Saudi Arabia’s space economy reaches $8.7 billion in 2024
Riyadh, Saudi Arabia -- The Communications, Space, and Technology Commission (CST) has said that the Saudi space economy reached $8.7...
Mubadala Energy enters US energy market
Acquires a 24.1% interest in US firm Kimmeridge’s SoTex
Business
Business
EPI to make assembly parts for Raytheon
EPI is part of the Platforms Systems cluster within EDGE.
- EPI will supply prototype quantities of machined aluminium and assembly parts for the Coyote® Counter-UAS interceptor.
- The agreement supports the 'Make it in the Emirates' initiative, a comprehensive plan for developing the UAE's industrial sector.
Business
PIF seeks to increase stake in Egypt’s e-Finance by 2 percent
Riyadh, Saudi Arabia -- Ibrahim Sarhan, the Chairman and Managing Director of e-Finance for Digital & Financial Investments based in...
- This move comes after PIF's recent buy orders for the stake purchase, indicating the fund's confidence in e-Finance and its favorable financial results, Argaam reported.
- e-Finance expanded its operations by opening an office in Saudi Arabia this month, securing essential licenses with the support of PIF as a major shareholder.
Business
EDGE bags $1.1bn UAE defense ministry munitions contract
Dubai, UAE -- EDGE, one of the world's leading advanced technology and defense groups, announced that it bagged an AED...
- EDGE entity LAHAB DEFENCE SYSTEMS, the UAE’s sole munitions manufacturer, was awarded the contract.
- It includes the production and delivery of the MK 81, MK 82, MK 83, and MK 84 general-purpose aircraft munitions.
Business
Emirates, Safran sign pacts worth $1.2bn
Latest generation Safran Seats for new Emirates Airbus fleet part of the deal.
- The new seats will offer a host of enhancements that set a new standard for comfort, privacy and convenience.
- Safran Landing Systems will be supplying high performance wheels and carbon brakes for the Emirates A350 fleet.
Economy
Saudi inflation in Oct slightly down amid economic challenges
Riyadh, Saudi Arabia -- Saudi Arabia's consumer price index experienced a slight decrease in October, dropping to 1.6 percent from...
- The General Authority for Statistics reported that this decrease in inflation was primarily due to a 0.8 percent reduction in personal goods and services expenses.
- The prices for furnishings and household equipment saw a monthly decline of 0.3 percent, alongside a similar decrease in clothing and footwear expenses.
Business
US$3.2bn worth deals signed on first two days of Dubai Airshow 2023
DUBAI, UAE – Tawazun Council announced the signing of 11 deals, worth US$1.8 billion (AED 6.9 billion), with local and...
- The biggest contract- worth US$898 million was awarded to a company to procure an air defense system.
- The second largest local contract, worth US$200 million was signed for aircraft maintenance services.
Business
ADNOC Gas net income $3.37bn
The company's third-quarter revenue grew by 8% to $5.80 billion.
- Net income for the quarter increased by 13 percent quarter-on-quarter (Q-o-Q) to $1.116 billion.
- ADNOC Gas expects to pay its inaugural interim cash dividend of $1.625 billion with payments commencing on 14 December 2023.
Geostrategy
Qatar, UAE condemn Israeli attack on Gaza committee building
Doha, Qatar -- Qatar has strongly condemned the Israeli shelling of the Qatar Committee for the Reconstruction of Gaza's headquarters,...
- The incident, viewed as an extension of the occupation's pattern of targeting civilians and civilian infrastructure, has sparked international outrage, Qatar said.
- The United Arab Emirates (UAE) joined Qatar in denouncing the attack and emphasized the immediate need for a ceasefire.
Business
Global Media Congress opportunity for showcasing AI advances: Expert
Abu Dhabi, UAE -- Rapid advances in AI technologies have created a major challenge for the media sector: the difficulty...
- Professor Charlie Beckett of LSE says it is important to keep pace with AI advances like ChatGPT and Metaverse.
- He said despite warnings about AI, it remained a useful tool for creating huge content and handling services using algorithms.
Business
COP28 priorities: From climate action progress to energy transition
Dubai, UAE -- As world leaders and climate experts gear up for the COP28 climate summit scheduled to take place...
- COP28 has been strategically organized around four overarching themes: Technology and Innovation; Inclusion; Frontline Communities; and Finance, writes Pedro Gomez of WEF.
- COP28's Trade Day will explore the potential of trade to reduce emissions across the value chain and promote markets for climate-friendly products.
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
Saudi Arabia’s space economy reaches $8.7 billion in 2024
Riyadh, Saudi Arabia -- The Communications, Space, and Technology Commission (CST) has said that the Saudi space economy reached $8.7...
Company News
Latest News
ESG buys majority stake in UIG
Business
Saudi Arabia to launch 35 renewable energy projects in 2024: Minister
Riyadh, Saudi Arabia -- Saudi Ministry of Industry and Mineral Resources is set to launch nearly 35 renewable energy projects...
Business
Aramco, Intel to set up Saudi Arabia’s first open RAN center
Riyadh, Saudi Arabia -- Aramco Digital Co. and Intel have unveiled plans to establish Saudi Arabia’s first open radio access...
Business
Institutional investors purchase $1.9bn in UAE stocks during 2023
Abu Dhabi, UAE -- Institutional investors boosted their acquisition of domestic stocks in 2023, purchasing nearly AED 7 billion ($1.9...
Business
Most Read
Economy
Saudi Arabia jumps to second rank in ICT index among G20 nations
Riyadh, Saudi Arabia -- Saudi Arabia jumped 10 ranks to second place among the G20 countries according to International Telecommunication...
- The index monitors the economies of 169 countries to measure their progress in ICT services through two main pillars ‘universal connectivity’ and ‘meaningful connectivity.
- It reflects the robust and developed digital infrastructure, with an increase of 99 percent of Internet penetration rate in Saudi Arabia.
Geostrategy
Regional players welcome ceasefire and political process in Yemen
Riyad, Saudi Arabia -- Key regional players have welcomed the agreement – involving a comprehensive set of measures aimed at...
- This pivotal agreement includes a nationwide ceasefire, initiatives to enhance living standards, and steps towards resuming a comprehensive political process under UN's guidance.
- The Qatari Ministry of Foreign Affairs expressed hope for the roadmap's imminent signing, contributing to a comprehensive political solution to the Yemeni crisis.
Business
Hamriyah, Deira ports report $3.30bn in customs declaration
Dubai, UAE -- Hamriyah and Deira ports have reported 62,454 customs declarations, totaling AED 12.133 billion ($3.30 billion), with 19...
- Khor Customs Centre and Deira Port successfully prevented an attempt to smuggle 243 kilograms of narcotics into the country.
- An advanced container X-ray inspection device, supporting increased inspection operations, is operational at te Hamriyah Port Customs Centre.