Browsing: Business

The leading real estate developer in Sharjah, Alef Group, has launched its new project, Hayyan under the theme Making Homes Human. With an estimated value of AED3.5 billion, the project covers 8.7 million square feet, embodying the spirit of Sharjah, with a total of 1,836 villa units spread out over three distinct zones. The project should be completed by the second half of 2025. The first area of the project is divided into three different phases. The project’s first phase will see the delivery of 268 villas in the vibrant Aryam neighborhood designed to the highest standards, which includes a…

His Highness Sheikh Mansour bin Zayed Al Nahyan, the UAE’s Deputy Prime Minister, Minister of Presidential Affairs, and Chairman of the Central Bank of the UAE (CBUAE), presided today over a meeting of the board in Qasr Al Watan. Sheikh Mansour welcomed the participants and thanked the UAE Central Bank for its efforts to support financial stability in the banking sector. During the meeting, Sheikh Mansour was informed about the progress of the implementation of plans, which align with the future economic strategies of the country aimed at achieving digital inclusion and green finance. By the end of 2026, the…

The Kingdom of Saudi Arabia’s overall merchandise exports increased 62.6% in December 2021 compared to December 2020, when many countries imposed travel bans and lockdowns as a result of COVID-19 issues. According to the General Authority for Statistics (GASTAT), exports amounted to SAR 106.3 billion in December 2021, up from SAR 65.3 billion in December 2020. It was mainly due to higher oil exports, which rose by SAR 30.6 billion, or 65.9%, during the same period. The proportion of oil exports in total exports increased from 71.0% in December 2020 to 72.4% in December 2021. There was a decrease of…

Over 30 senior Saudi manufacturers and exporters in the constructions and foodtuff sectors took part in a commercial mission organized by Saudi Exports Development Authority (SAUDI EXPORTS) today in Oman. This mission targets 70 Omani companies and follows the signing of a memorandum of understanding between the two countries worth USD 30 billion with the aim of enhancing cooperation in a variety of economic fields on the sidelines of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz’s official visit to Muscat in December, 2021. Deputy Secretary General for Strategy and Planning at Saudi Exports Abdulrahman Al-Othman said the commercial…

An exhibition of perfumes, the largest of its kind in the Middle East, opened yesterday in the Riyadh Front area. This is one of the season’s entertainment areas, and will run until March 14. Over 200 brands of luxury perfumes, both Arab and international, participated in the perfume pavilions in the presence of perfume experts and enthusiasts. The exhibition’s activities included holding workshops for the manufacture of perfumes, and offering attendees special discounts and offers. Visitors were able to create their own perfumes among other noteworthy events at the fair. One of the most prominent events in the Riyadh exhibition…

The Information & eGovernment Authority (IGA) released its foreign trade report for January 2022, which covers data on the balance of trade, imports, exports (national origin), and re-exports. In January 2022, imports reached BD449 million, a 10% increase over BD409 million for the same month in the previous year. Sixty-eight percent of imports were from the top ten countries, while 32 percent came from the other countries. The report shows that China is the leading supplier to Bahrain, with a total import of BD73 million. This is followed by Australia with BD40 million, and then the United Arab Emirate with…

The Saudi telecom giant stc has posted a 3 percent increase in net profit for 2021, up to SR11.3 billion ($3 billion). A 7.6 percent increase in revenues led to a SR316 million increase in net profit, the Riyadh-based telecom operator said in a statement. Revenues during the year totaled SR63.4 billion, up from SR58.9 billion in 2020. Olayan Alwetaid, stc’s chief executive officer, said that this growth was driven by the strong performance of the enterprise business unit, which grew revenues by 20.9 percent. The wholesale business and residential segments both saw a boost in sales of 2.9 and…

Saudi Arabia has been diversifying its economy, embracing digital transformation, and creating reforms aligned with its Vision 2030. These changes are spurring the growth of the construction industry. The government’s investment in infrastructure and housing development has generated more construction projects, causing construction firms to invest more in technology to meet the demands and complete efficient projects. The Kingdom of Saudi Arabia has completed some impressive projects. This list includes Neom, the Red Sea Project, King Abdullah Petroleum Studies and Research Center (KAPSARC) and Jeddah Tower. To ensure the success of these projects, technologies such as building information modeling (BIM),…

The Abu Dhabi National Oil Company (ADNOC) announced today the discovery of natural gas resources offshore of the Emirate of Abu Dhabi. Interim results from the first exploration well in Abu Dhabi’s Offshore Block 2 Exploration Concession operated by Eni, indicate between 1.5 to 2 trillion standard cubic feet (TSCF) of raw gas in place. This discovery marks the first from Abu Dhabi’s offshore exploration concessions, highlighting the continued success of ADNOC’s block bid rounds and its expanded approach to strategic partnerships. A consortium led by Eni and PTT Exploration and Production Public Company Limited (PTTEP) were awarded the exploration…

Aldar Properties PJSC (Aldar), through its Aldar Investment business, has made its first investment in Ras Al Khaimah, acquiring the 27,000 sqm Al Hamra Mall developed by Al Hamra, a Ras Al Khaimah based real estate development and investment company, for a total consideration of AED410 million. The transaction adds further scale and diversification to Aldar Investment, which manages more than AED22 billion of income-generating residential, retail, commercial, hospitality and education assets.Aldar Investment plans to invest to reconfigure the mall, broaden its offerings, introduce more high-quality brands, and enhance the customer experience to drive sales and footfall growth. As part…