Winter rains, flooding and limited aid worsen Gaza tragedy: IOM
"Vulnerable people, including at least seven infants, have died from hypothermia, and these tragic deaths underscore the urgent need for...
Geostrategy
Saudi PIF’s assets up by $11.44bn by the end of third quarter 2024
Riyadh, Saudi Arabia – The value of assets under Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF) assets—both...
Business
Business
EDGE bags another big order
The group will supply 200 unmanned helicopters to UAE defense ministry.
- The unmanned VTOL systems will be manufactured by Switzerland-based EDGE entity, ANAVIA.
- In November 2023, EDGE acquired a 52 percent majority shareholding in ANAVIA, which manufactures unmanned helicopters.
Business
Jabal Omar secures $509m Murabaha
The financing agreement was signed with Al Rajhi Bank.
- The term of the facility is two years, Jabal Omar said in a statement to Tadawul, according to Argaam. Â
- The facility will be used to accelerate the completion of project phases under construction and pay financial obligations.Â
Business
Deals worth $26.66 billion signed at Real Estate Future Forum 2024
Riyadh, Saudi Arabia -- Deals worth more than $26 billion were signed at the Real Estate Future Forum 2024, which...
- Over 50 agreements and memoranda of understanding (MoUs) were signed during the event that focused on discussing new innovations.
- The event was attended by 300 speakers from 85 countries, including government officials, private-sector representatives, economists, investors and decision makers.
Business
Milrem and UAE sign world’s biggest defense robotics order
Abu Dhabi, UAE - EDGE Group entity Milrem Robotics signs a contract to supply 20 tracked robotic combat vehicles (RCVs)...
- Milrem will supply 20 tracked robotic combat vehicles (RCVs) and 40 THeMIS unmanned ground vehicles (UGVs) to UAE Ministry of Defense.
- Milrem Robotics will also provide comprehensive training and supervision to ensure the relevant personnel.
Business
ADNOC Drilling begins use of hybrid rigs
The rigs use high-capacity battery to reduce emissions.
- In 2023, the company acquired 16 such rigs for a combined $327 million investment.
- The remaining 14 newbuild rigs are expected to join ADNOC Drilling’s operational fleet progressively throughout the year.
Business
Masdar, 3 firms sign agreement
They will establish e-methane supply chain from UAE-Japan.
- Masdar tweeted that this partnership will contribute to both nations’ shared goal of achieving carbon neutrality by 2050.
- E-methane is synthetic methane produced from carbon dioxide (CO2) and green hydrogen.
Business
Estithmar sets up issuance program
The Group said the program is valued at $933 million.
- The Program is expected to be admitted to the London Stock Exchanges International Securities Market.
- It has been rated (qaBBB) with a stable outlook at the national scale rating by Capital Intelligence Ratings Ltd (CI).
Geostrategy
Potential dangers of AI seen as major business risks for 2024
Davos, Switzerland -- Thdfe potential dangers of AI, particularly its influence on upcoming elections and the escalation of military conflicts,...
- Elections emerged as a focal point of discussion: 3 billion people across 40 countries, representing 60% of global GDP, are set to vote this year.
- "Misinformation can destroy trust through an election and undermine society at large," said one CEO.
Business
EDGE Group, São Paulo government partner on public security initiative
Abu Dhabi, UAE -- EDGE, one of the world’s leading advanced technology and defense groups, has announced that it will...
- The partnership was announced during a high-level delegation visit by senior government members to EDGE Group headquarters in Abu Dhabi.
- The ‘Proof of Concept’ (PoC), with an initial phase of six months to validate the plan and facilitate adjustments, will have three strategic targets.
Geostrategy
Diversification of energy sources needed to meet demand: Saudi minister
Davos, Switzerland -- The Saudi Minister of State for Foreign Affairs, Cabinet's member, and Climate Affairs Envoy, Adel bin Ahmed...
- Adel bin Ahmed Al-Jubeir said Saudi Arabia aims to become the top exporter of energy, not only of oil.
- He highlighted the Kingdom’s dedication to collaborating with other countries to reduce emissions and address the challenges of climate change.
Winter rains, flooding and limited aid worsen Gaza tragedy: IOM
"Vulnerable people, including at least seven infants, have died from hypothermia, and these tragic deaths underscore the urgent need for...
Geostrategy
Company News
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Saudis reform Investment Law in bid to attract foreigners
Saudi Arabia announced new business regulations aimed at boosting transparency and easing the process of investing in the kingdom as...
ADQ to invest $1bn in Sotheby’s
ADQ will acquire newly issued shares of Sotheby’s to support its growth.
Business
Imam Turki bin Abdullah Royal Reserve: A hub for over 40,000 beehives
The reserve is a sanctuary for plant life, home to over 180 recorded species, making up 7.5 percent of the...
Science
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Business
Abu Dhabi to host Loop CEE travel fair for first time in Middle East
Abu Dhabi, UAE -- The Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) and Miral will host...
- The luxury travel fair is being organized by the Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) and Miral.
- Over the course of five days, each exhibitor will have the opportunity to conduct 62 appointments, each lasting for 15 minutes.
Business
Oman, China bilateral trade grows by 8% to $15bn till May
 The volume of bilateral trade between the Sultanate of Oman and the People’s Republic of China has increased 8% in...
- The major projects in Oman are in new energy, mining, electricity generation, IT and communications
- Chinese investments in Oman stood at over US$6.6bn
Economy
Bitcoin crashes, Ether has worst drop since 2021 as crypto market melts
Cryptocurrencies reeled from a bout of risk aversion in global markets on Monday, at one point sending Bitcoin down more...
- Bitcoin traded 8.5% lower at below $54,000at $54,000 at time of publishing
- About $700 million of bullish crypto positions using derivatives were liquidated in the past 24 hours