WHO countries strike landmark agreement on tackling future pandemics
Geneva, Switzerland -- Years of negotiations culminated early Wednesday with countries agreeing the text of a landmark accord on how...
Geostrategy
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.
Business
EDGE, Baykar collaborate
EDGE smart weapons will be integrated into Bayraktar UAVs.
- The integration programme is part of a Strategic Alliance Agreement between the two groups to collaborate on advanced technology solutions in the defense sector.
- Under the program, EDGE will integrate their DESERT STING 16 precision-guided munition onto the Baykar TB2 UAV.
Business
Emirates Steel Arkan signs $2bn deal
The 5-year, iron-ore pellets supply deal was signed with BSC.
- Under this agreement, Bahrain Steel will supply high-grade iron ore oxide pellets annually to Emirates Steel Arkan.
- Saeed Ghumran Al Remeithi, Group CEO at Emirates Steel Arkan, said the agreement will also cement ties within the GCC.
Business
Aramco injects $4 billion into its global venture capital arm
Dhahran, Saudi Arabia -- Aramco has allocated an additional $4 billion to its global venture capital arm Aramco Ventures, more...
- This will take Aramco’s overall venture capital allocation to $7.5 billion, which also includes the $500 million venture capital fund Wa’ed Ventures,
- Through Aramco Ventures, we aim to support pioneers with big ambitions, and ultimately help bring their ideas to life, said Aramco Executive Vice President of Technology.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
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EGA buys 80% stake in Spectro
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,...
Business
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Geostrategy
WTO predicts modest trade growth for 2024-25 amid geopolitical risks
In 2024 and 2025, inflation is expected to gradually abate, allowing real incomes to grow again in advanced economies, boosting...
- Risks to the forecast are on the downside “due to current geopolitical tensions and policy uncertainty. Middle East troubles have diverted sea shipments between Europe and Asia.
- It added that import demand in real terms was weak in 2023 in most regions, especially in Europe but also in North America and Asia.
Business
AviLease acquires 9 aircraft from Avolon
AviLease had purchased 13 aircraft from Avolon in 2023.
- AviLease aircraft portfolio now comprises 167 owned aircraft, including purchase commitments, and 23 managed aircraft on lease to 48 airlines globally.
- AviLease said the acquired portfolio offers attractive yields and further contributes to the diversification of its portfolio.
Business
US considering Google breakup following monopoly ruling
The US Department of Justice (DOJ) made recommendations for Google’s search engine business practices on Tuesday, according to US media....
- Structural remedies that would prevent Google from using products such as Chrome, Play, and Android
- Google will likely appeal, drawing out the process potentially for years