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
QDB unveils green financing
It will target Qatar-based small and medium enterprises.
- QDB Acting CEO said that supporting sustainability through this and other programs is part of the bank's strategy to support environmentally friendly projects
- QDB will finance 80 percent of a project's total cost for companies that will produce final green products with a positive and sustainable environmental impact
Business
Masdar to build 5-gigawatt renewable energy projects in Africa
Abu Dhabi, UAE--Masdar has signed agreements with three Angola, Uganda and Zambia to develop renewable energy projects with a combined...
- The agreements were signed under the umbrella of the Etihad 7 initiative to invest in the development of Africa’s renewable energy sector
- Etihad 7 was launched at ADSW 2022 by Sheikh Shakhboot bin Nahyan bin Mubarak Al Nahyan, Minister of State, with the aim of achieving 20 GW capacity to supply 100 million people
Economy
Leaders at WEF believe cooperation can mend ‘fragmented world’
The WEF president concluded the first major international gathering of the year on a positive note saying progress has been...
- UN Secretary General Antonio Guterres called for urgent action on interconnected challenges, including the climate, nature and energy crises
- The Global Risks Report 2023 ranked the cost-of-living crisis as the most severe short-term global risk
Business
Woqod posts 10% profit rise
The firm's profit jumped to $294 million at the end of last year.
- The company said in a statement that the earnings per share amounted to QR 1.08 as of Dec. 31, 2022 versus EPS of QR 0.98 for the same period in 2021
- Woqod CEO and Managing Director Saad Rashid Al Muhannadi attributed the increase in net profit and earnings per share to the increase in the volume of sales
World Economic Forum
Golden age of AI is underway and will redefine work: Microsoft CEO
Davos-Klosters, Switzerland-- Satya Nadella, Microsoft Chairman and CEO, believes that a golden age of AI is underway and will redefine...
- Nadella said that the future of work is not just about technology and tools but about new management practices
- The cutting-edge chatbot ChatGPT is capturing the world’s imagination and the new artificial intelligence site amassed 1 million users in just five days after its recent launch
World Economic Forum
WEF selects UAE’s Gender Balance Council as knowledge partner
Dubai, UAE--The World Economic Forum (WEF) has selected the UAE's Gender Balance Council (GBC) as a knowledge partner to advance...
- President of the UAE Gender Balance Council affirmed the council's keenness to forge influential partnerships that can help advance gender balance globally
- She said that being selected as the World Economic Forum’s knowledge partner is an endorsement of the UAE’s ability to set a global example for advancing gender balance
World Economic Forum
India’s minister calls on rich nations to ‘walk the talk’ on food systems
Davos-Klosters, Switzerland-- India's Minister for New and Renewable Energy Raj Kumar Singh has told developed countries to '"walk the talk"...
- The minister was speaking at a session on “Interplay of Food, Energy and Water” at the 53rd World Economic Forum Annual Meeting
- The actor Idris Elba who was part of the discussion said that countries need a food systems ministry, not just an agriculture ministry
Business
Iraq to partner with General Electric to build 400 energy plants
Baghdad, Iraq--Iraq has begun constructing 400 energy plants of high-quality specifications in all regions across the country. In a press...
- Iraqi Minister of Electricity Ziyad Ali Fadel said that the Ministry in this regard has discussions and contracts with General Electric and other American companies
- He said the ministry is engaging in negotiations with Siemens to maintain and rehabilitate the old generating plants manufactured by the company
Geostrategy
FNC looks to deepen parliamentary cooperation with Morocco
Abu Dhabi, UAE-- The UAE and Morocco have agreed to deepen parliamentary cooperation between the two countries in order to...
- The two sides reviewed aspects of enhancing parliamentary cooperation for the benefit of their peoples, highlighting the depth of the UAE-Morocco fraternal ties
- The UAE's support for sustainability efforts, enhancing energy security and climate action was emphasized in the meeting
Business
Qatar signs agreement with Saint Lucia for air service
Doha, Qatar-- Qatar and Saint Lucia have signed an air services agreement allowing the Gulf country's airline to expand its...
- The agreement was signed by Qatar's Minister of Transport Jassim bin Saif bin Ahmed Al Sulaiti and Saint Lucia's Minister for External Affairs Alva Romanus Baptiste
- The two ministers reviewed ways to strengthen and develop relations between the two countries in the field of civil aviation and various air transport activities
Company News
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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...
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...
Business
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Business
Aramex Q3 net profit down
It posted a five-percent decline in revenues to US$367m.
- It reported a decrease in net profit to $2.61 million in Q3 2023, a notable decline from $10.78 million recorded in Q3 2022
- Aramex, however, posted a 4% YoY increase in gross profit and a resilient EBITDA of $36.48m for the third quarter of 2023
Economy
Saudi FDI flows revised to US$33bn in 2022 under new IMF-approved methodology
Riyadh, Saudi Arabia-- Foreign direct investment (FDI) into Saudi Arabia amounted to $32.52 billion in 2022, revised upwards from $8...
- The IMF-endorsed methodology relies on analyzing individual financial statements to realize highly accurate annual statistics
- The new methodology and figures for FDI was invented after nearly 18 months of work between the Ministry of Investment, GASTAT and SAMA
Business
UAE a key market for our businesses due to its location: French official
Dubai, UAE-- The UAE is a key market for French businesses due to its strategic location as a hub and...
- The French official said that his country's exports to the UAE exceed $5.13 billion, while UAE imports from France exceed $2.67 billion
- He said French exhibitors are looking to establish new partnerships, sign agreements, with specialized entities in the field of food industries