Egypt to access $1.2 billion in funding after deal with IMF
Washington, United States -- The International Monetary Fund said Tuesday that it has reached a deal with Egyptian authorities allowing the...
Economy
In stabilization bid, Syria’s new ruler declares all weapons under state control, including Kurdish arms
Ahmed al-Sharaa announced all weapons, including those held by Kurdish-led forces, will come under state control, emphasizing unity and coexistence...
Business
Ford Middle East sales up 63%
Growth fueled by Ford Territory, F-150 and other models.
- Ford Middle East said in a statement that the UAE recorded a 57 percent year-on-year increase in sales – more than double the industry’s average of 26 percent in this market.
- It also achieved a record year of growth in Saudi Arabia, where retail figures surged by 77 percent over 2022.
Business
$1.39bn credit facility for Cenomi Centers
The Shariah-compliant facility was secured with several banks.
- The new arrangements consist of a 12-year term sustainability-linked Murabaha facility in two tranches as well as a revolving four-year renewable Murabaha facility.
- The arrangements will help Cenomi to support its growth plans by contributing towards existing facility repayments.
Geostrategy
Israel faces growing pressure over Gaza ceasefire as toll hits 28,473
CIA director William Burns met with Mossad chief David Barnea in Cairo for a new round of talks on a...
- The Cairo meeting came after the United States and the United Nations warned Israel against a ground offensive into Rafah without a plan to protect civilians.
- Other countries cautioned Israel against a Rafah ground assault, including China, Germany and Norway, while Italy said Israel's bombing in Gaza had been "disproportionate".
Business
NMDC Group net profit $585m
The Group's revenues surged 56 percent to $4.54 billion.
- The Group's assets reached AED 20.8 billion in 2023, up from AED 16.0 billion in 2022.
- In Q4 2023 alone, NMDC reported revenues of AED 5.7 billion and a net profit of AED 0.64 billion.
Business
US hardwood lumber shipments to MENA reach $61 million in 2023
Dubai, UAE -- American hardwood lumber (sawn timber) shipments to the Middle East and North Africa (MENA) region reached $61.14...
- Significant increases were seen in exports of American hardwood lumber to the United Arab Emirates and Saudi Arabia last year.
- More modest increases were seen in shipments to Morocco, Lebanon, Algeria and Iraq.
Geostrategy
OFID funds $27 billion for 4,000 projects in 125 countries
Dubai, UAE -- The OPEC Fund for International Development (OFID) has committed a US$27 billion to support 4,000 development projects...
- The OPEC Fund for International Development, founded in 1976, is a multilateral development finance institution.
- Its membership comprises 12 countries: the UAE, Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, and Venezuela.
Geostrategy
Israeli assault on Rafah a ‘terrifying’ prospect: UN rights chief
UN human rights chief Volker Turk urged world powers to "restrain rather than enable" as fears of a looming ground incursion...
- UN's agriculture agency, meanwhile, said the population of the Gaza Strip is suffering "unprecedented" levels of "near famine-like conditions".
- All 2.2 million people in Gaza are in the top three hunger categories, from level three, which is considered an emergency, to level five, or catastrophe, an FAO official said.
Business
Bahrain: Ideal business incubation hub in GCC?
The Kingdom's openness to 100 percent foreign ownership for onshore firms and zero-tax policy make enhance its appeal as business...
- Bahrain boasts robust logistics infrastructure including Salman Port and Khalifa Port.
- The setting up cost is around 10-15 percent of what you're going to pay in other top GCC countries.
Business
BGN to get $100m in financing
Abu Dhabi Exports Office, Mashreq and ADCB to provide financing.
- The strategic collaboration sets the stage for a financing arrangement, offering up to $100 million to facilitate the export of energy commodities from the UAE.
- The financing arrangement, a revolving credit line, is embedded with an accordion feature whereby regional banks and their overseas affiliates can contribute additional funding.
Economy
IMF chief forecasts higher economic growth for Arab region in 2024
Dubai, UAE -- International Monetary Fund (IMF) chief Kristalina Georgieva has forecasted that the total GDP growth for the Middle...
- The GDP growth for the Middle East region would reach 2.9 percent this year, surpassing the figures from 2023.
- The IMF Chief also anticipated a decline in global inflation rates for 2024, while underscoring that medium-term global growth prospects remain at around 3 percent.
Egypt to access $1.2 billion in funding after deal with IMF
Washington, United States -- The International Monetary Fund said Tuesday that it has reached a deal with Egyptian authorities allowing the...
Economy
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UAE captures 30% of Middle East cinema market share in 8 months
Abu Dhabi, UAE -- The UAE cinema sector achieved revenues of AED 517 million during the first eight months of...
Business
Saudi non-oil exports increase by 19 percent in July: GASTAT
Riyadh, Saudi Arabia -- Saudi Arabia's non-oil exports, including re-exports, during July 2024 amounted to SAR25.4 billion ($6.76 billion), compared...
Business
OECD raises growth forecast, calls for higher property taxes
Paris, France -- The OECD on Wednesday slightly raised its world economic growth forecast for 2024 but called for higher property...
Economy
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Business
Masdar acquires Saeta Yield
The deal is estimated to be valued at $1.4 billion.
- Saeta is a leading independent developer, owner and operator of renewable energy assets.
- Masdar recently announced an agreement with Endesa to become a portfolio asset partner for Spain's 2.5 GW renewable energy projects.
Geostrategy
Media gag and manufactured consent: Israel’s campaign against Lebanon
Beirut, Lebanon: On Sunday, Israeli troops stormed the Al Jazeera office in the occupied West Bank and issued a 45-day...
- Israel's claim last year that Gaza's largest Al-Shifa Hospital housed Hamas command center was debunked by many.
- Before launching deadly strikes on Lebanon, Israeli military released videos claiming civilian homes housed arms.
Business
ADNOC Distribution H1 dividend $350m
The total dividend for 2024 is expected to be $700 million.
- The second and final portion of 2024 dividend is expected to be paid in April 2025, in accordance with the recommendations of the Board of Directors and shareholder approval.
- The company's cash dividend paid since its initial public offering totaled AED 16.2 billion ($4.4 billion), including cash dividends for the first half of 2024.