News

Abu Dhabi / WAM The United Arab Emirates has achieved impressive improvement across six global competitiveness indices over the past eight months of 2017, further consolidating its investment-conducive environment in line with the government’s sustainable development drive. The country maintained its competitive edge and top position regionally across the six global indices. At the World Competitiveness Yearbook issued by the ...

Dubai / Emirates Business Boosted by a year on year increase of 25% for visitors during its first two days, Cityscape Global has been the catalyst for a 186% increase in registered Dubai Land Department transactions of off-plan units, while big name developers have recorded overwhelmingly positive sentiment from investors driven by onsite sales. The region’s largest real estate and ...

Dubai / Emirates Business Following successful exhibitions in Hong Kong, London, Mumbai, and Shanghai, the last two of which generated AED 1.2 billion and AED 800 million of investments respectively, Dubai Land Department (DLD) now plans to explore new destinations for promoting the Emirate’s attractive real estate market through its flagship event, the Dubai Property Show. At a ceremony hosted ...

Dubai / WAM Leading professional services company, Accenture, will open a digital hub in District 2020, the legacy site of Expo 2020 Dubai, to help clients across a variety of industries develop innovative digital solutions, working closely with its technology partners. This initiative signals Accenture’s support to the UAE government’s initiative of accelerating economic and social development through the World ...

Dubai / Emirates Business MAG Property Development (MAG PD), the real estate development arm of MAG Group, announced the launch of its flagship AED 4 billion ‘MAG EYE’ project for customers looking for exceptional investment opportunities at Cityscape Global. MAG EYE is one of the exclusive communities being developed in the heart of Mohammed bin Rashid City in Meydan Dubai, ...

Dubai / Emirates Business Azizi Developments, a fast growing real estate developer operating in the UAE for over a decade, has announced that following the success of Phase 1 and 2 sales of the its AED12billion waterfront project — Azizi Riviera — at Cityscape Global 2017, it will announce 2 new mega developments at Meydan One in the last quarter ...

Dubai / Emirates Business The Intelak Incubator – founded by the Emirates Group, GE and Etisalat Digital – has on Wednesday signed a Memorandum of Understanding (MoU) with Dubai SME, the agency of Dubai Economy mandated to develop the small and medium enterprise (SME) sector, to host and foster ‘Intelak Idea Lab,’ a three-week training program focused on giving entrepreneurial-minded ...

LONDON / Reuters The global oil surplus is beginning to shrink due to stronger-than-expected European and US demand growth, as well as production declines in OPEC and non-OPEC countries, the International Energy Agency said on Wednesday. The agency, which coordinates energy policies of industrial nations, raised its 2017 global oil demand growth estimate to 1.6 million barrels per day (bpd) ...

KUWAIT / Reuters Kuwait’s Oil Minister Essam al-Marzouq said on Wednesday that OPEC could hold an extraordinary meeting in mid-March if oil producers did not reach a decision to extend their supply cut pact when it next meets in November. “In the coming November meeting, we may not reach a decision to extend… the agreement and we could hold an ...

DUBAI / Reuters Saudi Arabian food maker Savola Group, the country’s largest food products company, said on Wednesday that it is selling a 2 percent stake in Almarai, the Gulf’s largest dairy company for 1.12 billion riyals ($307.6 million). The sale was conducted through an accelerated bookbuilding process, which will cut Savola’s stake in Almarai to 34.52 percent from 36.52 ...