Arab meet calls for more investments in renewable energy
Speaking at the 12th Arab Energy Conference organized by the Organization of Arab Petroleum Exporting Countries (OAPEC), Qatar's Energy Minister...
Geostrategy
Saudi Crown Prince launches urban plan of Qiddiya city
Riyadh, Saudi Arabia -- Crown Prince Mohammad bin Salman, Prime Minister and Chairman of the board of directors of the...
Business
Business
Islamic insurance gross subscriptions reach $1.18 billion in 2021: CBUAE
Abu Dhabi, UAE— The gross subscriptions written by all Takaful insurance companies in the UAE reached AED4.35 billion in 2021,...
- These subscriptions accounted for 9.82 percent of the gross premiums written in the insurance sector in 2021.
- The health Takaful insurance activity represented the largest share, accounting for 43.6 percent of the gross subscriptions.
Business
Saudi transport authority signs largest bus transport project
Riyadh, Saudi Arabia---Saudi Arabia's Transport General Authority has signed the largest project for transporting passengers by buses through a network...
- The network, which involved major global alliances, will cover more than 200 cities and governorates.
- The network is expected to serve more than 6 million passengers annually through 76 routes, with a new fleet of buses equipped with the latest technologies.
Business
Dubai records over $544 million in realty transactions
Dubai, UAE-- Dubai real estate market has recorded deals worth AED2 billion ($544 million) on Thursday, according to Dubai Land...
- The deals included 475 sales transactions worth AED1.38 billion.
- The sales included 412 villas and apartments worth AED1.06 billion.
Business
Mawani and Bahri launch Europe-Asia cargo service via Jeddah port
Riyadh, Saudi Arabia -- The Saudi Ports Authority (Mawani) and Saudi shipping giant Bahri have jointly announced the addition of...
- The service will increase Bahri’s shipping network coverage and bolster international supply chains.
- Vessels on the new service will set sail from the ports of Bremerhaven, Antwerp, and Montoir, in Europe, before calling at Jeddah.
Business
DMCC reports 17 percent diamond trade growth in 2022
Dubai, UAE--- Dubai Multi Commodities Centre has reported a 17 percent year-on-year increase in the value of diamond trade in...
- The UAE has witnessed soaring growth over the past three years, with rough diamond trade rising by a total value of 72 percent and polished by 50 percent, DMCC said.
- DMCC reported a 42 percent rise in the polished category and a 7 percent rise in rough.
Business
Company launched to develop world’s largest modern downtown in Riyadh
Launched by Saudi Crown Prince Mohammad bin Salman, the New Murabba project will offer more than 25 million sqm of...
- The project will offer a unique living, working and entertainment experience within a 15-minute walking radius and will have its own internal transport system.
- Mukaab, a tech landmark, will be one of the largest built structures in the world, standing 400m high, 400m wide, and 400m long.
Business
ADNOC delivers first Middle East LNG cargo to Germany
Abu Dhabi, UAE-- ADNOC and RWE Aktiengesellschaft (RWE) Wednesday announced the successful delivery of the first shipment of Liquefied Natural...
- The shipment of 137,000 cubic meters of LNG is the commissioning cargo for the new floating LNG terminal in Brunsbüttel in Germany.
- The cargo is sufficient to produce approximately 900 million kilowatt hours of electricity, enough to supply approximately a quarter million German homes for a year.
Geostrategy
Saudi Binladin Group fined $5.33m in Makkah crane crash
Dubai, UAE---A court in Makkah has fined Saudi Binladin Group SR20 million ($5.33 million) after the Group was convicted of...
- A total of 111 people were killed and 394 others injured in the crane crash on Sept 11, 2015 during the Haram expansion project.
- The court found seven defendants guilty of negligence and violation of safety rules, the reports said, adding three of the defendants were sentenced to six months in prison.
Business
Saudi authority signs aviation safety pact with British CAA
Riyadh, Saudi Arabia-- The General Authority of Civil Aviation (GACA) has signed an agreement with the British Civil Aviation Authority...
- The agreement will help GACA keep up to date with the constant developments in the aviation sector, including issues related to safety.
- The agreement shows GACA’s keenness to ensure the transfer of knowledge and train national professionals in the field, SPA reported.
Business
AD Ports Group 2022 net profit
The Group's revenue grew by 41 percent to AED5.5 billion.
- EBITDA (Earnings before interest, taxes, depreciation and amortization) increased to AED2.2 billion in 2022, up 37 percent YoY.
- Operationally, in the Ports Cluster, container throughput grew to 4.33 million TEUs (twenty-foot equivalent units) in 2022.
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Arab meet calls for more investments in renewable energy
Speaking at the 12th Arab Energy Conference organized by the Organization of Arab Petroleum Exporting Countries (OAPEC), Qatar's Energy Minister...
Geostrategy
Company News
SABIC-Sinopec China plant opens
Business
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Expo 2023 building in Guinness World Records for largest green roof
Doha, Qatar -- The main building of Expo 2023 in Doha has made it to the Guinness World Records for...
Business
Yemen carrier suspends international flights from rebel-held Sanaa
Yemenia operates near-daily commercial flights to the Jordanian capital Amman -- its only direct international destination from Sanaa's Houthi-controlled airport...
Geostrategy
Qatar calls for subjecting Israel’s nuclear facilities to IAEA safeguards
Vienna, Austria -- Qatar Friday called for intensifying international efforts to subject all Israeli nuclear facilities to International Atomic Energy...
Geostrategy
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Business
EDGE acquires 50% stake in SIATT
SIATT is Brazilian smart weapons and high-tech systems specialist.
- The acquisition follows a cooperation agreement signed by both companies in Rio de Janeiro in April this year.
- SIATT specialises in the integration of systems with high technological content, which provides solutions to the demands of the defense and aerospace sectors.
Market Report
UAE markets top Arab stock exchanges in trading, says AMF
ABU DHABI, UAE - The financial markets of the United Arab Emirates topped the Arab stock exchanges during last week's...
- The AMF said that the UAE markets achieved monthly market gains of over US$6.2 billion.
- The fund said the market capitalization of the Saudi Financial Market reached US$2.97 trillion.
Business
Aramco likely to acquire equity in China’s Shenghong Petrochemical
Dahran, Saudi Arabia -- Aramco and Jiangsu Eastern Shenghong Company (Eastern Shenghong) Wednesday signed a cooperation framework agreement to facilitate...
- Aramco and Eastern Shenghong signed agreement to facilitate talks on the possible acquisition by Aramco of a 10 percent strategic equity interest in Shenghong Petrochemical.
- Shenghong Petrochemical, a wholly owned subsidiary of Eastern Shenghong, owns and operates a 320 MBD integrated refinery and petrochemicals complex.