Total construction output in the Middle East and North Africa (MENA) region is expected to witness a big slump for the rest of this year and the sector is expected to face headwinds in 2021 with a slow recovery, GlobalData, a leading data and (...)
Major bourses in the Gulf fell in early trade on Monday, with banking shares weighing on the Saudi index a day after it advanced after two lenders in the sector said they signed an initial merger agreement, Reuters reported.
The benchmark index of (...)
Business News, Daily News Egypt's parent company, has revealed the results of its annual index for Bank of the Year 2020 in Egypt, awarding the Commercial International Bank – Egypt (CIB) top spot.
The bank has gained the first rank due to its (...)
The Abu Dhabi National Oil Company (ADNOC) has signed a $20.7bn agreement with an alliance of infrastructure investors who will invest in specific assets in the company's gas pipelines.
In a statement on Tuesday, ADNOC said the agreement includes (...)
The Dubai stock market rose on Monday after the emirate said it would allow tourists to enter from July 7 in a further easing of its coronavirus lockdown, outperforming other major Gulf markets which retreated in early trade.
In Dubai, the index (...)
Abu Dhabi Investment Office (ADIO) said it has finalised enhancements to the Musataha deal that will give private-sector investors greater opportunities to deliver long-term projects in the emirate, Trade Arabia reported on Thursday.
The Musataha (...)
Egypt has tapped Emirates NBD and First Abu Dhabi Bank (FAB) to arrange a loan worth more than USD 1 bn as it tries to plug its financing gap caused by the covid-19 pandemic, Reuters reports, citing two sources familiar with the matter.
The two (...)
Abu Dhabi General Services Co. (Musanada) has carried out development projects in different vital sectors worth around AED 10.3 billion since the beginning of 2020, according to the Emirates News Agency (WAM).
One of Musanada's projects is the (...)
Abu Dhabi eased movement restrictions to allow citizens and residents to leave the emirate freely without a permit but have to enter it with one, the emirate's media office said in a statement on Tuesday.
Movement between Abu Dhabi's major cities (...)
All major Gulf markets fell on Monday, in line with oil and global stocks as growing fears of a second wave of coronavirus infections revived economic worries.
Brent crude futures were $1.02, or 2.6% lower, at$37.71 a barrel by 0750 GMT, as new (...)
Authorities have resolved the majority of stalled projects in Bahrain, as efforts continue to protect the rights of investors and developers, Gulf Daily news reported on Thursday.
It comes as the Villamar development, located on the Manama (...)
Egypt's President Abdel-Fattah El-Sisi discussed on Saturday the situation in Libyan and the Grand Ethiopian Renaissance Dam (GERD) during a phone call with his South African counterpart Cyril Ramaphosa.
According to the presidency spokesman Bassam (...)
Israel cannot expect to normalise relations with the Arab world if it annexes land in the occupied West Bank, a United Arab Emirates envoy wrote in Israel's top newspaper on Friday.
Some Israeli officials have dismissed the notion that applying (...)
Abu Dhabi's Etihad Airways is to operate a rare, second flight to Israel on Tuesday carrying medical aid to be delivered to the Palestinians, an airline spokeswoman said.
The state-owned carrier made the first known flight to Israel by a United Arab (...)
Major Gulf stocks were mixed in early trade on Monday, having rallied in the previous session buoyed by the OPEC+ group of oil producers agreeing to extend record production cuts until the end of July.
Saudi Arabia's benchmark index eased 0.1% in (...)
Abu Dhabi will extend by one week a ban on movement in and out of the emirate and between its major cities introduced on June 2, the local government media office said on Monday.
The ban applies to all residents of Abu Dhabi, the largest member of (...)
Major Gulf stocks rose sharply on Sunday a day after OPEC and non-OPEC oil producers agreed to extend record oil production cuts until the end of July.
The benchmark index of Saudi Arabia, OPEC's de facto leader, was up 0.9 percent in early trade, (...)
Most major Gulf stocks markets closed higher on Tuesday, with Abu Dhabi outperforming the region, whereas the Saudi index retreated ahead of an OPEC+ meeting on output cuts.
In Abu Dhabi, the index advanced 2.6%, boosted by a 4.9% surge in Emirates (...)
The United Nations warned Wednesday its programs to fight the coronavirus and stave off starvation for hundreds of thousands of children in war-torn Yemen will be severely cut or stopped altogether by the end of the month unless donor countries (...)
Most major stock markets in the Middle East ended higher on Monday as optimism over easing coronavirus restrictions boosted risk appetite.
In Dubai, the index gained 1.5%, with its largest lender Emirates NBD adding 2.8% and Emaar Properties (...)
Minister of Communications and Information Technology Amr Talaat has issued a decree appointing Sharif Farouk as Chairperson of the National Post Authority for one year.
Farouk's top priorities include continuing to develop the authority as a major (...)
Abu Dhabi's real gross domestic product (GDP) is expected to contract by 7.5 percent this year because of lower oil production and the impact of the new coronavirus outbreak, S&P Global Ratings said.
The fiscal deficit of the oil-rich emirate will (...)
Abu Dhabi, the largest member of the United Arab Emirates federation, announced a one-week ban on traffic to and between its main cities, to be implemented from June 2, the local government media office said on Sunday.
The restrictions, which aim to (...)
The costs of manpower and some building materials used in construction projects in the United Arab Emirates have fallen recently amid coronavirus pandemic, Zawya reported on Thursday.
The average cost of construction labour dropped by 20.5 percent, (...)
UAE-based Reportage Properties has announced total sales of Dh260 million ($71 million) during the first four months despite Covid -19 challenges, Trade Arabia reported on Saturday.
The company is presently developing eight projects in Abu Dhabi and (...)
