Dubai ranks among world’s top 10 cities in Global Power City Index for second consecutive year
Dubai, UAE - Dubai has been ranked eighth worldwide and first in the Middle East in the Global Power City...
Economy
Dubai real estate sets all-time record in 2024
Dubai’s real estate market has had a record-breaking year, with new milestones being set throughout 2024, culminated in an all-time...
Business
DEWA adds 600MW of clean energy production capacity
DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority Saeed Mohammed Al Tayer said DEWA had added...
- Mohammed bin Rashid Al Maktoum Solar Park will have a production capacity of 5,000 megawatts (MW) by 2030.
- The fifth phase is currently underway, with a total capacity of 900MW and investments estimated at $560 million.
Business
Nedaa, Nokia ink 5G deal in Dubai
5G network will help Nedaa provide better services.
- With the introduction of 5G, Nedaa will be able to support enhanced services for public safety and management of vital operations.
- The MoU sets a framework for upgrading the existing network capabilities and introducing agile and advanced services.
Geostrategy
Europe’s gas storage reserves now at over 90 percent
With prices falling and ports clogged with liquefied natural gas tankers, fears of a winter heating crisis in Europe have...
- Spanish gas regulator Enagas says the backlog at ports is expected to last at least until this week.
- Europe has made efforts to fill its storage facilities to reduce dependence on Russian gas and sought alternative suppliers.
Economy
Saudi Arabia’s GDP grows by 8.6 percent in third quarter of 2022
As per estimates by the General Authority for Statistics (GASTAT), real Gross Domestic Product (GDP) of Saudi Arabia grew by...
- The seasonally adjusted real GDP increased by 2.6 percent in the third quarter 2022 compared to the second quarter this year.
- Non-oil activities grew by 5.6 percent and government services activities by 2.4 percent on a year-on-year basis.
Business
Hong Kong looks to legalize crypto for retail investors
Years of strict pandemic controls and a political crackdown have hammered the Asian finance hub's economy and sparked an exodus...
- In contrast to mainland China where crypto has been all but banned, Hong Kong is looking to relax regulations and claw back some of the business that has left
- A fintech conference opened on Monday and will be followed on Wednesday by a finance summit attended by some of the world's top bankers
Economy
Swiss National Bank loses nearly $143bn in first nine months
The scale of the loss can be gauged from the fact it is slightly more than the annual economic output...
- The scale of the loss can be gauged from the fact it is slightly more than the annual economic output of Morocco ($132 billion)
- The loss could mean that the bank halts payouts to the Swiss federal and cantonal governments next year
Videos
New industrial policy seeks to diversify Saudi economy
The program, launched by Saudi Crown Prince and Prime Minister Mohammed bin Salman, has identified more than 800 investment opportunities...
- The new industrial strategy envisages tripling the country’s industrial domestic product and doubling the value of industrial exports to $148.2 billion.
- The Crown Prince said the program will make the kingdom a leading industrial power that “contributes to securing global supply chains and exporting high-tech products to the world”
Economy
China’s factory activity contracts on Covid curbs
The Purchasing Managers' Index (PMI) -- a key gauge of manufacturing in the world's second-biggest economy -- came in at...
- While activity at larger businesses expanded in October, work at small and medium-sized enterprises contracted significantly
- The economic slowdown has also been exacerbated by a crisis in the massive property sector, where a series of debt-laden developers have defaulted on loans
Economy
UAE refunds tax incurred on building, operating mosques
The FTA will begin accepting applications for refunding input tax incurred on building mosques from Nov 1.
- The FTA will begin accepting applications for refunding input tax incurred on building mosques from Nov 1
- Refund of input tax includes expenses related to the actual construction process of the mosque
Economy
Egypt to grant ‘golden license’ in order to boost investment
The license will allow investors to buy or rent lands, operate and manage the projects and allocate the necessary facilities...
- Egyptian President Abdel Fattah Al-Sisi has issued a directive during the inauguration of the first International Forum and Exhibition for Industry
- The decision came following Egypt’s agreement with the International Monetary Fund, allowing the country to obtain an extended credit facility of $3 billion
Dubai ranks among world’s top 10 cities in Global Power City Index for second consecutive year
Dubai, UAE - Dubai has been ranked eighth worldwide and first in the Middle East in the Global Power City...
Economy
Company News
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Bahrain suspends economic relations with Israel
DUBAI, UAE - Bahrain has recalled its Ambassador from Israel and decided to suspend economic relations with Tel Aviv in...
Geostrategy
Jordan becomes UAE’s regional investment hub
“Jordan has become a regional investment hub of choice for the UAE's direct investments, totaling US$4 billion. This represents 14%...
Economy
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Business
Second quarter foreign investments in Saudi Arabia hit $666bn
Riyadh, Saudi Arabia -- Foreign investments in Saudi Arabia increased 4 percent year-on-year (YoY) to SAR 2.50 trillion ($666. 39...
- The foreign investment balance recorded an increase of 5 percent quarter-on-quarter, or nearly SAR 109.9 billion.
- Foreign direct investments (FDIs) represent 41 percent, or SAR 1.02 trillion, of total investments, Argaam reported.
Business
Maaden posts net loss in Q3
Sales revenue was US$1.6 billion (SAR 6.22 billion) in Q3 2023.
- Maaden posted a net profit of US560 million (SAR 2.1 billion) in Q3 2022.
- Maaden posted net earnings of $183 million for the first nine months of 2023.
Business
NMDC, AD Ports Group ink MoU
The firms will continue to work closely on future global projects.
- The agreement is in line with the objectives of UAE’s national strategy for industry and advanced technology.
- The MoU will help the two firms to work together to strengthen the global maritime industry and support the economic growth of the UAE.