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ACQUIRES PLOT VIA COURT PROCESS
Damac enters US real estate market with luxurious project
Dubai-based developer Damac has announced its foray into US real estate market by winning the $120 million bid to acquire land in an upscale Miami neighbourhood. It plans to build an ultra-luxurious, Cavalli-branded condominium project on the plot.
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FIRST IN UAE
Aramex raises foreign ownership limit to 100%
Aramex, a leading global provider of comprehensive logistics and transportation solutions, has announced that it has obtained the necessary approvals to increase its foreign ownership limit (FOL) to 100% from 49%.
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RECOVERY UNDER WAY
Bahrain growth to hit 3.4% on back of reforms, oil prices: IMF
Bahrain is experiencing a gradual post-Covid recovery, while the renewed fiscal reform momentum and high oil prices are mitigating Bahrain’s fiscal and external vulnerabilities, said an IMF mission at the end of a visit to Bahrain.
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FOCUS
Rising fuel prices shift UAE residents’ interest from pump to plug
Rising fuel prices have led to a significant shift (52%) in UAE residents’ attitude towards hybrid and electric vehicles (EVs), according to a survey commissioned by Audi Abu Dhabi.
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ANALYSIS
Noon-10pm: Best time engage with users in Mena
While engaging with users in the Mena region, 12-10pm is the most effective time as the highest conversion rates are achieved during that time slot, said retention SaaS leader WebEngage in a new report.
Top Trade News
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Roshn announces plans for new integrated community in Jeddah
Leading Saudi developer Roshn has announced the launch of its new community project, Al Arous, in northern Jeddah that will offer more than 18,000 residential units in addition to key amenites such as parks, walkways, bicycle paths and restaurants.
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Jazeera Paints to start online sales in the UAE
Jazeera Paints, a leading company in the field of paints and construction solutions in the Middle East and North Africa, has started selling its various ranges of products online in the UAE.
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$759bn needed for a net-zero petchem sector by 2050: study
Petrochemicals could be made with almost no carbon emissions by investing an extra $759 billion by 2050, according to a new report from research firm BloombergNEF (BNEF).
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Fitch Ratings appoints Nejoud Al Mulaik as GM, Saudi Arabia
Fitch Ratings has appointed Nejoud Al Mulaik as its new General Manager, Saudi Arabia.
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Rising fuel prices shift UAE residents’ interest from pump to plug
Rising fuel prices have led to a significant shift (52%) in UAE residents’ attitude towards hybrid and electric vehicles (EVs), according to a survey commissioned by Audi Abu Dhabi.
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Region’s first commercial waste-to-energy plant opens in Sharjah
A first of its kind waste to energy facility in the Middle East developed by leading sustainability pioneer Beeah and Abu Dhabi's renewable energy company Masdar, has opened in Sharjah. It will enable Sharjah to increase waste diversion from 76% to 100%.
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NEOM partners with Saudia to kick off international service
NEOM, the sustainable regional development in Saudi Arabia, and flag carrier Saudia have partnered to offer weekly service to international destinations from NEOM Bay Airport (NUM), marking the start of commercial services at the airport.
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Google drove about $3.25bn into Saudi Economy in 2021
Google drove about SR12.2 billion ($3.25 billion) in economic activity in Saudi Arabia in 2021, with the Android Developer ecosystem supporting at least 29,000 jobs in the kingdom every year.
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Diyar Al Muharraq announces opening of major park in Bahrain
Diyar Al Muharraq, a leading Bahraini developer, has announced the opening of the largest park within its integrated residential city. Spread over a 32,800-sq-m area, the Hadiqat Al Diyar park is located near the main entrance of the key development.
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Electric car sales double in 2021 to hit record 6.6m
Sales of electric cars, including fully electric and plug-in hybrids, doubled in 2021 to a new record of 6.6 million, with more now sold each week than in the whole of 2012, said the International Energy Agency (IEA) in a new report.
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UAE announces country's first case of monkeypox
The UAE on Tuesday announced the first case of monkeypox detected in the country, reported the state news agency WAM, citing the health ministry. The virus was detected in a 29-year-old woman visiting the Gulf country from West Africa.
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Cinema Build KSA opens with focus on $1.2bn market
The 4th edition of Cinema Build KSA opened today (May 24) at Hotel Fairmont, Riyadh to run until May 25 even as Saudi Arabia’s $1.2 billion industry leads the Arab World in the cinema sector
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Bahrain re-elected to key position at top Arab educational body
Bahrain was re-elected Vice-Chair of the Bureau of Executive Council of Arab League Educational, Cultural and Scientific Organization (Alecso) at the latest meeting held in the Tunisian capital Tunis.
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Sanad, Triumph tie up to set up next-gen MRO capability in UAE
Sanad, the global aerospace engineering and leasing solutions leader wholly-owned by Abu Dhabi’s Mubadala Investment, has signed a deal to set up next-generation engine Maintenance, Repair and Overhaul (MRO) capabilities in the UAE.
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