DAE to acquire 17 aircraft for $1 bn
This portfolio comprises 100 percent next-generation aircraft
Business
Saudi Arabia’s inflation rate 2 percent in Jan, rental prices main driver
Riyadh, Saudi Arabia -- Saudi Arabia's annual inflation rate in Jan 2025 reached 2 percent compared to January 2024, the...
Economy
Geostrategy
UAE, Chile ink pact to exchange knowledge on energy sector
UAE's Ministry of Energy and Infrastructure signed a Memorandum of Understanding with its counterpart in Chile to exchange knowledge and...
- Under the agreement UAE and Chile will exchange information, knowledge and expertise, hold high-level meetings to discuss issues.
- The two sides will organise relevant academic research and enhance their cooperation in clean and renewable energy.
Business
ADQ submits shareholding offer to ADA
ADQ aims to establish a diversified aviation services and MRO business.
- The combined group would have assets of approximately AED 9.4 billion ($2.6 billion) with an extensive portfolio of aircraft, MRO centers and hangars.
- Following completion, ADQ would own approximately 59 percent of the entire issued share capital of ADA.
Geostrategy
UAE calls Borrell’s ‘jungle’ remark as ‘racist and disappointing’
"Borrell’s remarks are a disappointing development that comes at a time when all parties are aware of the importance of...
- Borrell said in a speech in Bruges, Belgium that “Europe is a garden, but most of the rest of the world is a jungle, and the jungle could invade the garden”.
- The UAE asked the Office of the High Representative to "provide a written explanation of the High Representative’s hurtful and discriminatory comments".
Business
World Cup boom pushes some Qatar residents out of homes
More than one million football fans are expected to descend on the capital Doha during the November-December tournament, putting a...
- Most fans will be staying in hotels, apartments, cruise ships and desert camps booked through the official World Cup portal.
- To ease the crunch, FIFA recently released thousands of hotel rooms it had reserved, which experts have said could push World Cup prices down.
Economy
Saudi to target 11 decisions for Emiratisation program by 2022 end
Riyadh, Saudi Arabia---Saudi Arabia will target 11 new decisions for Emiratisation program in project management, procurement, food and drug sectors...
- New Emiratisation decisions will be targeted in project management, procurement, food and drug sectors.
- Emiratisation has cut unemployment rate of Saudis to 9.7 percent and increased the rate of economic participation of women by 35.6 percent.
Business
Al Seer signs JV
The agreement was signed with Damen Shipyards and DTec Industries.
- They will implement their success formulas to ventures and local partnerships to sell, build and maintain high-quality, innovative, and cost-effective marine vessels.
- The Joint Venture between the companies will combine the best maritime talent in the industry and help position the UAE as the industry centre of excellence.
Geostrategy
UAE contributes $25 million toward Al Makassed Hospital in East Jerusalem
Abu Dhabi, UAE---The United Arab Emirates will contribute $25 million toward Al Makassed Hospital in East Jerusalem in collaboration with...
- At Al Makassed Hospital , it is expected that more than 130,000 people will benefit from its health services.
- Sultan Mohammed Al Shamsi, Assistant Minister of Foreign Affairs, said the agreement reflected UAE's historic commitment to Palestinians.
Business
Saudi Top to list on Nomu
The company will list 880,000 ordinary shares via an IPO.
- According to a bourse filing, this represents around 22 percent of Riyadh-based Saudi Top’s share capital
- The end price of the offering is expected to be determined once the book-building process for the offering has been completed
Geostrategy
Kuwait chooses new ministers for oil and foreign affairs
Kuwait City, Kuwait— Kuwait has brought in a new oil minister in a new cabinet reshuffle after the September elections....
- Salem Abdullah Al-Jaber Al-Sabah was appointed as foreign minister and Ammar Muhammad Ammar Al-Ajmi was given the minister of state for housing and urban development
- The first parliament session after the September elections in Kuwait has been postponed to Oct. 18
Business
Saudi Arabia to host 3rd edition of Gulf Entrepreneurs Forum
The forum targets GCC entrepreneurs and business incubators and accelerators and financing institutions in GCC.
- The forum targets GCC entrepreneurs and business incubators and accelerators and financing institutions in GCC
- Events of the forum include several meetings and sessions, including the experience of GCC states in incubating new businesses
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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
DAE to acquire 17 aircraft for $1 bn
This portfolio comprises 100 percent next-generation aircraft
Business
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FAB H1 2023 net profit $2.2bn
Business
Bahrain suspends economic relations with Israel
DUBAI, UAE - Bahrain has recalled its Ambassador from Israel and decided to suspend economic relations with Tel Aviv in...
Geostrategy
Al Ansari Financial Services okays dividend
The first proposed interim dividend is of $81 million.
Business
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Business
Middle East conflict alters regional energy dynamics
Chevron's Tamar gas field halt, rising global oil prices, and jeopardized gas supplies to Egypt and Jordan underscore the impact...
- Chevron's Tamar gas field halt, rising global oil prices, and jeopardized gas supplies to Egypt and Jordan underscore the impact of geopolitics on energy security.
- Achieving peace in the Middle East region is crucial, not just for the well-being of its people but also for maintaining global economic stability and energy security.
Business
Maaden posts net loss in Q3
Sales revenue was US$1.6 billion (SAR 6.22 billion) in Q3 2023.
- Maaden posted a net profit of US560 million (SAR 2.1 billion) in Q3 2022.
- Maaden posted net earnings of $183 million for the first nine months of 2023.
Business
NMDC, AD Ports Group ink MoU
The firms will continue to work closely on future global projects.
- The agreement is in line with the objectives of UAE’s national strategy for industry and advanced technology.
- The MoU will help the two firms to work together to strengthen the global maritime industry and support the economic growth of the UAE.