UAE ranks among the world’s most competitive economies in 2024, says Switzerland’s IMD ranking
The country has risen to the 7th spot in the IMD World Competitiveness Ranking, highlighting its robust economic growth, strategic...
Economy
SAMA Licenses ‘Hala Financing’ to provide crowdfunding solutions
Riyadh, Saudi Arabia - The Saudi Central Bank (SAMA) has licensed "Hala Financing" to provide debt-based crowdfunding solutions. With Hala...
Business
Business
PIF sets up agri and ecotourism firm Dan Company
RIYADH, SAUDI ARABIA - The Public Investment Fund (PIF) announced on Monday the establishment of Dan Company, specializing in agritourism...
- The company plans to develop unique tourism projects around cities across Saudi Arabia with attractive natural and farmed landscapes.
- Dan aims to involve local communities in imparting experience that enables visitors to fully interact with Saudi regional culture and traditions.
Business
EasyLease buys 60% stake in Fully Charged
Fully Charged has expertise in EV charging technology.
- The move marks a significant step for EasyLease, reinforcing its presence in the sustainable mobility sector and establishing a role in the industry's development
- A suite of services, covering home charger installations, corporate charging solutions, and reliable ongoing support, has been instrumental in the success of Fully Charged
Economy
Oil prices up on Saudi, Russia push for output reduction
Riyadh, Saudi Arabia - Collaboration between Saudi Arabia and Russia to drive OPEC+ members toward output cuts has resulted in...
- The OPEC agreement entails a substantial 2.2 million barrels per day reduction for the first quarter of next year
- Despite these global efforts, US output continued at a high of over 13 million barrels per day, contributing to a surplus in the market
Business
DP World, Zee Entertainment rope in David Warner for ILT20 Season 2 marketing campaign
Dubai, UAE - Australian cricket star David Warner along with Indian top Indian cricketer Harbhajan Singh will lead the marketing campaign...
- Warner is set to make his DP World ILT20 debut in Season 2, the southpaw will appear for the Dubai Capitals
- The 34-match tournament will be played at the three cricketing destinations – Abu Dhabi, Dubai and Sharjah
Geostrategy
Iran foreign minister, Hamas chief discuss Gaza developments
Tehran, Iran - Iranian Foreign Minister Hossein Amir-Abdollahian held a phone conversation with Hamas chief Ismail Haniyeh on Friday night...
- During the call, Amir-Abdollahian praised the invocation of Article 99 of the UN Charter by the United Nations Secretary-General Antonio Guterres
- Iranian top diplomat told the Hamas chief that the crisis in Gaza had been a central feature of discussions between Iranian President and his Russian counterpart Putin
Business
Nasdaq faces $4m penalty for alleged Iran sanctions violations
New York, United States - Nasdaq Inc., headquartered in New York, has agreed to pay a $4 million settlement to...
- The violations stemmed from services provided by Nasdaq OMX Armenia to Iran and Iran's state-owned Bank Mellat
- Office of Foreign Assets Control noted that the settlement amount reflects their assessment that Nasdaq's actions were non-egregious
Economy
Iran, Oman call for using national currencies in mutual trade
Tehran, Iran – Iran and Oman have signed two memoranda of understanding to boost bilateral cooperation and using their national...
- The Iranian industry minister also announced his country’s readiness to jointly implement key industrial projects with Oman
- Head of the Central Bank of Iran Mohammad-Reza Farzin hailed any measure that helps boost monetary cooperation between the two countries
Business
Chinese firm announces $5bn investment in solar power chain in UAE
Dubai, UAE - Trina Solar, a Chinese renewable energy company, announced on Thursday plans to invest US$5 billion to create...
- Katherine Gao, Trina Solar CEO, described COP28 as an inspiring platform for leading companies to showcase their smart solutions in the fields of renewable energy
- The event, she added, provides an opportunity to exchange solutions with industry leaders and governments to integrate environmental practices across the supply chain
2 crew members killed as Saudi fighter jet crashes
An investigation into the cause of the recent accident has been initiated, with Maliki informing the Saudi Press Agency (SPA)...
- The incident occurred at King Abdulaziz Air Base in Dhahran, where the aircraft, belonging to the kingdom's fleet of F-15SAs, was engaged in its training maneuvers
- The event follows a similar occurrence five months prior when another F-15SA crashed in the training area of an air base in Khamis Mushait city, resulting in the loss of two lives
Business
Dubai Municipality, DEWA ink pact to generate electricity from landfill biogas
DUBAI, UAE - Dubai Municipality and Dubai Electricity and Water Authority (DEWA) have signed an agreement on the sides of...
- The signing supports Dubai’s leading sustainability practices and the realition of the UAE Net Zero Strategy 2050.
- Dubai Municipality is building align with its aspiration to build a more sustainable, pioneering and liveable city.
UAE ranks among the world’s most competitive economies in 2024, says Switzerland’s IMD ranking
The country has risen to the 7th spot in the IMD World Competitiveness Ranking, highlighting its robust economic growth, strategic...
Economy
Company News
ADNOC buys 25% stake in OMV
Business
QFC signs two MoUs
Business
Latest News
Israeli forces kill Jordanian in West Bank, says Palestinian ministry
A Jordanian citizen has died after being shot by Israeli forces in the West Bank, Palestinian authorities said, with the...
Geostrategy
Baghdad, Tehran in talks to import gas from Turkmenistan
Tehran, Iran - Baghdad and Tehran are currently engaged in negotiations to facilitate the import of gas from Turkmenistan, with...
Economy
$2bn earmarked for Saudi real estate by Muslim global HWNIs
Riyadh, Saudi Arabia - Muslim global high net worth individuals (HNWI) are prepared to spend US$ 1.96 billion on real...
Economy
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Business
UAE’s e-commerce sector projected to earn $9bn revenue in 2024
Dubai, UAE - The UAE's online shopping market is gearing up for unprecedented growth, with revenue projections hitting $9 billion...
- One of the key drivers of this expansion is the emerging trend of "metaverse e-commerce," a segment anticipated to experience a 37% growth from 2024 to 2030
- The top performers in 2023 were Toys, DIY, and hobbies, leading with 29% market share, closely followed by fashion at 27%
Economy
Residential demand buoyed Qatar’s property sector in 2023
Doha, Qatar - Residential demand continued to buoy the country's property sector in Q4 2023, hapondo, a homegrown property portal,...
- The report pointed out that despite a decrease in real estate transaction volume to $4.6 billion from $5.82 billion, apartments remained popular for investment
- Key residential highlights included the Marina District in Lusail, while The Pearl remained the most sought-after location for apartment seekers
Business
China Eastern Airlines to operate three weekly fights between Shanghai and Riyadh
Riyadh, Saudi Arabia - The Saudi Air Connectivity Program (ACP) and China Eastern Airlines have entered into a strategic partnership...
- The new route is set to operate with an A330-200 aircraft, offering an annual capacity of 35,880 inbound seats
- Both parties anticipate increased trade, people-to-people exchanges, and dialogues across various sectors through this 'Air Silk Road' initiative