Two lunar landings in a week for NASA’s private Moon fleet
Washington, United States -- More than fifty years passed between the last Apollo mission and the United States' return to...
Geostrategy
AI to replace 4,000 jobs in Southeast Asia’s largest bank: DBS
Singapore, Singapore -- Southeast Asia's largest bank DBS said that 4,000 jobs could be cut in the next three years...
Business
Economy
Minimum pension for Saudi social security beneficiaries up 20%
Riyadh, Saudi Arabia -- Saudi Arabia's King Salman bin Abdulaziz Al Saud Sunday issued directives on raising the basic minimum...
- The Citizen Account Program will remain in effect while adding certain factors to enhance support efficiency and ensure that benefits are received by the neediest groups.
- Registration will remain open for Citizen Account Program beneficiaries to get additional financial support for three months until December 2023.
Business
Saudi Arabia Railways launches hydrogen train tests
Riyadh, Saudi Arabia -- Saudi Arabia Railways (SAR) has announced the launch of hydrogen train tests in the Kingdom, following...
- The tests were launched following the signing of an agreement with the French company Alstom.
- It will conduct operational tests and studies necessary to prepare this type of train to fit the Kingdom's environment.
Geostrategy
MOCCAE and Tadweer sign MoU to launch ‘Waste to Zero’ initiative
Abu Dhabi, UAE -- UAE's Ministry of Climate Change and Environment (MOCCAE) and Abu Dhabi Waste Management Company (Tadweer) have...
- The initiative is part of the Year of Sustainability and UAE's preparations for hosting the Conference of the Parties COP28.
- The initiative aims to strengthen the UAE's role in leading global action and contribute to international efforts to achieve the 43% emission reduction target by 2030.
Business
Saudi Arabia’s cement sales fall by 8.5 percent in September
Riyadh, Saudi Arabia -- The aggregate sales of 17 Saudi cement producers decreased by 8.5 percent to 4.1 million tons...
- Locally, eight market players reported better sales, led by Al-Safwa Cement Co. with a 20 percent year-on-year (YoY) surge.
- Six companies exported 183,000 tons of cement in September. Saudi Cement led the way with around 128,000 tons of exports.
Economy
Middle East economic growth to fall in 2023, says World Bank
WASHINGTON, US - The growth of the economies in the Middle East and North Africa (MENA) is expected to fall...
- The region’s gross domestic product is expected to fall to 1.9 percent in 2023 from 6 percent in 2022, due to oil production cuts.
- The decline in growth this year is expected to be more pronounced in the oil exporting countries of the Gulf Cooperation Council.
Arts & Culture
Norwegian playwright Jon Fosse wins Nobel literature prize
Sometimes compared to Samuel Beckett, another Nobel-winning playwright, Fosse's work is minimalistic, relying on simple language which delivers its message...
- Fosse's writing is defined more by form than content, where what is not said is often more revealing than what is.
- Fosse's oeuvre, written in Nynorsk -- a written form of Norwegian used by 10 percent of the population -- spans a variety of genres.
Business
EWEC, Masdar sign purchase pact
Power to be purchased generated from UAE's Wind Programme.
- This strategic agreement will see EWEC procuring power from the UAE's utility-scale wind programme for the first time.
- Located at Sila, Sir Bani Yas Island and Delma Island, the wind power farms have a generation capacity of up to 99 megawatts.
Business
ADNOC to deploy UAE-made drones
ADNOC's partnership with EDGE Group aimed at cutting emissions.
- EDGE’s autonomous systems arm, ADASI, will repurpose its existing UAVs for ADNOC to deploy in its operations, to minimize emissions and enhance environmental performance.
- ADNOC has allocated an initial $15 billion (AED55 billion) to lower-carbon solutions, new energies and decarbonization technologies.
Business
Value of Dubai realty deals up 40 percent in third quarter 2023
Dubai, UAE -- The value of real estate deals in Dubai increased by 40 percent to reach AED 97.55 billion...
- The emirate's market surged 22 percent in terms of transactions, with Q3 2023 recording 31,216 transactions compared to 25,503 in the same period in 2022.
- In terms of the number of transactions, Jumeirah Village Circle topped with 1,418 transactions, followed by Arjan (1,163) and Sobha Hartland (1,115).
Business
ADNOC signs pacts with 30 firms
This will create manufacturing opportunities worth $2.7bn.
- The new agreements, outline the companies’ intention to locally manufacture products potentially worth up to AED10 billion ($2.7 billion) in ADNOC’s supply chain, ADNOC said.
- Personal Protective Equipment, which will enhance the safety of operations across all ADNOC Group companies, are among the products to be produced locally.
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Two lunar landings in a week for NASA’s private Moon fleet
Washington, United States -- More than fifty years passed between the last Apollo mission and the United States' return to...
Geostrategy
Company News
ADNOC-Tabreed G2COOl opens
Business
Latest News
Pure Health announces IPO
Business
Saudi investors witness 40% fall in US equities trading in Q3 2023
Riyadh, Saudi Arabia -- In the third quarter of 2023, Saudi investors engaged in sell and buy transactions on US...
Business
Aramco to acquire 40% stake in GO
Gas & Oil is one of the largest retail and storage firms in Pakistan.
Business
Most Read
Business
PureHealth offer price $0.89 per share
The IPO witnesses demand of over AED 265bn ($72.15bn).
- The offering will generate gross proceeds of AED 3.62 billion for the company. On listing, the company’s market capitalization is expected to reach AED 36.2 billion.
- Listing and trading commencement of PureHealth’s shares on ADX are expected to take place on 20 December 2023.
Geostrategy
Arab meet calls for more investments in renewable energy
Speaking at the 12th Arab Energy Conference organized by the Organization of Arab Petroleum Exporting Countries (OAPEC), Qatar's Energy Minister...
- OAPEC Secretary General Eng. Jamal Issa Al Loughani emphasized the conference's focus on international energy market developments and their local and global implications.
- He called for a careful balance between emission reduction, energy availability and affordability, while underscoring challenges in building sustainable energy systems.
Economy
Oman’s revenues drop by 17 percent in nine months of 2023
Muscat, Oman -- Oman's revenues for the nine-month period of 2023 declined 17 percent to 9.8 billion riyals ($25.45 billion),...
- During the nine-month period, the budget recorded a financial surplus of about RO 830 million, compared to a surplus of RO 208 million in the same period of 2022.
- Net gas revenues until the end of last October decreased by 43 per cent to reach RO 734 million compared to RO 3 billion and 51 million.