News

Q2 2022 property sales in Dubai rise to 10-year high; deals hit $16.1bln

29/07/2022

The volume of sales transactions in Dubai’s real estate market rose to a 10-year high, with at least 22,504 deals worth AED 59.154 billion ($16.1 billion) closed in the second quarter of the year, according to the latest data. A total of 8,897 deals worth AED 22.75 billion were registered in June alone, the highest […]

Morocco’s Economic Growth Expected to Reach 4.5% in 2023

28/07/2022

Despite the unstable international situation, Morocco’s economic growth is expected to reach 4.5% in 2023, up from 1.5% this year.While presenting the budget for this year and the 2023-2025 period, Nadia Fettah, Minister of Economy and Finance took the time to explain these forecasts to the Committee on Finance and Economic Development in the House […]

Morocco’s Tourism Revenue Reaches $1.96 Billion in May

28/07/2022

The new statistics reflect a sector-wide recovery as the total revenue reflects an increase of 173.1% compared to 2021. The same period last year marked a drop of 62.4% in tourism revenues. DEPF said that revenues in the month of May 2022 amounted to MAD 5.7 million, representing a 1.9% increase compared to the pre-crisis level. […]

Egypt’s engineering exports rise to $1.8B in first half of 2022

28/07/2022

Egypt’s engineering exports rose during the first half of 2022 by 27 percent to $1.8 billion, compared to $1.4 billion in the same period of 2021, according to the monthly report of the Export Council for Engineering Industries. Engineering exports witnessed a 4 percent increase in June 2022 compared to the same month 2021, reaching […]

Road project to cut 200km between Wadi Bani Khalid and Tiwi in Oman

28/07/2022

Construction of a landmark road project connecting Wadi Bani Khalid in North Sharqiyah governorate and Tiwi in South Sharqiyah governorate, which will cut the distance between the two by 200km, has begun. The 8km road is expected to change the fortunes of the nearby villages and boost tourism by reducing travel time between Wadi Bani […]

United Arab Bank’s H1 2022 net profit up 209% at $27.7mln

28/07/2022

UAE-based United Arab Bank (UAB) has posted a net profit of AED83.3 million ($22.7 million) for H1 2022 compared to AED26.9 million in H1 2021, representing an increase of 209%. The growth in net profit is a result of improved operating performance and lower expected credit losses, coupled cost control and a lower cost of […]

TotalEnergies to build solar system for desal plant in Oman

28/07/2022

TotalEnergies and utility major Veolia have signed an agreement to start the construction of the largest solar photovoltaic (PV) systems providing power for a desalination plant in Oman, in the city of Sur. The power plant will be located on the site of the Sharqiyah Desalination plant, which is a reference in Oman and in […]

Qatar Trade Surplus Balance Jumps 130%

27/07/2022

Qatar’s merchandise trade balance surplus (the difference between total exports and imports) jumped in 2021 by 130.7% to QR215.6 billion ($59.2 billion), compared to QR93.4 billion ($25.6 billion) in 2020.  According to data published Tuesday by the Planning and Statistics Authority (PSA), the total value of Qatari exports, including exports of goods of domestic origin […]

Kuwaiti banks rated high among emerging markets

27/07/2022

Four Kuwaiti banks make a mark among the top 100 banks in emerging markets, according to a report issued by the Fitch Ratings Agency. The four banks are the National Bank of Kuwait with total assets of $109.9 billion and total loans of $67.3 billion as at the end of the fiscal year 2021; followed […]

8th World Green Economy Summit to take place in September

27/07/2022

Dubai Electricity and Water Authority (DEWA) and the World Green Economy Organisation (WGEO) are organising the 8th World Green Economy Summit (WGES) on 28th and 29th September at the Dubai World Trade Centre. The WGES will be held in conjunction with the 24th Water, Energy, Technology and Environment Exhibition (WETEX) and Dubai Solar Show (DSS), […]

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