Non-oil sectors contribute 50% to Saudi Arabia’s real GDP in 2023
RIYADH, SAUDI ARABIA – Non-oil activities in the Kingdom have achieved a historic milestone, reaching a 50 percent share of...
Economy
Potential investors value Telegram at $30bn, says co-founder Pavel Durov
MOSCOW, RUSSIA – The Telegram is valued by potential investors at more than US$30 billion, the co-founder of the social...
Business
Business
PIF of Saudi Arabia sets up investment firm in Egypt
Saudi Arabia's Public Investment Company (PIF) has established a new company in Egypt to drive investment in the north African...
- The new company will look at sectors as wide as infrastructure, real estate development, and health care to make investments
- PIF and its portfolio companies, along with the Saudi private sector, will have access to a variety of investment opportunities in Egypt
Economy
Jordanian Senate examines draft investment law
Jordan Senate's Finance and Economic Committee hosted an expert in economic affairs at the National Democratic Institute (NDI), to look...
- Jordan Senate's Finance and Economic Committee examines the draft law regulating the investment environment in the country.
- Investment-related laws should streamline business procedures, economic activities, spur investment and enhance competitiveness of the economy
Economy
FDIs in the UAE grew 116% from 2012 to 2021
According to a report by the UAE's Ministry of Economy, during the past decade from 2012 to 2021, FDIs in...
- FDI in the UAE witnessed significant growth, from $9.5billion in 2012 to $20.6 billion in 2021
- The UAE was ranked 19th globally in the list of top 20 countries that attract FDIs
Economy
Dubai’s weeklong real estate transactions total $1.4bn
In Dubai, the real estate and properties transactions valued at $1.4 billion in total during the week ending 05 August...
- In Dubai, 255 plots were sold for $337 million, 1,510 apartments and villas for $759 million
- During the week, the total number of transactions was 2,247
Economy
UAE to set up country’s first Industry 4.0 Enablement Centre
UAE will set up the country’s first Industry 4.0 Enablement Centre aimed at promoting, enabling, and supporting the digital transformation...
- The UAE ministry of industry and advanced technology will explore how the Enablement Centre can leverage what has been achieved by the EDGE Learning & Innovation Factory.
- Its offerings include learning, innovation, and demonstration to the wider industrial ecosystem.
Geostrategy
Iraq confirms Turkey’s intention to enhance water release
Iraq's Ministry of Water Resources said Ankara's intends to increase the quantum of water to be released to the Tigris...
- Iraq's Ministry of Water Resources said that Turkey will increase the quantum of water to be released in the Tigris River
- The ministry said that a Turkish delegation will visit Iraq to look into the water reserves and construction of dams
Business
Saudi ministry signs smart transportation MoU with Alstom
Saudi Arabia’s Ministry of Investment has signed a memorandum of understanding with Alstom, which specializes in the sustainable and smart...
- The MoU aimed exploring investment opportunities in the transport sector and localize the manufacture and maintenance of trains.
- The MoU also entails Alstom to establish its regional headquarters in the kingdom.
Business
Global H1 air cargo demand up 2.2 percent over pre-Covid levels
Global air cargo demand rose by 2.2 percent in H1 2022 as compared to pre-COVID levels (H1 2019), according to...
- IATA figures indicate a healthy and stable performance across global air cargo markets showing.
- Global demand sunk by 6.4 percent compared to June 2021 levels (-6.6 percent for international operations).
Jordan approves charter for Artificial Intelligence ethics
A cabinet session headed by Prime Minister Dr. Bishr Khasawneh, passed the charter and circulated the document to all ministries...
- A cabinet session headed by Prime Minister Dr. Bishr Khasawneh, passed the charter and circulated the document to all ministries and public institutions
- The charter also seeks to find a common ethical base that regulates development of artificial intelligence technologies, based on human and religious values
Business
dnata extends partnership with GOL Airlines in Brazil
The travel services provider’s latest contract win cements its position as the leading ground services provider in Brazil.
- The travel services provider’s latest contract win cements its position as the leading ground services provider in Brazil
- The company offers ground handling, cargo, travel, catering and retail services in 37 countries across six continents
Non-oil sectors contribute 50% to Saudi Arabia’s real GDP in 2023
RIYADH, SAUDI ARABIA – Non-oil activities in the Kingdom have achieved a historic milestone, reaching a 50 percent share of...
Economy
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Flight carrying humanitarian aid from Red Cross lands in Sudan
KHARTOUM, SUDAN -  A first Red Cross plane laden with humanitarian aid on Sunday landed in Sudan, where deadly clashes between...
Geostrategy
AI key to global opportunities, practical solutions
"Projections indicate that AI solutions are set to contribute an estimated $13 trillion to the global GDP by 2030, optimizing...
DET to highlight Dubai’s tourism in Arabian Travel Market
DUBAI, UAE - Dubai’s Department of Economy and Tourism (DET) is likely to display the diversity of the Emirate's destination,...
Business
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Business
ADDED ink deal with Wio Bank to aid SMEs growth
ABU DHABI, UAE - The Abu Dhabi Department of Economic Development (ADDED) and Wio Bank announced on Tuesday that would...
- In less than 48 hours, Wio will help set up corporate accounts for SMEs licensed by ADDED and provide an up-to-date view of their financials.
- Wio will work with Abu Dhabi Residents Office, Abu Dhabi SME Hub, and TAMM, Abu Dhabi Government Services, to extend banking and business services.
Economy
Up to $1.7 trillion investment needed for green aviation goals
To meet the estimated energy demand from hydrogen and electric aircraft in 2050 would require the amount of energy produced...
- Carbon-free propulsion options, such as battery and hydrogen-powered aircraft, are some of the options the aviation industry is pursuing.
- Airports, airlines and others will need to make heavy infrastructure investment to deliver the green hydrogen and electricity the aircraft will need.
Business
UAE energy ministry awards DEWA for research, innovation
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has been awarded first place in UAE Ministry of Energy and...
- DEWA was honored for its innovative grid-integrated system which regulates photovoltaic inverters for autonomous voltage.
- The approach to innovation, research and development in renewable and clean energy is in line with government strategies, DEWA CEO said.