Austrian university develops technique to renew buildings without demolition
Vienna, Austria - A research team from Graz University of Technology in Austria has succeeded in developing an innovative fastening...
Science
Dubai GDP grows by 4 percent to reach $32.58 billion in first quarter of 2025
Human Health and Social Work activities registered the highest growth rate, rising 26 percent compared to the same period last...
Economy
Business
EIC to pay $22m dividend
The company's board had decided 15% cash dividend for H2 2023.
- The company had reported a 113 percent increase in net profit to SAR 201 million in 2023, compared to 94 million a year ago.
- The increase in net profit was attributed to an increase in sales from SR 1.066 billion to SR 1.559 billion
Business
UAE, NeoNautica collaborate to develop Blue Pass platform
DUBAI, UAE – The Ministry of Energy and Infrastructure has signed a collaboration agreement with NeoNautica, a company specialized in...
- This will help enhance the competitiveness of the national maritime sector, promote its attractiveness to international investors.
- This strategic expansion aims to position the UAE as the premier logistical partner for global trade and further consolidate its leadership in the lindustry.
Business
DMCC registers 2,692 new companies in 2023, its second-best year on record
Dubai, UAE -- A total of 2,692 new companies joined Dubai Multi Commodities Centre (DMCC) last year, bringing the total...
- The launch of new industry ecosystems, the expanded service offerings and the physical growth of the Uptown Dubai district boosted the performance.
- DMCC said it accounted for 11 percent of Dubai’s total FDI inflows and cemented its status as a global hub for trade in commodities like diamonds and precious stones.
Business
Amman Chamber of Industry exports for January-February 2024 reaches $1.3bn
AMMAN, JORDAN - Amman Chamber of Industry (ACI) exports amounted to US$1.3 billion (JD926 million) during the last two months...
- During the first two months of 2024, India, the US, Saudi Arabia and Iraq accounted for the majority of ACI’s exports.
- The chamber's exports to the US surged during the first two months of 2024 to about US$297 million compared to US$275 million.
Business
Saudi Tourism Authority, Trip.com Group sign global agreement
BERLIN, GERMANY – Saudi Tourism Authority (STA) and Trip.com Group have announced a significant global partnership, which will drive greater...
- The joint effort aims to bring over 350 thousand additional tourists to Saudi over the course of the agreement.
- The partnership is vital as it coincides with exceptional growth and transformation in the global tourism industry.
Business
UAE launches first legally established financial ombudsman unit
Abu Dhabi, UAE – Sanadak, UAE's and MENA region's first legally established independent Ombudsman Unit catering to consumers of financial...
- Sanadak's focus is on safeguarding consumers rights and resolving complaints that arise from dealings with financial institutions and licensed insurance companies.
- Sanadak reduces the need to take claims to courts and judicial authorities, thereby bolstering consumer confidence and elevating the protection of financial consumer rights.
Business
Burjeel Holdings net profit up
The company’s 2023 annual revenue rises to US$1.2 billion.
- The group continued to implement its geographic expansion strategy with the launch of the PhysioTherabia rehabilitation network in Saudi Arabia.
- It opened eight new centers in March 2024 in Riyadh, Jeddah, Dammam, Khobar, and Yanbu which significantly expanded its geographical reach.
Business
Over 105m people visit Dubai Mall in 2023
DUBAI, UAE – Dubai Mall welcomed a record 105 million visitors in 2023, a jump of over 19 percent on...
- Figures also showed a staggering 20 million people visited the mall in the first two months of this year alone.
- The mall's events and promotions in 2023 and the beginning of 2024 were a key driver of its foot traffic.
Economy
Saudi Arabia’s Purchasing Manager’s Index rises to 57.2 points in Feb
RIYADH, SAUDI ARABIA - The seasonally adjusted Riyadh Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia...
- The PMI is a weighted average of five indices – new orders, output, employment, suppliers’ delivery times, stocks of purchases.
- In January, the index reached its lowest level in two years, indicating a strong but weaker improvement in Saudi non-oil private sector.
Geostrategy
Saudi Arabia to imprison, fine people for helping, employing illegal immigrants
RIYADH, SAUDI ARABIA – The Directorate of Public Security stressed that anyone who facilitates the entry, transfer or employment of...
- The means of transportation used for bringing illegal immigrants will be confiscated.
- The housing unit used to shelter illegal immigrants will be confiscated, as per the law.
Austrian university develops technique to renew buildings without demolition
Vienna, Austria - A research team from Graz University of Technology in Austria has succeeded in developing an innovative fastening...
Science
Company News
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Emirates Islamic Q1 profit $394m
Business
New WEF report reveals how tech convergence will reshape industries
Geneva, Switzerland – The World Economic Forum today released a new report examining how emerging technology combinations are reshaping industries...
Geostrategy
Cross-border deals fuel M&A surge in MENA region in Q1 2025
Dubai, UAE -- The Middle East and North Africa (MENA) region has kicked off 2025 with a remarkable surge in...
Business
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
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Business
Saudi Arabia unveils ‘Colour Your Summer’ program, targeting 41 million visitors
Riyadh, Saudi Arabia -- Saudi Arabia's tourism sector is poised for an unprecedented summer season, with the official launch of...
- It brings together over 120 partners from across Saudi Arabia's tourism ecosystem, including both public and private sectors, to offer an unparalleled array of experiences.
- Major events include the highly anticipated Esports World Cup (EWC) in Riyadh from July to August, alongside dynamic Jeddah and Aseer Seasons.
Business
ADNOC Drilling secures $1.15bn contract
The contract for two jack-up rigs begins in the second quarter.
- The rigs are expected to commence operations around the end of 2Q 2025, delivering revenue in the second half of 2025 onwards.
- This award further de-risks and reaffirms ADNOC Drilling’s current 2025 and medium-term guidance, the company said.
Business
World’s longest diamond necklace set to break Guinness record at Sharjah show
Sharjah, UAE – Exhibitors at the 55th Watch and Jewelry Middle East Show, scheduled from May 28 to June 1,...
- The piece incorporates more than 600 lab-grown diamonds, precisely set in 18-karat rose gold, representing a fusion of luxury aesthetics and cutting-edge production techniques.
- The official Guinness assessment is set to take place on the first day of the 55th Watch and Jewelry Middle East Show.