MEA market decision-making cycle is fast but risk-averse
MEA markets feature rapid growth, high owner influence, diverse operator models, and younger hotel infrastructure, says Ralph Melis, co-founder and...
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Trump Organization inks deal to build a golf course and villas in Doha
Doha, Qatar -- The Trump Organization signed on Wednesday its first development deal in Qatar to build a golf course...
Business
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,
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.
MEA market decision-making cycle is fast but risk-averse
MEA markets feature rapid growth, high owner influence, diverse operator models, and younger hotel infrastructure, says Ralph Melis, co-founder and...
Interview
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ESG buys majority stake in UIG
Business
Cornerstone laid for $40 million logistics park at King Abdulaziz Port
Riyadh, Saudi Arabia -- The cornerstone was laid for an integrated SAR150 million ($39.99 million) Logistics Park at Dammam's King...
Business
SAMA seeks public feedback on financial governance amendments
Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) has invited interested parties and specialists concerned with “Key Principles of...
Business
New UAE law allows employees merge work years for free
Abu, Dhabi, UAE -- A new UAE law contributes to enhancing insured Emiratis chance in obtaining a retirement pension by...
Business
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Business
TDRA inks pact with PCFC’s Dubai Maritime Authority
DUBAI, UAE - The Telecommunications and Digital Government Regulatory Authority (TDRA) has signed a Memorandum of Understanding (MoU) with the...
- The partnership will help improve the regulatory framework for maritime business operations to enhance efficiency in the sector.
- The MoU establishes a procedure for acquiring necessary authorisations for maritime vessels through the Dubai Maritime Authority.
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...
- Geological surveys are ongoing in the mining sector and new mining sites are being launched, te minister said.
- In the industrial field, work is under way to open new businesses and empower others such as the automotive industry.
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...
- The Open Wireless Access Network Development Center is scheduled to start operations in 2024, marking a milestone in the Kingdom's journey towards a technology-driven future.
- Aramco Digital is a technology subsidiary of energy giant Saudi Aramco that aims to drive digital transformation and technological innovation across industries.