Latest news with #JanaChoukeir
Zawya
4 hours ago
- Business
- Zawya
Qatar records budget deficit of $133mln in first quarter
DUBAI - Qatar recorded a budget deficit of 0.5 billion riyals ($133.31 million) in the first quarter of 2025, which was covered through debt instruments, the finance ministry said on Tuesday. Total revenue in the quarter stood at 49.4 billion riyals, down 7.5% from the same quarter last year. Non-oil revenue accounted for 6.9 billion riyals of total revenue. Government spending fell around 2.8% year-on-year to 49.94 billion riyals. Qatar, which is among the world's biggest exporters of liquefied natural gas (LNG), has stepped up efforts to diversify its economy away from hydrocarbons but remains reliant on gas revenue for the majority of government income. ($1 = 3.7506 riyals) (Reporting by Jana Choukeir; Editing by Andrew Heavens and Rachna Uppal)
Zawya
16-04-2025
- Business
- Zawya
Majid Al Futtaim invests $1.4bln to expand Dubai's Mall of the Emirates
DUBAI - Majid Al Futtaim plans to invest 5 billion dirhams ($1.36 billion) to transform the Mall of the Emirates into what it describes as a next-generation lifestyle destination to mark the mall's 20th anniversary. The project will add 20,000 square metres of retail space, introducing 100 stores and new food, cultural and wellness area, the Emirati retail conglomerate said. It has already allocated 1.1 billion dirhams to a wellness club, cultural hub, dining precinct and infrastructure improvements. Dubai, home to the world's tallest tower and famous palm-shaped islands, has tourism as a cornerstone of its economy and destination malls like Mall of the Emirates are increasingly doubling as entertainment and cultural hubs that serve as key attractions for the city's international visitors. The emirate is also seeking to triple the exhibitions and event management sector's annual contribution to GDP to $14.7 billion by 2033. Majid Al Futtaim will also launch four new entertainment offerings by late 2026, it said without providing further detail. ($1 = 3.6728 UAE dirham) (Reporting by Jana Choukeir, Manya Saini and Federico Maccioni in Dubai Editing by David Goodman)
Zawya
16-04-2025
- Business
- Zawya
UAE's Majid Al Futtaim invests $1.36bln to expand Dubai's Mall of the Emirates
DUBAI - Emirati retail conglomerate Majid Al Futtaim announced on Wednesday a AED 5 Billion ($1.36 billion) investment to expand Dubai shopping mall the Mall of the Emirates. ($1 = 3.6728 UAE dirham) (Reporting by Jana Choukeir; Editing by Jan Harvey)
Zawya
10-04-2025
- Business
- Zawya
Iraq, US sign preliminary deal on projects including 24,000 MW of power plants
DUBAI - Iraq and the United States signed on Wednesday a memorandum of understanding for projects in the Gulf country, including 24,000 megawatts of power plants, the Iraqi prime minister's media office said. Another MOU has been inked between Iraq's Ministry of Electricity and U.S. company UGT Renewables to establish an integrated solar energy project with a capacity of 3,000 MW, the media office said in a statement. U.S. President Donald Trump's administration last month rescinded a sanctions waiver that since 2018 has allowed Iraq to pay Iran for electricity as Washington presses on with its "maximum pressure" campaign against Tehran. Iraq, OPEC's second-largest producer after Saudi Arabia, uses Iranian power imports to generate electricity and has been under pressure from the U.S. to reduce its reliance on power and gas imports from Iran. (Reporting by Jana Choukeir and Ahmed Rasheed. Editing by Alison Williams and Mark Potter)
Zawya
09-04-2025
- Business
- Zawya
Saudi Arabia discovers 14 oil and natural gas fields, state news agency says
Saudi Arabian oil giant Aramco has discovered 14 oil and natural gas fields and reservoirs in the kingdom's Eastern Region and the Empty Quarter, state news agency SPA said on Wednesday. (Reporting by Jana Choukeir Editing by David Goodman)
