Space economy set to triple to $1.8trn by 2035, reveals new research
The growth of the space industry will largely be built upon the increased reach of space-based and/or -enabled technologies, such...
RAKBANK, DP World sign pact
The aim is to offer trade finance solutions to businesses in UAE.
Business
Business
Saudi Arabia plans seeks to create over 200 smart cities: Minister
Riyadh, Saudi Arabia - Saudi Arabia plans to establish more than 200 smart cities, Majed Al Hogail, Minister of Municipal,...
- The cities will use AI systems in numerous fields, including inspection, waste management, parking, and spatial planning.
- The minister explained that cities will depend on their interconnectedness and interaction to improve services quality.
Business
JAFZA facilitates more than a third of Dubai automotive volume
Dubai, UAE-- Jebel Ali Free Zone (Jafza), part of DP World Group, has facilitated over 1.2 million metric tons (MT)...
- This is equivalent to $12.4 billion, more than a third of the total trade worth $31.3 billion.
- Dubai hosts the region’s biggest automotive trading hub and the largest used car market.
Economy
Adoption of new technologies tops Saudi Maritime Congress agenda
The purpose of the event is to highlight the most significant advancements in the digital transformation and adoption of cutting-edge...
- The purpose of the event is to highlight the most significant advancements in the digital transformation and adoption of cutting-edge technological solutions in the sector
- This edition is the first to be organised in person after the pandemic and the recovery of global economies from its unprecedented effects on the supply chain
Business
AD Ports ups stake in Egypt firms
The majority stake in the two companies was valued at $140m.
- The group acquired a 70 percent equity stake in Transmar International Shipping Company (Transmar) and Transcargo International.
- Transmar is a regional container shipping company that operates across the Middle East, Red Sea, Arabian Gulf and Eastern Coast of Africa
Geostrategy
Lebanon-Israel maritime talks to conclude in days: Lebanese official
Negotiations between Lebanon and Israel have been mediated by the US to delineate a shared maritime border.
- Negotiations between Lebanon and Israel have been mediated by the US to delineate a shared maritime border
- US mediator Amos Hochstein, who visited Beirut on September 9 said talks were making progress
Business
First phase of ADNOC Refining’s WHR project nears completion
ADNOC Refining's Waste Heat Recovery (WHR) project is designed to capture exhaust heat from the gas-powered turbines at ADNOC Refining's...
- The firm is looking to reduce its greenhouse gas (GHG) emissions intensity by 25% by 2030, aligned to the UAE Net Zero by 2050 Strategic Initiative
- ADNOC has announced partnerships to decarbonise its operations at scale, with up to 100% of the company's grid power being supplied by clean nuclear and solar energy sources
Business
Dubai records realty transactions worth $517 million: Land Department
Dubai, UAE--- Dubai real estate market recorded 344 sales transactions worth AED1.77 billion ($481 million), in addition to 67 mortgage...
- The sales included 286 villas and apartments worth AED600.16 million, and 58 land plots worth AED1.17 billion.
- The emirate's real estate market recorded a total of 7,092 transactions in July 2022, which is its best performance in the past decade.
Business
Wio launches in UAE
The digital bank is co-owned by ADQ, Etisalat, and others.
- It has three main business lines: digital banking apps, embedded finance and banking-as-a-service, the provision of banking through third-party distributors
- Wio is 65 percent owned by Abu Dhabi sovereign wealth fund ADQ and Alpha Dhabi, 25 percent by Etisalat and 10 percent by First Abu Dhabi Bank
Business
PIF to buy stake in Seera
PIF will pick up $1bn stake in Seera Group's travel unit.
- Seera Group said in a bourse filing that the PIF wants to hold 30 percent of Almosafer’s capital
- Almosafer aims to use the capital injection to scale up its tourism operations and strengthen its position as a leading travel agency in the kingdom
Business
ADQ monetises minority stake of 8.6% in TAQA
TAQA is a diversified utilities and energy group headquartered in Abu Dhabi, and listed on the Abu Dhabi Securities Exchange.
- TAQA is a diversified utilities and energy group headquartered in Abu Dhabi, and listed on the Abu Dhabi Securities Exchange
- The company has significant investments in power and water generation, transmission and distribution assets
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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
Space economy set to triple to $1.8trn by 2035, reveals new research
The growth of the space industry will largely be built upon the increased reach of space-based and/or -enabled technologies, such...
Company News
Sharjah Consultative Council approves heritage policy
Arts & Culture
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Yahsat 2022 revenue up 6%
Business
International Military Forum Army-2023 opens in Moscow
MOSCOW, RUSSIA - The international military-technical forum Army-2023 opens at the Patriot Congress and Exhibition Center here. About 1,500 prominent...
Geostrategy
Syria claims US responsible for military escalation in country
BEIRUT, LEBANON – The US is responsible for the military escalation in eastern Syria, where terrorist groups such as the...
Geostrategy
Saudi Arabia, France vow to promote secure, affordable and sustainable energy
RIYADH, SAUDI ARABIA – Prince Abdulaziz bin Salman and Agnes Pannier-Runacher, Minister for Energy Transition of the French Republic met...
Geostrategy
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Business
Al Hammadi H1 2023 net profit $43.5m
In Q2 2023, net profit jumped 25.7% to $21.8 million.
- The growth was spurred by revenues, which grew by 7.96 percent year-on-year (YoY) to US$153 million.
- This was driven by higher revenues reported by Al Hammadi’s medical services and pharmaceutical segments.
Geostrategy
ADFD finances $105.4m energy security project in Tanzania
ABU DHABI, UAE - The Abu Dhabi Fund for Development (ADFD) has signed a loan agreement with the Government of...
- The project’s objective is to fully connect the Kagera administrative region with the national electricity grid.
- It will reduce dependency on energy imports from Uganda and provide sustainable electricity source.
Business
6 MNCs among new businesses attracted by Dubai Chamber in H1
Dubai, UAE - Dubai International Chamber attracted 56 businesses to the emirate during H1 2023, including six multinational corporations and...
- It also supported the expansion of 15 local and national companies into global markets, either by increasing their exports or helping them to establish a presence abroad.
- During H1 2023, Dubai International Chamber inaugurated six global representative offices in Hong Kong, Australia, the United Kingdom, Indonesia, South Africa, and Singapore.