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...
Geostrategy
Angola departure a blow for OPEC+ as cartel tensions rise
Despite slashing oil production for months on end and announcing new cuts in late November, the Organization of the Petroleum...
Geostrategy
Business
ADNOC and Occidental to advance direct air capture project in UAE
Abu Dhabi, UAE -- ADNOC and international energy company, Occidental, announced today an agreement to undertake a joint preliminary engineering...
- They will undertake a joint preliminary engineering study for the construction of the first megaton-scale direct air capture (DAC) facility outside the United States.
- ADNOC said the study will assess the proposed one million tons per annum (mtpa) DAC facility to be connected to ADNOC’s carbon dioxide (CO2) infrastructure.
Business
South Korean firms eyeing expansion in UAE’s oil and gas sector
Abu Dhabi, UAE -- Top executives from South Korean companies have affirmed that numerous firms are actively looking to expand...
- Top executives told WAM that UAE has made significant strides in energy transformation in recent years and continues its relentless efforts to address the climate change fallout.
- Kyle Moon, Deputy General Manager of Daeha company said ADIPEC enhances collaboration opportunities among policymakers and decision-makers.
Business
Central Bank of Oman foreign assets up by 27% by July end
Muscat, Oman -- Foreign assets at the Central Bank of Oman (CBO) grew by 27.4 percent to RO 6.855 billion...
- Initial data issued by the NCSI showed that local liquidity stood at RO 21.362 billion, an increase of 4.9 percent compared to the corresponding period in 2022.
- Total loans and financing in commercial banks and Islamic windows grew by 8.7 percent by the end of July 2023 to RO 30.272 billion, compared to RO 27.860 billion.
Business
Ducab bags 30 major contracts
The contracts were secured in the oil, gas and petrochemical sector.
- The company said it had produced and supplied more than 10 billion meters of cable products in 2023 alone.
- The company will be showcasing its advanced range of PetroBICC cables at ADIPEC.
Economy
Abu Dhabi’s non-oil economy up by 12.3 percent in second quarter
Statistical estimates published by the Statistical Centre Abu Dhabi said the construction sector grew by 19.1 percent in the second...
- The manufacturing activity grew by 7 percent compared to the same period last year, with the sector recording its highest quarterly value-added since 2014.
- Abu Dhabi's financial sector recorded a robust growth of nearly 30 percent, also its highest growth rate since 2014.
Business
Saudi Arabia’s consumer spending up 8% to reach $30bn in Aug
Riyadh, Saudi Arabia -- Consumer spending in Saudi Arabia grew 8 percent to SAR 115.4 billion ($30.76 billion) in August 2023, from...
- Consumer spending includes total cash withdrawals, point-of-sale (POS) transactions and e-commerce sales through "Mada".
- E-commerce sales through Mada cards increased 27 percent YoY to SAR 14.4 billion in August, marking the highest-ever sales value.
Business
Crypto industry grapples with FTX fallout as boss goes on trial
London, United Kingdom -- The collapse of cryptocurrency platform FTX, whose disgraced former boss goes on trial this week, sparked shock...
- Sam Bankman-Fried, once the wunderkind of crypto, will appear in a federal New York court on Tuesday facing seven counts of fraud.
- FTX, once the world's second-biggest crypto exchange, collapsed last November amid accusations that client money was being funneled to prop up its investment arm Alameda.
Business
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...
- The roof of the building, implemented by Qatar's Public Works Authority (Ashghal), has an area of 4,031 square meters.
- The new global achievement is the sixth world record achieved by Qatar's Public Works Authority in the previous years.
Geostrategy
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...
- In a statement, the airline blamed the rebels for the move, accusing them of restricting access to company accounts in Sanaa banks since March -- a charge the Houthis have denied.
- Yemenia said it was barred from accessing more than $80 million in deposits, causing "severe damage to the company's activity".
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...
- Qatar said this demand was confirmed by international legitimacy resolutions half a century ago, including the resolutions of the United Nations General Assembly since 1974.
- Qatar said AEA's subjecting Israel to comprehensive safeguards regime is a prerequisite for establishing a nuclear-weapon-free zone in the Middle East.
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...
Geostrategy
Company News
Latest News
14 financial giants confirm expansion into Abu Dhabi: ADGM
Abu Dhabi, UAE -- Abu Dhabi Global Market (ADGM), a leading international financial center of the UAE’s capital, Thursday announced...
Business
Abu Dhabi positioned in world’s fastest-growing economic corridor: Official
Abu Dhabi, UAE -- Dr. Karim El Solh, Co-Founder and Chief Executive Officer at Gulf Capital, said Thursday Abu Dhabi...
Business
Saudi consumer spending up 4 percent in October: SAMA
Riyadh, Saudi Arabia -- Consumer spending in Saudi Arabia increased 4 percent to SAR 110 billion ($29.32 billion) in October,...
Business
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Business
Abha Valley has potential to be a tourist destination
ABHA, SAUDI ARABIA - Extending over 34 kilometers, the Abha Valley Basin enjoys a variety of wildlife aspects, civilizational features...
- The Abha Valley abounds in environmental diversity, which explains its array of mountain plants.
- The rugged areas of the highest point of the valley form the right habitat for the Arab tiger,
Business
Egypt jumps to third place in Offshore BPO Confidence Index
Cairo, Egypt -- Egypt's global prominence received a boost as it jumped from 11th to third place in the 2023...
- Egypt's BPO industry demonstrated steady growth, with digital exports increasing from $4.5 billion in 2022 to $4.9 billion in 2023.
- The country targets doubling export revenue to $9 billion by 2026, creating over 200,000 direct job opportunities.
Business
Saudi PIF secures $5 billion financing in collaboration with K-SURE
Riyadh, Saudi Arabia -- The Public Investment Fund (PIF) and Korea Trade Insurance Corporation (K-SURE) have announced the signing of...
- The collaboration stems from a memorandum of understanding signed in March 2022 between PIF and K-SURE.
- The transaction will mark PIF’s first financing covered by an export credit agency, as it continues to diversify its sources of funding.