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
$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...
Business
Lootah Biofuels inks MoU
Business
ACWA Power 9M net profit up 22%
Business
SABIC 9M net loss $277m
Business
Geostrategy
Dubai police arrests half of all drug suspects in UAE in Q2 2023
Dubai, UAE -- The General Department of Anti-Narcotics at Dubai Police apprehended 49.6 percent of the total number of suspects...
- During the same period, a total of 491 kilograms of drugs and 3,333,916 narcotic pills were seized, which included cocaine, heroin, crystal meth.
- The statistics demonstrated Dubai Police's contribution in sharing 50 significant pieces of information with several countries during Q2 2023.
Geostrategy
WHO’s first global summit on traditional medicine begins Aug 17
Geneva, Switzerland -- The World Health Organization (WHO) is convening the Traditional Medicine Global Summit on 17-18 Aug 2023 in...
- Co-hosted by the Government of India, the Summit will explore the role of traditional, complementary, and integrative medicine in addressing pressing health challenges.
- Scientists and other experts will lead technical discussions on research, evidence and learning; policy, data and regulation;
Business
DEWA picks bidder for 1,800MW phase of Al Maktoum Solar Park
Dubai, UAE -- In a step towards its clean energy ambitions, the Dubai Electricity and Water Authority (DEWA), has announced...
- Designed to be the world's largest single-site solar park, it is projected to boast a remarkable capacity of 5,000MW by 2030, with an investment infusion totaling AED 50 billion.
- The upcoming 1,800MW 6th phase is anticipated to catapult the cumulative production capacity to 4,660MW as additional 433 MW capacity is currently under construction.
Infographics
Saudi home to three of top five Arab smart cities
Saudi Arabia, which has pioneered the development of smart cities in the region, plans to establish more than 200 smart...
- The Middle East and North Africa's smart city spending is expected to reach $2.7 billion by 2022, driven primarily by the region's progressive, innovative city projects.
- NEOM, Egypt's New Administrative Capital, Abu Dhabi's Masdar City, and Dubai Digital Park are examples of this trend.
Arts & Culture
Riyadh to host Peace and Sport Middle East Forum in Oct
Riyadh, Saudi Arabia -- For the first time, Riyadh will host the Peace and Sport Middle East Forum, powered by...
- The forum will be held under the theme, “Sport is an answer for peace”, at the Cultural Palace in Riyadh-based Diplomatic Quarter
- The kingdom will be hosting several big sporting events as it aims to attract foreign interest as it diversifies its economy away from oil
Geostrategy
Spill risk over as UN removes oil from decaying Yemen tanker
Hodeida, Yemen -- The United Nations said Friday it had successfully transferred more than one million barrels of oil from a...
- The milestone means that "the core aspect" of a years-long effort to address the threat posed by the Safer, often referred to as a "ticking time bomb", is now finished, the UN said
- All told, the UN has priced the operation at $143 million, a fraction of the estimated $20 billion clean-up costs in the event of a spill.
Business
DEWA Q2 revenue $2bn
Consolidated revenue of DEWA rose 4.1 percent in Q2.
- For the first half of 2023 (H1 2023), DEWA’s consolidated revenue was AED 12.7 billion ($3.46bn) and net profit was AED 2.7 billion ($740m).
- By the end of H1 2023, the Company’s net cash from operating activities increased by a record AED 837 million (227.88m) to AED 5.4 billion ($1.47bn).
Business
GFH Financial Group Q2 net profit $30m
The net profit increased by 32.74 percent compared to Q2, 2022.
- Total income for the second quarter of 2023 was $86.83 million compared to $56.11 million for the second quarter of 2022, a rise of 54.7 percent.
- Consolidated net profit for the second quarter was $32.75 million compared with $26.03 million in the second quarter of 2022, an increase of 25.8 percent.
Economy
Non-oil sectors to maintain UAE economy’s robust growth: OPEC
This performance will be delivered through constant contributions from the non-oil sector, especially from tourism, leisure and real estate. The...
- The report said the oil demand growth is forecast to slow to 2.2 mb/d in 2023, down from 2.4 mb/d in the previous assessment.
- The main drivers of liquids supply growth for 2023 are expected to be the US, Brazil, Norway, Kazakhstan Guyana and China, while the largest decline is expected from Russia.
Business
NPCC receives award for MERAM project
The award has been received from ADCNOC Gas.
- The project is valued at AED 13 billion and is being led by the National Petroleum Construction Company (NPCC) in partnership with Técnicas Reunidas.
- MERAM project is expected to increase the recovery of methane from ADNOC Gas's facilities.
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
Company News
SCC 9M net profit $73m
Business
Latest News
SAIC 9M net profit 38%
Business
Lootah Biofuels inks MoU
Business
ACWA Power 9M net profit up 22%
Business
Saudi inflation in Oct slightly down amid economic challenges
Riyadh, Saudi Arabia -- Saudi Arabia's consumer price index experienced a slight decrease in October, dropping to 1.6 percent from...
Economy
US$3.2bn worth deals signed on first two days of Dubai Airshow 2023
DUBAI, UAE – Tawazun Council announced the signing of 11 deals, worth US$1.8 billion (AED 6.9 billion), with local and...
Business
ADNOC Gas net income $3.37bn
The company's third-quarter revenue grew by 8% to $5.80 billion.
Business
Most Read
Business
Global Media Congress opportunity for showcasing AI advances: Expert
Abu Dhabi, UAE -- Rapid advances in AI technologies have created a major challenge for the media sector: the difficulty...
- Professor Charlie Beckett of LSE says it is important to keep pace with AI advances like ChatGPT and Metaverse.
- He said despite warnings about AI, it remained a useful tool for creating huge content and handling services using algorithms.
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.