AD Ports, RSPA to develop and operate terminal in Egypt’s Safaga Port
Cairo, Egypt -- AD Ports Group (AD Ports) has signed a concession agreement with the Red Sea Ports Authority (RSPA)...
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...
Business
Geostrategy
Egypt president calls for measures to slow birthrate
Cairo, Egypt -- Egyptian President Abdel Fattah al-Sisi called Tuesday for measures to slow the birthrate in the Arab world's most...
- "We need 400,000 births per year," said the leader of the country of 105 million inhabitants which recorded nearly 2.2 million births in 2022.
- Sisi intervened when his minister of health and population, Khaled Abdel Ghaffar, told a conference that "having children is a matter of complete freedom".
Infographics
Saudi construction sector employs 3 million workers
GCC countries employ close to 20 million foreign workers, who are subject to vastly different conditions and wags compared to...
- The Gulf Cooperation Council countries have a high reliance on foreign labor. In 2020, foreign workers accounted for 60 percent of the total labor force.
- GCC countries face high unemployment among nationals, shortage of skilled labor and a mismatch between the skills of nationals and the requirements of the labor market.
Business
21 agreements and MoUs signed at Saudi-Italian Investment Forum
Milan, Italy -- The Saudi-Italian Investment Forum, jointly organized by the Saudi Ministry of Investment and the Italian Ministry of...
- The 21 MoUs and agreements signed during the Forum encompassed the sectors of energy, clean energy, healthcare, real estate, waste management, technology, and manufacturing.
- In 2022, the non-oil bilateral trade value between the Kingdom and Italy reached approximately SAR 5.6 billion (1.4 billion Euros), demonstrating significant growth potential.
Business
Mubadala, Petrobras sign MoU
The two parties will explore potential investment in a biofuel project.
- The biofuel project currently being developed by Mubadala Capital in the State of Bahia, Brazil.
- The MoU builds on biorefinery project to produce renewable diesel and sustainable aviation fuel derived from Macauba, a native Brazilian crop.
Economy
Arab economies projected to grow 3.4% in 2023: AMF official
The growth may increase to 4% in 2024. Arab Monetary Fund Director-General Dr. Abdul Rahman bin Abdullah Al Humaidi stressed...
- He also underscored the importance of intensifying efforts to develop the financial and banking sector in Arab countries and increasing access to financing and financial services
- The Arab banking system has become more prepared to absorb and withstand financial and economic shocks and risks due to its improved liquidity and solvency levels, he said.
Business
Qatar tourist arrivals surge on post-world cup momentum
Doha, Qatar -- More than 2.56 million people visited Qatar from January to August 25, which is more than the...
- This number surpasses the full-year arrivals in 2022 and marks a 157 percent increase over the same period last year.
- Immediately after the FIFA World Cup Qatar 2022, Qatar Tourism launched its 'Feel More in Qatar' global campaign.
Business
Emirates NBD invests in Komgo
The equity investment was made by Emirates NBD's Innovation Fund.
- Emirates NBD's corporate venture capital arm will enable the Group to invest in tech start-ups and companies supporting its digital strategy.
- Komgo has diverse customer base that includes more than 200 multinational corporations and global trade banks.
Geostrategy
Iran targets $30bn in annual trade with Turkey: Amirabdollahian
Tehran, Iran -- Iran and Turkey target $30 billion in annual trade in their endeavor to broaden political and economic...
- Amirabdollahian said they have held extensive negotiations and weighed plans to carry out the agreements reached in the recent meeting between the presidents of the two nations.
- "The transit routes in the region are not a factor of competition, but an element that strengthens relations between Iran and Turkey," he said.
Business
Iran’s oil output capacity up 40 percent in two years: Oil Minister
Tehran, UAE -- Iran’s oil production capacity has increased 40 percent in two years with the rise in investment in...
- Javad Owji said the daily crude oil output volume reached from the previous 2.2 million barrels of oil per day (bpd) to over 3.1 million bpd.
- The gas production has increased by 40 million cubic meters in the first five months of the current Iranian calendar year (March to August 2023).
Science
AlNeyadi conducts over 200 research experiments on board ISS
ABU DHABI, UAE - Over the course of a six-month space mission on board the International Space Station (ISS), UAE...
- These research experiments were held in collaboration with 10 international space agencies and 25 esteemed UAE and global universities.
- The experiments covered a range of topics including the cardiovascular system, back pain, protein crystallisation growth, epigenetics, immune system,
AD Ports, RSPA to develop and operate terminal in Egypt’s Safaga Port
Cairo, Egypt -- AD Ports Group (AD Ports) has signed a concession agreement with the Red Sea Ports Authority (RSPA)...
Business
Company News
ADNOC Gas net income $3.37bn
Business
Latest News
Villa, Maldini visit Jeddah to promote FIFA Club World Cup 2023
Jeddah, Saudi Arabia -- Football stars David Villa and Paolo Maldini visited Jeddah today to promote the 2023 FIFA Club...
Arts & Culture
Chinese tourism bookings to Saudi surge 277% after mega promotional campaign
Shanghai, China -- In a bid to attract Chinese tourists, the Saudi Tourism Authority recently concluded its first, and the...
Business
JABEEN signs contracts with Retal, Abyatna
The firms will build primary and secondary infrastructure works.
Business
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Business
SEVEN to build $347m entertainment destination in Saudi Arabia’s Aseer
Riyadh, Saudi Arabia -- Saudi Entertainment Ventures (SEVEN), a PIF subsidiary, has announced the fifth entertainment destination in the Kingdom,...
- Designed by Gensler, a global architecture, design, and planning firm, the architecture was inspired by the ancient stone buildings of the area to highlight the identity of Aseer.
- SEVEN, a wholly owned subsidiary of the Public Investment Fund (PIF), has appointed Modern Building Leaders to undertake the construction works.
Business
ADDED launches program to improve SMEs’ access to financial services
Abu Dhabi, UAE -- The Abu Dhabi Department of Economic Development (ADDED) has launched a program to improve the access...
- The program was launched in partnership with the Emirates Classification Society “Tasneef” and support of Abu Dhabi Chamber of Commerce and Industry (ADCCI), and leading banks.
- Small and Medium Enterprises are one of the vital sectors in Abu Dhabi’s economy, accounting for 98 percent of businesses.
Geostrategy
56% Saudi consumers willing to pay premium for green transportation
Riyadh, Saudi Arabia -- An overwhelming 80 percent of consumers across 16 diverse nations now identify climate change as the...
- An overwhelming 80 percent of consumers across 16 diverse nations now identify climate change as the foremost global challenge.
- 60 percent of respondents in Saudi Arabia conveyed their readiness to accept a lower salary if it meant working for an organization committed to reducing its carbon footprint.