Saudi airline resumes first Iran hajj flights since 2015
Riyadh, Saudi Arabia -- A Saudi airline has resumed flights for Iranian hajj pilgrims to the kingdom for the first...
Geostrategy
US stocks move sideways but poised for weekly gains
The S&P 500 has risen the last four sessions, extending the positive momentum after last weekend's trade talks resulted in...
Business
Business
EDGE buys 50% stake in Flaris, marking strategic expansion into aviation technology
Abu Dhabi, UAE -- The UAE’s EDGE Group, one of the world’s leading advanced technology and defence groups, has announced...
- The two companies will also establish a joint venture, enabling EDGE to further develop Flaris’ portfolio of jets
- The innovations resulting from this joint venture will be showcased at the upcoming Dubai Airshow 2023
Business
TASI-listed firms report an aggregate net profit of $48.1bn in Q3
RIYADH, SAUDI ARABIA - Tadawul-listed companies reported a US$48.1 billion (SAR 157.09 billion) aggregate net profit for the third quarter...
- Sector-wise, the energy sector contributed the largest portion of the aggregate net profit of Saudi listed companies in Q3 2023.
- The banking sector accounted for 11.5 percent of the market’s aggregate profit, coming in second in terms of the most profitable sectors.
Economy
Dubai govt approves incentives to boost emirate’s economy
Dubai, UAE – Dubai government on Thursday approved several initiatives to stimulate the industrial sector in the emirate besides announcing...
- The initiatives to boost industrial sector is in line with the goals of the Dubai Economic Agenda D33 and aims to increase manufacturing value added (MAV) by 15.79 billion
- The Executive Council has extended its single-use bags reduction policy to encompass more plastic materials as part of the phasing out of single-use plastics by 2026
Geostrategy
US won’t hesitate to defend its troops in Middle East: Pentagon
Washington, United States - Over the last three weeks, Iran-backed militia groups have attacked US bases and facilities in Iraq...
- The department's commitment to Israel's right to defend itself from terrorism is "ironclad," and the department is working daily to help Israel do that, Stroul told lawmakers
- "We also placed over 2,000 personnel and a range of units on a heightened state of readiness, some of which [were] subsequently deployed," she said
Business
NEOM opens London office as base for UK and European business
London, United Kingdom – NEOM, the sustainable regional development taking shape in northwest Saudi Arabia, has opened its first international...
- The opening of the office is part of the NEOM’s effort to expand its international footprint
- As the first international office, the UK office will also serve as a base to support NEOM’s business across Europe
Business
ADIB issues green sukuk
The final orderbook of the green sukuk closed at $2.6 billion.
- The issuance was met with exceptional demand, attracting interest from over 100 global and regional investors.
- ADIB intends to allocate an amount equal to the net proceeds of this issuance to fund eligible green projects.
Economy
Almost half of all global destinations now offer digital nomad visas: UNWTO
Madrid, Spain - The number of destinations offering Digital Nomad Visas (DNVs) has risen significantly over recent years, with almost...
- The rise in Digital Nomad Visas has gone hand-in-hand with an increase in digital nomads, with destinations in all regions working to meet the market trend
- A DNV allows individuals to live and work in a foreign country while maintaining employment or conducting freelance work for employers or clients in their home or another country
Business
Middle East companies moving towards cloud adoption
Adoption is driven by government initiatives, global cloud providers, and the need for agility and scalability in the region.
- 68% of Middle East companies want to migrate their operations to the cloud within the next two years
- To fund these initiatives, 76% of companies intend to increase their cloud budget over the coming year
Qatar Central Bank foreign reserves rise by 11.73% in October
Doha, Qatar - The International reserves and foreign currency liquidity of Qatar Central Bank (QCB) surged by 11.73% in October...
- The official reserves consist of foreign bonds and bills, cash balances with foreign banks, gold holdings, special drawing rights deposits, and Qatar's share in the IMF
- In addition to these, there are other liquid assets (Foreign Currency Deposits), so the two together constitute what is known as the total foreign reserves
Business
Bitcoin value tops $36,000 first time since May 6, 2022
Dubai, UAE - The value of bitcoin rose above $36,000 on Thursday for the first time since May 6, 2022,...
- Miners are steadily accumulating their block rewards, driving the cryptocurrency's price toward $40,000 mark
- Adding to the bullish momentum, it appears that Bitcoin's market demand has exceeded its supply
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
Saudi airline resumes first Iran hajj flights since 2015
Riyadh, Saudi Arabia -- A Saudi airline has resumed flights for Iranian hajj pilgrims to the kingdom for the first...
Geostrategy
Company News
Latest News
Ajman seeks strategic alliances at Arabian Travel Market 2024
Ajman, UAE - The Arabian Travel Market 2024 (ATM) kicks off in Ajman from May 6 to May 9, celebrating...
Business
Saudi Arabia issues warning against fraudulent Hajj 2024 operators
Riyadh, Saudi Arabia - Saudi Arabia is warning potential Hajj pilgrims to be cautious of fake Hajj companies that may...
Despite sanctions, Iran oil exports hit six-year high: report
Tehran, Iran - Iran managed to sell an average of 1.56 million barrels per day during the first quarter of...
Economy
Most Read
Geostrategy
Iran top security body: Response to Israeli aggression based on Article 51 of UN Charter
Iran’s Supreme National Security Council (SNSC) says the Iranian armed forces’ attack on the Israeli regime was carried out based...
- Iran's SNSC said in its statement that Israel had crossed red lines
- The Islamic Republic does not plan any further military action for now
Business
QFZ, AEMOB to drive EV innovation
AEMOB Forum will be held in Qatar from April 30 to May 2
- The collaboration harnesses QFZ’s unique position in facilitating trade and investment to propel the e-mobility ecosystem forward
- Scheduled to convene in Doha, Qatar from April 30 to May 2, the AEMOB Forum serves as a platform for driverless e-mobility
Geostrategy
Iran offers no response to Israeli strike, if US-secures Gaza truce: report
The Damascus airstrike targeted the Iranian consulate, resulting in the death of IRGC commander Mohammad Reza Zahedi and several other...
- According to a report by Jadeh Iran, Iran has communicated to the United States that it would refrain from retaliating to the airstrike if the US can secure a ceasefire in Gaza
- The anonymous source cited in the report stated that if the US is successful in calming the situation, it would be seen as a significant achievement for the Biden administration