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SIB’s 2024 profit $272m

The profit surpassed AED 1 billion for the first time in bank's history.

AD Ports to invest in Kazakh port

Under the deal, AD Ports Group owns 51% stake.

PIF acquires stake in Saudi Re

The acquisition was made by way of a capital increase.

ADNOC Gas awards contracts

The $2.1bn contracts are aimed at enhancing LNG supply infrastructure.

ADNOC L&S buys stake in Navig8

The company will acquire the remaining stake in mid-2027.

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,...
  • China drives global coal demand to new heights, consuming 4.9B tons in 2024—over 30% more than the rest of the world.
  • The IEA's "Coal 2024" report predicts the world will hit peak coal in 2027 after topping 8.77 billion tons this year.

ADNOC Drilling closes JV

It is a JV between ADNOC Drilling, SLB and Patterson UTI.
  • ADNOC Drilling holds a 55 percent majority equity stake, SLB, the world's largest oilfield services provider, holds a 30 percent equity stake and Patterson-UTI 15 percent.
  • Turnwell announced the acceleration of its initial 144 unconventional wells earlier this year, following the successful operational startup.

World’s rarest coffees to be auctioned for first time in Dubai

Dubai, UAE -- Coffee aficionados and industry leaders will converge in Dubai this February at World of Coffee (WOC) Dubai...
  • Some of the rarest coffees in the world include Black Ivory from Thailand, which sells for approximately $1,500 per kg.
  • The coffee industry has experienced a significant rise in value and demand, with coffee prices reaching a 47-year high.

Ras Al Khaimah tourism sector contributes 5 percent to GDP: Official

Ras Al Khaimah: Ras Al Khaimah seeks to welcome 3.5 million tourists annually by 2030, says Raki Philipps, CEO of Ras...
  • The tourism sector's contribution toward GDP is expected to rise to one third by 2030, says CEO RAK Tourism Development Authority Raki Phillips.
  • Ras Al Khaimah includes over 38,000 companies across more than 50 sectors, with businesses from over 100 countries.

Vegetable oil pushes global food prices to seven-month high in Nov

Rome, Italy -- The benchmark for world food commodity prices rose in November to its highest level since April 2023,...
  • Global palm oil prices climbed further amid concerns about lower-than-expected output due to excessive rainfall in Southeast Asia.
  • The Sugar Price Index decreased 2.4 percent, influenced by harvest activities in India and Thailand and improved sugarcane crop prospects in Brazil following recent rains.

ADNOC signs deal with PETRONAS

Under the agreement, ADNOC will supply 1m tons of LNG per year.
  • The LNG will primarily be sourced from the Ruwais LNG project, which is currently under development in Al Ruwais Industrial City, Abu Dhabi.
  • Deliveries are expected to start in 2028 upon commencement of its commercial operations.

Saudi Arabia partners with World Bank to launch global knowledge hub in Riyadh 

According to World Bank Group President Ajay Banga, “The new Knowledge Hub being created by the World Bank Group and...
  • The initiative positions Saudi Arabia as a central player in facilitating the global exchange of transformative ideas
  • The agreement was formalized with the signing by World Bank Group President and Saudi Arabia’s Minister of Commerce

Aramco-Horse Powertrain deal completed

An agreement for the purchase of 10% equity stake was signed in June 2024.
  • Aramco said it bought the stake through its directly and wholly owned subsidiary, Aramco Asia Singapore Pte. Ltd.
  • The transaction builds on Aramco's efforts to develop new mobility solutions with the potential to reduce transport emissions.

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...
  • The AI Maturity Index shows that more than 80 percent of enterprises have a shared vision for AI within their organizations
  • Only 15 percent have reached a 'transformative' level of AI maturity

Saudi Arabia sets Guinness record for largest food cluster

Riyadh, Saudi Arabia -- Saudi Arabia has set a Guinness World Record for the largest food cluster in the world...
  • Jeddah Food Cluster, which spans over 11 million square meters, has set a new global benchmark.
  • MODON announced ambitious plans for the cluster, targeting investments of up to SAR20 billion and creating 43,000 job opportunities by 2035.

Global economy set to face significant challenges in 2025: WEF survey

Geneva, Switzerland – The global economy is set to face significant challenges in 2025, with 56 percent of chief economists...

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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...

All six lines of Riyadh Metro are now operational

The Royal Commission for Riyadh City (RCRC) announced that the phased rollout of Riyadh Metro culminated as of Sunday, Jan....

Saudi PMI falls to 58.4 in Dec as non-oil private sector improves

Riyadh, Saudi Arabia -- The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia...

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Israeli invasion destroys 90% of Gaza livestock, poultry farms

Gaza, Palestinian Territories - The Israeli forces have decimated 90 percent of 2,500 poultry and cattle farms in Gaza during...
  • A million turkeys distributed across 150 farms, were culled, in addition to 80 percent of the total domestic poultry population, estimated to be 300,000 birds.
  • Israeli forces destroyed 90 percent of the 100 cattle farms, which were breeding 50,000 calves annually, and culled 2,200 cows in 400 farms.

Emirates’ first A350 takes flight

The airline operated the inaugural flight from Dubai to Edinburgh.
  • The aircraft, featuring Emirates' latest cabin products, is the first of 65 A350s joining the airline's fleet over the coming years.
  • Emirates has configured its A350 to provide three cabin classes, accommodating 312 passengers in 32 next-generation Business Class lie-flat seat.

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...
  • As of mid-Dec, the Shelter Cluster, a coordination group of UN, international and local humanitarian, estimates at least 945,000 still urgently need winterization assistance.
  • IOM has delivered nearly 180,000 emergency shelter items to partners inside Gaza since mid-November and has over 1.5 million more winter supplies.