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Business
Saudi Arabia’s air defense commander examines Russia’s S-350, S-400 systems
RIYADH, SAUDI ARABIA – The Commander of the Royal Saudi Air Defense Force Lieutenant-General Mazyad bin Suleiman Al-Amr has inspected...
Geostrategy
Geostrategy
Diversifying economy focus of UAE’s plans: President
The UAE will continue to strengthen cooperation and enable positive, respectful dialogue between countries to achieve stability and prosperity for...
- Sheikh Mohamed said more than 200 nationalities are actively participating in the growth and development of the country’s economy.
- UAE’s priorities include strengthening people’s capabilities in science and technology, and develop it further to benefit all economic areas and the society, he said.
Business
AD Ports, Hayat Biotech ink deal
AD Ports to support Hayat' global logistics and distribution.
- The partnership will help facilitate Hayat Biotech’s efforts to set up manufacturing centers around the globe.
- The deal encapsulates shipping of strategic construction supplies, including containers, machinery, raw materials.
Geostrategy
Beirut port blast victims file $250m lawsuit against US firm
Victims of Lebanon's deadly 2020 port blast have filed a quarter-billion-dollar lawsuit against a US firm for its suspected links...
- Accountability Now said in a statement that the claim was filed this week in Texas against US-Norwegian geophysical services group TGS.
- The blast -- described as one of the largest non-nuclear explosion in recent history -- killed more than 200 people, wounded thousands and ravaged entire neighbourhoods.
Business
EGA, K Line green pact
They will work on projects to decarbonize bulk cargo shipping.
- Focus of agreement on development and implementation of new marine decarbonisation technologies suitable for EGA’s bulk cargo shipping routes.
- Solutions are likely to include kite systems, alternative fuels and CO2 capture technologies.
Business
ADDED, MADE to support sustainable growth, Industry 4.0 applications
ADDED and MADE will collaborate to build the technical capabilities of the industrial workforce.
- ADDED and MADE will collaborate to build the technical capabilities of the industrial workforce
- The cooperation with MADE shows ADDED’s efforts to enhance the entrepreneurship ecosystem
Business
GCC citizens look to pour investment in UK real estate
GCC nationals are expected to pour in investments in the UK real estate market in spite of global inflation, supply-chain...
- According to a May report by property consultancy Knight Frank, Gulf-based high-net-worth families have returned to property investments in recent months
- GCC investors are leveraging a weak pound to buy assets in the UK's luxury property market after the pound fell to its lowest level against the dollar since March 2020 in June
Economy
Closing the gender gap in MENA may take 115 years
Closing gender gaps remains a critical driver of national prosperity. Countries that invest in all of their human capital and...
- At 63.4%, Middle East and North Africa have the second-largest gender gap yet to close, with the UAE, Israel and Lebanon being the highest performing countries
- After a big COVID hit, the gender gap hasn’t bounced back across the globe, according to the World Economic Forum’s Global Gender Gap Report 2022
Infographics
Gulf countries witness dip in unemployment rates
The Gulf countries have taken several measures to increase the local employment, especially in UAE and Saudi Arabia. This week's...
- The Gulf countries have taken several measures to increase the employment, especially in the UAE and KSA. This week's TRENDS Infographic looks at job situation in the region
- The measures have led to an increase in employment in most of the GCC countries, but the Ukraine-Russia crisis, global economic turbulence and Covid-19 may pose challenges
Business
Middle East airlines’ traffic rises more than 300 percent in May 2022: IATA
The International Air Transport Association (IATA) said the Middle Eastern airlines’ traffic rose 317.2 percent in May compared to May...
- IATA announced passenger data for May 2022 showing that the May capacity rose 115.7 percent.
- Global traffic is now at 68.7 percent of pre-crisis levels as it rose 325.8 percent versus May 2021.
Business
Cyber attacks on network infra focus of MENA ISC 2022 in Riyadh
Rising cyber attacks on network infrastructure in countries across the world, which pose a significant threat to the economies of...
- This edition’s theme is “Cyber Fusion: Converging Cyber Intel: Critical Network Infrastructure IT, OT, and IoT."
- It is currently estimated that companies in Saudi Arabia lose about $6.53 million per cyber attack.
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
solutions by stc, Devoteam ink MoU
The aim is to foster avenues for collaboration in technology.
Business
Company News
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Saudi fund launches program to assist real estate finance companies
Riyadh, Saudi Arabia---Saudi Arabia’s Real Estate Development Fund has launched a program to provide short and medium term financial facilities...
Business
ADNOC Drilling to acquire rigs
The two offshore jack-up rigs will be bought for $200 million.
Business
Governments of UAE, Egypt launch ‘Egypt Services Center’
ASWAN, EGYPT - The governments of the UAE and Egypt inaugurated the Egypt Services Center in the Aswan Governorate, which...
Geostrategy
Most Read
Geostrategy
Saudi Crown Prince meets Jordanian PM in Riyadh
Earlier on Monday, Jordanian-Saudi ministerial meetings were held to discuss bilateral cooperation in various fields.
- Earlier on Monday, Jordanian-Saudi ministerial meetings were held to discuss bilateral cooperation in various fields
- The two sides also reaffirmed their joint keenness to leverage available and joint opportunities in various fields
Economy
Turkey discovers 150m barrels of oil reserves worth $12bn: Erdogan
Erdogan said Ankara aims to increase its daily production to 100,000 barrels by the centennial of the Republic of Türkiye.
- Erdogan said Ankara aims to increase its daily production to 100,000 barrels by the centennial of the Republic of Türkiye
- The newly discovered oil reserves have been named after Gendarmerie Esma Cevik, who was killed clearing mines on Gabar Mountain
Business
Dubai races ahead to be global epicenter for crypto
While the crypto ecosystem still reels from the collapse of FTX, and investor apprehension about the future of the digital...
- The UAE is the third largest cryptocurrency market in the Middle East, behind Turkey and Lebanon, with a transaction volume of roughly $26 billion
- The emirate demonstrated its willingness with VARA to be the first country to have the regulation to oversee the crypto sector rather than curbing it