ESA, SAP ink agreement
Business
CATRION 2023 profit up 10%
Business
Red Sea Global opens Shura island with three world-class resorts accessible to all
Tabuk, Saudi Arabia - Red Sea Global announced the opening of the first resorts and attractions on Shura Island, which...
Economy
Business
ADNOC L&S boosts barge fleet
With the latest acquisition, the firm now owns 39 JUBs.
- This expansion comes when JUB charter rates are robust due to the high demand for offshore services.
- One of the JUBs will serve the Iraqi market, marking ADNOC L&S’ entry into a new market and supporting the firm’s regional expansion.
Business
Iran-US non-oil trade reaches US$31m in January-July 2023
TEHRAN, IRAN - The US Bureau of Statistics in its latest report said the trade between Iran and the United...
- Trade between Iran and the US in January- July 2023 registered a 26 percent growth compared to the same period last year.
- Iran and the United States had traded US$24.7 million worth of non-oil products from January to July 2022.
Geostrategy
IsDB to finance projects worth US$800m in member states
JEDDAH, SAUDI ARABIA - The Board of Executive Directors (BED) of the Islamic Development Bank (IsDB) approved to finance projects...
- The aid will contribute to ameliorate the socio-economic challenges faced by the people and will help in achieving significant SDG targets.
- IsDB had made an emergency intervention to support the communities affected by the conflict in Sudan.
Business
Saudi Arabia’s first social network Jaco attracts 1m users in 2 months
RIYADH, SAUDI ARABIA: The supervisor of the Kingdom's first social network Jaco - Saudi entrepreneur Fahd Al-Shidi announced that the...
- The Saudi Arabian entrepreneur and supervisor of the project expressed confidence that Jaco will reach 5 million users by the end of the year.
- At the official launch ceremony of the Jaco application in Riyadh, the supervisor expressed happiness at the success of the social network.
Business
Dubai real estate sales up despite price rise since January 2020
Dubai, UAE – The Dubai Land Department (DLD) reported over 3,200 transactions worth AED 24.7 billion last week and this...
- Research show real estate transactions soared by 44 percent in the first six months of 2023 with nearly 60,000 units being sold.
- Several industry analysis indicate that the real estate sector in the emirate will observe growth of approximately 15 percent in 2024.
Economy
Iran receives US$6.7bn foreign investment in May 2023 EXPO, says official
TEHRAN, IRAN - Foreign companies and governments committed some US$6.7 billion worth of investments during an exhibition that was held...
- The Iranian diplomat said that his country has an ambitious vision to diversify its economy away from crude oil revenues.
- He said that this includes expanding the transportation infrastructure in Iran to significantly increase its cargo transit revenues.
Business
RAKEZ, Indian Economic Trade Organization ink MoU to boost business ties
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) and the Indian Economic Trade Organization (IETO) have signed...
- The collaboration focuses on initiating trade missions and investment forums to help Indian businesses understand what RAKEZ offers.
- The agreement promises customized business services for Indian companies that are tailored to their aspiration of expanding into the MENA region.
Business
EIH acquires stake in 9Yards Comm
The acquisition aims to broaden EIH's investment portfolio.
- EIH has cultivated a diversified, innovative and sustainable investment portfolio comprising over 40 successful companies across various sectors.
- 9Yards Communications has a broad client portfolio encompassing government entities and private organizations both domestically and internationally.
Business
UAE looks to deepening trade relations with ASEAN bloc
Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, led the UAE delegation to Jakarta, Indonesia, the...
- Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, led the UAE delegation to Jakarta, Indonesia, the host of ASEAN Business and Investment Summit.
- UAE and Indonesia agreed to work in unison to ensure they deliver on the projection of US$10 billion in bilateral non-oil trade within five years.
Business
Global space economy is worth billions, say experts
ABU DHABI, UAE - The global space economy has great potential in terms of economic prospects, with the sector going...
- Several studies by specialised global institutions indicate that the global space sector will be worth over US$1 trillion in the next few years.
- The space economy grew 8 percent in 2022, with its value totalling US$546 billion, and is projected to grow by 41 percent in the next five years.
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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
Company News
ESA, SAP ink agreement
Business
CATRION 2023 profit up 10%
Business
Latest News
Tabreed approves record dividend
Business
Masdar to buy stake in Terra-Gen
Business
Saudi Arabia’s non-oil exports surge by nearly 23% in Sept 2024
Riyadh, Saudi Arabia -- Saudi Arabia's non-oil exports surged by 22.8 percent in September, according to a report by the...
Business
Most Read
Geostrategy
Global Future Councils meet calls for collective action to tackle global crises
Over 500 experts gathered at the World Economic Forum Annual Meeting of the Global Future Councils 2024 in Dubai to...
- Mohammad Abdullah Al Gergawi, Minister of Cabinet Affairs of the United Arab Emirates, said, “The only constant conviction we recognize every day is that nothing remains stable.”
- Sessions also explored novel approaches needed to tackle emissions while ensuring an equitable and socially responsible transition
Business
Deals worth $4.26 billion signed at inaugural Global Logistics Forum
Riyadh, Saudi Arabia -- More than 65 agreements and Memoranda of Understanding worth SAR 16 billion were signed at the...
- The forum was attended by more than 130 experts and leaders in the global transport and logistics sector, as well as 13,000 visitors.
- Among the attendees were over 15 ministers and 77 leaders in the transport and logistics industry from more than 30 countries.
Business
OPEC lowers 2024 oil demand forecast, citing robust non-OECD activity
According to the organization's October report, the total world oil demand is anticipated to reach 105.6 mb/d in 4Q-24, to...
- According to the monthly publication, oil demand in the Middle East is expected to expand by an average of 265 tb/d, y-o-y, in 4Q-24.
- Refinery capacity additions in non-OECD countries – mostly in China and the Middle East – are also expected to contribute to oil demand growth.