AD Ports, Kazakhstan Railways form venture to boost services
Abu Dhabi, UAE - AD Ports Group signed an agreement with Kazakhstan Temir Zholy JSC (Kazakhstan Railways to form a...
Business
58% of firms in Saudi Arabia plan to outsource cybersecurity
RIYADH, SAUDI ARABIA - Company bosses are boosting their cybersecurity following an alarming increase in cyberattacks, a new study commissioned...
Business
Business
Saudi Industrial Production Index shoots up 11.1% in January
Driven by high oil output, Saudi Arabia’s Industrial Production Index shot up 11.1 percent in January, official data indicated.
- This positive performance was mainly due to a 11.4 percent rise in mining and quarrying sector, which includes oil production as well
- The Kingdom pumped at a level of over 10 million barrels per day in January
Business
Masdar City, Mashreq Bank to provide financial services to SMEs, start-ups
Masdar City and Mashreq Bank have signed a Memorandum of Understanding (MoU) to provide financial services to Small and Medium-sized...
- An MoU signed between the two involves easy access to NeoBiz, the bank's first digital banking platform designed specifically for start-ups and SMEs.
- Masdar City is currently home to more than 1,000 companies, including a wide range of innovation-focused SMEs and start-ups.
Business
Careem looks to raise $500m to fund expansion
Careem, the vehicle-for-hire firm, has set its sights on raising some $500 million from investors, including regional sovereign wealth funds.
- The firm owned by Uber will use the money to bankroll an expansion into services different from ride-hailing
- It has already held talks with Saudi Arabia’s Public Investment Fund and Abu Dhabi’s ADQ to raise the funds
Economy
Saudi achieves 30 percent female labor force target 10 years early
Saudi Arabia has achieved its target of getting 30 percent female labor force participation nearly 10 years ahead of schedule,...
- The research, carried out by Roland Berger on behalf of Uber, shows that women made up 36 percent of workers in the Kingdom in 2021 — up from 22 percent just three years earlier.
- The increase was partly attributed to the success of the Wusool program, which made transport more accessible to working women.
Business
DP World of UAE posts 26% jump in revenue to $10.8bn
DP World of the UAE has posted a twenty six percent increase in revenue to $10.8 billion in 2021, despite...
- In a statement the company said that the revenue hike was “supported by acquisitions and new concessions including Angola, Unico, and Transworld”
- “We expect our portfolio to continue to deliver growth,” commented CEO, Sultan Ahmed Bin Sulayem
Business
Saudi ministry signs 23 deals worth $3.46 bn at first defense show
The Saudi Ministry of Defense (MoD) announced the closing of 23 deals worth more than SR 13 billion ($3.46 billion)...
- The MoD signed five deals with the Saudi Arabian Military Industries (SAMI): two with Royal Saudi Land Forces and three with the Royal Saudi Naval Forces.
- The SR 6 billion deal with SAMI includes providing advanced communication systems, armored vehicles, ammunition, and maritime systems.
Business
ADNOC Distribution launches range of 100% plant-based engine oils
Plant-based base oils are made from sustainable feedstock sources, such as palm, soy, coconut, and rapeseed.
- Voyager PX Green is developed specifically for petrol engines and Voyager DX Green for diesel engines
- The technology is said to be the first approach in the region to be made entirely from plant-based oils
Business
Dubal Holding profit at $735m
DH is Dubai’s commodities and mining investment arm.
- DH had seen profits of AED217 million ($59.09 million) for the previous year
- The numbers point to an increase of nearly 1,150 percent in net profit for the company
Business
Sharjah Airport records 7 million passengers in 2021
In 2021, the Sharjah Airport served more than 7 million passengers with more than 57,000 aircraft movements and approximately 1.2...
- The volume of cargo in 2021 crossed 140,717 tons, while the volume of sea-air cargo reached 18,696 tons, a 22.27 percent increase from 2019.
- The airport renewed the ACI’s Airport Health Accreditation (AHA) for the second consecutive year.
Business
Dubai passes new law to regulate virtual assets like Bitcoin
Dubai has promulgated a new law in order to regulate virtual assets that are becoming popular with many investors in...
- “We established an independent authority to oversee the development of the best business environment in the world for virtual assets," Sheikh Mohammed tweeted
- Virtual assets exist digitally and can include cryptocurrencies like Bitcoin and Ethereum
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
AD Ports, Kazakhstan Railways form venture to boost services
Abu Dhabi, UAE - AD Ports Group signed an agreement with Kazakhstan Temir Zholy JSC (Kazakhstan Railways to form a...
Business
Company News
QNB posts 7% rise in profit
Business
Latest News
Saudi Arabia to host Under-21 World Snooker Championship in 2023
Riyadh, Saudi Arabia- --Saudi Arabia will host the World Under-21 Snooker Championship for men and women in July 2023, SPA...
Arts & Culture
PIF sells 10 percent stake in Tadawul Group at $51 per share
The offering size was SAR 2.3 billion ($611 million), making it the second largest Accelerated Bookbuild Offering to ever take...
Business
Bahrain sees record voter turnout in general elections
Manama, Bahrain—At least 73 percent of voters have turned out to cast ballots in the 2022 Bahrain general election, the...
Geostrategy
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Economy
Saudi Arabia raising phosphate fertilisers production
The kingdom is among the world’s leading phosphate exporters, along with China, the US, Russia and Morocco.
- The kingdom is among the world’s leading phosphate exporters, along with China, the US, Russia and Morocco
- The oil-rich country plans to increase capacity by 50 percent to produce 9mn tonnes of phosphate fertilisers a year
Economy
Qatar and Kuwait renew pledge to help Afghanistan with aid
United Nations, US—Reiterating their pledge to continue providing aid to Afghanistan, Qatar and Kuwait have said they will continue to...
- Sheikha Alia Ahmed said that Qatar has made peace and development a priority of its post-war engagement in Afghanistan, particularly the issue of empowering women and girls
- Bader Al-Daihani said that Kuwait has provided $92 million in humanitarian aid to Afghans
Shamma bint Sultan becomes first person from Middle East to join CEMUNE
The CEMUNE works to foster deeper cooperation on key global challenges and has been recognised for contributing to regional and...
- The CEMUNE works to foster deeper cooperation on key global challenges and has been recognised for contributing to regional and international achievements in sustainability
- The UAE Special Envoy for Climate Change Dr Sultan bin Ahmed Al Jaber welcomed the collaboration between CEMUNE and UAE Independent Climate Change Accelerators