GCC tourism’s contribution to GDP expected to surge by 2030: Fitch
GCC tourism's GDP contribution will rise from $130 billion in 2023 to over $340 billion by 2030, driven by aviation...
Chinese electric car company Nio to enter UAE this year
Chinese electric car company Nio plans to expand to the Middle East this year, CEO William Li said on an...
Business
Business
Saudi allows duty-free markets at air, sea and land ports
Riyadh, Saudi Arabia -Saudi Arabia has approved the establishment of duty-free markets, when necessary, at air, sea and land ports...
- The decision will allow sales to travelers coming to and departing from the Kingdom.
- The Saudi Cabinet also reviewed the Kingdom's participation in G20 ministerial meetings, held in Bali.
Geostrategy
Saudi delegation visits Jordan’s Petra to enhance cooperation
A delegation from Saudi Arabia's Royal Commission for AlUla (RCU) visited Petra on Tuesday to advance cooperation between the two...
- PDTRA Chairman briefed the Saudi delegation on the authority's efforts to develop tourism in Petra.
- The delegation toured the rose-red city and looked firsthand at the Petra By Night program, the flying taxi and other projects.
Economy
Oman issues Treasury Bills worth $103 million for 91 days
Muscat, Oman---The government of Oman issued Treasury Bills worth Omani Riyal 40 million (US$103 million) for a period of 91...
- The average accepted price reached RO 99.419 for every RO 100, and the minimum accepted price arrived at RO 99.270 per RO 100.
- Treasury Bills are short-term highly secured financial instruments issued by the Ministry of Finance.
Business
Shapoorji bags Majid Al Futtaim deal
The US$217.4m contract covers construction of 808 villa sets.
- The projected date of completion of the projects at Tilal Al Ghaf is mid-2024.
- A key highlight of Tilal Al Ghaf is its central recreational lagoon bordered by white sandy beaches.
Economy
ADJD notarization, authentication transactions jump in August
The Abu Dhabi Judicial Department (ADJD) has achieved a record surge in total notarization and authentication transactions carried out in...
- There were 13,000 notarization and authentication transactions operations in August.
- The availability of multiple electronic options for submitting and completing transactions remotely helped in the increase.
Geostrategy
UAE takes part in G20 Health Working Group in Indonesia
UAE's Ministry of Health and Prevention (MoHAP) has taken part in the G20 Health Working Group (HWG3) meeting in Indonesia...
- The UAE ministry's delegation highlighted the importance of promoting solidarity among member states to better meet essential health needs.
- The delegation said UAE is ready to cooperate with Indonesian officials to expand vaccine manufacturing and research hubs for pandemic prevention.
Business
Mubadala Petroleum rebranded
The company achieved the 500,000-boed milestone this year.
- In 2017, Mubadala Energy shifted its strategy to natural gas, a transition that saw the company realize key projects.
- Other major gas projects include Mubadala Energy's operated Pegaga gas field in Malaysia.
Economy
Qatar grows its suite of world-class hotels with new openings this month
The Wyndham Grand Doha West Bay Beach, St. Regis Marsa Arabia Island and the Rixos Hotel Doha will soon unveil...
- The Wyndham Grand Doha West Bay Beach, St. Regis Marsa Arabia Island and the Rixos Hotel Doha will soon unveil an exciting range of culinary concepts
- Being the host nation of the first-ever FIFA World Cup in the Gulf later this year, Qatar is using the event to fulfil its goal of attracting over 6 million visitors a year
Business
Tabby launches in Egypt
The shopping app looks to widen its market in MENA.
- Tabby works with multiple brands to offer flexible payments at checkout
- It is currently ranked among the top 10 shopping apps in the Middle East with more than 2 million active shoppers
Business
DMCC puts on display world’s largest pink diamonds at DDE
DMCC has hosted the unveiling of one of the world’s largest internally flawless fancy vivid pink diamonds – the "Williamson...
- The 11.15 carat flawless pink diamond started its roadshow in Dubai, one of the world’s leading diamond trade hubs
- Expected to fetch over US$21 million, the Williamson Pink Star diamond has the potential to set a new price per carat record given its incredible purity
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GCC tourism’s contribution to GDP expected to surge by 2030: Fitch
GCC tourism's GDP contribution will rise from $130 billion in 2023 to over $340 billion by 2030, driven by aviation...
Company News
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Ukraine ‘satisfied’ with Saudi-led mediation to end war
Russia, which was not invited to the summit, said that a resolution was possible if Ukraine "stopped the hostilities and...
Geostrategy
Dubai Investments net rises to $157m
Real estate sector remains one of the key business verticals.
Business
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Business
OERC, Jindal to set up sustainable transport logistics solution
Abu Dhabi, UAE - Oman and Etihad Rail Company (OERC) signed a deal with Jindal Shadeed Iron & Steel (Jindal)...
- It will allow Jindal to annually transport up to 4 million tons of raw materials and finished products from its steel complex at Sohar Port to the UAE’s markets.
- OERC will leverage its rail network to support Jindal in optimizing operational integration through facilitated loading and unloading processes.
Business
Brazilian-Saudi Investment Forum witnesses inking of 25 MoUs
SAO PAULO, BRAZIL - The Ministry of Investment organized here the Brazilian-Saudi Investment Forum, which saw the signing of many...
- The 25 MoUs covered petrochemicals, healthcare, defense, food, real estate, tourism, water desalination and treatment, and agriculture.
- The new library will act as a central hub to connect the university’s 28 sub-libraries and will contribute towards enhancing its educational capabilities.
Business
Ooredoo Algeria gets new CEO
Roni Tohme, the Acting CEO, has been confirmed as the CEO.
- Tohme brings over 21 years of experience in telecoms and finance to his new role, having previously served as Ooredoo Algeria’s Chief Financial Officer.
- During his tenure as CFO, he played a vital role in shaping an agile and lean finance department, contributing to the company’s business transformation.