Trump doubles down on Gaza shock plan, says Israel will turn over the territory to US
Trump said that by the time of the handover, Palestinians "would have already been resettled in far safer and more...
Geostrategy
Business
Qatar Airways, British Airways, Iberia form new joint venture
Doha, Qatar -Qatar Airways, British Airways, and Iberia have come together to form a new joint venture In a move...
- With the addition of Iberia, the national carrier of Spain, to the existing BA-QR partnership, travelers can now enjoy enhanced worldwide connectivity
- Customers from the Middle East, Africa, Asia, and Australia will benefit from seamless travel to popular Spanish and Portuguese destination
Business
UAE Government’s Q1 revenues total $31.3 billion
Abu Dhabi, UAE - The UAE government’s revenues amounted to AED115.6 billion ($31.3 billion) and its expenditures totaled AED92.5 billion...
- The results of financial transactions during the first quarter shows the value of net lending and net borrowing amounted to $6.3 billion
- The value of total expenditures worked out $25.0 billion ,comprising net investment in nonfinancial assets and current expenses
Business
KEZAD Group, Al Jazeera Steel Products to establish $68m rolling steel mill
Abu Dhabi, UAE - Khalifa Economic Zones Abu Dhabi or KEZAD Group, and Al Jazeera Steel Products Co, held the...
- The establishment of the mill over an area of 210,000 square metres in KEZAD aims to enhance steel manufacturing capabilities
- The 450,000 tonnes per annum medium section mill will answer the growing customer demand for its products
Economy
200 digital companies participate in Dubai Chamber’s China roadshow
Dubai, China - The roadshow of Dubai Chamber of Digital Economy across five cities of China saw the participation of...
- The delegation held more than 55 business meetings in cities such as Shanghai, Shenzhen, Hainan, Jinan, and Beijing
- These meetings served to introduce Chinese companies to Dubai's thriving digital ecosystem and facilitate their potential expansion into the emirate
Business
Multiply Group Q2 2023 profit is $108m
The group's public market portfolio stands at $9.1bn.
- The profit from Multiply Group’s operating entities witnessed a surge of 33.6% in Q2 2023, compared to the same period last year
- Multiply Group is seeing more value accretive acquisition opportunities emerge globally across its operating verticals and investment arm
Economy
Iran clothing industry employs over 2m people: official
Tehran, Iran – The clothing industry in Iran which employs around two million people grew by 17 percent last year...
- Currently 100,000 production units have been registered in the garment industry
- These statistics do not include the stores operating on the virtual space and also unauthorized people
Business
Abu Dhabi records 363% growth in FDI in the real estate sector during H1 2023
Abu Dhabi, UAE - The foreign direct investment (FDI) in the individual category within Abu Dhabi's real estate sector has...
- Saadiyat Island claimed the top spot with 34%, followed by Yas Island at 28%, Al Jurf at 12%, Al Reem Island at 11%, and Al Shamkha area at 8%
- Earlier in June, Fortinbras Enterprises, a New York-based firm, made a strategic investment in Peninsula Real Estate, an Abu Dhabi-based property investment company
Geostrategy
UAE plays an active role in shaping better future for societies, says minister
NEW DELHI, INDIA – The UAE is committed to playing an active role in global efforts to shape a better...
- The UAE is also committed to enhancing human resources’ contribution to sustainable development.
- The minister applauded all G20 members for “their dedication and commitment to the objectives and vision of the forum.”
UAE newsrooms lagging in adoption of AI: study
Ras Al Khaimah, UAE: While the global news media world is being disrupted by Artificial Intelligence (AI) led by bigtime...
- Algorithmic journalism refers to the automated gathering, production, and publishing of news based on programmed algorithms
- Impeding factors included traditional approach to transitioning into new technologies by editors content with beginner-level AI systems
Economy
Electric vehicles, lithium-ion, solar batteries become new drivers of China’s foreign trade
Beijing, China - China's traditional export sectors, such as apparel, home appliances, and furniture, have been surpassed by electric vehicles,...
- These "new three" industries have contributed to an impressive 61.6 percent year-on-year increase in total export value during the first half of 2023
- A combination of factors, such as production innovation and favorable policies, has facilitated the export growth of these sectors
Most Read
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
Company News
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Saudi foreign minister seeks G20 action on Gaza
Rio de Janeiro, Brazil - Saudi Foreign Minister Prince Faisal bin Farhan called on G20 nations to apply pressure for...
Geostrategy
Saudi Arabia’s trade surplus remains stable at $26bn
Riyadh, Saudi Arabia - Saudi Arabia's trade surplus remained stable at SR97 billion ($25.8 billion) in the fourth quarter of...
Economy
Over 6,000 F&B companies join Dubai Chamber of Commerce in 2023
DUBAI, UAE – President and CEO of Dubai Chambers Mohammad Ali Rashed Lootah has revealed that 6,478 new Food and...
Business
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Business
Saudi tech firm Alat to ally with Softbank, Carrier Corp, Tahakoum, Dahua Tech
Riyadh, Saudi Arabia - Alat Company, a subsidiary of the Saudi Public Investment Fund (PIF), has announced four global partnerships...
- Amit Midha, global CEO of Alat, said the goal is to aid partner companies in reducing emissions and transitioning towards carbon-neutral production
- Midha emphasized Alat's commitment to leveraging clean energy sources such as solar, wind, and green hydrogen integrating sustainability measures across operations
Arts & Culture
Saudi film industry gets boost with $100m investment fund
Riyadh, Saudi Arabia -The Middle East Financial Investment Company (MEFIC Capital) has unveiled the establishment of the Saudi Film Fund,...
- The strategic fund is an outcome of an agreement involving the Cultural Development Fund, MEFIC Capital, and Roaa Media Ventures
- The Saudi film production market has experienced impressive growth, boasting an annual growth rate exceeding 25%
Saudi retail is 23% of non-oil GDP, expected to grow to $122.6bn in 2024
Riyadh, Saudi Arabia - Saudi Minister of Municipal and Rural Affairs and Housing Majed Al-Hogail said on Monday that the...
- Saudi Minister of Municipal and Rural Affairs and Housing Majed Al-Hogail emphasized the crucial role of the retail sector as a major economic driver
- He expressed optimism that discussions at the summit would contribute to the sector's development and overall service enhancement