UAE-based banks aggregate capital, reserves reach US$131bn by end of November 2023
ABU DHABI, UAE- The aggregate capital and reserves of banks operating in the UAE increased 13.3 percent, reaching US$131 billion...
Business
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
Economy
Bahrain joins UAE, Jordan and Egypt in industrial pact
Prime Minister of Egypt Mostafa Kamal Madbouly witnessed a signing ceremony Monday in Cairo that welcomed Bahrain as the fourth...
- The Industrial Partnership for Sustainable Economic Development was announced in the UAE on May 29, 2022 with an aim to empower their industrial sector.
- The plan was establish large joint industrial projects, providing private sector companies with opportunities for expansion and creating job opportunities.
Most Read
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
Company News
Latest News
Mohamed bin Zayed issues law to establish Abu Dhabi Transport Company
ABU DHABI, UAE - In his capacity as the Ruler of Abu Dhabi, President Sheikh Mohamed bin Zayed Al Nahyan...
Business
Saudi Arabia meet discusses upcoming GCC-UK free trade negotiations
Riyadh, Saudi Arabia -- A meeting was held in Riyadh Thursday to prepare for holding the third round of free...
Business
Saudi Arabia’s Film AlUla launches platform for women in cinema, fashion
The launch is part of a year-round program that will allow women filmmakers to collaborate with leading industry professionals and...
Arts & Culture
Most Read
Geostrategy
Qatar Emir announces $60 million for Doha Program of Action
Doha, Qatar - Qatar Emir Sheikh Tamim ibn Hamad Al Thani announced Sunday a $60 million financial contribution to Doha...
- Held every 10 years, the UN Conference on the Least Developed Countries comes in the wake of numerous challenges facing the poor nations.
- The summit aims to mobilize international community's commitments towards the implementation of the Doha Program of Action for the LDCs (2022-2031).
Arts & Culture
Sharjah Consultative Council approves heritage policy
SHARJAH, UAE - The Sharjah Consultative Council (SCC) approved recommendations regarding the policy of the Sharjah Institute for Heritage (SIH),...
- The Sharjah Consultative Council said that a database of craftsmen should be prepared.
- The SCC said craftsmen should be granted licenses to practice their crafts.
Geostrategy
UAE, Italy enhance bilateral relations to Strategic Partnership level
ABU DHABI, UAE - The United Arab Emirates and Italy on Saturday announced the enhancement of their bilateral relations to...
- A pact for cooperation on energy projects and sustainability initiatives between Abu Dhabi National Oil Company and the Italian energy group Eni was signed.
- The MoU aims to strengthen cooperation in the field of emissions reduction, new energy technologies and low-carbon solutions.