Majeed Al Abduljabbar will be the CEO from January 1, 2024.

DUBAI, UAE – A real estate brokerage based here has compiled the 10 largest land deals in the Emirate since the beginning of this year, with a total value of US$2.3 billion (Dhs8.6 billion). The study based on data from the Dubai Land Department showed that the largest land sale...

Its Q3 revenue posted a 24 percent jump to US$96 million.

It's net profit was AED 26.5 million ($7.21m) in Q3 2023.

The aim is to establish multiple logistics zones in the Kingdom.

Abu Dhabi, UAE--Kazakhstan is keen to expand trade ties with the UAE, setting a target of $1 billion in mutual trade. Speaking to a media outlet in Abu Dhabi, Arman Shakkaliyev, Minister of Trade and Integration of the Republic of Kazakhstan, said: ‘’We got some great plans to unlimit our...

Riyadh, Saudi Arabia-- UAE President Sheikh Mohamed bin Zayed and Vietnamese Prime Minister Pham Minh Chinh have explored opportunities to further strengthen ties between the two countries in a meeting between the two leaders in Riyadh. The president and prime minister met on the sidelines of the joint summit between...

Its revenues rose 77% to US$92m in the same period.

The UN has described the situation inside Gaza as "beyond catastrophic" as Israel pounds the enclave from the air in reprisal for a Hamas attack that was the bloodiest in its 75-year history. More than 3,700 Palestinians, mainly civilians, have been killed across the Gaza Strip in relentless Israeli bombardments...

Moody's announced that it was putting a number of the Israeli government's credit ratings on review for a downgrade, including its long-term foreign-currency and local-currency ratings, because of the war. "Israel's credit profile has proven resilient to terrorist attacks and military conflict in the past," it said.

RIYADH, SAUDI ARABIA - The Public Investment Fund (PIF) on Thursday successfully priced its first dollar-denominated Shariah-compliant trust certificates (sukuk). The total amount of the issuance is $3.5 billion, consisting of two tranches - a $2.25 billion, 5 years sukuk maturing in 2028 and a $1.25 billion, 10 years sukuk...

RIYADH, SAUDI ARABIA – The Saudi Standards, Metrology and Quality Organization (SASO) and Enterprise Singapore signed an MoU here, focusing on standardization and the coordination of standards. The signing ceremony occurred during the third session of the Saudi-Singapore Joint Committee on Wednesday. The primary objective of the MoU is to...

Riyadh, Saudi Arabia -- Saudi Arabia’s economy is expected to grow by 3.2 percent on average between 2023 and 2026, while the non-oil sector will likely contribute 3.5 percent on average to the Kingdom’s growth in the same period, Moody’s Investors Service said in a recent report. The National Debt Management...

It entered into seven solar, hydrogen agreements in China.

It took the decision after posting a drop in Q3 profits.

With Benjamin Netanyahu building up a huge force ahead of an expected land incursion into Gaza, Iran has warned of a possible pre-emptive strike and called for an oil embargo against Tel Aviv. President Joe Biden was due to make a television address on the crisis later in the day,...

Manama, Bahrain--Bahrain Economic Development Board (Bahrain EDB) has attracted $295 million in direct investments within the Information and Communications Technology (ICT) sector as part of a total projected direct investment worth $1.4 billion, during the first nine months of 2023. Stemming from 14 local and international projects, the direct investments...

Dubai, UAE-- G42 has announced a partnership with OpenAI to deliver cutting-edge AI solutions to the UAE and regional markets. The partnership between the two will focus on leveraging OpenAI’s generative AI models in domains where G42 already has deep expertise including financial services, energy, healthcare and public services. OpenAI...

US president said the aid convoy would be allowed to go into Gaza from the Rafah crossing in a first batch of humanitarian aid. According to him, the shipment would likely not cross until Friday as the road at the crossing needed repairs. It became possible only after Egypt's president...

Paris, France-- Achieving all national climate and energy goals will require adding or replacing 80 million kilometres of power lines by 2040 – an amount equal to the entire existing global grid – according to the International Energy Agency. Major changes to how grids operate and are regulated are also...

The airlines' net income stood at US$1.1bn, up 20.7 percent.

Last year, the economy grew three percent, far from the official target of 5.5 percent, and one of the slowest rates in four decades. But Stephen Innes, managing partner at SPI Asset Management, warned that China continued to face significant economic risks. "China's high levels of corporate and local government debt,...

Dubai, UAE--Masdar City and Huawei have signed a memorandum of understanding (MoU) to enable the UAE to power its way to net zero target. The agreement, signed today at GITEX GLOBAL 2023 by key Masdar City and Huawei leaders, will lead to knowledge-sharing and capacity-building in net-zero development, help reduce...

Dubai, UAE--Moro Hub, the digital arm of DEWA, has signed a memorandum of understanding (MoU) with Digital Dubai Authority (DDA) to deliver state-of-the-art cyber security services to various government entities across Dubai. As part of this agreement, Moro Hub will extend its comprehensive suite of managed cyber security services to...

ABU DHABI, UAE – Ahmet Burak Daglioglu, Head of the Investment Office of the Turkish Presidency, said that the cumulative foreign direct investment from the United Arab Emirates to Turkey has surged to $5.6 billion (AED 20.6 billion) from 2002 through August 2023. Speaking to the WAM during the eighth...

RIYADH, SAUDI ARABIA – The Kingdom’s Minister of Transport and Logistic Services Saleh bin Nasser Al-Jasser here launched a significant mega bus transport services project aimed at linking 200 cities and provinces.   The project will have a capacity to accommodate six million passengers annually. The project operates through three...

Qatar's Industrial Production index (IPI) reached 105.2 points in August 2023, a decline by 2.1 percent compared to the previous month (July 2023), and decreased by 0.6 percent, when compared to the corresponding month in 2022. Released by the Planning and Statistics Authority, the IPI is a short-term quantitative index that measures the...

Amman, Jordan - Jordan and Egypt have signed an MoU to foster cooperation in economic and development policy formulation, as well as the valuable exchange of planning expertise. The MoU emphasizes the importance of coordination and the development of bilateral relations in technical cooperation between planning institutions in the two...

Its net profit rose to US$9.53m in the first nine months of 2023.

It will cut six percent of its staff to build a leaner company.

Cairo, Egypt--Egypt has issued the first sustainable Panda bonds in the Middle East and North Africa worth $500 million with a yield of 3.5% over three years, according to a statement by the Ministry of Finance. The recent bond issuance is guaranteed by international banks including the Asian Infrastructure Investment...

RIYADH, SAUDI ARABIA - Red Sea Global (RSG), the multi-project developer behind the world’s most ambitious regenerative tourism destinations, Amaala and The Red Sea, has completed the installation of the largest off-grid electric vehicle (EV) charging network in Saudi Arabia. The network includes more than 150 charging stations spread across...

ABU DHABI, UAE - Chairman of the Abu Dhabi Department of Economic Development (ADDED) Ahmed Jasim Al Zaabi has said that investors from over 170 countries have chosen the UAE to invest, grow and expand over the past decade. He said that this reaffirms the trust of the global investment...

ABU DHABI, UAE - Al Seer Marine, a subsidiary of Abu Dhabi-based International Holding Company, has announced the takeover of the very large gas carrier (VLGC) North Gas. This strategic move marks the second VLGC delivery under the US$134 million (AED495 million) deal signed by ABGC DMCC, a joint venture...

The company's profit swelled to US$327 million in Q3 of 2023.

UN estimates that about one million people have been displaced since Israel began a relentless aerial bombardment of Gaza in retaliation for Hamas's deadly assault on October 7. The UN agency's director of communications, Juliette Touma, told AFP more people are likely to become displaced "as people continue to leave...

DUBAI, UAE: DMCC – the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise – has welcomed the Solana Foundation – a non-profit organization– to the DMCC Crypto Center as an ecosystem partner. The partnership compliments DMCC’s existing offerings and collaborations by increasing its members’ ability...

Riyadh, Saudi Arabia -- Saudi Arabia's Consumer Price Index (CPI) increased by 1.7 percent in September 2023, compared to September 2022, down from 2 percent in August 2023. This stability is due to the early economic measures taken by the Kingdom to counter the global rise in inflation rates, the...

DUBAI, UAE – The Emirate's economy grew 3.2 percent in H1 2023 to reach US$60.9 billion (AED223.8 billion). The performance was driven by a 3.6 percent growth in real GDP in Q2 2023. Crown Prince of Dubai Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum hailed the strong performance of...

It is the first crypto entity to be listed on a Middle East bourse.

Marrakech, Morocco-- The UAE has allotted $200 million to the Poverty Reduction and Growth Trust (PRGT) to expand concessional financing for low-income countries. This aligns with the UAE’s unwavering efforts to realize the United Nations’ Sustainable Development Goal 1 (SDG 1) – no poverty – alongside other challenges that the...

Sheikh Jassim was among the front-runners to buy Manchester United after several rounds of bidding earlier this year, but the process has come to a halt in recent months despite the anger of supporters toward current owners. United announced nearly a year ago that they were exploring "strategic alternatives to...

The IMF announced member nations agreed to increase their contributions to the global lender and give sub-Saharan Africa a third seat on its executive board at its first meetings on the continent since 1973. Spanish Economy Minister Nadia Calvino, who chairs the IMF Financial Committee, said there was an agreement...

Marrakesh, Morocco-- Kuwait Fund for Arab Economic Development (KFAED) and the Central American Bank for Economic Integration (CABEI) have signed a memo of understanding (MoU) to create a joint technical cooperation framework in developing countries' development finance field. The memo was signed by KFAED's Director-General Waleed Al-Bahar and CABEI's Executive...

Vienna, Austria--The UAE’s economy remains robust, with constant contributions from the non-oil sector, especially from tourism, leisure, and real estate, according to the OPEC’s Monthly Oil Market Report (MOMR) for October 2023. MOMR noted the UAE’s tourism sector, which accounts for more than 16% of the country’s GDP, continued to...

Tehran, Iran-- Iran said the United States "can not renege" on an agreement to transfer $6 billion in frozen funds through mediator Qatar following Hamas bloody assault on Israel. Tehran, which financially and militarily backs Hamas, has come under intense scrutiny since fighters of the Islamist group stormed across Israel's southern...

RIYADH, SAUDI ARABIA - The business sector in the Kingdom reported a 24 percent rise year-on-year (YoY) in operating revenues to US$1.35 trillion (SAR 5.07 trillion) in 2022. Operating revenues are the cash revenues generated from core or other sub-activities, according to the General Authority for Statistics (GASTAT). The business...

PARIS, FRANCE - Natural and man-made disasters have caused $3.8 trillion in crop and livestock loses over 30 years, the UN's Food and Agricultural Organization (FAO) said on Friday. Floods, droughts, insect infestations, storms, disease and war have caused about $123 billion per year in lost food production between 1991 and...

Nearly 60 percent of households in Gaza were considered food insecure before the start of the new hostilities. As of late Thursday, the number of displaced in Gaza rose by over 84,400 people to reach more than 423,300, according to OCHA figures.

Marrakesh, Morocco-- The war between Israel and Hamas has cast a shadow over the IMF-World Bank annual meetings in Morocco, with warnings on Thursday that it has darkened the outlook for an already sluggish global economy. The global lenders are holding their gathering, which brings together finance ministers and central bankers...