Saudia to acquire 20 wide-body aircraft
10 of these being acquired for its flydaeal low-cost airline
Business
$20 million rare blue diamond goes on show in Abu Dhabi
Abu Dhabi, United Arab Emirates -- A rare blue diamond valued at $20 million went on pre-auction display on Tuesday...
Business
Business
Masdar acquires Saeta Yield
The deal is estimated to be valued at $1.4 billion.
- Saeta is a leading independent developer, owner and operator of renewable energy assets.
- Masdar recently announced an agreement with Endesa to become a portfolio asset partner for Spain's 2.5 GW renewable energy projects.
Geostrategy
Media gag and manufactured consent: Israel’s campaign against Lebanon
Beirut, Lebanon: On Sunday, Israeli troops stormed the Al Jazeera office in the occupied West Bank and issued a 45-day...
- Israel's claim last year that Gaza's largest Al-Shifa Hospital housed Hamas command center was debunked by many.
- Before launching deadly strikes on Lebanon, Israeli military released videos claiming civilian homes housed arms.
Business
ADNOC Distribution H1 dividend $350m
The total dividend for 2024 is expected to be $700 million.
- The second and final portion of 2024 dividend is expected to be paid in April 2025, in accordance with the recommendations of the Board of Directors and shareholder approval.
- The company's cash dividend paid since its initial public offering totaled AED 16.2 billion ($4.4 billion), including cash dividends for the first half of 2024.
Geostrategy
DCO launches Digital Economy Navigator to bridge global digital gap
The navigator enables countries to better navigate their digital journeys, find opportunities for growth and benchmark progress,
- DEN was unveiled at SDG Digital, held this year during the 79th Session of the UN General Assembly in New York from September 10 to 27.
- DEN is a unifying framework that addresses digital economy maturity across 50 countries, including the DCO member states.
Business
Global tourism nears full recovery, led by Middle East’s 26% growth in 2024
While Europe and Americas have nearly returned to pre-pandemic levels, the Middle East's growth outpaces all other regions, UN World...
- Globally, international tourism reached 96 percent of pre-pandemic levels during the same period, with around 790 million tourists, an 11 percent increase over 2023.
- In terms of tourism revenue, 47 out of 63 countries with available data reported a return to pre-pandemic earnings.
Business
UAE banks’ Q2 investments in Islamic certificates, cash bills surge to $61.81bn
The banking sector in the country maintained strong capital adequacy, exceeding Basel 3 requirements, according to the Central Bank.
- Statistics showed that the foreign assets of the Central Bank increased by 5.3 percent year-on-year to reach AED 770.6 billion.
- The total capital and reserves of banks operating in the UAE increased by 3.9 percent to AED 495.2 billion at the end of the second quarter.
Business
Middle East renewable energy projects investments reach $75bn
London, UK -- The Middle East is moving towards investing $75.63 billion in renewable energy projects until 2030, according to...
- These investments include 116 renewable energy projects, which are expected to be operational between 2025 and 2030.
- Large solar projects, such as the fifth phase of the Rashid bin Mohammed Al Maktoum Solar Park, are making significant progress.
Business
TAQA launches new corporate identity
Abu Dhabi Energy Services will be renamed as TAQA Services.
- TAQA also announced that ADDC and Al Ain Distribution Company will merge under a new unified company.
- The Abu Dhabi Transmission and Despatch Company (TRANSCO) will be renamed TAQA Transmission Networks,
Business
Saudi surpasses Vision 2030 tourism target, says IMF report
Tourism is a major contributor to the Kingdom's economic diversification efforts, the IMF notes in its 2024 Article IV Consultation...
- The sector's direct and indirect contribution to GDP reached 11.5 percent in 2023, with expectations to grow to 16 percent by 2034.
- Central to this growth has been a combination of strong domestic demand and increased international arrivals.
2024 Crypto Crime Update Part 2: China-based cybercrime networks on the rise
In part 1 of our mid-year crime update, we discussed trends related to ransomware and stolen funds. While aggregate illicit...
- 43% of YTD scam inflows have gone to wallets that became active this year
- Huione Guarantee, appears heavily used for illicit crypto-based activities, including pig butchering, investment fraud, and money laundering
Saudia to acquire 20 wide-body aircraft
10 of these being acquired for its flydaeal low-cost airline
Business
Company News
ADNOC Gas awards contracts
Business
Latest News
Fifth Aramco facility receives WEF Global Lighthouse Network tag
Dhahran, Saudi Arabia -- Aramco's North Ghawar Oil Producing Complex has become the company's fifth facility to be added to...
Business
Non-institutional foreign ownership in Tadawul-listed firms up slightly
Riyadh, Saudi Arabia -- Non-institutional foreign investors increased their stake in Tadawul-listed equities, excluding Saudi Aramco, from 9.70 percent to...
Business
Most Read
Economy
World economic growth to remain at 2.8 percent in 2025: UN report
The World Economic Situation and Prospects (WESP) 2025 report shows that despite withstanding a series of mutually reinforcing shocks, global...
- It said that positive but somewhat slower growth forecasts for China and the United States will be complemented by modest recoveries in the European Union, Japan, and Britain.
- US growth was expected to moderate from 2.8 percent last year to 1.9 percent in 2025 as the labor market softens and consumer spending slows.
Business
ADNOC Gas awards contracts
The $2.1bn contracts are aimed at enhancing LNG supply infrastructure.
- The LPP and compression facilities will be located within ADNOC Gas’ Habshan 5 plant, part of one of the world’s largest integrated gas processing complexes.
- The largest contract, valued at $1.24 billion for the LPP, was awarded to a consortium consisting of Engineering for the Petroleum and Process Industries (ENPPI) and Petrojet.
Business
Dubai vs Doha: The Battle for Creator Economy Supremacy and Innovation in the Middle East
Dubai’s aggressive initiatives like the 1 Billion Followers Summit and specialized creator visas put it ahead in attracting global talent,...
- Dubai is aggressively positioning itself as a global hub for the creator economy, leveraging infrastructure, regulations, and location
- Doha’s Qatar Media City aims to attract media and digital companies, establishing the city as a regional innovation hub