate developer and subsidiary of Q Holding, announced on Tuesday the award...
Business
Iranian company SAIPA to export cars to Russia
TEHRAN, IRAN – The CEO of SAIPA Auto Making Company, Iran’s second-largest car manufacturing company, said a contract has been...
Business
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Business
Ryanair inks pact with Joramco
The airline is likely to carry 300m passengers a year by 2034.
- Ryanair will now utilize six heavy maintenance lines at the new facility in Amman- Jordan where Joramco is set to conduct 41 checks
- The 110,000sq meter facility will facilitate the heavy maintenance of Ryanair’s aircraft as the airline grows its fleet to 800 aircraft.
Business
Hotel revenues in Oman grow 27.8% to $318 million in July
Muscat, Oman -- The revenues of 3-5-star hotels in Oman reached RO 122.5 million ($318 million) at the end of...
- The total number of hotel guests grew by 25.8 percent to 1.09 million by the end of July 2023.
- Hotel occupancy posted a growth of 10.3 percent. The number of Omani guests reached 411,551.
Business
Qatar’s trade balance surplus increases by 12.8 percent in July
Doha, Qatar -- Qatar's foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus...
- Imports of goods in July 2023 amounted to around QR 9.4 billion, showing a decrease of 1.6 percent compared to July 2022.
- China was the leading country of origin of Qatar's imports with about QR 1.6 billion, a share of 16.7 percent of the imports.