Coal use at record high in 2024, the world’s hottest year: IEA
Paris, France -- World coal use is set to reach an all-time high in 2024, the International Energy Agency said Wednesday,...
Geostrategy
ADNOC signs deal with PETRONAS
Under the agreement, ADNOC will supply 1m tons of LNG per year.
Business
Economy
Oil prices at risk of further increases due to potential energy disruptions
Crude oil prices soared nearly 9% last week, marking the biggest weekly gain since March 2023, following a significant escalation...
- Israeli officials stated that Israel would target Iran's oil production facilities within Iran
- Iran is one of the top 10 oil producers globally, with production exceeding 3.3m barrels per day
Business
‘TAQA’ prices $1.75bn dual tranche
The 12-year senior unsecured notes are sized $850m.
- The 7-year notes, sized at US$900 million and maturing on 9th October 2031, are conventional bonds bearing a coupon rate of 4.375 percent.
- Proceeds from these bonds will be used for general corporate purposes.
Economy
Crude could spike by US$20 on Iran oil shock
Oil prices could shoot up US$20 per barrel if Iranian production sees a hit resulting from Israeli retaliation, according to...
- ...if Iranian production sees a hit resulting from Israeli retaliation, said Goldman Sachs
- Iran produces almost four million barrels of oil per day, an estimated 4% of the world’s supply.
Business
MGX participation confirmed in OpenAI’s US$6.6bn in new funding, valuing it at US$157bn
OpenAI has finalized a deal to receive US$6.6 billion in new funding from investors who valued the company at US$157...
- Backers expect OpenAI’s chatbot to become much more widely used and haul in huge profits
- MGX is targeting some of the world's biggest scale global technology investments
Business
Waldorf Astoria to open in Madinah by 2028
With more than 300 luxury rooms, three dining concepts, and various facilities, the hotel will merge global luxury with Madinah’s...
- Set to open in 2028, Waldorf Astoria Al Madinah will be located near the Prophet’s Mosque
- The new project will be a symbol of the Kingdom's aspirations
Economy
Abu Dhabi non-oil GDP up 6.6% in second quarter: SCAD
Abu Dhabi, UAE -- Abu Dhabi's GDP increased by 4.1 percent during the second quarter of 2024, compared to the...
- The construction sector achieved remarkable growth rates of 11.5 percent in the second quarter of 2024, compared to the same period in 2023.
- It is estimated that the financial sector grew by 13.4 percent in the second quarter of 2024, compared to the same period in 2023.
Business
Foreigners and institutions pour $4.9 billion into UAE equities
Abu Dhabi, UAE -- Net investments by foreigners and institutions in UAE equities amounted to AED 18.3 billion ($4.9 billion)...
- Foreign investors "Arab and non-Arab" achieved net purchases in the two markets worth 15.5 billion dirhams during the same period.
- Institutions have achieved a net investment in the Abu Dhabi Securities Exchange worth more than AED 1.6 billion.
Business
Saudi leisure tourism surges by 656% in 2024: Tourism Ministry
Riyadh, Saudi Arabia -- Saudi Arabia's tourism sector, particularly the leisure and holiday segments, witnessed substantial growth in 2024.In a...
- The Kingdom welcomed 17.5 million international tourists between January and July 2024, a 10 percent increase over the same period in 2023
- The Kingdom had set the goal of 100 million tourists by 2030, but achieved this milestone in 2023, seven years ahead of schedule.
Business
UAE captures 30% of Middle East cinema market share in 8 months
Abu Dhabi, UAE -- The UAE cinema sector achieved revenues of AED 517 million during the first eight months of...
- UAE cinemas attracted about 11 million visits to cinemas, the Emirates Media Council revealed.
- The country's cinema sector includes 702 screens spread across 72 locations and caters to more than 200 nationalities.
Business
Saudi non-oil exports increase by 19 percent in July: GASTAT
Riyadh, Saudi Arabia -- Saudi Arabia's non-oil exports, including re-exports, during July 2024 amounted to SAR25.4 billion ($6.76 billion), compared...
- The value of merchandise exports increased during July 2024, reaching SAR94.5 billion, compared to SAR92.6 billion during July 2023, an increase of SAR1.9 billion, or 2.1 percent.
- The value of oil exports during July 2024 amounted to SAR69.1 billion, compared to SAR71.3 billion during July 2023, a decrease of SAR2.2 billion, or 3.1 percent.
Coal use at record high in 2024, the world’s hottest year: IEA
Paris, France -- World coal use is set to reach an all-time high in 2024, the International Energy Agency said Wednesday,...
Geostrategy
Company News
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Lulu’s IPO raises $1.72bn
Business
Altegio in UAE market to local boost digital transformation
Unlike other automation platforms that redirect customers to third-party websites, Altegio keeps booking processes within the client’s own ecosystem.
Business
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Business
UAE records 37% increase in greenfield FDI to $16 billion in 2023
Abu Dhabi, UAE -- The UAE has witnessed a 37% increase in greenfield investments in 2023 to reach US$16 billion,...
- Sectors such financial services, industrial equipment, and transportation and warehousing played an important role in contributing to this growth.
- The most prominent countries involved in these investments were the US., India, the U.K., Saudi Arabia, and France.
Business
ADNEC to acquire ‘Royal Catering’
Royal Catering has more than 2.500 employees.
- Serving key industries such as energy, defense, healthcare, and education, Royal Catering has earned a reputation for delivering high-quality services across the UAE.
- The addition of Royal Catering will expand Capital Catering’s industry focus from aviation, defense and healthcare and increase its production capacity
Business
PIF sets up sarcc company
The new entity will address growing staff accommodation demand.
- In a statement, PIF said sarcc will play a key role in transforming the accommodation market by developing and operating complexes for staff in Saudi Arabia.
- The company will foster the Saudi private sector by facilitating long-term investment and partnerships throughout the industry's value chain.