ATM 2025 to showcase 2,800 firms, 17 percent from Middle East
Dubai, UAE: The Arabian Travel Market, which will take place from Apr 28 to May 1 at the Dubai World...
Business
‘Diriyah Tan’ unveiled to celebrate Saudi tourism hub’s rich heritage
Riyadh, Saudi Arabia -- Diriyah Company has collaborated with Pantone to produce "Diriyah Tan," a color that embodies the essence...
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.
Business
Emirates to build advanced $950m engineering facility at DWC
Dubai, UAE -- Emirates has unveiled a plans to build a $950 million cutting-edge engineering facility at Dubai World Central...
- Spanning 1 million square meters, the engineering complex is set to become the most extensive and advanced facility of its kind operated by any airline globally.
- Tailored to meet the evolving needs of Emirates' aircraft fleet through the 2040s, the facility is expected to provide support for the airline's operations.
Business
Denmark, Netherlands top destinations for remote working: Report
Davos, Switzerland -- Denmark, the Netherlands, and Germany have emerged as the leading countries for remote working, offering the best...
- The Global Remote Work Index, which evaluates 108 countries, is a crucial tool for remote workers seeking the best destinations for their work.
- A WEF report, which surveyed over 800 companies employing more than 11 million workers, highlights remote working as a significant trend.
Business
ACWA Power, SEC sign PPAs
The agreements signed with SPPC are valued at $3.9 billion.
- The agreement, signed on November 13, pertains to the development, financing, construction, ownership, and operation of two expansive combined cycle gas turbines power plants.
- Named Taiba 1 and Qassim 1, these mega-projects are strategically situated in Madinah and Qassim, with a production capacity of 1,800 megawatts (MW) each.
Business
PIF to invest in Alkhorayef Petroleum, secure 25% shareholding
Riyadh, Saudi Arabia — The Public Investment Fund (PIF) has formally announced the signing of a share subscription agreement to...
- PIF secures a 25 percent shareholding in the oil and gas production optimization solutions provider, with Alkhorayef Group retaining the majority stake of 75 percent.
- Alkhorayef Petroleum specializes in artificial lift, wireline services and equipment, as well as early production facilities.
Business
Salik records $138m in Q3 revenue
This is the toll operator's highest Q3 revenue since 2007.
- The 14.6 percent year-on-year revenue growth was supported by a strong growth in tourism and residency.
- Salik reported a net profit of AED255 million during the third quarter of 2023, up 5.3 percent against the prior year.
Business
GA-ASI partners with EDGE
The pact is aimed at integrating smart weapons into MQ-9B.
- The partnership marks the first time that UAE-made smart weapons will be integrated into a US unmanned platform.
- The EDGE smart weapons designated for integration include the DESERT STING family of GGWs and THUNDER family of cost-effective PGMs from HALCON.
Business
Dubai Taxi to sell 624 million shares in IPO, plans to list on DFM
Dubai, UAE -- Dubai Taxi Company Monday announced its intention to proceed with an Initial Public Offering (IPO) and to...
- The offering, representing 24.99 percent of Dubai Taxi Company's total issued share capital.
- The share capital of the company, as at the date of the listing, has been set at AED100 million divided into 2.5 billion shares paid-in-full,
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
ATM 2025 to showcase 2,800 firms, 17 percent from Middle East
Dubai, UAE: The Arabian Travel Market, which will take place from Apr 28 to May 1 at the Dubai World...
Business
Company News
ESG buys majority stake in UIG
Business
Latest News
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
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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.