Trump Tower agreement announced in Jeddah following luxury hotel deal in Oman
A Trump Tower is coming to Saudi Arabia, a regional developer announced on Monday, Al Monitor reported.Dar Global and the...
Business
The Middle East fastest growing Real-Time Payments market globally
For the second consecutive year, the Middle East is the fastest-growing real-time payments market globally, according to the 2024 Prime...
Economy
Business
Ma’aden, BADC ink agreement
Firm to supply 600,000 tons of fertilizers to BADC.
- The renewal is further proof of the company’s commitment to meet global market demand for phosphate fertilizers.
- Ma’aden supplies approximately 42 percent of Bangladesh’s estimated requirement of diammonium phosphate.
Business
Agility posts Q2 earnings of $46m
Net profit was affected by higher interest rate.
- For the first six months of 2023, Agility’s net profit stood at US$95.5 million.
- There was an increase in debt for financing the firm’s acquisitions last year.
Geostrategy
International Military Forum Army-2023 opens in Moscow
MOSCOW, RUSSIA - The international military-technical forum Army-2023 opens at the Patriot Congress and Exhibition Center here.About 1,500 prominent Russian...
- About 1,500 prominent Russian companies of the military-industrial complex will present their products.
- 85 foreign companies and organizations from seven countries will also participate in the forum.
Geostrategy
Syria claims US responsible for military escalation in country
BEIRUT, LEBANON – The US is responsible for the military escalation in eastern Syria, where terrorist groups such as the...
- Syria pledged to continue its operations against terrorists until the threat is fully eliminated.
- At least 33 Syrian servicemen were killed on August 10 when a bus they were travelling in was ambushed near Al Mayadin city.
Geostrategy
Saudi Arabia, France vow to promote secure, affordable and sustainable energy
RIYADH, SAUDI ARABIA – Prince Abdulaziz bin Salman and Agnes Pannier-Runacher, Minister for Energy Transition of the French Republic met...
- Addressing climate change, promoting secure, reliable, affordable, sustainable supplies of energy are shared strategic priorities of Saudi Arabia and France.
- Both countries acknowledge the importance of implementation of the United Nations Framework on Climate Change and the Paris Agreement.
Business
Air Arabia Q2 profit $125m
The company’s turnover during the second quarter was $380m.
- The profit increased by 187 percent compared to AED160 million ($43.56m) net profit reported for the same period last year.
- The company’s turnover for the same period increased by 25 percent, as the strong demand for air travel continued.
Business
Al Hammadi H1 2023 net profit $43.5m
In Q2 2023, net profit jumped 25.7% to $21.8 million.
- The growth was spurred by revenues, which grew by 7.96 percent year-on-year (YoY) to US$153 million.
- This was driven by higher revenues reported by Al Hammadi’s medical services and pharmaceutical segments.
Geostrategy
ADFD finances $105.4m energy security project in Tanzania
ABU DHABI, UAE - The Abu Dhabi Fund for Development (ADFD) has signed a loan agreement with the Government of...
- The project’s objective is to fully connect the Kagera administrative region with the national electricity grid.
- It will reduce dependency on energy imports from Uganda and provide sustainable electricity source.
Business
6 MNCs among new businesses attracted by Dubai Chamber in H1
Dubai, UAE - Dubai International Chamber attracted 56 businesses to the emirate during H1 2023, including six multinational corporations and...
- It also supported the expansion of 15 local and national companies into global markets, either by increasing their exports or helping them to establish a presence abroad.
- During H1 2023, Dubai International Chamber inaugurated six global representative offices in Hong Kong, Australia, the United Kingdom, Indonesia, South Africa, and Singapore.
Geostrategy
Ukraine ‘satisfied’ with Saudi-led mediation to end war
Russia, which was not invited to the summit, said that a resolution was possible if Ukraine "stopped the hostilities and...
- Representatives from around 40 countries including China, India, the United States and Ukraine took part in the peace summit, which was held in Jeddah
- The head of Ukraine's presidential office, Andriy Yermak, said there was an agreement on the next meeting, "but there are no exact dates"
Trump Tower agreement announced in Jeddah following luxury hotel deal in Oman
A Trump Tower is coming to Saudi Arabia, a regional developer announced on Monday, Al Monitor reported.Dar Global and the...
Business
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Israel is starving Gaza residents, says NGO
Geostrategy
Baims acquires Orcas Edtech
Business
UAE is the most popular destination for global workers, says report
Dubai, UAE – The United Arab Emirates is the most popular country for international talent seeking employment visas, a report...
Business
Qatar Central Bank issues treasury bills, sukuk worth US$686m
DOHA, QATAR - The Qatar Central Bank issued treasury bills and sukuk with maturities of one week, one month, three...
Economy
Number of millionaires in BRICS likely to rise by 85 percent in 10 years, says report
DUBAI, UAE - The total investable wealth currently held in the BRICS bloc amounts to US$45 trillion and its millionaire...
Business
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Business
Ras Al Khaimah witnesses rise in issue of valid business licenses in 2023
RAS AL KHAIMAH, UAE - The economic growth of the Emirate continued to accelerate in 2023, with the Department of...
- The industrial sector in Ras Al Khaimah achieved a 5.3 percent annual growth rate in valid licence capital.
- Commercial licences experienced a 14.4 percent annual increase, bringing their total capital to $1.3 billion.
Business
Schneider Electric, Charge&Go ink pact
The aim is to develop EV charging facility in the UAE.
- Demand for electric vehicles in the UAE market has steadily increased over the past few years.
- The collaboration also aims to deliver on the demand for sustainable transportation in the UAE.
Business
Hamad Al Marar is EDGE CEO
EDGE has a local and global orderbook of over $5billion.
- Al Marar succeeds Mansour AlMulla, who is returning to ADQ Group following a successful two-year managerial secondment to EDGE.
- He will utilize his leadership skills and experience within the UAE’s defense industry to guide the group into the next phase of its evolution.