Construction in China-Saudi Arabia ethylene project begins
FUZHOU, CHINA - Construction of the main complex of a joint-investment ethylene project, which involves petrochemicals giant Saudi Basic Industries...
Business
Business
ADNOC awards $2bn in contracts
The contracts were awarded to ADNOC Drilling.
- The contracts comprise $1.3 billion (AED4.89 billion) for integrated drilling services and fluids and $711 million (AED2.6 billion) for providing four Island Drilling Units.
- A third contract, valued at $681 million (AED2.5 billion), was also awarded to ADNOC Logistics & Services for providing offshore logistics and marine support services.
Economy
Global economic growth slows amid gloomy, uncertain outlook: IMF forecast
Higher-than-expected inflation, especially in the United States and major European economies, is triggering a tightening of global financial conditions.
- Higher-than-expected inflation, especially in the United States and major European economies, is triggering a tightening of global financial conditions
- China’s slowdown has been worse than anticipated amid COVID-19 outbreaks and lockdowns, and there have been further negative spillovers from the war in Ukraine
Geostrategy
Greece to get ‘cheaper energy’ from Saudi Arabia
A power cable between the Kingdom and Greece to provide Europe with 'cheaper renewable energy' is one of the several...
- A power cable between the Kingdom and Greece to provide Europe with 'cheaper renewable energy' is one of the several bilateral projects between the two countries
- A strategic partnership has also been announced between the private sectors in the two countries to build a data cable project linking the East and the West
Geostrategy
Deals in focus as Saudi crown prince visits Europe
Mohammed bin Salman, who is visiting Greece and France, will meet the leaders of both countries 'to discuss bilateral relations...
- Mohammed bin Salman, who is visiting Greece and France, will meet the leaders of both countries 'to discuss bilateral relations and ways to enhance them in various fields'
- Greek and Saudi private business groups are expected to sign agreements in the fields of maritime transport, aquaculture, waste management, culture, food and agricultural products
Business
ECI signs MoU with HFZA, SAIF
The three entities will support Sharjah exporters and re-exporters.
- As per the agreement, ECI will offer its range of flexible trade credit insurance and financial solutions to SMEs in the free zones.
- ECI will also help the companies in the free zones to successfully carry out export to foreign countries.
Business
ADNOC Logistics acquires Zakher
The financial details of the transaction were not disclosed.
- ADNOC L&S will add 24 jack-up barges and 38 offshore support vessels from ZMI, growing its total fleet size to over 300 units.
- Zakher Marine International will continue operating as a standalone entity under ADNOC L&S, led by Ali Hassan El Ali as CEO.
Business
Al Zamil buys tower for $133m
The saudi developer bought the residential tower in Makkah.
- The company aims to provide high quality development services for luxury housing solutions to support the accommodation and hospitality sector
- Masar Makkah was developed by Umm Al-Qura Co. for the development and construction of services and amenities to serve Makkah residents
Sharjah Airport handles 6 million passengers in H1 2022
The airport also saw considerable growth in the number of flights, with a total of 41,189 aircrafts operating in H1...
- The airport also saw considerable growth in the number of flights, with a total of 41,189 aircrafts operating in H1 this year
- In H1 2022, the airport handled over 96,000 tons of cargo compared to 63,844 tons the previous year, accounting for an increase of 50.39 percent
Business
JCDC, Cruise Saudi to develop Jeddah Central Project design
The Marina and terminal will contribute to transforming Jeddah’s coastline.
- The Marina and terminal will contribute to transforming Jeddah’s coastline
- The project will also foster growth of the Kingdom’s marine tourism industry
Science
Saudi Crown Prince unveils designs for futuristic city The Line
Crown Prince Mohammed bin Salman bin Abdulaziz, and Chairman of the NEOM Board of Directors, Monday announced the designs of...
- THE LINE is a civilizational revolution that puts humans first, providing an unprecedented urban living experience while preserving the surrounding nature
- The designs of THE LINE embody how urban communities will be in the future in an environment free from roads, cars and emissions
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Construction in China-Saudi Arabia ethylene project begins
FUZHOU, CHINA - Construction of the main complex of a joint-investment ethylene project, which involves petrochemicals giant Saudi Basic Industries...
Business
Company News
Latest News
CBUAE unveils FIT program to promote digital transactions
Dubai, UAE---The Central Bank of UAE Sunday launched Financial Infrastructure Transformation Program (FIT program) to accelerate the digital transformation in...
Business
International Defense Conference 2023 to begin in Abu Dhabi
Abu Dhabi, UAE - The International Defense Conference 2023 will be held on 19th February at the ADNOC Business Centre...
Business
UAE and Japan to boost collaboration in skill development
The two sides reaffirmed their keenness to advance bilateral cooperation in the fields of human resources and skill development.
Geostrategy
Most Read
Economy
Dubai Customs, Dubai Chambers discuss support for private sector
DUBAI, UAE - Dubai Customs and Dubai Chambers discussed supporting businesses and the private sector and enhance the emirate’s competitiveness...
- Dubai Customs, Dubai Chambers discussed their shared plans and strategies, including the electronic integration of services.
- They also discussed the development of new services to consolidate Dubai’s position as a major global economic hub in the next 10 years.
Geostrategy
UAE, France, India to join hands in energy, climate change sector
The United Arab Emirates, France and India have issued a joint statement announcing the establishment of a trilateral cooperation initiative...
- The three countries affirmed that the trilateral initiative will serve to promote the design and execution of cooperation projects in various fields
- The initiative will also serve as a platform to expand cooperation between the three countries’ development agencies on sustainable projects
Business
PIF, AeroFarms to build indoor farms
The farms will have a capacity of 1.1m kg of crops per year.
- The agreement aims to optimize natural resources through indoor vertical farming, which requires no arable land.
- The partnership will allow for sustainable, local sourcing of high-quality crops all year round, grown with AeroFarms' AgTech platform.