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DAE 9M net profit $310m

The company said this was a 54.9 percent YoY increase in net profit.

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.

The Grand Renaissance Dam: Egypt’s Nile nemesis

Ethiopia's refusal to sign a binding agreement on the dam has dashed hopes of a settlement with Egypt and Sudan.
  • Egypt's area under agriculture could lose by up to 72 percent in case of short filing of the dam.
  • Ethiopia has said earlier treaties on Nile waters have undermined its rights and the dam will help in the country's development.

Bitcoin no threat to dollar, global economy

Despite being the future of money, Bitcoin cannot be the dollar of future because the US dollar is a fiat...
  • Bitcoin cannot be the dollar of the future because the US dollar is a fiat currency, created and supported by the US government
  • Cryptocurrencies vary from real currencies since they are issued by people and communities rather than governments, something that has never happened before in the history of money

Iraqis saddest people in Arab region: Report

Political, economic and social crises in the Middle East countries has led to an implosion of negative emotions among their...
  • Lebanon, Egypt and Tunisia follow Iraq, according to Gallup World Poll.
  • Research has revealed that emotions usually drive bad investment decisions.

Saudi, UAE lead MENA region in 5G deployment

The MENA region will have 80 million 5G subscriptions, representing about 10% of total mobile subscriptions by 2025, according to...
  • The total number of Saudi Governorates covered by 5G coverage increased to 53 in Q1 2021
  • The UAE ranks third internationally among countries with the fastest data download speeds in 5G networks, according to an analysis by “Opensignal”

Saudi non-oil revenues jump 206%

The non-oil revenues of Saudi Arabia have increased to US$31 billion in Q2 2021 as against US$10.1 billion in Q2...
  • Saudi economy contracted by 7 percent in 2020 but grew by 1.5 percent in Q2 2021
  • IMF expects Saudi real GDP to expand by 2.4 percent in 2021, following a contraction of 4.1 percent last year

Hyperinflation imminent in Lebanon: Nasser Saidi

A crushing economic crisis, a sharp collapse of the local currency and a bankrupt banking sector are adding to the...
  • Lebanon's banking sector must reduce the size by at least 50 percent if not more, says senior economist Nasser Saidi
  • Lebanon, he says, will take 5–7 years to recover if it agreed to an IMF program within the next three months

Five cities poised to become GCC tech hubs

As part of economic transformation, some Gulf countries seek to achieve targets in digital transformation via long-term plans such as...
  • The UAE has become a technological leader in hosting the world's largest event, Expo 2020 Dubai.
  • In February 2021, 24 global firms had signed agreements to open regional offices in Riyadh.

UAE platforms lead GCC crypto market

Even as the GCC countries dither to embrace cryptocurrencies, the UAE has made some significant strides in this regard.
  • The United Arab Emirates already boasts about some of the biggest crypto exchange platforms in the GCC region
  • However, it is yet to warm up to crypto ATMs, a field where the United States rules the roost

Dubai’s gourmet restaurants hungry for a star

It is a prize a restaurant or a chef would die for to possess. It is the culinary equivalent of...
  • Technically there are no Michelin-starred restaurants in the Arab countries, as Michelin does not publish a city guide yet
  • However, many restaurants in Dubai are owned by chefs who have earned Michelin stars in other countries

Holy and worldly offerings of Saudi tourism

The Arab world's most powerful economy is devoting enormous resources to attracting at least 100 million tourists by 2030. TRENDSMENA...
  • King Fahd Fountain, the tallest fountain in the world, holds up to 318 tons of seawater and measures 312m in height.
  • Masjid al-Haram comprises 13 minarets, while five main entrances/doors and hundreds of subsidiary doors give the building its overall form.

Saudi football dominates Gulf sports scene this year

The Kingdom's football undergoes a historic transformation in 2023 with major investments and player signings, and Saudi Arabia wins the...

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Adaptability, innovation crucial for success in Dubai’s competitive F&B industry

Commitment, market awareness, and adaptability are keys to success in Dubai's highly competitive F&B industry, says Deepti Chawla of Infiniti...

MENA region trails in global race for gender parity

The Middle East and North Africa region scores only 62.6% in gender parity, and at the current pace, the region...

Gaming navigates financial woes amid inflation rise

The GCC gaming industry, bolstered by Saudi Arabia's $38 billion investment, is poised for significant growth that may make it...

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UAE, Saudi firms eye global acquisitions worth $20bn

Companies like ADNOC, Saudi sovereign fund, and Niu are making significant strides as the two Gulf countries seek to diversify...
  • Companies like ADNOC, Saudi sovereign fund, and Niu are making significant strides as the two Gulf countries seek to diversify their economies and capitalize on high oil prices
  • "M&A surge in the Middle East fueled by private equity and sovereign wealth funds, and backed by liquidity and reforms, is giving wings to region's transformative aspirations

Tech-driven sustainability focus of banks

Financial institutions in the Gulf region are also focusing on sustainable practices like renewable energy investments, reducing their carbon footprint,...
  • Through digitalization, collaboration with fintech companies, and responsible banking practices, banks are leading the charge in sustainable development in the region, say experts
  • Gulf banks are also focusing on sustainable practices like renewable energy investments, reducing their carbon footprint, and supporting sustainable businesses, they add

Resumption of Saudi-Iran relations: A step towards regional, economic stability or a strategic play?

The peace deal has ignited debates on its potential to transform Middle East from a region hit by conflicts to...
  • The bilateral peace agreement has sparked intensified debates about its potential to transform the Middle East from a conflict-ridden region to peaceful and prosperous place
  • Despite government-level reconciliation, Saudi-Iran ties face early-stage challenges, including Iranian aggression, and businesses in both countries risk political uncertainties