Friday 9 December 2022

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FOCUS ON ECONOMIC STABILITY
Dubai unveils $56bn budget for 2023-25; big spend on housing

Dubai has announced a AED205 billion ($56 billion) budget for the fiscal cycle of 2023-2025, with continued focus on social, health and education. It also places top priority on housing through its major residential programme as part of a 20-year plan.

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1

TWICE TALLER THAN BURJ KHALIFA
Saudi PIF mulls 2-km megatall skyscraper near Riyadh

Saudi wealth fund PIF plans to build a 2-km-high megatall tower as part of a masterplanned development to the north of Riyadh, said a report. The proposed tower will be more than double the height of world’s tallest tower, Burj Khalifa, in Dubai.

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2

CLEAN ENERGY POWERHOUSE
Top Abu Dhabi groups complete landmark Masdar stake deal

Abu Dhabi's leading entities - Taqa, Mubadala and Abu Dhabi National Oil Company - have announced the successful completion of Masdar transaction, following which they all become shareholders in the Abu Dhabi’s flagship clean energy company.

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Top Trade News

icondown

Industry Sectors

Construction & Real Estate

Saudi construction strongest in Mena with $1.1 trillion project pipeline

Saudi construction industry continues to lead the Mena region despite the macroeconomic conditions hitting the sector globally - with a project pipeline estimated at a whopping $1.1 trillion, said a leading real estate expert.

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Retail & Wholesale

Entertainment is the new retail in Riyadh, says property expert

Across Riyadh’s 25 regional malls, supermarkets and family entertainment dominate the retail scene. But of late, a significant shift has been witnessed among mall developers who are now positioning entertainment options ahead of shopping, said an expert.

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Energy, Oil & Gas

Taqa, Adnoc and Mubadala complete Masdar stake buy

Abu Dhabi National Energy Company (Taqa), Mubadala Investment Company and Abu Dhabi National Oil Company (Adnoc) have completed the acquisition of the Masdar, with plans to propel it as a global leader in clean energy and green hydrogen.

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Finance & Capital Market

Dubai unveils $56bn budget for 2023-25; big spend on housing

Dubai has announced a AED205 billion ($56 billion) budget for the fiscal cycle of 2023-2025, with continued focus on social, health and education. It also places top priority on housing through its major residential programme as part of a 20-year plan.

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Analysis, Interviews, Opinions

GCC consumers ready to ‘pay more for sustainable firms’

Some 76% of GCC survey respondents agree that sustainability efforts of a company are likely to positively impact their choice in buying their products.

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Industry, Logistics & Shipping

Universal Carton unveils big expansion plans for RAK facility

Universal Carton Industries (UCI), a leading corrugated cardboard box manufacturing company in Ras Al Khaimah, has announced plans to expand its production capacity by threefold to 100,000 tonnes per annum to meet growing demand.

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IT & Telecommunications

Bahrain TRA teams up with top info security firm for cyber drills

Bahrain's Telecommunications Regulatory Authority (TRA) said it has successfully conducted cyber security drill for operators to test their ability to handle cyber threats, in collaboration with top information security training firm Cyber Ranges.

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Lifestyle

Fawaz Alhokair Group goes for total rebrand, launches Cenomi

Fawaz Alhokair Group, the region’s largest vertically integrated immersive retail and lifestyle company, together with Arabian Centres and Fawaz Alhokair Fashion Retail Co has announced the launch of Cenomi.

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Motoring

Japan's UD Trucks to launch new service centre in Abu Dhabi

Japanese commercial vehicle manufacturer UD Trucks is set to open its brand-new service centre at Mussafah in Abu Dhabi, in co-ordination with its distributor Al Masaood. The new facility will be able to handle 30 trucks and 12 body repairs at a time.

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Health & Environment

Kuwaiti pharma group in deal to distribute Rosemont products

Kuwaiti pharma group Kuwait Saudi Pharmaceutical Industries Company (KSPICO) has signed a key partnership agreement with UK-based Rosemont Pharmaceuticals, that will pave way for distribution of a range of Rosemont products in the GCC and Mena region.

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Media & Promotion

Madhavan named Al Ansari Exchange brand ambassador

UAE-based Al Ansari Exchange has appointed renowned Indian actor R. Madhavan as its official brand ambassador. This comes as part of the remittance company's strategy to further enhance its brand value and identity among its customers.

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Education, HR & Training

Rising inflation, falling wages threaten increased poverty: ILO

Rising inflation has caused a striking decline in real monthly wages in many countries which fell to -0.9% in H1, the International Labour Organization (ILO) said in a report, highlighting the urgent need for policies to prevent poverty and inequality.

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Miscellaneous
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