Tech and sustainability drive Singapore’s smart tourism vision
To realize its vision for “smart tourism”, Singapore Tourism Board is leveraging cutting-edge technologies like artificial intelligence, data analytics, and...
Interview
ADNOC Distribution 2024 net profit down 7%
Minus UAE corporate tax, it would have grown by 2.4% to $725m
Business
Business
Investopia partners discuss investment opportunities in ME region
The discussions took place during a business session held in collaboration with Abu Dhabi Department of Economic Development.
- The discussions took place during a business session held in collaboration with Abu Dhabi Department of Economic Development
- The global investment platform also announced its next annual conference on 1 and 2 March 2023 in Abu Dhabi
Business
Dubai Industrial City unveils plant to manufacture electric cars
The ceremony was attended by Dr. Majida Al Azazi, Chairman of the Board of Directors of M Glory Holding Group,...
- The new plant houses the temporary assembly line, which has a maximum production capacity of 10,000 cars per year
- The setting up of the factory, according to DIC, will enable regional manufacturers like M Glory to establish businesses and further the 'Make it in the Emirates’ initiative'
Business
Alpha Pharma signs MoU for plasma
It becomes first Saudi firm to enter plasma products' field in GCC region.
- Under the MoU, Biotest AG will provide the knowledge and technical expertise and supply plasma medicines to Saudi until Alpha Pharma becomes capable of producing them.
- Biotest AG will continue to guarantee the supply of plasma-derived products to the kingdom through the supply and distribution agreement with Cigalah Healthcare.
Business
Burjeel IPO raises $300m
VPS Healthcare Holdings will continue to own a 70 per cent stake.
- Oversubscribed 29 times, the total gross demand for the IPO was more than AED32 billion ($8.7 billion).
- Based on the Final Offer Price, Burjeel’s market capitalization upon listing is expected to be approximately AED10.4 billion.
Economy
S&P says UAE non-oil economy posts growth in September
S&P Global's latest data reveals that the UAE has recorded a strong growth in business across the non-oil economy even...
- August had recorded a slightly higher PMI of 56.7, but S&P considers any readings above 50 as growth while those below 50 are marked as contraction
- S&P noted that firms also encountered relatively mild price pressures, as input costs rose only slightly after a renewed fall in August
Geostrategy
Jordan king discusses trade, regional issues in talks with Oman sultan
The two leaders focused on maintaining coordination and consultation on various issues of mutual concern, especially food security and energy.
- The two leaders focused on maintaining coordination and consultation on various issues of mutual concern, especially food security and energy
- King Abdullah expressed appreciation for Oman’s position and continuous efforts to bolster security and stability in the region
Business
SEIC strikes US$150m deal
The PIF-backed firm buys 34% stake in an Egyptian firm.
- SEIC’s acquisition was made via the purchase of a minority stake from African Development Partners II, a fund advised by Development Partners International
- B.TECH is 34 percent owned by DPI, while the remaining 66 percent belongs to BT Holding which is owned by the Khattab family that founded the company
Economy
DMCC, Fresh Water Norway partner to expand water supply chain
The collaboration could see a staggering one billion litres of natural drinking water flow through Dubai every year, over a...
- The collaboration could see a staggering one billion litres of natural drinking water flow through Dubai every year, over a period of 50 years
- Fresh Water Norway will be able to avail of DMCC’s services, global connections and network across supply chains and its ability to drive trade flows through Dubai
Economy
Saudi Arabia’s non-oil economy is growing: S&P
Although the PMI in August was 57.7, the kingdom has maintained steady growth for the 25th consecutive month.
- Although the PMI in August was 57.7, the kingdom has maintained steady growth for the 25th consecutive month
- Readings above 50 indicate expansion, while readings below 50 indicate contraction, according to S&P Global
Investigation
Exclusive: ‘Cheerleaders’ hired to clap during FIFA Cup
Young Arab boys and girls from countries such as Lebanon are being flown to Qatar and paid $800 to cheer...
- Young Arab boys and girls from countries such as Lebanon are being flown to Qatar and paid $800 to cheer during the upcoming World Cup, TRENDS Investigation reveals
- Whoever had a valid passport and got three doses of Covid-19 vaccination jumped on the ‘clapping’ bandwagon, one of the clappers flying to Qatar tells TRENDS
Tech and sustainability drive Singapore’s smart tourism vision
To realize its vision for “smart tourism”, Singapore Tourism Board is leveraging cutting-edge technologies like artificial intelligence, data analytics, and...
Interview
Company News
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Dubai’s top 10 land deals in 2023 is worth US$2.3bn
DUBAI, UAE – A real estate brokerage based here has compiled the 10 largest land deals in the Emirate since...
Business
Mawani, SGP ink US$266m pact
The aim is to establish multiple logistics zones in the Kingdom.
Business
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Business
Air Arabia launches non-stop flights between UAE’s Sharjah, Egypt’s Giza
SHARJAH/ ABU DHABI, UAE - Air Arabia announced the launch of a new route operating between Sharjah and Giza city...
- The non-stop flights will connect Sharjah International Airport with Giza and will have a frequency of five weekly flights.
- British Airways announced that it will launch daily flights from London to Abu Dhabi next year.
Business
PIF announces pricing of inaugural $3.5bn global sukuk issue
RIYADH, SAUDI ARABIA - The Public Investment Fund (PIF) on Thursday successfully priced its first dollar-denominated Shariah-compliant trust certificates (sukuk)....
- The issuance will be listed on the London Stock Exchange’s International Securities Market (ISM).
- The sukuk issuance was more than seven times oversubscribed, with orders exceeding $25 billion,
Geostrategy
Russia ready to discuss Turkey’s idea about guarantors for Israel, Palestine, says Lavrov
PYONGYANG, NORTH KOREA - Russia is ready to discuss and consider Turkey’s initiative to establish a guarantor system in the...
- According to the Russian foreign minister, the initiative is driven by the intention to de-escalate things and bring the situation back to normal.
- He said that the Turkish initiative is rooted in the desire to ensure a balance of interests, rather than favoring one party.