Saudi Arabia offers 6 mining opportunities for local, international investors
Riyadh, Saudi Arabia - The Saudi Ministry of Industry and Mineral Resources on Wednesday announced six new mining opportunities for...
Economy
Gross written premium rises by 12.7% in Q4 2023 to US$14bn, says CBUAE
ABU DHABI, UAE - The UAE insurance sector continued to grow in Q4 2023, as reflected by the increase in...
Economy
Geostrategy
US and India discuss India-Middle East-Europe Economic Corridor
Washington, United States - US Secretary of State Antony Blinken and India’s External Affairs Minister S Jaishankar held discussions in...
- The corridor comprises two separate routes: the East corridor connecting India to West Asia/Middle East and the Northern corridor connecting West Asia/Middle East to Europe
- A critical component of this initiative is a rail line that, upon completion, will establish a reliable and cost-effective cross-border ship-to-rail transit network
Business
Chinese high-end EV brand Zeekr to make Middle East debut
Dubai, UAE - Chinese luxury electric vehicle manufacturer Zeekr, a subsidiary of Geely, is set to make its debut in...
- Zeekr's expansion will begin in four Middle Eastern countries: Saudi Arabia, the United Arab Emirates, Qatar, and Bahrain
- Chen Yu, a Vice President at Zeekr, expressed the brand's intention to adopt a competitive pricing strategy targeting traditional premium car brands like BMW and Aud
Economy
Saudi Arabia eyes global EV role following Lucid’s plant setup
Riyadh, Saudi Arabia -- Saudi Arabia aims to become a global player in manufacturing electric vehicles (EVs) and related products,...
- “The EV industry is one of 12 strategic industrial sectors covered by the National Industrial Strategy to boost the growth of industry across the Kingdom,” the minister added
- Lucid Group’s choice of Saudi Arabia as the headquarters of its plant in the Middle East reflects the importance of kingdom’s unique geographical location, he added
Business
UAE, Egypt central banks ink currency swap deal
ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) and the Central Bank of Egypt (CBE) on Thursday...
- The CBUAE is keen to deepen its cooperation with the CBE to positively impact the trade and investment, said the Governor of UAE’s central bank.
- This step will bolster cooperation between the financial sectors in both the currencies, said the Governor of Egypt’s central bank.
AlUla to host first-ever Mideast Tough Mudder Infinity Challenge in February
AlUla, Saudi Arabia – The world's most popular obstacle-course racing challenge, Tough Mudder, announced the launch of a Tough Mudder...
- During the eight-hour race, participants must accomplish the largest number of laps around the Tough Mudder obstacle course.
- In conjunction with the Tough Mudder Infinity competition, 5km and 10km Tough Mudder competition will be held
Economy
Saudi Arabia raises the bar, says 100m tourist goal inadequate
Riyadh, Saudi Arabia - Saudi Arabia has announced its intention to revise its tourism goals, increasing the target number of...
- The previous target of 100 million visits is no longer sufficient, said Saudi minister Mahmoud Abdulhadi
- In the first quarter of 2023, Saudi Arabia attracted 7.8 million tourists, the highest quarterly performance in the country's history
Business
Lucid Group opens Saudi Arabia’s first-ever car manufacturing facility
Jeddah, Saudi Arabia - Lucid Group, which is partially owned by the Public Investment Fund, launched Wednesday its first international...
- The manufacturing unit extends over an area of about 31% of the total area allocated to the automotive industry in Jeddah's Special Economic Zone
- In May 2022, Lucid Motors signed a contract to begin construction of its factory in KAEC with a production capacity of 155,000 vehicles
Economy
Ras Al Khaimah’s first organic fertilizer project to cost $20m
Ras Al Khaimah, UAE - Ras Al Khaimah’s is building its first organic soil fertilizer project at a cost of...
- The company will also carry out research on the creation of unique methods of cultivating plants, medicinal and valuable fungi
- It will also be farming fruits, vegetables and berries, both indoors and outdoors, and conduct organic animal husbandry
Mubadala Abu Dhabi Open set to return to UAE in Feb 2024
Abu Dhabi, UAE - Following the resounding success of its inaugural edition in February 2023, the Mubadala Abu Dhabi Open...
- Hosted by the Women's Tennis Association in partnership with Mubadala, the tournament will take place from 3 to 11 February 2024
- The Mubadala Abu Dhabi Open has swiftly ascended to a prominent position in women's tennis, thanks to its substantial $900,000 prize fund
Economy
Israel makes progress on water-for-energy pact with Jordan and UAE
Dubai, UAE - Israel's energy minister and the CEO of the UAE's renewable energy firm, Masdar, have met to advance...
- Jordan will provide solar energy generated from a UAE-funded facility to Israel and in return, Jordan will receive desalinated water from Israel
- The goal of the agreement is to address Jordan's pressing need for water while helping Israel diversify its clean energy sources
Saudi Arabia offers 6 mining opportunities for local, international investors
Riyadh, Saudi Arabia - The Saudi Ministry of Industry and Mineral Resources on Wednesday announced six new mining opportunities for...
Economy
Company News
Latest News
Saudi Arabia extends online services to help foreign firms set up regional hqrs in kingdom
Riyadh, Saudi Arabia - Saudi Arabia's Ministry of Commerce has announced the provision of online services for foreign companies looking...
Economy
Saudi Arabia enacts law to safeguard whistle-blowers and witnesses
Riyadh, Saudi Arabia - Saudi Arabia on Tuesday granted approval for the law for the protection of whistleblowers, witnesses, experts,...
Economy
UAE residents anticipate full electric and hybrid vehicle takeover in coming years: survey
Dubai, UAE - About 63% of respondents in the UAE plan to make EVs their primary mode of transport by...
Business
Most Read
Newly restored tomb of Neferhotep in Luxor opens to tourists
Cairo, Egypt -- After more than two decades of restoration, the tomb of Neferhotep, a high-ranking 18th dynasty senior official...
- The tomb was opened during a ceremony by Mostafa Waziry, Secretary-General of the Supreme Council of Antiquities
- A mission from Buenos Aires University was responsible for recording the tomb’s epigraphic and archaeological aspects
Business
MODON attracts US$34m investment to develop military industry in Saudi Arabia
RIYADH, SAUDI ARABIA - The Saudi Authority for Industrial Cities and Technology Zones (MODON) has attracted new investments worth US$34...
- This will be used to localize military aircraft industries, including drones and provide repair, maintenance and overhaul services for ships.
- Securing such capital is one of the authority's objectives and seeks to promote investment opportunities in industrial cities.
Business
ESG 2023 net profit at US$187m
The firm posted a year-on-year net profit rise of 316 percent.
- ESG’s total assets witnessed a massive rise, standing at US$833 million.
- This is a significant 168 percent growth compared to December 2022.