Muslim nations meet in Jeddah to unite against Trump’s controversial Gaza takeover proposal.
Trump's plan has already united Arab countries in opposition, with Saudi Arabia also hosting Arab leaders two weeks ago to...
Geostrategy
Israel blocks humanitarian aid to Gaza as ceasefire’s first phase ends, sparking global outrage
Truce mediators Egypt and Qatar accused Israel of blatantly violating the ceasefire deal by halting the aid, a move left trucks...
Geostrategy
Business
ADNOC Gas signs 5-year LNG supply pact with Japanese energy company
Abu Dhabi, UAE - ADNOC Gas, an integrated gas processing company, on Thursday announced a five-year liquefied natural gas (LNG)...
- The agreement, valued between $450 million and $550 million, builds on the long-standing bilateral relationship between the UAE and Japan
- The pact reinforces ADNOC Gas’ position as a global LNG export partner of choice and highlights the company’s growing global presence
Business
Saudi, Chinese companies, banks sign 12 pacts worth $1.33bn
Beijing, China - Saudi Arabian and Chinese companies and banks on Wednesday signed 12 agreements involving an investment exceeding $1.33...
- The two countries focused on strengthening partnerships in urban infrastructure, housing, real estate development, and financing
- Saudi Ministry of Municipal, Rural Affairs, and Housing is currently working with several Chinese companies on housing projects worth $800 million
Business
Dubai leverages AI robots in testing construction materials
Dubai, UAE - Dubai has started using robots that employ X-Rays and other latest AI technologies to carry out automated...
- The technology shortens the duration of the tests from 4 days to 8 minutes, with a record daily increase in the ratio of samples examined to 650%
- This will accelerate the process of submitting laboratory results to the consulting sector, ensuring the timely completion of the project stages according to their deadlines
Business
Chinese firms look to expand business in Ras Al Khaimah
Ras Al Khaimah, UAE - Chinese companies are seeking business opportunities in the Ras Al Khaimah Economic Zone (RAKEZ) as...
- RAKEZ currently houses more than 400 Chinese companies ranging from small to medium-sized enterprises (SMEs) as well as large industrial companies.
- This year, RAKEZ has already seen some key investments from Chinese companies, including Maxtron Show Lighting, manufacturer of computer-controlled, programmable LED light systems.
Geostrategy
Russian defense officials meet Saudi Arabian, Iranian counterparts
MOSCOW, RUSSIA - The 11th Moscow Conference on International Security, held at the Patriot Congress and Exhibition Center here, saw...
- The conference saw participation from over 800 delegates from 76 countries, including China, India, South Africa, Israel, Turkey, Mexico, the UAE, Saudi Arabia.
- Representatives from eight international organizations, including the UN, CSTO, SCO, ASEAN, Arab League, and the African Union took part in the conference.
Economy
Bahrain supports AI tendering platform, Procural, to create jobs
Manama, Bahrain - Tamkeen, a semi-autonomous government agency, tasked with developing Bahrain's private sector has decided to support the Bahrain-based...
- The support will enable Procural to enhance its ability to use cloud-based technology and Artificial Intelligence (AI) to match vendors with buyers
- Procural offers a range of features that include cloud-based infrastructure, customizable approval workflows, automated purchase orders, and real-time budget tracking
Economy
Saudi Arabia is largest Islamic finance market, with over $827bn assets
Riyadh, Saudi Arabia - Saudi Arabia boasts the world's largest Islamic finance market, with combined Islamic assets across various sectors...
- Al-Sayari revealed that the total value of Islamic finance assets worldwide has surged to over $2.99 trillion
- The Islamic banking sector in Saudi Arabia contributes a substantial 33% of the global Islamic bank assets
Economy
Global wealth set to rise by 38% over the next five years: study
Zurich, Switzerland – The latest Global Wealth Report predicts global wealth to reach $629 trillion by 2027, despite 2022 being...
- The report estimates wealth per adult to reach $110,270 in 2027 and the number of millionaires to rise to 86 million
- When looked at in demographic terms, Generation X and Millennials continued to do relatively well in 2022
Economy
New industrial licenses surge 17% in first year after Abu Dhabi Industrial Strategy launch
The number of new industrial Rowad permits issued in Abu Dhabi increased from 204 to 238 from July 2022 to...
- $15.36 billion in capital investments made by manufacturing facilities moved to the in-production phase over the year
- The number of operational manufacturers in the emirate now stands at 966, up from 922 manufacturers at the end of H1 2022
Trump indicted for racketeering over 2020 election interference
Eighteen co-defendants were indicted in the probe, including Trump's former personal lawyer Rudy Giuliani, who pressured local legislators over the...
- The case - relying on laws typically used to bring down mobsters - is the fourth targeting the 77-year-old Republican this year
- This has compounded the legal threats Trump is facing in multiple jurisdictions as a firestorm of investigations imperils his bid for a second White House term
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Muslim nations meet in Jeddah to unite against Trump’s controversial Gaza takeover proposal.
Trump's plan has already united Arab countries in opposition, with Saudi Arabia also hosting Arab leaders two weeks ago to...
Geostrategy
Company News
Latest News
89% of Saudi CEOs hopeful of kingdom’s economic growth over next 12 months
Riyadh, Saudi Arabia - About 89% of CEOs in Saudi Arabia are optimistic about the country's economic growth over the...
Business
Web Summit: 24 MoUs signed between Qatari institutions and global tech firms
Doha, Qatar - Web Summit Qatar 2024, the world's largest tech events debut in the Middle East and Africa, ended...
Economy
Unit 4 of UAE’s Barakah Nuclear Energy Plant commissioned
Abu Dhabi, UAE - The Emirates Nuclear Energy Corporation (ENEC) on Friday announced that its operating and maintenance subsidiary, Nawah...
Economy
Most Read
UAE real estate sector transforms with cross-border payments revolution
Dubai, UAE - Leading financial institutions are spearheading a transformative wave in the UAE real estate sector through the introduction...
- The initiative is poised to enhance accessibility and efficiency for global investors seeking to engage in property investment within the UAE
- Traditionally, the investing in UAE real estate from overseas has been encumbered by complexities associated with cross-border transactions
Business
ADNOC buys 25% stake in OMV
The OMV is headquartered and listed in Vienna, Austria.
- The transaction accelerates delivery of ADNOC’s global chemicals growth strategy, and reinforces its status as a responsible, long-term partner and growth-oriented investor
- Österreichische Beteiligungs AG (ÖBAG), an Austrian independent holding company, now owns 31.5 percent, with the remaining share capital in free float
Business
QFC signs two MoUs
MoUs with BFB, Partior were inked during Web Summit 2024.
- The MoU with Bahrain FinTech Bay establishes comprehensive frameworks for cooperation in joint research projects.
- Under the MoU, each entity shall provide support, assistance and resources to start-ups from the QFC and BFB.