Arab countries account for 60 percent of global Islamic financial industry, says AMF
ABU DHABI, UAE – Director-General and Chairman of the Board of Directors of the Arab Monetary Fund Dr Abdul Rahman...
Business
UAE-Saudi non-oil trade reaches US$159bn in 2018-22
ABU DHABI, UAE - The volume of trade exchange between the UAE and the Kingdom of Saudi Arabia grew by...
Business
Business
ADNOC Logistics and AD Ports to build a port and logistics facility at TA’ZIZ
ADNOC Logistics & Services (ADNOC L&S) and AD Ports Group have signed an agreement to develop a new port and...
- The facility will be a critical part of the supply chain for feedstocks and will store and load final products for export.
- The partners will select an international operator to enter into a new joint venture and contribute to the development of the new port.
Business
Airfares drop sharply in Kuwait after the opening of International Airport
Airfares to some destinations from Kuwait have dropped by 50 to 200 percent after operations at Kuwait International Airport resumed...
- Airfares on some destinations such as Turkey, Egypt, France, and Germany dropped by more than 50 percent .
- Cost of travel to the UAE, Britain, India, and the Philippines have remained high compared to the airfares before the outbreak of the Covid-19 pandemic.
Business
Saudi Arabia sets up $187m solar panel factory in Tabuk
Saudi Arabia has set up a $186.6 million worth solar panel factory in the Tabuk Industrial City to cater to...
- Spread over more than 27,000 square meters, the factory will have an estimated production capacity of 1.2 gigawatts
- The new Tabuk facility uses automated machines for its production, and employs latest international technologies in the field
Business
ADNOC awards $1.46 billion EPC contracts for Dalma Gas Dev Project
The two EPC contracts, awarded to National Petroleum Construction Company (NPCC) and a joint venture (JV) between Técnicas Reunidas and...
- The Dalma field is part of the Ghasha Concession which is the world’s largest offshore sour gas development and an enabler of gas self-sufficiency for the UAE
- Both engineering contracts are expected to be completed in 2025 and will enable the Dalma field to produce around 340 mmscfd of natural gas
Business
Qatar Airways welcomes first Boeing B777-9 aircraft to Doha
The aircraft, which is anticipated to join Qatar Airways fleet in the near future, will be the world's largest and...
- The aircraft, which is anticipated to join Qatar Airways fleet in the near future, will be the world's largest and most efficient twin-engine jet
- Key technologies enabling this efficiency are its new carbon-fibre composite wing, new engines and natural laminar flow nacelles
Business
Dubai Airshow: UAE Armed Forces sign deals worth AED22 bn
The deals were announced by the Executive Director of the Military Organizing Committee of the Dubai Airshow 2021 Major General...
- The deals were announced by Major General Staff Pilot Ishaq Saleh Al Balushi, and Lt. Col. Pilot Sarah Hamad Al-Hajari, Dubai Airshow spokesperson
- AED5,239,207,000.00 in deals were signed on the first day, AED11,284,837,000.00 on the second day, and AED4,257,401,000.00 on the third day.
Business
Mubadala eyes Yahsat tech
Yahsat will support Mubadala Petroleum with satellites.
- Yahsat’s satellite-based technologies and coverage across the EMEA and Asia regions is at the center of the deal
- Mubadala Petroleum will see how these satellites can help it handle its critical operations
Economy
UAE, Russia sign MoU on hydrogen technology
The MoU was signed by Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, and Denis Manturov,...
- The collaboration will explore ways of supporting the production, storage and transportation of hydrogen fuel
- The UAE’s hydrogen production is now around 300,000 tons annually as a result of ADNOC’s downstream facilities.
Videos
Snowden, Assange, and the burden of truth
Julian Assange and Edward Snowden have had to pay big time for simply telling the truth. Their lives suggest that...
- Julian Assange, the founder of WikiLeaks, has had to seek asylum with Ecuador
- Edward Snowden had to flee to Russia after revealing how the US spied on its own citizens
Geostrategy
Soudah joins UN Mountain Partnership to realize sustainability goals
Soudah Development Company, a real estate development company owned by PIF, Saudi Arabia's sovereign wealth fund, has announced it will...
- Founded in 2002, the UN Mountain Partnership comprises more than 400 global members
- Soudah Development is the first real estate development company in the GCC region to join the Mountain Partnership
Arab countries account for 60 percent of global Islamic financial industry, says AMF
ABU DHABI, UAE – Director-General and Chairman of the Board of Directors of the Arab Monetary Fund Dr Abdul Rahman...
Business
Company News
QFB completes rights issue
Business
GMC, Fix Network sign agreement
Business
SRC, Riyad Bank sign $133m deal
Business
Latest News
Exclusive: ‘Cheerleaders’ hired to clap during FIFA Cup
Young Arab boys and girls from countries such as Lebanon are being flown to Qatar and paid $800 to cheer...
Investigation
Riyadh Chamber hosts Saudi-Russian business meeting
The Riyadh Chamber hosted a meeting in which 23 Russian companies and representatives of the Saudi Arabian business sector participated.
Business
Mawani, Globe Group to set up logistics zone at Jeddah port
Riyadh, Saudi Arabia--Saudi Arabia's General Authority of Ports (Mawani) has signed a contract with Globe Group, a marine services company,...
Business
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Business
Arada awards two contracts
Under the $123m project, nine apartment blocks will be built.
- Consisting of 740 homes in total, the buildings include the five Sokoon blocks, two new apartment blocks located close to Aljada’s museum and the two Gate buildings.
- Valued at AED377 million, the contract to build the five Sokoon apartment buildings and the two apartment blocks located next to the museum was won by Airolink Building.
Business
Anaam to raise US$42m
The capital will be raised through a rights issue.
- According to a bourse filing, the capital increase is aimed at boosting the working capital, lowering the loan rates, and supporting the business growth of the company
- The capital hike is subject to the approval of the relevant official authorities and the company’s shareholders
Economy
Saudi Arabia, China sign agreement on air transport
The agreement was signed between the President of the Civil Aviation Authority of Saudi Arabia Abdulaziz bin Abdullah Al-Dialej and...
- The pact was signed between the Saudi Arabia’s President of the Civil Aviation Authority Saudi Arabia Abdulaziz bin Abdullah Al-Dialej and his Chinese counterpart
- It aims at increasing the number of air flights and stations and achieving further cooperation in the air transport sectors of the two countries.