US Pentagon chief says military ready to ensure Iran never gets a nuclear bomb
Washington, United States -- The US defense secretary reiterated Sunday that the United States hopes for a diplomatic solution to...
Geostrategy
Iraq signs deal with US firm to produce 24,000 MW of electricity
Prime Minister Mohammed Shia al-Sudani oversaw "the signing of a Memorandum of Understanding as part of a strategic cooperation framework...
Economy
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,
Business
Request for qualification issued for 3700MW Saudi solar projects
Riyadh, Saudi Arabia -- The Saudi Power Procurement Company (SPPC) has released request for qualification (RFQ) for the fifth round...
- The request for qualification has been released for the fifth round of solar projects under the National Renewable Energy Program.
- The combined capacity of Round 5 projects is approximately 3700 MW. These include the 2000 MW Al Sadawi IPP to be located in the Eastern province.
Geostrategy
Wall Street, Hollywood billionaires plan $50m anti-Hamas campaign
Real-estate tycoon Barry Sternlicht has initiated this campaign and sought $1million donations from various affluent business figures, including David Geffen...
- News website Semafor reported that Sternlicht expressed concern about the potential shift in public opinion against Israel due to the portrayal of Palestinian civilian suffering.
- The funds will be used for a media blitz to define Hamas as an enemy not only of Israel but also of the United States, the report said.
Business
Burgan Bank Sells 52% stake
The stake in its Turkish subsidiary BBT was sold to Rawabi Holding.
- While the sale represents a majority ownership transfer, Burgan Bank will retain operational control over BBT.
- The move is strategically poised to fortify the bank's capital structure and shield against the impact of fluctuating Turkish lira exchange rate.
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
US Pentagon chief says military ready to ensure Iran never gets a nuclear bomb
Washington, United States -- The US defense secretary reiterated Sunday that the United States hopes for a diplomatic solution to...
Geostrategy
Company News
ESG buys majority stake in UIG
Business
Latest News
Decree issued to form Board of Dubai Corporation for Ambulance Services
Dubai, UAE -- Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum Monday issued a decree for the formation of the...
Business
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...
Economy
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...
Geostrategy
Most Read
Geostrategy
Israeli forces detain 4,695 Palestinians in West Bank since Oct 7
The Palestinian Prisoners Society (PPS) and the Detainees and Ex-Detainees Affairs Authority say the tally includes the Palestinians detained at...
- The statement said Israeli forces continue to carry out widespread acts of abuse, brutal assaults, on-field interrogations, and threats against detainees and their families.
- Since Oct 7, West Bank Palestinians have witnessed growing settler violence and the displacement of small herding villages on land coveted by Israel.
Geostrategy
SFD-financed Arkiz Agricultural Project in Mauritania inaugurated
Dubai, UAE -- The Arkiz Agricultural Project in Mauritania, which has been financed by the Saudi Fund for Development (SFD)...
- The project will improve the efficiency of Mauritania's water, irrigation and drainage facilities, while delivering agricultural equipment and potable water to farmers.
- Since 1979, the fund has contributed toward 20 development projects in Mauritania, at a value of over $665 million.
Business
$661m plot of land among weeklong real estate deals in Dubai
The emirate recorded a total of 3,785 real estate transactions worth AED 16.6bn ($4.51 billion) during the week ending 22...
- The sum of the amount of mortgaged properties for the week was 2.29bn, with the highest being a land in Al Safouh Second, mortgaged for AED 509.2 million.
- A total of 216 plots were sold for AED 4.91bn 2,729 apartments and villas were sold for AED 7.49bn. A total of 257 properties were granted between first-degree relatives.