With AI and more shade, Saudi Arabia set for a searing hajj
Riyadh, Saudi Arabia -- With artificial intelligence, more shade and misting machines, Saudi authorities are preparing to welcome more than...
Geostrategy
ADNOC’s listed companies post over $2.3 billion net profit in first quarter
Abu Dhabi, UAE -- ADNOC Group's publicly traded portfolio companies combined to deliver over $2.3 billion (AED8.4 billion) in first...
Business
Business
Americana to sell 30% stake in IPO
The company will list on ADX and Saudi Tadawul by Dec. 6.
- The company said it will sell 2.5 billion of its existing shares in the IPO, which expected to run from 14-21 Nov. for retail investors in the UAE and Saudi.
- The final offering prices will be determined after the book-building process.
Business
ADNOC Drilling awards $1.6 bn agreement
The award is aimed at upping lower-carbon-intensive production capacity.
- The award covers ADNOC’s onshore and offshore fields and will see an additional $750 million above guidance added to Oilfield Services (OFS) revenue, or $150 million per year.
- The contract award brings the total value of awards confirmed by ADNOC Drilling in 2022 to $8.85 billion.
Videos
Video: IMF echoes what TOP CEO Conference forecast about inflation in May 2022 – MENA growth may slow
Inflation has a significant cost-push pressure on cost of living and will impact the daily set of requirements of people...
- Inflation has a significant cost-push pressure on cost of living and will impact the daily set of requirements of people in the region, one of the experts had said at the event
- The MENA economies will continue to remain resilient this year, but double-digit inflation is expected to slow growth in 2023, the latest IMF report highlights
Economy
Saudi Arabia, Egypt discuss renewable energy cooperation
The two ministers also talked about the progress in the electrical interconnection efforts.
- The two ministers also talked about the progress in the electrical interconnection efforts
- They also discussed ways to improve cooperation between their specialized businesses
Business
Saudi Arabia and Finland to start air services and increase trade
Helsinki, Finland— Saudi Arabia and Finland have signed an agreement to regulate air transport and start air services between the...
- The memorandum aims to boost trade and raise the level of economic partnership between the two nations
- The agreement includes the organizational clauses related to transport rights, the plurality of designating national carriers, determining the number of regular flights
Business
e& posts 1.9% jump in profit
The telecom company's net profit vaulted to $680.5m in Q3.
- The telecom company said that its revenues surged to hit $3.54 billion
- Its subscribers in the UAE reached 13.3 million in Q3 2022, representing an increase of 11 percent over the same period last year
Business
40 Saudi, German companies discuss investment opportunities
The German delegation comprised companies working in the areas of water, training, education, infrastructure, industries, constructions and innovation.
- The German delegation comprised companies working in the areas of water, training, education, infrastructure, industries, constructions and innovation
- The two countries have an institutional base for their economic ties represented by the Saudi-German Joint Committee and the Saudi-German Business Council
Economy
UAE, US partner to invest $100bn in renewables, clean technologies
The UAE-US Partnership for Accelerating Clean Energy (PACE), aims to produce 100 new gigawatts (GW) of clean energy in the...
- The UAE-US Partnership for Accelerating Clean Energy (PACE), aims to produce 100 new gigawatts (GW) of clean energy in the two countries
- The UAE has invested more than US$50 billion over the past ten years in clean energy technologies and solutions around the world
Business
Dubai starts issuing multiple-entry visa for Qatar World Cup fans
Dubai, UAE— Dubai has begun to give out multiple-entry tourist visa for "Hayya cardholders" traveling to Doha for the World...
- General Directorate of Residency and Foreigners Affairs (GDRFA)Â issued the first 90-day multiple-entry tourist visa to Mohammed Jalal, a Jordanian football fan
- Arrivals, according to GDRFA, can have their visas before reaching the country and can shuttle frequently between Dubai and Doha for matches several times a day
Geostrategy
Abu Dhabi, Kyrgyzistan’s Bishkek City sign twinning agreement
Abu Dhabi, represented by Abu Dhabi's Department of Municipalities and Transport, and Bishkek City have signed a twinning agreement to...
- As part of the city twinning agreement, the two capital cities will enable mutual exchange between delegations and the business community.
- The pact will also facilitate exchange of knowledge in urban planning and explore the feasibility of joint venture projects.
With AI and more shade, Saudi Arabia set for a searing hajj
Riyadh, Saudi Arabia -- With artificial intelligence, more shade and misting machines, Saudi authorities are preparing to welcome more than...
Geostrategy
Company News
Latest News
CBUAE, Islamic finance organizations discuss sustainable practices
ABU DHABI, UAE - The Central Bank of the United Arab Emirates (CBUAE) hosted several events with Islamic finance infrastructure...
Business
Debt Settlement Fund waives default loans worth over US$107m in UAE
DUBAI, UAE - The Citizens Debts Settlement Fund announced the exemption of 1,244 citizens from their debts with a total...
Geostrategy
Rising global temperatures in focus as COP28 kicks off in Dubai
Dubai, UAE--Rising sea levels, vanishing Arctic landscapes, fading coral reefs, acidic oceans, and raging forest fires are common occurrences today....
COP28 UAE
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Business
EDB commits US$350m for renewable energy projects in developing countries
ABU DHABI, UAE - Emirates Development Bank (EDB) has committed US$350 million (AED 1.3 billion) to support the Energy Transition Accelerator...
- The ETAF platform is a global climate finance facility established by the International Renewable Energy Agency (IRENA).
- The announcement was made during the signing of a collaborative partnership agreement between EDB and IRENA.
Economy
Monsha’at reports Q3 rise in SMEs driven by growth across non-oil sectors
RIYADH, SAUDI ARABIA - The General Authority for Small and Medium Enterprises (Monsha'at) has released its latest quarterly SME Monitor,...
- The total number of SMEs in the Kingdom has risen and reached 1.27 million.
- Over 43 percent of SMEs are located in the financial capital of Riyadh.
Economy
Jordan’s jewelry, pharmaceutical exports rise in January-September 2023
AMMAN, JORDAN – The Kingdom’s exports of jewelry increased by 71.5 percent during the January-September period of 2023 and pharmaceutical...
- The value of Jordan’s exports of jewelry until the end of September amounted to about US$858 million.
- The value of the Kingdom’s exports of pharmaceutical products until the end pf September was about US$531 million