MENA Outlook: Diversification, AI, and economic integration take centre stage
As the region pivots toward a post-oil future, recent developments across the Middle East and North Africa suggest an accelerating...
Economy
Dubai Airport tops air connectivity ranking for Asia-Pacific and Middle East
Dubai, UAE - Dubai International Airport (DXB) has once again secured the top spot in the Airports Council International’s (ACI)...
Business
Business
Masdar-led consortium to develop 4 GW green hydrogen projects in Egypt
Egypt enjoys abundant solar and wind resources that can allow for the generation of renewable power at a competitive cost.
- Egypt enjoys abundant solar and wind resources that can allow for the generation of renewable power at a competitive cost
- Egyptian authorities are reportedly working to revise the country’s renewable energy strategy to include green hydrogen
Business
QatarEnergy, Chevron Phillips to build US$8.5bn Texas plastic plant
Doha, Qatar— QatarEnergy and Chevron Phillips Chemical (CPChem) have announced they have reached a final investment decision to build an...
- The plant will include an ethylene cracker unit with a capacity of 2.08 million tons per annum, making it the largest in the world
- It will be owned by Golden Triangle Polymers Company LLC, a joint venture in which QatarEnergy holds a 49 percent equity interest with 51 percent held by CPChem
Business
Floating success: Marine industry helps Qatar cruise towards economic diversification at a greater pace
The floating hotel "MSC World Europa", which arrived at Doha Port last week, is one of three floating hotels designated...
- The marine industry is very important to tourism and the long term economic and cultural connections it brings, says Akbar Al Baker, head of Qatar Tourism and Qatar Airways Group
- Qatar has taken significant steps to consolidate its position as a world-class destination for cruise tourism and the Arabian Gulf is an important gateway for it, adds Al Baker
Economy
GCC growth may slow down in 2023 and 2024
The regional economies -- set to expand by 6.9 percent in 2022 -- may moderate to 3.7 percent and 2.4...
- The regional economies -- set to expand by 6.9 percent in 2022 -- may moderate to 3.7 percent and 2.4 percent in 2023 and 2024 respectively, says a World Bank report
- Easing of pandemic restrictions and positive developments in the hydrocarbon market drove strong recoveries in 2021 and 2022 across the GCC, the report points out
Business
ADIB, ADGM to support growth needs of Abu Dhabi financial community
Abu Dhabi, UAE -- Abu Dhabi Islamic bank (ADIB) and Abu Dhabi Global Market (ADGM) will collaborate to support the...
- ADIB will provide clients with ADGM licensed managers for Sharia compliant banking and share news on developments in finance sector.
- Also, a formal framework for cooperation in education, business development between the Bank and ADGM is also a part of the deal.
Business
Masar, BTC Network sign agreement for info center, infrastructure
Makkah, Saudi Arabia---Umm Al-Qura for Development and Construction, owner and developer of Masar, the SR100-billion ($26 billion) destination in Makkah,...
- Masar, the SR100-billion ($26 billion) destination in Makkah, aims to enhance the quality of life of the residents and visitors of the Holy city.
- BTC Networks has three decades of experience that will support Masar’s smart infrastructure, in line with the Kingdom’s Vision 2030 goals.
Business
QatarEnergy, Qatargas celebrate loading of 30,000th ship from Ras Laffan
Doha, Qatar---Qatar’s state-owned QatarEnergy and Qatargas, the world's largest liquefied natural gas (LNG) company, celebrated the loading of the 30,000th...
- The LNG cargo was loaded on board the Qatargas-chartered Q-Max LNG carrier "Mekaines."
- Qatargas Terminals are entrusted to handle approximately three million barrels of oil equivalent of both LNG and non-LNG products every single day.
Business
FSRA grants Binance permission to provide crypto custody services
Abu Dhabi, UAE---Binance, world's biggest cryptocurrency exchange, announced that it has received a Financial Services Permission (FSP) from the Financial...
- Binance received a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM).
- ADGM, the International Financial Centre in the capital of the UAE, introduced the world’s first comprehensive and robust virtual asset regulatory framework in 2018.
Business
Arada to participate in Gulf’s largest real estate show, Cityscape Dubai
Arada will showcase its existing projects, Aljada and Masaar, as well as announce new expansion plans that cater to the...
- Arada will showcase its existing projects, Aljada and Masaar, as well as announce new expansion plans that cater to the strong investor demand for property in the UAE
- Arada has so far launched three master-planned communities with a total value of AED 33 billion, making it the largest developer in Sharjah
Science
Kuwait sets 2060 as date to reach carbon neutrality
Sharm el Sheikh, Egypt—Kuwait is planning to achieve carbon neutrality in the oil and gas sector by 2050 and across...
- According to Kuwait's Environment Public Authority chief, Kuwait intends to embrace a national strategy to achieve the target
- The chief said the country is also keen to develop program to reduce carbon emissions through low-carbon development strategies in the oil and gas, energy, transport, industry
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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
MENA Outlook: Diversification, AI, and economic integration take centre stage
As the region pivots toward a post-oil future, recent developments across the Middle East and North Africa suggest an accelerating...
Economy
Company News
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Business
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stc, Microsoft to collaborate
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Maaden posts net loss in Q3
Business
NMDC, AD Ports Group ink MoU
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ADDED, Siemens Energy to support sustainable industrial development in Emirate
ABU DHABI, UAE - Abu Dhabi Department of Economic Development (ADDED), represented by Industrial Development Bureau (IDB), and Siemens Energy...
Economy
FTA issues guide to determine natural persons subject to corporate tax
ABU DHABI, UAE - The Federal Tax Authority (FTA) has issued a new guide outlining the criteria to determine natural...
Geostrategy
136 UN employees killed in Gaza War, says UN chief
NEW YORK, US - UN Secretary-General Antonio Guterres said on Sunday that 136 United Nations employees in Gaza Strip had...
Geostrategy
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Economy
UAE best performing economy in Arab region, says Arab Monetary Fund
Abu Dhabi, UAE - The United Arab Emirates was named the most economically competitive nation in the Arab world, a...
- The report noted the UAE secured the top position in the government financial sector index, ranking first in the deficit/surplus to GDP ratio and second in the tax burden index
- The UAE also topped the infrastructure sector index, leading in mobile phone subscriptions and the percentage of the population with access to electricity
Business
TAQA, GS Inima and EWEC seal deal
Abu Dhabi's Shuweihat 4 desalination project secures $444 million.
- The S4 RO project is primarily funded 71 percent through debt financing from both local and international banks.
- The financial closing comes after TAQA and GS Inima signed the water purchase agreement with EWEC in August 2023.
Geostrategy
UN adopts Qatar-sponsored resolution on human rights training center
New York, USA - The UN General Assembly (UNGA) adopted a resolution by 185 votes on 'The UN Human Rights...
- Qatar sponsored and facilitated negotiations every two years since its establishment in 2008, with its headquarters in Doha
- In its resolution, the General Assembly reaffirms the role of regional cooperation in promoting and protecting human rights