Females make up 37.6% of the GCC population of 57.6 million
Muscat, Oman - The population of the six GCC countries reached 57.6 million in 2023, compared to 56.6 million in...
Economy
Study: Legacy technology not impeding adoption of AI and Machine Learning in UAE and Saudi Arabia
Manufacturers see AI as critical for decarbonization (66%), improving ESG scores, energy monitoring (55%), advancing digital twins (68%), and enabling...
Economy
Business
FAB posts Q1 net profit of $1bn
Operating income increased by 51 percent year-on-year.
- The Q1 net profit rose by 60 percent sequentially, leading to an annualized Return on Tangible Equity of 18.5 percent.
- The cost-to-income ratio improved to 25.1 percent, compared to 33.2 percent in the same quarter last year.
Business
DP World reports Q1 container volume growth of 3.7%
Dubai, UAE - DP World Limited, a global container terminal operator based in Dubai, has reported an increase in container...
- The company handled 19.5 million TEUs across its global portfolio, which is a 1.4 percent increase on a reported basis
- The growth was driven by a strong performance in Asia Pacific and India, while Europe and the Americas saw softer performance
Business
Dana Gas approves cash dividend
The total dividend payout will be $171 million.
- Shareholders holding the shares on May 4, 2023, will be eligible to receive the interim dividend, which is expected to be paid on May 25, 2023
- The total dividend payment for the year will be AED630 million ($171 million) or 9 fils per share, a 12.5 percent increase compared to the dividend for 2021
Business
Arabia Taxi adds 269 new Tesla cars to its fleet in Dubai
Dubai, UAE - Arabia Taxi, a subsidiary of Economic Group Holdings in the UAE, has signed an agreement with Tesla...
- The Economic Group Holdings owns the largest fleet of private taxi vehicles in the UAE
- These new Tesla vehicles are a step towards the company’s goal of becoming fully electric
Science
Rashid 2: UAE plans new lunar mission
Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum visited the MBRSC and met the team behind the UAE’s first attempt...
- Japanese spacecraft carrying UAE's Rashid Rover made unsuccessful landing on Tuesday
- Communication was lost with Hakuto-R moments before it was due to touch down at around 16:40 GMT
Business
UAE delegation visits Belgium to strengthen economic ties
Abu Dhabi, UAE - A UAE delegation led by Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade,...
- Non-oil bilateral trade between the UAE and EU amounted to US$56 billion in 2022, achieving growth of 9.3 percent.
- Non-oil trade value grew by 28.6 percent and 14.7 percent over the same period in 2020 and 2019, respectively.
Economy
India to connect its power grid with Saudi Arabia, UAE
New Delhi, India--India is looking to connect its power grid with Saudi Arabia and the UAE by way of undersea...
- The agreements between India and Saudi Arabia and the UAE are expected to be signed once the Indian cabinet ratifies the decision
- In January this year, India and the UAE said they will conduct a feasibility study to link up their power grids through underwater cables
Business
DEWA, Xanadu partner to develop ‘efficient, reliable’ energy systems
Dubai, UAE— Dubai Electricity and Water Authority (DEWA) and Xanadu, a Canadian quantum computing company, are considering strategic cooperation in...
- The meeting between DEWA’s CEO and Xanadu’s CEO discussed the latest developments in quantum computing technology and its impact on the energy sector
- Al Tayer noted the importance of the technology in addressing the world’s biggest challenges like climate change and energy sustainability
Economy
Bahrain’s real GDP grows by 4.09% in Q4 2022
Manama, Bahrain - Bahrain has reported a 4.09 percent increase in its real GDP in the fourth quarter of 2022...
- The high-achieving sectors include the financial corporations sector which grew by 8.22 percent and the trade sector, which increased by 6.57 percent
- With 18.57 percent of the GDP, the financial corporations sector contributed the most to Bahrain's economy, followed by the crude oil and natural gas sectors
Business
Saudi Arabia partners with South Korean firm to boost its gaming industry
Riyadh, Saudi Arabia— Saudi Arabia has signed a memorandum of understanding (MoU) with Wemade, a South Korean firm, to boost...
- The agreement with Wemade, the South Korean firm, is expected to boost the kingdom’s chances to be among the top leaders in the industry
- Savvy Games, a firm owned by the Public Investment Fund, bought out Scopely, the US-based gaming company, for $4.9 billion in April
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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
Females make up 37.6% of the GCC population of 57.6 million
Muscat, Oman - The population of the six GCC countries reached 57.6 million in 2023, compared to 56.6 million in...
Economy
Company News
Zain KSA expands 5G network
Business
Latest News
Iran wants trade with Saudi Arabia to be highest in region: Ambassador
Riyadh, Saudi Arabia - Iran wants to elevate the levels of trade and investment exchanges with Saudi Arabia to the...
Business
Iran, India reach final agreement on Chabahar Port
Tehran, Iran – Iran and India on Monday finalized an agreement for the development of the strategic Chabahar port in...
Geostrategy
Saudi authorities reduce fee for recruiting domestic help
Riyadh, Saudi Arabia - Saudi Ministry of Human Resources and Social Development (MHRSD) announced on Monday that it has cut...
Economy
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Business
Saudi Arabia unveils 45,000-seat multi-use stadium in Qiddiya City
RIYADH, SAUDI ARABIA - The Board of Directors of the Qiddiya Investment Company (QIC) announced on Monday the launch of...
- Upon opening, the stadium is anticipated to host some of Saudi Arabia’s biggest sports, entertainment, and cultural events.
- It aims to draw visitors from across the globe and revolutionize the traditional stadium experience with its immersive design.
Geostrategy
Saudi Arabia, China ink MoU in accounting and auditing
RIYADH, SAUDI ARABIA – The Kingdom and the People’s Republic of China signed on Monday in Beijing a memorandum of...
- The MoU is similar to other agreements that GCA has reached with counterpart organizations in different countries.
- These agreements underscore GCA's elevated professional standing, at both regional and international levels.
Record demand for Dubai luxury homes despite rising prices
Dubai, UAE - Dubai saw record-breaking sale prices throughout 2023, with super-luxury residences selling for up to US$4,000 (AED14,692) per...
- High-net-worth buyers have been flocking from continental European countries like the U.K., France, and Germany to relocate to Dubai
- In 2023, average residential prices in Dubai rose 16.9% in the first two quarters, according to CBRE’s UAE Real Estate Market Review