UAE firms accelerate AI transformation, new report finds
The real power of AI lies in its careful deployment across diverse business functions, and the UAE is primed for...
Economy
Business
ADIO and Dustour Marine to drive tourism activities in Abu Dhabi
Abu Dhabi, UAE -- Abu Dhabi Investment Office (ADIO) is collaborating with Dustour Marine Wooden Boats Trading Establishment to establish...
- Located in Rabadan, the new Al Jaddaf project will provide a comprehensive sea paddle infrastructure tailored for boats.
- The 79,595 sqm project will encompass buildings dedicated to boat maintenance and repair, a center for boat buying and selling, a shop catering to fishermen supplies
Geostrategy
Israeli assault on Gaza has killed over 14,000 children since Oct 7
According to statistics cited by Al Jazeera television, about four children die every hour because of the actions of the...
- As many as 117 children were killed and 724 injured in the West Bank, where Israeli forces regularly carry out operations accompanied by clashes.
- More than 816,000 children in Palestine require the help of specialists "due to the consequences of the Israeli aggression, which led to psychological trauma.
Business
Abu Dhabi Chamber sets up 54 new Advocacy Hub working groups
Abu Dhabi, UAE -- The Abu Dhabi Chamber of Commerce and Industry (ADCCI) announced the establishment of 54 working groups...
- The chamber said these working groups are part of the efforts to support the growth and prosperity of the private sector in Abu Dhabi
- These groups also serve as a platform for presenting development ideas and proposals and facilitating communication between the private sector and government agencies
Business
Exports key target of GCC hydrogen strategies
Clean hydrogen could be bigger than the oil and gas economy for the region, says Jo Bamford, chairman of HYCAP,...
- Bamford told TRENDS that the region is blessed with ample solar and wind resources needed for generating the lowest-cost electricity that is eventually needed to produce hydrogen.
- The emergence of the hydrogen industry in GCC nations promises significant economic opportunities, with projections suggesting a market worth $100 billion by 2030.
Business
Middle Eastern airlines passenger demand up 19.7 percent in Feb: IATA
Geneva, Switzerland -- The International Air Transport Association (IATA) released data for February 2024 global passenger demand, with total demand,...
- Global passenger demand, with total demand, measured in revenue passenger kilometers (RPKs), rising 21.5 percent year-on-year (YoY).
- Domestic demand rose 15 percent compared to February 2023; capacity was up 9.4 percent year on year and the load factor was 82.6 percent (+4.0ppt compared to February 2023).
Business
Joint Venture formed to develop Iraq’s Al Faw Grand Port, Economic Zone
Abu Dhabi, UAE -- AD Ports Group and the General Company for Ports of Iraq (GCPI) sign an agreement to...
- The agreement also encompasses the potential investment, management, and operation of ports, economic zones, and related infrastructure in other cities in Iraq.
- Both parties will explore investment opportunities and conduct the necessary feasibility studies related to ports, economic zones and other infrastructure under GCPI.
Business
Abu Dhabi targets 39.3 million visitors by 2030
Emirate's new tourism strategy aims to increase the sector’s contribution to GDP from $13.34 billion in 2023 to $24 billion...
- The Strategy will generate an estimated 178,000 new jobs by 2030 as the entire tourism infrastructure develops to meet this demand
- It intends to almost double international overnight visitors from 3.8 million in 2023 to approximately 7.2 million in 2030
Business
Iran discovers giant shale oil reserves in several regions: NIOC
Tehran, Iran -- The National Iranian Oil Company (NIOC) has said that shale oil deposits have been discovered in 10...
- The director of exploration at the NIOC, Mehdi Fakour, announced that the company's specially designed model will enable the extraction of oil from these resources.
- Shale oil is an unconventional oil produced from oil shale rock fragments by pyrolysis, hydrogenation, or thermal dissolution.
Business
Abu Dhabi’s real estate transactions reach $4.32 billion in first quarter
Abu Dhabi, UAE -- The value of real estate transactions in Abu Dhabi reached AED 15.9 billion ($4.32 billion) during...
- The emirate logged 2,919 sales and purchases transactions in Q1 2024 totaling over AED 9.6 billion.
- DARI data showed that Abu Dhabi recorded about 2,208 mortgage deals during Q1, with a total value of AED 6.3 billion.
Business
Aramco awards $7.7bn contracts for Fadhili Gas Plant expansion
Dhahran, Saudi Arabia – Saudi energy giant Aramco Tuesday awarded engineering, procurement and construction (EPC) contracts worth $7.7 billion for a...
- The project is expected to increase the plant’s processing capacity from 2.5 to up to 4 billion standard cubic feet per day (bscfd).
- This additional 1.5 bscfd capacity is expected to contribute to the company’s strategy to raise gas production by more than 60 percent by 2030, compared to 2021 levels.
UAE firms accelerate AI transformation, new report finds
The real power of AI lies in its careful deployment across diverse business functions, and the UAE is primed for...
Economy
Company News
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EGA buys 80% stake in Spectro
Business
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,
Geostrategy
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...
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.
Business
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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