Dubai real estate market saw record transactions worth $142.1bn in 2024
Dubai, UAE -- Dubai’s real estate market recorded 180,900 transactions worth AED 522.1 ($142.1 billion) in 2024, a market report...
Business
Unemployment rate among Saudi nationals 7.8 percent in Q3
Riyadh, Saudi Arabia -- Unemployment rate among Saudi nationals reached 7.8 percent in the third quarter of 2024, a year-on-year...
Economy
Business
SEC 2023 net profit $2.74bn
The company's board announces a dividend of $775 million.
- In a Tadawul disclosure, the decrease in net profit was attributed to the higher operating and maintenance costs due to growing business and operating assets.
- The company's Tadawul disclosure said that its Q4 2023 loss widened to SAR 2 billion from SAR 190.6 million a year earlier.
Business
Arcapita Capital closes $500m fund
The fund saw participation from leading sovereign wealth funds.
- Arcapita said in a statement that it has already deployed a substantial amount of the fund in a sizable portfolio of industrial real estate assets.
- Over the coming months, the firm expects to execute on a pipeline of further assets situated in strategic locations across Riyadh, Jeddah, and the Eastern Province.
Arts & Culture
Japan’s Riken Yamamoto wins Pritzker prize for architecture
New York, United States -- Japanese architect Riken Yamamoto was awarded the Pritzker prize for architecture on Tuesday, the organizers said...
- Highlights of Yamamoto's work include Nagoya Zokei University in Japan completed in 2022, THE CIRCLE at Zurich Airport in Switzerland finished in 2020 and Tianjin Library in China.
- Yamamoto was born in Beijing, and resides in Yokohama, Japan. He will be honored in Chicago this spring. He is the 53rd winner of the prize and the ninth from Japan.
Science
Endangered wild horses return to Kazakhstan
First documented in 1881, Przewalski's horses have narrowly avoided extinction thanks to breeding programs at zoos worldwide.
- The zoos are planning to take at least 40 Przewalski's horses to roam free in the Altyn Dala (Golden Steppe) area in central Kazakhstan in the next five years
- In June, Czech army planes will transport three stallions and five mares to Arkalyk in central Kazakhstan, with Prague zoo and Tierpark Berlin sending four horses each
Business
Now more accessible, Bitcoin strikes record high above $69,000
Bitcoin has enjoyed an unbridled rise since the approval of a new type of investment indexed to the cryptocurrency. Since...
- The expected approval of the new investment product had contributed in recent months to a rise in its price.
- The industry sees the entrance of ETFs on the US market as proof of the growing interest from institutional investors in cryptocurrencies.
Business
PIF, Mumtalakat collaborate to boost investment opportunities in Bahrain
Riyadh, Saudi Arabia -- The Public Investment Fund (PIF) and Mumtalakat Holding Company, the sovereign wealth fund of the Kingdom...
- Mumtalakat Holding Company owns shares in more than 50 commercial companies covering a variety of sectors.
- Through this agreement, PIF seeks to increase its investments in multiple targeted sectors in Bahrain.
Business
ADES 2023 profit $120m
Higher utilization rates in Saudi, Egypt fuel revenue growth.
- The increase in net profit is a result of the revenue growth by 75.6 percent year-on-year (YoY) to SAR 4.33 billion, Argaam reported.
- In Q4 2023, net profit fell 24 percent YoY to SAR 169 million from SAR 222.3 million in Q4 2022.
Business
Parkin IPO price AED2-2.1
The price range implies a market capitalization of $1.63bn-$1.72bn.
- It also announced the start of the subscription period for the IPO on the Dubai Financial Market (DFM).
- The Dubai Investment Fund (selling shareholder) expects to sell more than 749 million ordinary shares.
Business
Middle East saw surge in new CEO appointments in 2023: Report
Dubai, UAE – The Middle East witnessed the highest percentage of new CEO appointments globally, averaging at 16 percent, with...
- The region averaged 16 percent, with Saudi Arabia leading with an impressive 20 percent, according to 2023 Route to the Top report by Heidrick & Struggles.
- This trend is paralleled by markets such as Poland and Switzerland, with similarly high rates of new appointments.
Business
Qatar’s Jan Producer Price Index decreases by 4.38 percent
Doha, Qatar -- Qatar's General Producer Price Index (PPI) for January 2024 is estimated at 113.22 points showing a decrease...
- On Y-o-Y basis, PPI of January 2024 showed a decrease of 12.63 percent, according to the Planning and Statistics Authority (PSA).
- The PPI of January 2024 for Mining and Quarrying sector showed a decrease of 5.22 percent when compared with PPI of December 2023.
Dubai real estate market saw record transactions worth $142.1bn in 2024
Dubai, UAE -- Dubai’s real estate market recorded 180,900 transactions worth AED 522.1 ($142.1 billion) in 2024, a market report...
Business
Company News
Latest News
WEF Dubai: UAE fosters global dialogue
The UAE has agile governance and it is not beholden to short-termism, Maroun Kairouz, Head of Regional Agenda for the...
Interview
IMF predicts slightly slower global growth in 2024 and 2025
In its new World Economic Outlook (WEO) report, the International Monetary Fund also estimates that global inflation will continue to...
Economy
Most Read
Business
PIF sets up sarcc company
The new entity will address growing staff accommodation demand.
- In a statement, PIF said sarcc will play a key role in transforming the accommodation market by developing and operating complexes for staff in Saudi Arabia.
- The company will foster the Saudi private sector by facilitating long-term investment and partnerships throughout the industry's value chain.
Geostrategy
States helping Israel’s occupation may be ‘complicit’: UN experts
"Israel's internationally wrongful acts give rise to state responsibility, not only for Israel, but for all states," said Navi Pillay,...
- It also examines the implications of last month's UN General Assembly vote demanding the occupation end within a year.
- Pillay, a former UN rights chief, said all countries are "obligated not to recognize territorial or sovereignty claims made by Israel over the occupied territories".
Geostrategy
Global Future Councils meet calls for collective action to tackle global crises
Over 500 experts gathered at the World Economic Forum Annual Meeting of the Global Future Councils 2024 in Dubai to...
- Mohammad Abdullah Al Gergawi, Minister of Cabinet Affairs of the United Arab Emirates, said, “The only constant conviction we recognize every day is that nothing remains stable.”
- Sessions also explored novel approaches needed to tackle emissions while ensuring an equitable and socially responsible transition