• TAQA, JERA sign pact with SATORP to develop plant in Saudi Arabia 

    ABU DHABI, UAE – Abu Dhabi National Energy Company (TAQA), together with JERA Co., Inc on Thursday announced that they have entered into a power and steam purchase agreement with Saudi Aramco Total Refining and Petrochemical Company (SATORP), a joint venture company owned by Saudi Arabian Oil Company (Saudi Aramco)...
  • Crypto crimes rise in GCC amid digital currency boom

    The GCC is at a critical juncture, facing the dual challenge of embracing blockchain innovation while combating crypto crime, says Nicola Buonanno of Chainalysis.
  • Construction costs set to rise in UAE, Saudi Arabia in 2024: Report

    Dubai, UAE -- Construction costs are set to increase in the UAE by 2-3 percent, and in Saudi Arabia by 5-7 percent in 2024, following an increase of 3 percent and 7 percent respectively in 2023. Increases will challenge construction firms, which will need to develop new processes and capabilities to...
  • Oil may rise to $100, gold to hit $3,000 by 2025, says Citi

    ABU DHABI, UAE - Oil prices could rise to $100 per barrel and gold prices could reach $3,000 per ounce within the next 12 to 18 months, subject to three potential catalysts, CNBC reported, citing Citi analysts. Aakash Doshi, Citi’s North America head of commodities research, told CNBC that gold...
  • KEZAD Group, Al Ghurair Group’s APT ink lease pact to set up manufacturing facility

    ABU DHABI, UAE – Khalifa Economic Zones Abu Dhabi (KEZAD Group) and Al Ghurair Group subsidiary Automotive Precision Technology (APT) on Monday announced the signing of a lease agreement for an automotive aluminum component manufacturing facility. The 30,000 square meters advanced manufacturing facility for APT in KEZAD will be strategically...
  • Passenger traffic could exceed earlier figures, says Dubai Airports’ CEO

    DUBAI, UAE – The airport here has "every chance" of breaking its record for passenger traffic this year after surpassing pre-pandemic levels in 2023, Dubai Airports' CEO told AFP on Monday. Dubai International, the world's busiest airport for international passengers for nearly a decade, hit 87 million visits in 2023, beating...
  • SCC committee discusses issues related to Sharjah’s economy and tourism

    SHARJAH, UAE - The Financial, Economic and Industrial Affairs Committee of Sharjah Consultative Council (SCC) held a meeting to discuss points to be raised on the policy of Sharjah Commerce and Tourism Development Authority (SCTDA), during the next session. A number of key issues related to stimulating economic growth and...
  • Saudi holdings of US Treasuries surge to $131.9b in December 2023

    ABU DHABI, UAE - Saudi Arabia’s holdings of US Treasuries reached US$131.9 billion in December 2023, up $3.8 billion month-on-month, new data released by the US Treasury showed. The Kingdom maintained 16th place among the largest holders of US treasury securities for the month.  Saudi Arabia’s holdings of US Treasuries were distributed among long-term bonds worth...
  • UAE seeks maximum penalty in ‘terror’ trial against 84 people

    The United Arab Emirates has accused the defendants of forming a "terrorist" organization called the "Committee for Justice and Dignity" with the aim of inciting popular protests and a "violent revolution" in the wake of the 2011 Arab Spring uprisings across the Middle East.
  • HMG 2023 net profit $544m

    The rise was due to the hospitals and pharmacy segments.
  • Roadmap out for environmental education, sustainable development at WEEC2024

    ABU DHABI, UAE - The Abu Dhabi Roadmap, a high-level plan outlining global recommendations to bolster Environmental Education (EE) and Education for Sustainable Development (ESD), was revealed on Day Four of the 12th World Environmental Education Congress (WEEC2024) here. A culmination of four days of vibrant discussions, workshops and events...
  • Abu Dhabi Judicial Department’s Auction App generated $925m in property sales

    Abu Dhabi, UAE - Since its launch in June 2022 through mid-February 2024, the Abu Dhabi Judicial Department's (ADJD) Auction App has generated over AED3.4 billion ($925 million) in sales. In more detail, 333 properties worth AED3,401,835,871 ($926,361,975), have been sold in addition to 1013 vehicles valued at AED78,277,025 ($21,334,933),...
  • Innovative building codes transform MENA construction

    Two emerging construction processes gaining popularity, especially in the MENA region, are 3D printing of concrete structures and offsite construction. These methodologies significantly reduce material waste, enhance construction quality, offer more controlled and safer work environments, and optimize project timelines, he adds.
  • Tenaris sets up base in Abu Dhabi

    The global pipe maker invested US$60m in the business.
  • Americana Restaurants posts profit.

    The annual net profit in 2022 was US$470 million.
  • Tabreed 2023 revenue up 9%

    The company reported a net profit of $204 million.
  • AD Ports Group net profit up 6%

    Revenue growth driven by ports, logistics, and digital clusters.
  • Starlink satellites approved for use in Israel and Gaza

    Access to reliable, high-speed internet will "enable potentially life-saving medical consultations via real-time video calling," UAE Foreign Ministry spokesperson Afra Al Hameli said on social media, welcoming the deal. Gaza's hospitals have been overwhelmed by more than four months of war, during which 68,291 people have been wounded according to...
  • WSG has ushered in a new decade of positive impact: Hamid Al Zaabi

    Dubai, UAE-- The World Governments Summit (WGS) has ushered in a new decade of positive impact, inspiring governments and societies to join the global community in its ongoing journey to shape the future, according to Hamid Al Zaabi, Director-General of the Executive Office for Anti-Money Laundering and Counter Terrorism Financing...
  • India PM inaugurates grand temple in Abu Dhabi

    According to the UAE authorities, the grand temple carved from pink stone spreads over an area of 55,000 square metres and is the largest traditional stone-built Hindu temple in the Middle East. Nearly 3.5 million Indian nationals, the largest expatriate community in the Gulf country, live in the UAE.
  • ADNOC L&S profit spikes 138%

    Its revenue jumped 41% to US$748 million in 2023.
  • Ford Middle East sales up 63%

    Growth fueled by Ford Territory, F-150 and other models.
  • Erdogan’s Egypt visit aimed at rapprochement with al-Sisi

    Turkey and Egypt cut ties in 2013 after Sisi, then Egypt's defense minister, ousted Islamist president Mohamed Morsi, an ally of Turkey and part of the Muslim Brotherhood movement. At the time, Erdogan said he would never speak to "anyone" like Sisi, who in 2014 became president of the Arab...
  • UAE economy posts best growth rates in comparison to others: IMF official

    Dubai, UAE-- The UAE's economy has recorded the best growth rates in comparison to other economies in the region, according to Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF). He affirmed the UAE's robust economic performance in recent years, highlighting its...
  • UAE residents plead for lifestyle changes to save planet

    Dubai, UAE-- As many as 81% of people in the UAE say that they owe it to future generations to make drastic changes to the way they are living, as reported by the What Matters 2024 report from Human8, the human-centric and insight-driven consultancy. More than 4 out of 5...
  • UAE leads global charge in generative AI adoption

    With 40 percent of UAE workers already exploring generative AI, the nation stands as a beacon of tech adoption, far surpassing the global average, say a report.
  • Air Arabia 2023 net profit $408m

    The firm recorded a 27 percent rise in profit compared to 2022.
  • NMDC Group net profit $585m

    The Group's revenues surged 56 percent to $4.54 billion.
  • 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 million and a volume of 74,791 cubic meters in 2023, according to the American Hardwood Export Council (AHEC). Significant increases were seen in exports of American hardwood lumber to the...
  • UAE is an exceptional economic leader in Middle East

    "We've collaborated closely with the World Governments Summit for over a decade. It presents a vital opportunity to foster innovative thinking and concentrate on best practices. Indeed, each year, it allows us to focus keenly on the current challenges and opportunities," he adds.
  • South Korea presses for enhanced ties with UAE in high tech and AI

    Dubai, UAE--South Korea has pressed for boosting cooperation with the UAE in the field of advanced technology and artificial intelligence (AI) to enable digital government. This was stated by Dr. Koh Jean, Chairman of the Presidential Committee on the Digital Platform Government in the Republic of Korea, on the sidelines...
  • COP hosts UAE, Azerbaijan, Brazil announce climate ‘troika’

    The UAE hosted last year's COP28 conference in Dubai, while Azerbaijan will host this year's summit followed by Brazil in 2025. The three countries were mandated by 198 signatories to the Dubai agreement to work together on a roadmap to limit global warming to 1.5 degrees Celsius, a key climate...
  • Al Mal Capital REIT to launch rights issue

    The fund has an existing portfolio valued at US$158m.
  • Red Sea issue puts Yemen peace process on hold

    DUBAI, UAE- As Houthi attacks roil the Red Sea and Western air raids target the rebels, moves to end Yemen's long-running war are at a standstill, threatening further woe for a country on its knees. As recently as December, painstaking negotiations were gaining ground and the United Nations said the warring...
  • UAE residents anticipate full electric and hybrid vehicle takeover in coming years: survey

    Dubai, UAE - About 63% of respondents in the UAE plan to make EVs their primary mode of transport by 2025, reveals a survey by Al-Futtaim Automotive, a major division of the Al-Futtaim Group and Strategic E-Mobility Partner, The survey indicating a significant shift in UAE residents' perspectives towards electric...
  • GPSSA issues circular on pensions, gratuity in UAE

    ABU DHABI, UAE – The Emirates General Pension and Social Security Authority (GPSSA) has issued a circular to government and private sector employers, detailing the regulations for pension deductions and end-of-service gratuity in line with Federal Decree Law No. 57 of 2023. The circular included limiting the procedure of deduction...
  • Several nations eager to join Charter of Cooperation, says OPEC Secretary-General

    ABU DHABI, UAE - Secretary-General of the Organization of Petroleum Exporting Countries Haitham Al Ghais said that OPEC is in active talks with several nations eager to join the OPEC+ Charter of Cooperation, following the recent accession of Brazil. The names of these countries will be announced after the completion...
  • In Middle East, ‘manufacturing’ is a new buzzword

    From Saudi Arabia to the UAE and Qatar to Kuwait, governments across the region compete to jumpstart industrial sector but doubts remain whether it can be pulled off.
  • In Middle East, ‘manufacturing’ is a new buzzword

    Form Saudi Arabia to the UAE, Qatar to Kuwait, governments of the region compete to jumpstart an industrial sector. But doubts remain whether it can be pulled off.
  • Asian labor dialogue champions tech solutions for disputes

    Dubai, UAE -- Ministers of labor and human resources from 16 Asian countries sending and receiving workers have called for using advanced technology in innovative initiatives aimed at resolving labor disputes and expediting verdicts. They also aimed to strengthen wage protection systems and facilitate skill mobility among participating countries. The...
  • Three UAE soldiers, Bahraini officer killed in Somali attack

    The United Arab Emirates' defense ministry said that the soldiers were "exposed to a terrorist act" while "performing their work duties in training and qualifying the Somali Armed Forces". The ministry, without giving further details, said that two others were wounded in the incident.
  • ESG 2023 net profit at US$187m

    The firm posted a year-on-year net profit rise of 316 percent.
  • Polestar 3, the electric SUV, hits the streets of the UAE

    Dubai, UAE  – Al-Futtaim Electric Mobility Company, the official distributor of Polestar in the UAE, have announced the official launch of Polestar 3, the electric SUV. Polestar 3 is also the brand’s first vehicle planned to be produced on two continents – marking a milestone in green mobility in the...
  • Dubai records over US$2.6bn in weeklong real estate transactions

    DUBAI, UAE - A total of 3,543 real estate transactions worth over US$2.6 billion (AED9.8 billion) were conducted during the week ending February 9, 2024, according to data released by the Dubai Land Department (DLD). The DLD report showed that 197 plots were sold for US$315 million (AED1.61 billion), while...
  • Aldar net profit $1.19bn

    Expanded investment and record development sales boosted profit.
  • DMCC witnesses 10 percent rise in US companies in 2023

    DUBAI, UAE – DMCC successfully concluded its most recent Made for Trade Live tour of the US, hosting events in New York, Brooklyn and Washington DC as it continues to build on growing bilateral trade and investments between the two countries. In 2023, DMCC saw a rise of over 10...
  • Saudi hosts Arab diplomats for Gaza talks after Blinken tour

    Saudi Arabia, home to the holiest sites in Islam, has never recognised Israel, though officials were considering doing so before the Hamas' October 7 attack. Israeli ground offensive has killed at least 27,840 people, mostly women and children, according to the Gaza health ministry.
  • UAE real GDP to grow 5.3 percent in 2024: S&P Global

    Abu Dhabi, UAE-- The UAE's real GDP will grow 5.3 percent in 2024, compared to 3.4 percent in 2023, according to S&P Global Ratings, the world's leading credit rating agency. The credit rating agency in a new report said that UAE banks reported exceptional profits for the full year 2023...
  • Emaar 2023 revenue at $7.3bn

    Emaar property sales rose to US$ 11 billion in 2023.
  • UAB net profit grows 65%

    Total assets grew 25% in 2023 on strong growth in loans, advances.
  • Presight net profit $155m

    The net profit grew by 5.1 percent to $155 million.