$20 million rare blue diamond goes on show in Abu Dhabi
Abu Dhabi, United Arab Emirates -- A rare blue diamond valued at $20 million went on pre-auction display on Tuesday...
Business
ADNOC Gas awards contracts
Business
Business
Altegio in UAE market to local boost digital transformation
Unlike other automation platforms that redirect customers to third-party websites, Altegio keeps booking processes within the client’s own ecosystem.
- Altegio’s platform offers over 30 specialized tools that streamline operations across marketing, sales, finance, and team management
- Founded in 2022 by a group of international entrepreneurs, Altegio has rapidly grown to serve over 10,000 businesses across 89 countries
Business
DAE 9M net profit $310m
The company said this was a 54.9 percent YoY increase in net profit.
- Profit before tax settled at $326.6 million for the same period, compared to $207.5 million last year.
- Total revenue was $1.017 billion for the nine months, a YoY increase of $27.9 million, or 2.8 percent.
Economy
Global economy faces ‘low normal’ growth, widening inequality gap
The organization’s Trade and Development Report 2024 warned that this new “low normal" growth is insufficient to tackle pressing development and...
- While the global South experienced robust annual growth rates of 6.6 percent between 2003 and 2013, that figure has fallen to 4.1 percent over the past decade.
- This has made it harder for nations to expand social services, cover rising energy transition costs and manage mounting public debt.
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,...
- Sectors such financial services, industrial equipment, and transportation and warehousing played an important role in contributing to this growth.
- The most prominent countries involved in these investments were the US., India, the U.K., Saudi Arabia, and France.
Business
ADNEC to acquire ‘Royal Catering’
Royal Catering has more than 2.500 employees.
- Serving key industries such as energy, defense, healthcare, and education, Royal Catering has earned a reputation for delivering high-quality services across the UAE.
- The addition of Royal Catering will expand Capital Catering’s industry focus from aviation, defense and healthcare and increase its production capacity
Business
PIF sets up sarcc company
The new entity will address growing staff accommodation demand.
- In a statement, PIF said sarcc will play a key role in transforming the accommodation market by developing and operating complexes for staff in Saudi Arabia.
- The company will foster the Saudi private sector by facilitating long-term investment and partnerships throughout the industry's value chain.
Economy
World merchandise trade to rise by 2.7% in 2024: Global Trade Outlook
There was a 2.3% year-on-year increase in the first half of 2024 and WTO economists anticipate the volume will increase...
- Global GDP growth at market exchange rates is expected to remain at 2.7 percent in both years.
- Declining inflationary pressure has allowed central banks in advanced economies to begin cutting interest rates, which should stimulate consumption.
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
$20 million rare blue diamond goes on show in Abu Dhabi
Abu Dhabi, United Arab Emirates -- A rare blue diamond valued at $20 million went on pre-auction display on Tuesday...
Business
Company News
PIF acquires stake in Saudi Re
Business
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ADNOC Gas awards contracts
Business
Fifth Aramco facility receives WEF Global Lighthouse Network tag
Dhahran, Saudi Arabia -- Aramco's North Ghawar Oil Producing Complex has become the company's fifth facility to be added to...
Business
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Geostrategy
Cyber landscape complexity deepens cyber inequity, gap between organizations: WEF report
The complexity arises from the rapid growth of emerging technologies, prevailing geopolitical uncertainty and the evolution of threats, says WEF's...
- The complexity arises from the rapid growth of emerging technologies, prevailing geopolitical uncertainty and the evolution of threats.
- It also arises from regulatory challenges, vulnerabilities in supply chain interdependencies and the growing cyber skills gap, the report said.
Economy
World economic growth to remain at 2.8 percent in 2025: UN report
The World Economic Situation and Prospects (WESP) 2025 report shows that despite withstanding a series of mutually reinforcing shocks, global...
- It said that positive but somewhat slower growth forecasts for China and the United States will be complemented by modest recoveries in the European Union, Japan, and Britain.
- US growth was expected to moderate from 2.8 percent last year to 1.9 percent in 2025 as the labor market softens and consumer spending slows.
Business
ADNOC Gas awards contracts
The $2.1bn contracts are aimed at enhancing LNG supply infrastructure.
- The LPP and compression facilities will be located within ADNOC Gas’ Habshan 5 plant, part of one of the world’s largest integrated gas processing complexes.
- The largest contract, valued at $1.24 billion for the LPP, was awarded to a consortium consisting of Engineering for the Petroleum and Process Industries (ENPPI) and Petrojet.