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
Alibaba Cloud opens training center in Dubai
It will be a hub for customers to lift up "digital competence."
Business
Economy
Qatar expects a decrease in inflation next year
Doha, Qatar-- Inflation in Qatar is expected to fall in 2024, according to Ali bin Ahmed Al Kuwari, the Minister...
- The Qatari finance minister said the high inflation in Qatar during 2023 was linked to high food prices, and it was a temporary phenomenon
- The minister said the total expenditure in the 2024 budget will be US$55.1 billion, a one percent compared to the current year's budget
Business
UAE, Mauritius conclude CEPA talks, set to boost trade
The CEPA will cover trade in goods and services, investment facilitation amongst others. Once implemented, it will accelerate robust growth...
- Mauritius posted an 8.5 percent GDP growth in 2022 — the fastest in 35 years
- The deal is also expected to drive FDI into fintech, healthcare and tourism sectors
Business
Arabian Travel Market ties up with ICCA, GBTA as business set to touch US$1.8trn
Dubai, UAE--Arabian Travel Market (ATM) has entered into a partnership with the International Congress and Convention Association (ICCA) and the...
- ICCA and GBTA have been appointed as ‘Knowledge Partners’ for the regional trade show to be held at the Dubai World Trade Center
- through its partnerships with the two noted global entities, ATM looks to deliver even more value and innovation to its attendees and exhibitors
Business
Aldar ties up with Yellow Door Energy
They will supply solar power to 45 properties in the UAE.
- As part of Aldar's Net Zero Plan, the switch to solar power will prioritise on-site clean energy generation
- Starting in 2024, the transition to solar will reduce 23,000 tonnes of CO2 emissions in its first year
Business
UAE, South Korea look to deepen collaboration in water sector
Dubai, UAE-- The UAE and South Korea Korea are looking to boost ties in the water sector and in this...
- The joint committee will seek to ramp up bilateral cooperation in the water sector, taking into account global changes and serving the best interest of both nations.
- The Korean delegation was also apprised of the Water Security Strategy 2036 that aims to reduce the loss in the water network, decrease total demand for water resources by 21%
Business
Kings Aluminium starts building US$204m facility in KEZAD
Abu Dhabi, UAE-- Kings Aluminium Industries has begun constructing a state-of-the-art aluminium manufacturing and recycling facility in Khalifa Economic Zones...
- The aluminium factory spread across 100,000 square metres of land leased from KEZAD Group will source its raw material from Emirates Global Aluminium
- The facility will localise the manufacturing, utilise local raw materials, enhance environmental as well as sustainability aspects in the production process
Business
Saudi EVIQ unveils R&D facility
It will be used to test a range of EV chargers and software.
- The CEO of EVIQ said that with the setting up of R&D facility the company was paving the way for the growth of a sustainable EV ecosystem in Saudi Arabia
- The company said that the facility will serve as a hub for developing the expertise and knowledge in EV charger technology, bolstering the EV market in the kingdom
Business
Russia’s Gazprom sets new daily record for gas supplies to China
Moscow, Russia--Gazprom has set a new record for daily gas supplies to China via the Power of Siberia pipeline on...
- According to Gazprom, supplies are made under a bilateral long-term gas purchase and sale agreement between the oil company and China
- The company added that since November it has ramped up the volume of gas supplies to China as per the previously signed additional agreement
Business
Nissan to export EVs globally
It would sell China-developed EVs all over the world.
- The automaker is looking to export the line-up of existing internal combustion engine vehicles and pure electric and hybrid cars
- China accounted for just over a fifth of Nissan's worldwide sales of about 2.8 million vehicles over the first 10 months of the year
Economy
Qatar records 6 percent drop in Industrial Production Index in October
Doha, Qatar-- Qatar has recorded a 9.3 percent drop in the Industrial Production index (IPI) in the month of October...
- The mining sector posted an 11.1 percent fall as compared to September due to the decrease in the quantities of "crude oil petroleum and natural gas"
- However, manufacture of cement and other non-metallic mineral products posted a 4.3 percent jump, and printing and reproduction of recorded media increased by 3.2 percent
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
Company News
Doha Insurance net profit up
Business
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ADIB unveils new payment hub
Business
QDB signs MoU with Global Ventures
The collaboration is expected to boost private sector in Qatar.
Business
Geopolitical risks, sanctions keep commodity markets on edge
Istanbul, Turkey--The commodity markets saw supply concerns and rises by optimism from China, despite the negative impact of the Fed's...
Economy
Tunisian president emphasizes need to bolster security in Arab societies
Tunis, Tunisia--Tunisian President Kais Saied on Monday stressed the need to reach an approach that contributes to enhancing the security...
Geostrategy
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Business
Multiply Group acquires Backlite Media
The buyout is part of its plan to boost media business.
- The acquisition seamlessly complements the group’s existing portfolio, which includes Media 247 and Viola Communications
- BackLite Media, a premier advertising company, has assets in landmark locations in the UAE with revenues of $63.17m in 2023
Economy
Morocco aims to increase exports by 12% in 2024, says kingdom’s trade minister
Dubai, UAE-- Morocco hopes to increase its exports by 12 percent this year, according to the kingdom's minister of industry...
- The minister said in Dubai the Moroccan government's economic growth forecasts are around 3.7 percent this year
- He said the WTO conference is an opportunity for dialogue toward fairer and more transparent trade measures
Business
IHC posts net profit of US$8.97bn
Its revenue jumped to US$16.33 billion, a rise of 17.9 percent.
- IHC's earnings per Share (EPS) saw huge growth, more than doubling from AED 6.81 to AED 12.55
- Its revenue jumped to $16.33 billion, a jump of 17.9 percent from the previous year's $13.85 billion