GACA and Volar to build UAE’s first Green Aviation Technology Center
Montreal, Canada -- The General Civil Aviation Authority (GACA) and Volar Air Mobility have signed a Memorandum of Understanding (MoU)...
Business
Transformative New Murabba Stadium design in Riyadh revealed by PIF
Equipped with cutting-edge sporting technology, the stadium will offer an immersive and personalized experience for fans. Additionally, it will act...
Economy
Business
SEC, Emaar Economic City sign agreements
RIYADH, SAUDI ARABIA - The Saudi Electricity Company (SEC) and its subsidiary National Electricity Transmission (NET) have signed here two...
- The two agreements aim to deliver electrical service to the second and third phases of KAEC projects.
- These aim to provide electrical energy for major projects related to achieving the goals of the Kingdom’s Vision 2030.
Business
Most owners holding on to Burj Khalifa homes longer: Report
Dubai, UAE -- The total number of homes available for sale in Dubai’s Burj Khalifa declined by 52 percent during...
- Burj Khalifa homes available for sale dropped 52% in 2023, but total deals climbed 22%, reflecting long-term investor interest.
- Dubai prime residential prices soared 16% in 2023, making it one of the world's most "affordable" luxury markets.
Business
Card transactions drive 8 percent Saudi spending growth in Nov
Riyadh, Saudi Arabia --Consumer spending in Saudi Arabia grew by 8 percent to SAR 111.5 billion ($29.73 billion) in November...
- Point-of-sale purchases led the charge, rising 12% year-over-year as Saudi Arabia embraces cashless shopping.
- Cash withdrawals from ATMs rose by almost 1 percent YoY to roughly SAR 45.6 billion in November.
Science
Saudi team discovers genetic disorder, names it Alfadhel syndrome
RIYADH, SAUDI ARABIA - A team of Saudi researchers from King Abdullah Children's Specialist Hospital (KACSH) and King Abdullah International...
- This disorder has been named Alfadhel Syndrome, after Professor Majid Alfadhel, the leader of the research team.
- The syndrome has gained official recognition and listing in the OMIM database, operated by Johns Hopkins University.
Business
Masdar City completes first net-zero energy commercial building in region
ABU DHABI, UAE - Masdar City, a sustainable urban community and a business and technology hub here, has just completed...
- NZ1 is designed to consume 53 percent less energy than an equivalent conventional building.
- Solar panels will generate 101 percent of the building’s annual energy needs, making it net-zero energy.
Geostrategy
UAE issue guidelines on unlicensed virtual asset service providers
Abu Dhabi, UAE - The National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organizations Committee (NAMLCFTC)...
- The guidance aims to educate licensed financial institutions (LFIs) and public sector on the risks associated with unlicensed virtual asset service providers.
- It aligns with Financial Action Task Force (FATF) publication on updated guidance for a risk-based approach to virtual assets and virtual asset service providers.
Market Report
Stocks fall after Federal Reserve says it may hike interest rates
Global stocks sank after the US Federal Reserve hinted it could hike interest rates again this year to tame inflation...
- In a move dubbed a "hawkish hold" by analysts, the Fed held borrowing costs but indicated another hike is likely in 2023 to tackle US inflation.
- Sweden's Riksbank and Norway's Norges Bank each raised their key interest rates by a quarter-point.
Arts & Culture
Liverpool manager dismisses suggestions Salah could leave for Saudi club
LIVERPOOL, UK - Liverpool manager dismissed suggestions on Friday that Mohamed Salah could become the latest star name to depart European...
- Salah signed a three-year contract extension at Anfield just over 12 months ago.
- Al-Ittihad are trying to lure the Egyptian to the Gulf state with a huge salary offer.
Science
Chinese doctors use 5G remote robot to perform successful surgery
XINJIANG, CHINA - China has successfully performed the world's first liver resection surgery utilising a domestically developed 5G remote robot,...
- A medical team from Zhejiang and Xinjiang provinces collaborated through the use of 5G remote robot, overcoming a considerable distance of 4,600 kilometers
- Leading the team was Dr. Liang Xiao, a chief physician from the Department of General Surgery at Zhejiang University School of Medicine's Sir Run Run Shaw Hospital
Business
DEWA, SAP-SE keen to enhance digitalization of utility sector
Dubai, UAE - Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (DEWA) and Christian Klein,...
- They also explored the possibility of integrating SAP's advanced software solutions with DEWA's innovative initiatives.
- The two discussed cooperation in innovation, digital transformation, the Internet of Things, Big data analysis and cloud computing.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
GACA and Volar to build UAE’s first Green Aviation Technology Center
Montreal, Canada -- The General Civil Aviation Authority (GACA) and Volar Air Mobility have signed a Memorandum of Understanding (MoU)...
Business
Company News
Amlak 2023 net profit $70m
Business
Latest News
Al Ansari to pay $81m dividend
Business
Russia not in danger of trading oil at a loss, says Lavrov
MOSCOW, RUSSIA – Russia does not see the risk of trading oil at a loss due to the redistribution of...
Business
UAE unveils National Policy on Biofuels aimed at emissions cut
The policy aims carbon emissions reduction through increased consumption of biodiesel by 20 percent by 2050. “It will lower the...
Business
Bayanat, Yahsat shareholders to vote on merger and creation of SPACE42 on April 25
ABU DHABI, UAE – Bayanat AI PLC and Al Yah Satellite Communications Company each issued a circular on Thursday calling...
Business
Most Read
Business
ACWA Power refinances Al Dur debt
ACWA was the sole financial advisor to Al Dur Phase II IWPP project company.
- The $1 billion project uses sea water reverse osmosis (SWRO) technology to produce 227,000 cubic meters per day of desalinated water.
- The list of lenders to the project include Ahli United Bank, APICORP, Al Rajhi Bank, Arab National Bank, Banque Saudi Fransi and Gulf International Bank.
Business
EITC to offer fintech services
The company has been licensed for fintech services by the CBUAE.
- The licenses granted by CBUAE enable du to introduce innovative financial solutions that will contribute to the development of an advanced financial ecosystems in the UAE.
- The licenses will also enable du to offer a range of digital financial services that align with the evolving needs and preferences of customers in the digital era.
Business
Air Arabia shareholders approve 20% dividend for FY2023
SHARJAH, UAE – Air Arabia shareholders approved the distribution of a 20 percent cash dividend for the financial year ended...
- The dividend, which is equivalent to 20 fils per share, underscores another year of record financial performance.
- In 2023, Air Arabia added 26 new routes to its global network from its operating seven hubs.