Middle East

Date

Saudi Arabia's Ministry of Housing has signed an agreement with construction firm Katerra to build 4,101 individual homes across the kingdom. The ministry said the new construction will provide housing units for the beneficiaries of the Development Housing Initiative. Under the agreement, the housing units will be built in Makkah, Madinah, Al Baha, Al Jawf and Al Qasim, a statement said......


Under the umbrella of this program, 476 students are receiving their first and second phase of the training program at top US universities The Saudi Arabian Airlines has completed the procedures for the final admission phase for dispatching 400 applicants for the Aviators’ program in both its branches — commercial aviation and aviation sciences. The final phase includes medical and physical fitness tests related to aviation, and co…


Aramco has been developing its own gas resources The proposed Port Arthur LNG Phase 1 project is expected to include two liquefaction trains DUBAI: Saudi Aramco has entered into a 20-year agreement with US-based Sempra Energy to purchase liquefied natural gas (LNG) from its subsidiary Sempra LNG, the two companies said on Wednesday.The Saudi state oil giant plans to become a major global gas player while the US market is undergoing a shale boo…


UAE-based property website Bayut has announced its expansion into Saudi Arabia with the launch of Bayut.sa. Bayut said it has been planning an expansion into the Saudi market for some time and has conducted detailed research into the needs of the real estate industry in the country.   On the heels of its recent announcement of acquiring Lamudi Middle East, the company said the new Saudi domain will feature a portfolio of properties to cater …


2019-05-22

80 business leaders and senior delegates attend DMCC’s first roadshow in Sweden to discuss opportunities of doing business in Dubai through DMCC DMCC returns to London to highlight the commercial opportunity presented by Dubai to UK firms in a post-Brexit Britain DMCC COO speaks at major Chinese Free Zone conference, to outline Dubai Silk Road strategy and UAE and China trade ties  DMCC – the world’s flagship Free Zone and …


2019-05-22

The Ajman Media City Free Zone concluded its first European investment forums series with successful events in London and Lisbon, the two emerging and thriving hubs for creative and tech start-ups. Mahmood Alhashmi, CEO of the Ajman Media City Free Zone, led the high-level delegation, along with Rishi Somaiya, Commercial Advisor, and Nader Afify, Business Development Advisor. Alhashmi said, "Creating a strong presence and building long-term partn…


2019-05-22

Brazil Minister of Foreign Affairs, Ernesto Henrique Fraga Araujo met with DP World Group Chairman and CEO, Sultan Ahmed bin Sulayem in the Brazilian capital, Brasilia this week. They discussed social reform, a stable and efficient regulatory framework to attract investors alongside public private partnerships to encourage foreign direct investment, FDI. The meeting preceded Bin Sulayem’s discussions with President Jair Bolsonaro during the…


UAE-based real estate marketplace Property Finder said more than 43,000 residential units are currently being constructed within 136 projects in Dubai, with these projects 85-99% complete and due to be ready by the end of 2019. Of this, 33,548 units are apartments, followed by serviced apartments (5,622) and villas and townhouses (4,612). By September 2020, Property Finder's data adds, 4,133 residential units across 18 projects in Dubai…


Among the major attractions planned for Phase 3 of the project is a 3ha park that will be as large as four football pitches. The park will feature a central plaza, lawns, adventure zones, a parkour course, a skate park, barbeque areas, a gymnasium, jogging tracks, and a cricket pitch. Additional amenities at Arabian Ranches' third phase will include a mosque, schools, healthcare facilities, and children's playground areas.


Saudi Arabia’s Housing Development Programme – driven by the kingdom’s Ministry of Housing as part of the country’s Vision 2030 economic diversification mandate – has signed an agreement with American construction technology firm Katerra to construct 4,101 homes in the areas of Makkah, Madinah, Al Bahah, Al Jouf, and Qassim. The deal, signed in the presence of Saudi Arabia&rsqu…


Oman’s Ministry of Commerce and Industry (Moci) will launch a construction tender for the Oman Pavilion at Expo 2020 Dubai in 'the near future'. In a tweet dated 18 May, Moci said the package – set to be the project's second – would include construction activities, as well as equipping work. Oman's Tender Board, which offers an electronic tendering platform, will carry additional information about bidding guidelines, a…


2019-05-22

All the features in the Emirates app are now available in Arabic, bringing the total number of languages supported to 19. The Emirates app currently receives an average of 600,000 monthly downloads and allows users to search, book and manage their flights as well as their Emirates Skywards accounts. Emirates is the only airline globally to have its mobile app available in 19 languages, including Arabic, English, Traditional and Simplified Chinese…


2019-05-22

HE Mattar Al Tayer, Director-General and Chairman of the Board of Executive Directors of Roads and Transport Authority (RTA), honoured 4085 volunteers; 3669 from outside RTA, and 416 from RTA including 38 posted in leading positions. During the event, which was held in recognition of the immense contribution of volunteers in the successes of RTA’s 2018 initiatives, also included honoring of 13 employees who achieved more than 50 volunteerin…


Dubai-based real estate developer Nakheel has awarded a contract worth $2.3m (AED8.6m) for the construction of a 5km cycling track, a jogging route, and outdoor gyms within its Nad Al Sheba community, located off Sheikh Mohammed Bin Zayed Road. The developer said the project would be delivered “early next year”. Tracks for biking and running will be built in a loop around the perimeter of the 1,500-villa community.…


Dubai is among the world's top 15 cities for high monthly salary and disposable income, according to a report. The Deutsche Bank's 'Mapping the World's Prices' 2019 report ranks Dubai as the 14th best city to offer a monthly salary to its employees, estimated at Dh10,488 ($2,856) in 2019, and the 11th best city for disposable income after rent, estimated to be around Dh7,595 ($2,068).


His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has launched the 'Golden Card' scheme to grant permanent residency benefits to investors, entrepreneurs, specialized talents, researchers, and outstanding students.


Two Indian businessmen have become the first UAE residents to receive long-term visas. Vasudev Shamdas Shroff, chairman, Regal Group, and Khushi Khatwani, owner of Khushi Jewellers, got their 10-year UAE visas stamped on their passports on Tuesday (May 21).


The finalists of the Dubai Smartpreneur Competition 4.0 were selected out of more than 250 smart business ideas submitted this year The winners of the Dubai Smartpreneur Competition 4.0, presented by Dubai Startup Hub, the entrepreneurship support arm of Dubai Chamber of Commerce and Industry, and Smart Dubai, were announced during the closing ceremony of Entrepreneur Middle East's Enterprise Agility Forum 2019 in Dubai l…


New regulations by Oman’s Capital Market Authority will stop companies and owners from abusing the market to take over more than 25 per cent of any company in Oman, according to the authority.The regulation aims to limit take over and acquisition processes at not more than 25 per cent of the shares of pubic joint stock companies and controlling percentage in the company to provide protection for shareholders and for fair, transparent and eq…


Chinese officials have expressed the desire to strengthen economic relations with the Sultanate and increase investments for the mutual benefit of both countries and peoples.This was said in a statement during the meetings held by the delegation of the Public Authority for Investment Promotion and Export Development (Ithraa), chaired by Nasima bint Yahya Al Balushi, Director General of Investment and Exports in Ithraa, with a number of Chinese of…


The brand launched its new version of the Cassandra bag. Spotted on the stylish arms of Gigi Hadid and Jessica Alba, the envelope shaped Cassandra bag from Saint Laurent has become an instant classic which makes this new addition extra exciting. The French brand gave Cassandra a face lift and now it’s available in a top handle style in timeless black and burgundy red. Saint Laurent’s signature YSL monogram – covet…


Investors and entrepreneurs granted permanent residency in the UAE will be granted a "gold card" confirming their new status. Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, announced the move on Tuesday. He said about 6,800 people had been granted permanent residency under the first round of applications. They collectively pledged investments of an estimated Dh100 billion, he said. The UAE's new permanent visa …


Expo 2020 Dubai has completed another major milestone this week with the construction of its petal-shaped 'Thematic Districts' now complete. Event organisers said more than 100 million working hours have now gone into developing the site, including the completion of all shell and core works. Expo 2020 added that final building completion certificates have been received from Dubai Municipality, with all Expo-led construction on track to be complet…


2019-05-21

The Sharjah Department of Statistics and Community Development, DSCD, has rolled out the implementation phase of its latest economic survey project, which will encompass all administrative communities and free zones in the emirate. The project was launched in January this year. More than 5,800 organisations from all areas and cities of Sharjah including 860 major companies have been notified by the Department about the survey. The survey’s …


Exclusive: Kerala plans to use public-private partnership model for development projects Kerala Tourism plans to hold investors meet in the Middle East and few other select overseas markets to woo investments to fund tourism-related infrastructure projects in the state, the top executive of the department said. In an exclusive interview with Arabian Business, Rani George, secretary, Tourism, Government of Kerala said, “We are planning …


2019-05-21

His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, witnessed today the signing ceremony of a number of agreements and Memoranda of Understanding, MoUs, between the UAE and Mali in the economic, trade, defence, cultural fields and funding projects, to enhance and shape joint cooperation between the two countries. The agreements and MoUs signed between the two sides inclu…


2019-05-21

Roads and Transport Authority (RTA) revealed that the payment of taxi fare through electronic means (nol and credit cards) for taxis operating in Dubai had hit 3,199,323 transactions in the first quarter of 2019 year. The figure reflects a massive growth when compared to the number such transactions recorded during the corresponding period last year, which was 1,307,968 transactions.  “The hike in the use of easy payment methods of tax…


The Hinduja Group has engaged investment bankers led by SBI Capital Markets for due diligence  The Hinduja Group will start the process of bidding for Jet AirwaysNSE 2.25 %this week, having obtained the assent of key stakeholders in the grounded airline including founder Naresh Goyal and EtihadAirways, strategic investor in the carrier. The Hinduja Group has engaged investment bankers led by SBI Capita…


The Indian Business and Professional Council (IBPC) has donated Dh100,000 to Al Noor Training Centre Dubai to help the non-profit organisation. The council held its annual Suhoor at Al Noor Training Centre on Sunday to support the organisation where around 250 students are undergoing training with more than half of them from India. "Ramadan is a month giving and tolerance. The Indian community's prosperity here shows tolerance towards Indian comm…


As Muslims around the world mark, the holy month of Ramadan by fasting from dawn to sunset, residents, and royals in the UAE have also made grand arrangements to observe it.


Photos of the royal wedding invitation of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, and his brothers, have been posted on social media - and it was a rather delicious invite.


The Luxury Closet has acquired Hong Kong-based Guiltless.com, which also sells pre-owned designer goods Dubai-based start-up The Luxury Closet, an e-commerce platform for pre-owned luxury goods, has closed an $11 million growth funding round, which it will use to expand into Hong Kong. The expansion will see The Luxury Closet acquire Hong Kong-based Guiltless.com, an e-commerce platform that was founded in 2014 by Yen Kuok and which also speciali…


Since June 2018, Dr. Fahd Al-Shathri has been the deputy governor of the Saudi Arabian Monetary Agency (SAMA). He was previously the deputy governor for research and international affairs at the same agency, a position he held for two years from 2016. Al-Shathri served as an economic adviser to the Ministry of Finance between 2000 and 2011, and in 2009, he joined the board of the Islamic Corporation for the Development of the Private Sector (ICD)…


New visa move will allow residents and expatriates to play a more active role in Saudi economy Media reports suggest the "Privileged Iqama" could cost as much as SR800,000 for a long-term version or SR100,000 for the one-year version JEDDAH: The Um Al-Qura newspaper, the official gazette of the Saudi government, has published new information concerning the laws and regulations of the Privileged Iqama, widely known as the Saudi “Green Car…


State-run Bahrain Petroleum Co. (Bapco) has completed a multibillion-dollar financing aimed at expanding its refining capacity to 380,000 barrels per day (bpd) from 267,000 bpd.Bahrain, a small non-OPEC Gulf oil producer with around 124.6 million barrels of proven reserves, gets its oil revenue from two fields: the onshore Bahrain field, and the offshore Abu Safah field, which is shared with Saudi Arabia.Around 88 percent of the crude that Bapco …


Bahrain-based alternative investment manager Investcorp has mandated Citi and JPMorgan to coordinate the refinancing of a $400 million loan, sources familiar with the matter said on Sunday.Founded in 1982, Investcorp is one of the oldest Middle Eastern private equity houses. As of the end of last year, it had $22.5 billion in assets under management.The firm has hired the banks to coordinate the refinancing of a $400 million revolving credit faci…


‘It is normal amid this escalation that Kuwait and the Gulf Cooperation Council countries take these steps’ Kuwait was in ‘constant contact’ with its ally, the US KUWAIT CITY: Kuwait’s deputy foreign minister said countries in the Gulf have strengthened coordination to provide oil to global markets amid increased regional tensions.“It is normal amid this escalation that Kuwait and the Gulf Cooperation Counci…


European portal Talixo said it has seen interest from potential investors in the region A European car booking portal is aiming to compete with ride-hailing rivals Uber and Careem, as it claims the Middle East has become one of its “quickest growing regions” and it has attracted local interest from potential investors. Talixo was founded in 2012 in Berlin and is now active in over a dozen cities across the Middle East. It differe…


Move follows successful launch of Folia at the Four Seasons Hotel Bahrain Bay Prince Khaled bin Alwaleed’s plans to change the hospitality and food service industry by introducing vegan options on menus in restaurants is on its way to Dubai. Folia, the consultancy and teaching partnership between vegan chef Matthew Kenney and Prince Khaled’s KBW Ventures, recently introduced a vegan menu at the Four Seasons Hotel Bahrain Bay. Prince K…


2019-05-20

ENOC Group has signed an agreement with Moro, the Dubai government owned digital data hub, focused on providing digital transformation and operational innovation, to lead the digitalisation journey of ENOC’s operations. The digital transformation will be driven through an organisation-wide SAP system implementation and infrastructure hosting services by Moro and powered by Virtustream Cloud Technology over the next five years. The programme…


2019-05-20

Strata Manufacturing, the advanced composite aero structures manufacturing company wholly-owned by Mubadala Investment Company, has extended its agreement with Pilatus Aircraft to cover a new composite work package for the PC-24, a twin-engine business jet. The new agreement will see Strata manufacture PC-24 flap track fairings and comes exactly a year after the two major manufacturers signed a landmark partnership on the PC-24. The expanded deal…


2019-05-20

Krypto Labs, an Abu Dhabi-based global innovation hub, has announced the shortlisted teams from Phase I and the opening of Phase II of the 'Drone X Challenge 2020'. The challenge aims to promote innovation in drone technology, with a focus on transportation and delivery. The shortlisted teams from Phase I, which had to submit detailed technical design proposals for drone systems capable of carrying heavy payloads for long durations, were awarded …


2019-05-20

The Sharjah Chamber of Commerce and Industry, SCCI, has launched a new initiative on fostering dialogue and partnership among the private sector’s representatives in certain sectors in the emirate of Sharjah. The initiative was inaugurated during a meeting attended by more than 30 companies which included those from food processing and the food trade sector. This new initiative will feature holding regular business meetings, through which t…


2019-05-20

The second edition of the Dubai Association Conference, being held under the patronage of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, will take place 9-10 December under the theme of ‘Driving change: The societal impact of associations’. Over the course of two days the conference, organised by Dubai Association Centre and taking place at Dubai World Trad…


2019-05-20

Roads and Transport Authority (RTA) has achieved electricity saving as much as 21.7 GWh in 2018, which is a reduction of 9,340 tons of carbon emissions through replacement of conventional HID lamps by LED lighting units. RTA adopted a plan for harnessing the LED lighting units following a 50% saving generated by trial projects undertaken as part of researches commissioned in different parts of Dubai, such as Rashidiya.  “We have achiev…


Commercial banks listed at Muscat Securities Market (MSM) predicted that government spending in 2019 will reflect on banking sector activities and support the growth witnessed by the sector.Ahli Bank said in its quarterly report to shareholders that the improvement in oil prices led to the provision of necessary assistance to the economy while reducing the deficit in the state budget.The report forecast that the rise in oil prices and the profits…


Oman Chamber of Commerce and Industry (OCCI) will organise its second Ramadan evening on Monday entitled “The Importance of the Blue Economy in Strengthening and Diversifying the Sultanate’s Economy” at its headquarters in Muscat.The evening will discuss innovation and investment opportunities in marine industries and a number of other topics, including aquaculture and fishing in the Sultanate, marine logistics and supporting in…