Saudi, Egypt, UAE drive strategic moves across sectors and borders
Saudi Arabia records the lowest Hajj attendance in three decades—outside the pandemic years—triggered by tighter visa restrictions; Special Envoy Zhai...
Geostrategy
Arts & Culture
Saudi Film “Norah”, backed by Red Sea Fund, secures official selection at Cannes
Directed by Tawfik Alzaidi, this Saudi film earned its place in the 'Un Certain Regard' section of the prestigious festival,...
- Set against the backdrop of 1990s Saudi Arabia, "Norah" narrates a tale of liberation through art
- Directed by Tawfik Alzaidi, this Saudi film earned its place in the 'Un Certain Regard' section of the prestigious festival, marking a major moment for Saudi cinema
Business
Sales of Dubai $10m-plus homes surges by 19% to $1.7bn in Q1
Dubai, UAE -- One hundred and five homes priced in excess of US$10 million were sold in Dubai during the...
- Knight Frank says that last year, Dubai recorded 431 home sales above $10 million, nearly 80 percent higher than the next nearest contender—London (240)
- New York (211) rounded off the world's top three most active luxury home markets in 2023.
Geostrategy
GCC nations express deep concern over Iran-Israel skirmishes
In light of the military escalation and developments in the Middle East region, the Ministerial Council of the Gulf Cooperation...
- In light of the military escalation and developments in the Middle East region, the Ministerial Council of the Gulf Cooperation Council held its 44th extraordinary meeting
- The council expressed its deep concern over the recent, dangerous developments of military escalation in the Middle East region and their negative impact
Business
Saudi imposes anti-dumping duties on products from 10 countries
Riyadh, Saudi Arabia -- Saudi Arabia has imposed anti-dumping duties on seven products imported from 10 European and Asian countries,...
- The products included all types of cement, including clinker, from all Iranian companies, with a dumping duty of 67.5 percent.
- The superabsorbent polymer products were also subject to anti-dumping measures on Saudi imports from five countries for five years.
Geostrategy
IEA lowers its forecast for global oil demand growth in 2024
According to the IEA, oil demand growth in Q1 2024 was lower than expected at 1.6 mln bpd, and the...
- The IEA emphasized that decreasing global oil demand growth indicates consumption will peak in the current decade.
- Despite the anticipated decline, however, the current rate of oil demand growth is largely similar to the trend prior to the COVID-19 pandemic.
Economy
Iraqi Prime Minister unveils action plan to revitalize local banking sector
The Iraqi government, in collaboration with the Central Bank of Iraq, will provide support for local Iraqi banks through foreign...
- The Iraqi government, in collaboration with the Central Bank of Iraq, will provide support for local Iraqi banks through foreign institutions and banks
- Consideration will be given to the credit rating of each bank in this process
Geostrategy
Turkey imposes trade restrictions on Israel over Gaza war
The new measures come a day after Turkey said Israel had blocked its attempt to airdrop aid to Gaza. "This...
- Foreign Minister Hakan Fidan on Monday vowed reprisals against Israel for blocking Turkey's air force from airdropping aid to Gaza.
- Turkey is one of the harshest critics of Israel's war on Gaza, with Erdogan branding Israel a "terrorist state". It attached a list of 54 products subject to export restrictions.
Economy
UN food organization raises forecast for world cereal production
Rome, Italy -- The Food and Agriculture Organization of the United Nations (FAO) has released a new Cereal Supply and...
- FAO forecast for world cereal production in 2023/24 to 2.841 billion tons, reflecting expectations of greater outputs of maize, rice and wheat.
- FAO also adjusted its forecast for global wheat production in 2024, now standing at 796 million tons, marking a 1.0 percent increase from 2023.
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.
Company News
Latest News
Qatar’s real estate department records weeklong deals worth $71 million
Doha, Qatar -- Real estate sales contracts worth 251.25 million qatari riyals were registered with the emirate's Real Estate Registration...
Business
Saudi Industrial Production Index increases by 3.4 percent in Nov 2024
Riyadh, Saudi Arabia -- Saudi Arabia's Industrial Production Index (IPI) increased by 3.4 percent in November 2024, compared to Nov...
Business
Saudi Arabia retains first rank in MENA Venture Capital funding in 2024
Riyadh, Saudi Arabia -- Saudi Arabia maintained its first rank across MENA in terms of Venture Capital (VC) funding in...
Business
Most Read
Business
DAE to acquire Nordic Aviation Capital
The terms of the transaction have not been disclosed.
- As of September 2024, NAC’s fleet comprised of 252 owned and committed assets on lease to approximately 60 airline customers in approximately 40 countries.
- On a pro forma basis, DAE Capital’s fleet will comprise of approximately 750 owned, managed and committed aircraft.
Business
PIF completes $7 billion inaugural murabaha credit facility
Riyadh, Saudi Arabia -- Saudi Arabia's Public Investment Fund (PIF) on Monday announced its first murabaha credit facility for the...
- The financing structure is supported by a diverse syndicate of 20 international and regional financial institutions, PIF said in a statement.
- PIF has four main sources of funding: capital injections from government, government asset transfers, retained earnings from investments, and loans and debt instruments.
Business
UAE aviation sector’s 2024 milestone: 1 million air traffic movements
Abu Dhabi, UAE -- The United Arab Emirates (UAE) achieved a milestone in the aviation industry as it surpassed 1...
- On 22nd December 2024, the one-millionth annual air traffic movement was recorded with the arrival of Emirates Flight305 from Shanghai.
- UAE recorded over 20 percent growth in air traffic over the past two years, among the highest globally.