ATO partners with ISM to boost tourism in the Middle East
Jeddah, UAE--The Arab Tourism Organization (ATO) has signed a partnership agreement with the International Strategic Management (ISM) company to achieve...
Business
Economy
Tourism in Iraq can be a success, says First Deputy Speaker of Parliament
BAGHDAD, IRAQ - First Deputy Speaker of Parliament Mohsen Al-Mandalawi said that the tourism sector in Iraq has all the...
- Tourism in Iraq can be successful, says First Deputy Speaker of Parliament.
- The First Deputy Speaker met with the Association of Travel and Tourism Companies in Iraq.
Business
Saudi Arabia signs two MoUs at Riyadh Global Medical Biotech Summit
Riyadh, Saudi Arabia--The Saudi Ministry of Investment has signed two memorandums of understanding with Boehringer Ingelheim Company and Saudi Novo...
- The two agreements are aimed at enhancing joint cooperation with the biotechnology and medicine sector in the Kingdom
- The Ministry of Investment is a strategic partner to Riyadh Global Medical Biotechnology Summit 2023
Geostrategy
Al Aqsa preacher fears takeover of mosque by Israeli government
Doha, Qatar-- The preacher of the Al Aqsa mosque Sheikh Ekrema Sabri fears takeover of the mosque by the extreme...
- Sabri did not rule out the extreme right-wing Israeli government's attempt to control the Al Aqsa mosque
- He maintained that the Palestinian cities are sitting on the crater of a volcano
Business
GIS, DIG halt merger talks
The talks for the merger have not yielded a "common vision."
- According to a statement, the two groups have decided to end negotiations and to withdraw completely from the proposed merger partnership deal
- The potential merger would have created one of the largest local insurance companies with highly competitive potential and financial strength
Business
DP World gets rating upgrade
The boost is seen as key for its long-term growth plans.
- The rating upgrade follows two major investments in 2022 at DP World’s flagship UAE assets: Jebel Ali Port, Jebel Ali Free Zone, and National Industries Park
- According to Moody’s, DP World’s diversified global port operations led to the improved rating
Economy
OPEC Fund lends Panama US$120m in loan for climate action
Vienna, Austria--The OPEC Fund for International Development (the OPEC Fund) has lent Panama a US$120 million in loan to support...
- The money is intended to mitigate, contain and reverse the effects of climate change, helping Panama to achieve its long-term climate change commitments
- Panama is considered a carbon negative country with almost no contributions to global emissions but the country is vulnerable to the impacts of climate change
Business
NBF posts 195% profit jump
The bank's net profit rose to $93 million in 2022.
- Net interest income and net income from Islamic financing and investment activities grew 29.8 percent to $327 million
- Income from investments and Islamic instruments stood at $5 million
Economy
MENA IPO Summit discusses ‘regulatory structure for capital markets’
Dubai, UAE-- On the second day of the MENA IPO Summit Dubai 2023, many experts called for the creation of...
- The summit, held at the Museum of the Future, aims to mobilize the various players of the initial public offering (IPO) value chain by providing a platform for dialogue
- Investment experts and companies also discussed environmental, social and governance (ESG) practices
Business
Sharjah Taxi gets makeover
It will run under the motto,“we move people with ease”.
- The adoption of Sharjah Taxi’s new corporate identity is in support of directives of the emirate of Sharjah in adopting new, innovative and sustainable strategies
- The Sharjah Taxi fleet includes approximately 750 meticulously maintained vehicles of various types and models
Business
Abu Dhabi hotels host 4.1m visitors in 2022, earning US$1.4bn
Abu Dhabi, UAE-- Hotels across Abu Dhabi have posted a 24 percent growth in occupancy to 4.1 million visitors during...
- Revenues jumped by 23% from the previous year to $1.47 billion in 2022
- UAE nationals accounted for the largest share of the capital's hotel guests during the past year, with a share of 29%,
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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
Company News
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Porsche sales revenue up
Business
Turkey halts joint-energy projects with Israel over Gaza war
Dubai, UAE-- Turkey has suspended joint-energy projects with Israel over the latter's invasion and bombardment of the Gaza Strip, according...
Geostrategy
Saudi Arabia boosts ‘investment relations’ with African countries
Riyadh, Saudi Arabia-- Saudi Arabia's Ministry of Investment has held a number of roundtable meetings with several African countries on...
Economy
France rallies for Gaza, demanding ceasefire
Pleading for an end to Israel's war on the Gaza Strip, thousands of pro-Palestine supporters took to streets in Paris...
Geostrategy
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Business
Qatar records 17-percent jump in building permits issued in October
Doha, Qatar--Qatar's Planning and Statistics Authority has given out 769 building permits in various municipalities in the country during the...
- The jump was seen in the majority of municipalities: Umm Salal (105%), Al Khor (47%), Al Shamal (30%), Al Sheehaniya (22%), Al Thakhira (21%), Al Wakra (20%), Doha (3%)
- Data on building permits and completion certificates holds special significance as an indicative measure of the performance of the construction and building sector
Business
Saudi Arabia, South Africa sign protocol for import of cattle, sheep and goat meat
Riyadh, Saudi Arabia--The Saudi Food and Drug Authority (SFDA) and South Africa’s Department of Agriculture, Land Reform and Rural Development...
- The two sides signed the protocol on the sidelines of the Saudi-Arab-African Economic Conference held in Riyadh
- It looks to accredit the regulatory body in South Africa by the SFDA to export cattle, sheep and goat meat to the kingdom
Business
DEWA Q3 revenue soars
The company posted an operating profit of US$1bn.
- DEWA’s increase in revenue was mainly driven by an increase in demand for electricity, water, and cooling services
- The company net cash from operating activities at the end of Q3 increased by a robust $205 million to $2.66 billion