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ADNEC to acquire ‘Royal Catering’

Royal Catering has more than 2.500 employees.

PIF sets up sarcc company

The new entity will address growing staff accommodation demand.

Boeing to cut 10% of workforce

The company has projected a large third-quarter loss.

AviLease acquires 9 aircraft from Avolon

AviLease had purchased 13 aircraft from Avolon in 2023.

ADNOC L&S to pay $136.5m dividend

This is equivalent to 6.78 fils per share, the company said.

Gulf nations transition from oil to solar powerhouses

The Gulf region is embracing the future of energy by investing in polysilicon production, crucial for solar panel manufacturing, with...

Stable credit conditions make GCC firms resilient

Gulf companies benefit from supportive credit environments, ensuring resilience in 2024 despite global economic challenges and geopolitical risks, says a...

Business travel in MEA likely to bounce back by 2024

Business travel spending hit $23bn in 2022, nearing pre-pandemic levels as post-pandemic business trips get longer, supported by UAE's digital...
  • Business travel spending hit $23bn in 2022, nearing pre-Covid levels as post-pandemic business trips get longer, supported by UAE's digital nomad and freelancer programs
  • The UAE's technological advancements and evolving legal framework make it more appealing and open to business travelers, says Ali Haider, Regional Director of Nomadic

Oil price, COVID-19 spur Arab world’s public finance

Central banks are prioritizing fiscal and monetary policy coordination to boost macroeconomic stability, cut inflationary pressures, and support long-term growth.
  • Central banks are prioritizing fiscal and monetary policy coordination to boost macroeconomic stability, cut inflationary pressures, and support long-term economic growth
  • In 2022, global, regional, and local inflation led to a decline in public revenues and expenditures in the Arab world, while the public budget deficit fell from 6.7% to 2.1%

ESG shapes MENA region’s urban regeneration strategy

ESG principles offer a solution framework as the region faces urbanization challenges, including unplanned settlements in cities like Cairo and...
  • ESG principles offer a solution framework as the region faces urbanization challenges, including unplanned settlements in cities like Cairo and Makkah, says a report
  • Embracing the L-I-F-E (learn, integrate, fix and earn) approach for urban renewal offers GCC sustainability, resilience, growth, social unity, and global acclaim

UAE takes lead in advancing global climate action

Through the COP28 Summit, the UAE aims to facilitate discussions, build consensus, and catalyze transformative actions to address the escalating...
  • Through the COP28 Summit, the UAE aims to facilitate discussions, build consensus, and catalyze transformative actions to address the escalating global climate crisis
  • The world sees more frequent and direct impacts of the crisis, exemplified by record-breaking heatwaves wreaking havoc on ecosystems and communities, says an expert

GCC deals with rice shortage amid Russia-Ukraine war

The Russian-Ukrainian war heightens global food crisis fears as India, followed by the UAE and Russia, sequentially impose rice export...
  • The Russian-Ukrainian war heightens global food crisis fears as India, followed by the UAE and Russia, sequentially impose rice export bans, disrupting global supply chains
  • Saudi Arabia experiences an increase in rice consumption, overtaking wheat, while experts emphasize the potential for local rice cultivation in the country.

Global inflationary waves may hit Arab world’s growth

Rising rates and global slowdown pose challenges for economic growth and investment in Arab countries, which expect to expand at...
  • Rising rates and global slowdown pose challenges for economic growth and investment in Arab countries, which expect to expand at 3.4% in 2023, down from 5.6% in 2022
  • Diversified Arab economies are better equipped against economic shocks, says Arab Monetary Fund, adding that the regional inflation may hover around 6.8% for 2023

Saudi real estate gets non-oil boost

The Saudi commercial real estate market is set for a significant upswing in 2023, propelled by the government's vision to...
  • With the office market seen as the most lucrative and the luxury retail sector witnessing a surge, the Kingdom's real estate landscape is undergoing a transformative phase
  • The Saudi commercial real estate market is on the brink of a significant expansion in 2023, driven by the government's economic diversification efforts, suggest reports

GCC eyes global recycling dominance amidst EV boom

While rising EV demand may cause a global shortage of metals like cobalt and lithium by 2030, the Gulf region's...
  • While rising EV demand may cause a global shortage of metals like cobalt and lithium by 2030, the Gulf region's vast resources position it as a potential recycling leader
  • Battery recycling in resource-rich Gulf countries could ease global mineral supply pressures. However, the long lifespan of batteries currently limits available recycling material

Oil prices fluid amid geopolitics, economic recovery

Geopolitical tensions, such as the Russian-Ukrainian war and the trade war between the United States and China, have sent shockwaves...
  • Geopolitical tensions, such as the Russian-Ukrainian war and the trade war between the United States and China, have sent shockwaves through the oil market, says an expert
  • OPEC's decisions to extend oil production cuts have stabilized markets, but challenges from non-OPEC+ producers and the global economic outlook continue to impact oil prices.

Dubai leads as GCC real estate transactions soar in H1

Gulf real estate hit $90.7 billion in the first half of 2023, a 9.9% rise y-o-y, as Dubai led the...
  • Gulf real estate hit $90.7 billion in the first half of 2023, a 9.9% rise y-o-y, as Dubai leads the market with a 57 percent increase, fueled by demand for luxury properties
  • Residential prices in Dubai surge 11.7% in the Q2 of 2023, while Abu Dhabi's growth stays muted. Dubai's rents jump 32.6% y-o-y, while other markets see slight rise

Gulf nations transition from oil to solar powerhouses

The Gulf region is embracing the future of energy by investing in polysilicon production, crucial for solar panel manufacturing, with...

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GCC telecom firms turn to Europe, Asia for expansion

Wielding piles of cash and cutting-edge technology, many Arab telecom firms are scouting overseas markets to expand business beyond home...

2024 set to see new era of digital transformation

The GCC region is on the brink of a major tech revolution, led by advancements in AI, fintech, and sustainable...

Dubai leads way as GCC markets show mixed results

Amid market volatility influenced by geopolitical tensions and fluctuating oil prices, pharma, insurance, and healthcare indices led with substantial gains...

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GCC forges ahead in sustainable tech initiatives

In 2023, the Gulf countries made a strong push towards renewable energy and pioneering green hydrogen projects, signaling a significant...
  • In 2023, the Gulf countries made a strong push towards renewable energy and pioneering green hydrogen projects, signaling a significant green transition in the region.
  • The GCC's commitment to sustainable technology initiatives, including advancements in renewable energy, green hydrogen, and smart city solutions, make it a global leader.

Saudi Arabia, UAE lead MENA’s smart city development

In 2023, the region advanced in smart city initiatives, with Saudi Arabia and the UAE leading the transformation, with Frost...
  • In 2023, the region advanced in smart city initiatives, with Saudi Arabia and the UAE leading the transformation, with Frost & Sullivan projected $50bn investment by 2025.
  • Saudi Arabia, leading with Riyadh, targets 17 cities for smart development, while the UAE's Masdar City, Oman's Sultan Haitham, and Qatar's Lusail City follow suit.

Climate threats haunt GCC’s economy and finance

The GCC faces a critical challenge as climate risks like extreme heat and water stress rise, potentially impacting the region's...
  • The GCC faces a critical challenge as climate risks like extreme heat and water stress rise, potentially impacting the region's economic stability and financial health.
  • A new S&P Global report underscores the urgency for adaptation and resilience investments to mitigate risks such as climate-induced flooding.