Alpha Dhabi acquires interest in NCTH
The deal increases NCTH's portfolio to 8 hotels with 1,500 keys.
Business
18 Palestinians killed in Israeli strikes on northern, southern Gaza
Palestinian news agency (WAFA) reported that eight Palestinians were killed, and others were injured in an airstrike by the Israeli...
Geostrategy
Business
TAQA, GS Inima and EWEC seal deal
Abu Dhabi's Shuweihat 4 desalination project secures $444 million.
- The S4 RO project is primarily funded 71 percent through debt financing from both local and international banks.
- The financial closing comes after TAQA and GS Inima signed the water purchase agreement with EWEC in August 2023.
Geostrategy
UN adopts Qatar-sponsored resolution on human rights training center
New York, USA - The UN General Assembly (UNGA) adopted a resolution by 185 votes on 'The UN Human Rights...
- Qatar sponsored and facilitated negotiations every two years since its establishment in 2008, with its headquarters in Doha
- In its resolution, the General Assembly reaffirms the role of regional cooperation in promoting and protecting human rights
Arts & Culture
Sharjah’s ‘Mleiha’ and ‘Al Dhaid’ added to Islamic World Heritage
Sharjah, UAE - The Islamic World Heritage Committee of the Islamic World Educational, Scientific and Cultural Organization (ISESCO) added the...
- The Sharjah Archaeology Authority (SAA) has completed the nomination dossier of the Mleiha archaeological site titled "Mleiha: The Pre-Islamic Period in Southeast Arabia"
- The nomination highlights the historical and archaeological value of Mleiha and its archaeological and architectural elements that were unearthed during continuous excavations
Business
Bayanat, Yahsat to merge
It will benefit from revenue synergies, economies of scale.
- The merger will create an AI-powered space technology champion in the MENA region with an implied market capitalization of over US$4 billion.
- The combined entity will be vertically integrated and optimally positioned to capture regional, global opportunities in geospatial and mobility solutions.
Business
BCI’s subsidiary secures US$100m loan from SIDF
RIYADH, SAUDI ARABIA - Basic Chemical Industries Co.'s (BCI) subsidiary Chemical Marketing and Distribution Co. Ltd. secured a loan from the Saudi...
- The US$100 million loan has a duration of seven years and three months starting from October 8, 2025.
- BCI mortgaged all fixed assets of the project as guarantees for financing, in addition to a corporate guarantee.
Geostrategy
UAE, Kazakhstan sign MoU to combat financial crimes
ASTANA, KAZAKHSTAN – UAE and the Republic of Kazakhstan signed an agreement to enhance bilateral cooperation in the combating of...
- The MoU aims to increase cooperation in combating money laundering, terrorism financing and proliferation financing.
- It will focus on four key areas: virtual assets, public-private partnership, education and capacity building, and asset recovery.
Geostrategy
NCSC seeks to regulate Jordan’s cybersecurity market
AMMAN, JORDAN - National Cyber Security Center (NCSC) seeks to regulate the Kingdom's cybersecurity market by outlining and endorsing the...
- One of the NCSC's key measures focuses on issuing Cybersecurity Services Licensing System, its director said.
- This would "effectively" contribute to strengthening and supporting Jordanian companies to enter the cybersecurity market.
Business
Hyundai Motor, Mubadala ink MoU
The two firms will seek to unlock investment opportunities.
- The agreement between the two firms will allow both parties to jointly invest and share expertize.
- Hyundai Motor and Mubadala will seek to unlock potential investment opportunities.
Business
Tabreed gets US$163m Green Revolving Credit Facility
ABU DHABI, UAE - Tabreed on Thursday announced the successful closure of its inaugural US$163 million (AED600 million) Green Revolving...
- This financing agreement, spanning five years, aligns with Tabreed's overarching sustainability strategy.
- The facility will introduce efficient cooling solutions, meeting the regional demand for sustainable innovative technologies.
Economy
Mawani gets 79.01 points in UNCTAD’s Liner Shipping Connectivity Index for Q4 2023
RIYADH, SAUDI ARABIA – The Saudi Ports Authority (Mawani) attained its highest improvement in the UNCTAD's Liner Shipping Connectivity Index...
- This development aligns with the objectives of the National Transport and Logistics Strategy (NTLS).
- This achievement adds to the recent major records, including a score of 77.66 during Q3.
Alpha Dhabi acquires interest in NCTH
The deal increases NCTH's portfolio to 8 hotels with 1,500 keys.
Business
Company News
Latest News
EIC to pay $22m dividend
Business
GASTAT issues FDI statistics of Saudi Arabia for Q4 2023
RIYADH, SAUDI ARABIA – The General Authority for Statistics (GASTAT) issued on Friday the Foreign Direct Investment (FDI) statistics for...
Economy
Gulf nations embark on defense industry localization
Saudi Arabia leads GCC efforts towards defense self-reliance by creating the first military industries committee, aiming to reduce foreign imports...
Economy
flydubai adds two Saudi destinations
Flights to Al Jouf Airport and Red Sea Airport to start from April 18.
Business
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Business
ESA, SAP ink agreement
ESA will consolidate operations under a single ERP solution
- ESA will benefit from a streamlined and integrated system, improving visibility and control over all of its operations.
- ESA will be using an integrated supply chain model that eliminates process silos, predicts disruptions.
Business
CATRION 2023 profit up 10%
The company said that net profit, however, dropped 35% in Q4.
- The company' board has announced a cash dividend of SAR90 million for the second half of 2023.
- The company's revenue increased from SAR 1.818 billion in 2022 to SAR 2.133 billion in 2023, due to the inflight catering segment as well as non-aviation catering services.
Geostrategy
Middle East oil policies not dictated by US, says Russia
MOSCOW, RUSSIA – US will no longer be able to dictate oil prices in the Middle East, Director of the...
- The US cannot dictate prices, although they would like to as the world is becoming a multipolar one, a Russian official said.
- "This multipolarity is expressed in particular in the existence of the group of countries known as OPEC+," he added.