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...
Business
Aramco-Horse Powertrain deal completed
An agreement for the purchase of 10% equity stake was signed in June 2024.
Business
Business
Aramex Q1 net profit down 49%
Aramex said revenue was impacted by currency fluctuations, etc.
- Net Q1 profit declined by 49 percent YoY to $6.54m due to a mix of factors, including currency devaluation in certain markets.
- The company said its revenues -- which declined marginally by 1 percent YoY to AED 1.43 billion -- were driven by stable performance in International Express.
Business
ADNOC, Baker Hughes partner to boost green hydrogen development
Abu Dhabi, UAE - ADNOC and Baker Hughes announced Wednesday a deal to accelerate the development and commercialization of technology...
- ADNOC will leverage Baker Hughes’ extensive hydrogen expertize and broad portfolio to test and develop solutions to produce low-cost green hydrogen.
- Baker Hughes has been a longstanding strategic partner to ADNOC, deploying advanced technologies and solutions across the energy value chain.
Business
First-ever Dubai-Palestine business meet focuses on startups
Dubai, UAE - A delegation of Palestinian business executives including 21 start-up representatives visited Dubai Chamber of Digital Economy.It is...
- The event included demonstration of key steps to set up a digital-first business in Dubai, and trade opportunities with Dubai companies.
- Participants at the event included Hashim Shawa, Chairman of Bank of Palestine Group, and; Linda Tarzi, Board Member at Bank of Palestine Group.
Business
Saudi Arabia to boost maritime cooperation with South Korea, Qatar
Riyadh, Saudi Arabia - A delegation of Saudi Arabia discussed steps to enhance cooperation in maritime transport and ports with...
- Saudi Arabia and South Korea inked a deal to promote mutual recognition of the certificate of competency of seafarers from both countries.
- The agreement is likely to streamline the seafarers' business process flows between Saudi Arabia and Korea.
Business
Global tourism industry is on track to reach pre-pandemic levels
MADRID, SPAIN - The World Tourism Barometer published its second report of the year, which showed that international tourism is...
- During Q1 2023, twice as many people traveled internationally than in the same period of 2022, with 235 million estimated tourists.
- The report revealed that international arrivals have reached 80 percent of pre-pandemic levels in the first quarter of 2023.
Economy
Abu Dhabi GDP grew by 9.3 percent in 2022, says SCAD in estimates report
ABU DHABI, UAE - The Statistics Center - Abu Dhabi (SCAD) has released the Gross Domestic Product (GDP) estimates report...
- Abu Dhabi's impressive growth across its diverse sectors during 2022 is attributed to its robust economic framework.
- As per the estimates, in Q4 2022, Abu Dhabi achieved real GDP growth of 5.9 percent worth US$75 billion.
Science
Natural capital, conservation should be priority for private sector in region
DUBAI, UAE - The private sector and financial institutions in the Middle East should enhance reporting by including information about how...
- The report indicates that almost half of the Middle East's GDP is either highly or moderately dependent on the environment.
- Middle East faces a number of environmental challenges specific to the region, including scarce water resources and desertification.
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...
Business
Company News
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EGA to acquire Leichtmetall
Business
ADQ buys stake in Plenary Group
The deal is aimed at expanding public and social infrastructure.
Business
Qatar reveals program, speakers for Autonomous e-Mobility Forum
Doha, Qatar – The Autonomous e-Mobility (AEMOB) Forum, a groundbreaking initiative in the realm of sustainable transportation, announced its final...
Business
Dubai Chamber attracts MNCs valued at $82.84bn in 2023
Dubai, UAE -- Dubai Chamber of Digital Economy, one of the three chambers operating under the umbrella of Dubai Chambers,...
Business
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Business
Top U.S. stock indices drop for third consecutive day on Wednesday
The S&P 500 dropped for a fourth consecutive session on Wednesday, as Nvidia and other struggling technology names put downward...
- Technology-heavy Nasdaq Composite slid 1.15% to 15,683.37
- Asian shares advanced on Thursday even after sinking technology stocks sent Wall Street lower
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.