US and Iran exchange attacks on oil tankers, warships as oil heads to $100
The US military said it destroyed five Iranian crude oil carriers after Iran’s Islamic Revolutionary Guard Corps (IRGC) launched ballistic...
Geostrategy
Vance rules out talks as Tehran warns of ‘multi-layered’ response to US attacks
US Treasury Secretary Scott Bessent said the European Union had officially joined Washington’s economic pressure campaign against Iran, which he...
Geostrategy
Business
Day after UAE-Chile CEPA, Dubai Chambers and Pro-Chile sign MoU
Under the MoU, both parties will coordinate events aimed at strengthening ties between exporting companies from Dubai and Chile and...
- The CEPA is projected to increase non-oil bilateral to $750 million by 2030, more than doubling the US$306 million shared in 2023.
- Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, said the CEPA is expected to come into effect within the next six months.
Business
Saudi trains over 1,000 nationals in coastal tourism market
Riyadh, Saudi Arabia -- The Saudi Red Sea Authority (SRSA), in collaboration with the Ministry of Tourism, has implemented two...
- The training, which focused on customer service experiences and safety principles, was conducted as part of the second edition of the Tourism Trailblazers Program.
- SRSA aims to provide over 210,000 jobs by 2030 and contribute more than SAR 85 billion to the GDP that same year.
Business
GACA and SBJBC strengthen saudi-UK aviation ties in London roundtable
Led by GACA President, the meeting featured the British Ministry of Transport, the SBJBC, and key aviation industry leaders.
- The discussion emphasized the strong commercial and investment partnership between Saudi Arabia and the UK
- The meeting also highlighted various investment incentives in the Saudi aviation sector
IOC creates historic Olympic Esports Games with 2025 launch in Saudi
History was made today when the International Olympic Committee (IOC) decided to create Olympic Esports Games. The first edition will...
- Saudi already has over 23.5 million gamers, of whom almost half are females
- Saudi has hosted over 1,700 elite players from over 80 countries over the last two years
Economy
Powell indicates Fed won’t wait until inflation is down to 2% before cutting rates
Federal Reserve Chair Jerome Powell said Monday that the central bank will not wait until inflation hits 2% to cut...
- A “hard landing” for the U.S. economy was not “a likely scenario.”
- The central bank’s next policy meeting is at the end of July
Business
ADNOC Gas awards $550m contracts
The company aims to expand UAE gas infrastructure, increase customer reach
- Engineering, procurement and construction (EPC) contracts were awarded for the next phase of the UAE sales gas pipeline network enhancement "ESTIDAMA Project".
- ADNOC Gas will continue to expand its domestic business through ESTIDAMA, paying ADNOC a variable transmission fee for actual throughput of the pipeline.
Business
Dubai Summer Activities: A new guide to emirate’s attractions
Dubai, UAE -- A new #DubaiDestinations guide titled ‘Dubai’s Summer Activities’ invites residents and visitors to delve into an array...
- Developed by Brand Dubai, the creative arm of the Government of Dubai Media Office, the interactive guide forms part of the latest phase of the #DubaiDestinations campaign.
- It seeks to showcase the city's top-rated summer experiences and highlight unique attractions that make Dubai a one-of-a-kind summer destination.
Business
Saudi Arabia records 16% growth in air travel in first half: GACA
Riyadh, Saudi Arabia -- The number of air passengers in Saudi Arabia increased by 17 percent during the past six...
- The number of flights also reached approximately 446,000, marking a 12 percent increase compared to the same period last year.
- The airfreight volume in the first six months of 2024 witnessed a 41 percent increase, reaching 606,000 tons.
Business
2024 Global Aerospace Summit: Accelerating aerospace innovation
Abu Dhabi, UAE -- Representing the aerospace, aviation, space, and defense sectors, the premier thought leadership forum will aim to...
- The two-day event will take place on 25-26 September at the St. Regis, Saadiyat Island Resort in the UAE capital – Abu Dhabi.
- The 2024 edition will center on several objectives designed to drive the industry forward and address global aerospace concerns.
Business
Al Noor Island listed among top 10 attractions in Middle East
Sharjah, UAE -- Sharjah's renowned landmark and award-winning family-friendly destination, Al Noor Island, has secured its place among the top...
- Developed and managed by the Sharjah Investment and Development Authority (Shurooq), the destination has been ranked among Sharjah's top attractions since its inception.
- This recognition marks the second consecutive year that Al Noor Island has won the title, an achievement reserved for the top 1% of the 8 million listings on TripAdvisor.
US and Iran exchange attacks on oil tankers, warships as oil heads to $100
The US military said it destroyed five Iranian crude oil carriers after Iran’s Islamic Revolutionary Guard Corps (IRGC) launched ballistic...
Geostrategy
Company News
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Iran says it has suspended commitments to MoU as it is ‘busy defending the country’
US struck Iran for the seventh consecutive night, prompting Tehran to launch attacks on the neighboring Gulf nations. GCC has...
Geostrategy
Saudi Ports Authority signs $266.6 million logistics agreements
Dubai, UAE -- Saudi Ports Authority (Mawani) signed seven agreements worth 1 billion riyals ($266.6 million) to establish logistics centres...
PIF-backed SURJ launches venue venture radia with Live Nation, OVG
Dubai, UAE -- SURJ Sports Investment Co, owned by Saudi Arabia's Public Investment Fund (PIF), has launched a joint venture...
Business
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Business
Bank of Sharjah profit up 39%
Bank's total assets grow 10% to $14.4 billion.
- Net interest income climbed 45 percent to AED465 million ($126.6 million), supported by growth across the bank's core businesses.
- The lender said its total capital ratio strengthened by 463 basis points to 18.7 percent, while its cost-to-income ratio remained at 29%, reflecting continued cost discipline.
Geostrategy
US strikes hit Iran for the six consecutive time as energy concerns rise
For the first time in the latest escalation, US strikes also reached areas around the Iranian capital. Iran responded by...
- IEA Executive Director Fatih Birol warned that the world should be concerned about energy security unless the United States and Iran quickly restore oil flows through Hormuz.
- Oil prices edged higher on Friday as traders assessed mounting risks to crude supplies from the Gulf.
Business
flydubai doubles daily Bangkok flights amid strong demand
Dubai, UAE -- Dubai-based carrier flydubai will introduce a second daily flight to Bangkok from July 18, doubling its daily...
- The carrier said the expanded schedule would provide passengers with greater flexibility and strengthen Dubai's position as a global aviation hub.
- The airline has also recently launched services to Benghazi in Libya and plans to begin flights to Aleppo in Syria on July 20 and Pokhara in Nepal on Sept. 23.