Lapita sees surge in leisure and wedding bookings in 2023
Dubai, UAE--Lapita, Dubai Parks and Resorts, has reported a surge in demand, bookings from across leisure and corporate segment last...
Business
Business
Aldar to invest US$272m in logistics
The developer will expand business in Dubai, Abu Dhabi.
- It will acquire assets and develop ready-to-lease and build-to-suit options in response to strong demand for grade A logistics facilities
- In Dubai, Aldar has bought 7 central logistics hubs and an adjacent plot, which will almost double the current gross leasable area of 19,000 sqm
Geostrategy
GCC head and EU top diplomat review relations in Riyadh
Riyadh, Saudi Arabia--Jasem Mohamed Al Budaiwi, Secretary General of the Gulf Cooperation Council (GCC), and Josep Borrell, High Representative of...
- The two discussed the latest developments in regional and international arenas, including the Israeli war on the Gaza Strip
- Al Budaiwi noted the importance of collaboration and unity in efforts to halt the continuous Israeli attacks against Gaza
Business
CBB Sukuk Al Salam securities oversubscribed by 372%
Manama, Bahrain--The Central Bank of Bahrain (CBB) announced that the monthly issue of the Sukuk Al Salam Islamic securities has...
- With a maturity period of 91 days, subscriptions worth $426 million were received for the $114.36 million issue
- According to Bahrain News Agency, the expected return on the issue is 6.35%, equivalent to the previous issue
Economy
Qatar PMI data reveals ‘stable business conditions’ in non-energy sector
Doha, Qatar--Qatar's non-energy private sector registered broadly stable business conditions in December, the latest Purchasing Managers Index (PMI) survey data...
- The survey reveals that financial services remained a key source of growth at the end of the year and price pressures were still subdued
- The PMI registered 49.8 in December, from 51.5 in November and the latest figure was close to the mark of 50.0, signaling stable business conditions
Business
Alumicor to set up base in Bahrain
It will help the kingdom in the processing of aluminum.
- The collaboration will bring cutting-edge technologies to Bahrain, offering local manufacturers’ opportunities to enhance operational efficiency
- Alumicor's facility is expected to create new job opportunities for Bahraini professionals, including in senior executive and administrative roles
Business
Shanghai to build 200 smart factories to shore up its manufacturing status
Shanghai, China--Shanghai plans to build 200 new smart factories and 20 demonstration sites by end of 2025 after 70 intelligent...
- The city as China's largest smart-solutions provider and a core equipment hub sees such innovation as vital for industrial competitiveness
- Its vice mayor said that "intelligent manufacturing" plays a key role in new industrialization and is pivotal in the city's digital economic transition
Economy
Qatar National Bank forecasts world economic growth to be 2.9% in 2024
Doha, Qatar--Qatar National Bank (QNB) expects the global economic growth to be around 2.9 percent in 2024, roughly the same...
- QNB said that its view is more bullish than others as the bank believes the global economy to expand by 2.9 percent roughly the same rate as last year
- It believes the US economy would slow down as the US fiscal thrust is set to decelerate from a positive 1.9 percent in 2023 to a negative 1.4 percent in 2024
Business
AD Ports to build passenger terminals at Egyptian Red Sea ports
Cairo, Egypt--AD Ports Group (AD Ports) has signed a contract with Egypt to build, develop, operate and maintain terminals for...
- According to the Egyptian ministry of transport, the contract entails AD Ports Group to develop yacht and cruise-ship tourism in Egypt
- The cruise lines will be operated between Zayed Port and Safaga, Hurghada and Sharm El-Sheikh and, later, Arabian Gulf ports, and Europe
Business
Alba sets new production record
It produced 1,620,665 metric tonnes of aluminium in 2023.
- The CEO of Alba said that the company was not just celebrating numbers but the human capital behind "such achievement"
- He expressed his gratitude to the chairman of the board and also members of the board for their support during 2023
Business
Abu Dhabi Islamic Bank adopts AI
The bank expects to enhance operations with AI tools.
- The bank seeks to leverage technology in order to increase productivity and efficiency in code generation and error identification
- The bank says GitHub Copilot will help empower IT teams to streamline their workflows by harnessing the artificial intelligence
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Qatar and Egypt hold talks to ramp up civil aviation cooperation
Cairo, Egypt-- Qatar and Egypt have discussed enhancing ties in the field of civil aviation between the two countries. In...
Business
Iran and Russia to sign new contracts to develop oil, gas fields
Tehran, Iran-- Iran and Russia have agreed to sign new contracts on developing oil and gas fields, according to the...
Economy
UAE vital to enhancing global economic growth: Officials
Abu Dhabi, UAE-- The UAE has expanded its network of trading partners around the world through comprehensive economic partnerships, contributing...
Economy
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Business
GAS, SPPC ink two contracts
The duration of each contract is of 22 months.
- The two contracts entail the engineering, procurement and construction of Qassim and Taibah gas pipelines.
- The first contract is valued at $90 million (SAR341.09 million), while the second is worth $68 million (SAR256.1 million).
Business
Ooredoo, Nokia sign MoU
It will commit the two to sustainable innovation.
- The partnership between the two companies stems from their collaborative vision to foster a more environmentally-conscious industry
- The CEO of Ooredoo said that the MoU is a cornerstone in their journey towards achieving the goals of Qatar’s National Vision 2030
Economy
Qatar and China entrepreneurs explore partnerships, JVs in tech and energy
Doha, Qatar-- Businessmen and entrepreneurs from Qatar and China have discussed opportunities to set up joint ventures and commercial partnerships...
- The talks between the two sides focused on enhancing bilateral economic relations and exploring the investment climate and opportunities
- The volume of trade between Qatar and China has grown significantly in recent years, increasing by 62 percent and reaching $22bn last year