Several MoUs signed at Future Minerals Forum in Saudi Arabia
RIYADH, SAUDI ARABIA – The third edition of the Future Minerals Forum (FMF), organized by the Kingdom’s Ministry of Industry...
Business
NEOM announces Aquellum as futuristic lifestyle community
NEOM, SAUDI ARABIA - The Board of Directors of NEOM has announced Aquellum, a luxury and experiential space embedded within...
Business
Business
ADQ to fund investments worth more than $4 billion in Greece
ADQ will work with the Hellenic Development Bank (HDB), the national development bank of Greece, and Hellenic Development Bank of...
- In 2021, the value of non-oil foreign trade between the UAE and Greece reached nearly AED 2.1 billion.
- The growth of trade, when compared to 2020, was 67 percent, reflecting a significant spike in growth.
Business
Arada awards two deals
Under the $125.23m contracts, a residential district will be built at Masaar.
- Valued at AED228 million, the contract to build 142 villas in the Sendian district of Masaar was won by Kuwait's Al-Kharafi.
- The second contract worth AED232m to build the remaining 288 homes in Sendian was awarded to Intermass, a Sharjah-based contractor.
Business
Mubadala, ENGIE to create digital platform for electric vehicles in Gulf
Mubadala Investment Company and ENGIE signed an agreement to explore the development of a digital platform for charging electric vehicles...
- The two companies will work on a joint solution for the installation and operation of charging infrastructure for Electric vehicles (EVs) in UAE.
- EVs are important in supporting decarbonizing the mobility sector as transport sector is known to be a contributor in global carbon footprint.
Economy
Clean sources transformed UAE energy sector in a decade: ENEC chief
The UAE has proactively invested in proven clean energy and within a decade, solar and peaceful nuclear energy have delivered...
- Barakah Nuclear Plant is now generating 2.8 Gigawatts of electricity, making it the largest source of clean electricity in the country.
- With all four reactors online, nuclear energy will meet 25 percent of the UAE’s electricity demand.
Business
Emirates Steel Arkan Q1 profit $19.62m
The firm said the impact of Emirates Steel and Arkan merger was positive.
- The company announced revenues of AED2.04 billion for the first quarter of 2022, compared to AED233.5 million in 2021.
- It said the net profit was boosted by enhanced operational performance and higher sales volumes.
Business
Agthia Group Q1 revenue is Dh1b
The company’s net revenues are up 58% year-on-year.
- Net profit increased to AED 82 million, growing at a higher rate vs revenue and supported by the consolidation of margin accretive acquisitions in 2021
- Strong start to 2022 builds on successful first year of Agthia’s five-year growth strategy
Science
Saudi Space Commission looks to explore cooperation with NASA
Saudi Space Commission Board of Directors Chairman Abdullah Amer Alswaha is on a tour of the US to develop the...
- The two countries discussed opportunities for strategic cooperation to develop the space sector
- They also mulled investment in future joint projects to achieve mutual economic and strategic goals
Economy
UAE increases Emiratisation rate to 2 percent annually
NAFIS, the federal program aims to increase the competitiveness of the Emirati workforce and to facilitate the private sector.
- NAFIS, the federal program aims to increase the competitiveness of the Emirati workforce and to facilitate the private sector
- The incentives include reducing the service fees of the private sector establishments which recruit and train Emirati citizens by 80 percent
Business
Arabian Travel Market 2022 kicks off in Dubai
The Chairman of Dubai World Sheikh Ahmed bin Saeed Al Maktoum, inaugurated the 29th edition of the Middle East’s largest...
- ATM 2022 is part of Arabian Travel Week, a 10-day festival of travel and tourism events taking place in Dubai
- It provides a vital platform for tourism and travel industry leaders in the Middle East
Infographics
GCC central banks confront surging inflation
After the Fed Reserve raised interest rates to rein in the 40-year-high inflation, GCC members followed the suit as most...
- Qatar had the highest rate of inflation in the Gulf Cooperation Council region.
- At 2 percent, the region's largest economy, Saudi Arabia, had the lowest inflation rate.
Several MoUs signed at Future Minerals Forum in Saudi Arabia
RIYADH, SAUDI ARABIA – The third edition of the Future Minerals Forum (FMF), organized by the Kingdom’s Ministry of Industry...
Business
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Riyadh’s WTTC Summit to oversee signing of 50 deals
RIYADH, SAUDI ARABIA - Fifty deals and agreements are expected to be signed in the World Travel and Tourism Council...
Business
Will Gulf economies expand despite global woes?
Thanks to a strong rebound in domestic activities and higher oil prices, the latest IMF report suggests the GCC economies...
Infographics
Commemoration Day enhances loyalty to nation, says UAE President
ABU DHABI, UAE - President Sheikh Mohamed bin Zayed Al Nahyan has said that November 30 is a day that...
Geostrategy
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Science
All regions experienced water extremes in 2021, says UN
GENEVA, SWITZERLAND - All regions of the world saw water extremes last year - both floods and droughts - and...
- Large areas of the planet recorded drier than normal conditions in 2021, the UN's World Meteorological Organization said.
- Some 3.6 billion people face inadequate access to freshwater at least one month per year.
Economy
EU spent €15.2bn on imports of green energy products last year
The trading bloc also exported green energy products worth €6.5 billion to countries outside the EU.
- The trading bloc also exported green energy products worth €6.5 billion to countries outside the EU
- The EU imported €11.2 billion worth of solar panels and €3.4 billion worth of liquid biofuels from countries outside the bloc
Economy
GCC banks earned $18.6bn in interest income in Q3: Kamco
During Q3-2022, non-interest income declined to a four-quarter low of $7.4 billion as compared to $7.8 billion during Q2-2022.
- During Q3-2022, non-interest income declined to a four-quarter low of $7.4 billion as compared to $7.8 billion during Q2-2022
- The aggregate GCC gross banking loans reached a new record of $1.93 trillion, increasing by 1.2 percent or $23.5 billion during the quarter