UAE and Egypt presidents hold discussions in Cairo to boost ties
Cairo, Egypt-- UAE's President Sheikh Mohamed bin Zayed Al Nahyan and his counterpart from Egypt Abdel Fattah El-Sisi met in...
Geostrategy
Saudi Industrial Production Index climbs up in January 2024
Riyadh, Saudi Arabia--The Saudi Industrial Production Index (IPI) recorded 103.3 points in January 2024, compared to 103 points in December...
Economy
Business
DP World and IRENA sign agreement to cut emissions in maritime sector
Dubai, UAE--DP World and the International Renewable Energy Agency (IRENA) have signed a cooperation agreement to accelerate the use of...
- DP World chairman said that cooperation agreement will enable both the sides drive meaningful change and set new standards for a greener future
- IRENA director general said that the partnership is a ground-breaking step towards accelerating innovative renewables-based energy solutions
Business
AD Ports Group expands operations in Kazakhstan with two new oil tankers
Abu Dhabi, UAE--AD Ports Group in collaboration with KazMorTransFlot (KMTF) has announced the acquisition and commencement of operations of two...
- The acquisition of two vessels represent a combined investment of US$35 million, and are specifically tailored for the Caspian Sea's shallow draft
- The new investment by AD Ports Group and KazMorTransFlot brings the total number of oil tankers operating under the KMTF agreement to five
Economy
Bahrain and EU hold discussions to ramp up ties in energy sector
Manama, Bahrain-- Bahrain and the European Union (EU) have held discussions to boost cooperation in various domains, including the energy...
- The Bahrani oil minister shared details with the envoy of the kingdom's oil projects and environmental initiatives aiming for zero neutrality by 2060
- The EU ambassador applauded the kingdom's progress and development, pledging to continue promoting investment for both parties sides
Economy
Gulf Air hit by data breach
It said client database may have been compromised.
- The airline said its operations and critical systems "were fully intact" and that there were no disruptions to its flight schedule
- It said the details of the breach were shared with the authorities and it was working with them to investigate "the matter thoroughly"
Economy
Oil industry faces moment of truth as clean energy transitions advance: IEA
Paris, France--Oil and gas producers face pivotal choices about their role in the global energy system amid a worsening climate...
- The IEA report examined the implications and opportunities for the industry that would arise from stronger international efforts to reach energy and climate targets.
- The report estimates that the present valuation of private oil and gas companies could fall by 25% from $6 trillion today if all national energy and climate goals are reached
Geostrategy
Hamas leader Ismail Haniyeh terms Gaza ceasefire ‘political victory’
Dubai, UAE--Senior Hamas leader Ismail Haniyeh has called the ceasefire in the Gaza Strip a political victory at a meeting...
- The Hamas leader said the ceasefire amounts to a political victory because of the success of the resistance forces on the ground
- The Iranian foreign minister said that despite Israel's aggressive military action it had failed to destroy Hamas and had to negotiate with it
Economy
Dubai to host corporate governance experts at ICGN-Hawkamah Conference
Dubai, UAE--Dubai will host a gathering of international corporate governance experts at the upcoming ICGN-Hawkamah Conference, themed 'Capital, Companies, and...
- Experts will hold discussions on topics such as national visions towards sustainable economies in the MENA region, the role of corporate boards in the governance of sustainability
- Against the backdrop of COP28, the event aims to explore how corporations can align their strategies with climate goals while fulfilling their corporate governance responsibility
Business
Bahrain’s BIBF partners with UpGradelle to boost digital transformation
Manama, UAE--The Bahrain Institute of Banking and Finance (BIBF) has partnered with UpGradelle, a leading French-based consultancy firm, to develop...
- The BIBF intends to equip the country's financial and business sectors with skilled leaders that can "catalyse the change in business operations"
- CEO of the BIBF said the collaboration will strengthen their position as a leader in delivering state-of-the-art training and development solutions
Business
Masdar and Emirates Steel Arkan partner to build green project to cut emissions
Abu Dhabi, UAE--Abu Dhabi Future Energy Company (Masdar) has signed an agreement with Emirates Steel Arkan to develop a pioneering...
- The project, the first of its kind in the MENA region, is under construction within the facilities of Emirates Steel Arkan in Abu Dhabi's industrial city
- It will generate green iron, a highly sought-after product by international steel companies striving to achieve net-zero emission target across the world
Business
Dubai International Chamber wins over 92 businesses in first 9 months of 2023
Dubai, UAE--Dubai International Chamber has attracted a total of 92 businesses, including 15 multinational companies and 77 SMEs, to the...
- It helped nearly 33 Dubai-based companies to expand in global markets, either by increasing their exports or helping them to establish a presence abroad
- The international chamber launched three new global representative offices during the third quarter of 2023 in Ho Chi Minh City, Vietnam, Milan, Italy, and Paris, France
UAE and Egypt presidents hold discussions in Cairo to boost ties
Cairo, Egypt-- UAE's President Sheikh Mohamed bin Zayed Al Nahyan and his counterpart from Egypt Abdel Fattah El-Sisi met in...
Geostrategy
Company News
Archaeological sites discovered in Southern Saudi Arabia
Arts & Culture
ADNOC Drilling profit soars 29%
Business
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Barwa Real Estate net profit up
Business
Iran oil minister blames Israel for gas pipeline sabotage
Tehran, Iran--Iran said Wednesday that Israel was behind twin sabotage attacks against gas pipelines that disrupted supplies in at least...
Geostrategy
Dubai food and beverage sector stirs up with investment of US$577m
Dubai, UAE-- The food and beverage sector in Dubai has attracted new FDI worth $577 million from 2019 to 2023,...
Business
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Economy
China steps up green transition drive to meet carbon-emission goals
Beijing, China--China is moving away from traditionally energy-intensive industrial sectors toward green development across key sectors, in efforts to fulfill...
- According to data, in 2023 a total of 78 steel enterprises completed the full-process ultra-low emission transformation of their production capacity
- Some 5,095 green factories have been established at national level, contributing to over 17% of the total output value of the manufacturing industry
Business
BP to pour US$1.5bn into Egypt oil exploration
It plans to hike investments in the country to US$5 billion.
- Its CEO said the company plans to maximise the benefit from the current facilitation on oil and gas exploration activities in land and sea areas
- The production plans are being stepped up to meet the growing demand of the local market and to support Egypt's endeavours to export the surplus energy
Business
BHP net profit tumbles 86%
Its sales jumped 6% to US$27.2bn in half-year results.
- The company's net profit dropped 86 percent to $927 million as it took a hammering from exceptional items
- The mining giant said last week that it was writing down its Western Australian nickel assets because of a market slide