$15m paid in compensation to passengers in 2021-22 in Saudi Arabia, says GACA
RIYADH, SAUDI ARABIA - The General Authority of Civil Aviation (GACA) said that national airlines in the Kingdom have issued...
Geostrategy
Emirates NBD Group invests in sustainability startup Erguvan
Dubai, UAE - Emirates NBD made an investment in Erguvan, a climate and financial technology venture aimed at providing financial...
Business
Arts & Culture
UNESCO honors Omani navigator Amhed Bin Majid
Omani sailor Ahmed bin Majid has been added to the list of world’s influential personalities on his 600th birth anniversary...
- UNESCO Lists Omani navigator Ahmed Bin Majid among influential world personalities
- The sailor is the sixth Omani figure to be included in this international list
Business
Kuwait Airways signs spare parts pact with seven Arab airlines
Kuwait Airways has signed a loan and exchange agreement with seven Arab airlines that will be used to swap spare...
- Under the agreement, spare parts will be shared in emergency cases.
- The agreement was signed on the sidelines of the 54th General Assembly of the Arab Air Transport Association in Doha.
Business
Kuwait’s budget deficit spikes 175 percent to $35.5bn
Budget deficit of Kuwait has spiraled 175 percent to $35.5 billion in 2020-2021, the highest in the country’s history.
- In June, the Kuwaiti parliament approved the 2021-2022 budget proposed by the government in January, which forecast spending of 23.05 billion dinars
- The Ministry said that oil revenues fell 42.8 percent in 2020-21 to 8.8 billion dinars, while other revenues fell 6.5 percent to 1.7 billion dinars
Geostrategy
High freight costs push world food import bill to record high
The global food trade should hit a record high in both volume and value, according to a new report by...
- The bill is 14 percent higher than last year and 12 percent higher than the previous forecast.
- The increase is also driven by higher price levels of internationally traded food commodities.
Business
Aleastur, top European metal producer, sets up base in Bahrain
Aleastur, top European metal producer, has set up first plant for aluminum grain refiners and master alloys production in Bahrain.
- The new $15 million site at the heart of the Gulf region will supply specialty alloys to global markets, including Asia, North America and the GCC
- The Bahrain facility will be exporting approximately 85% of its annual production to regional players in the industry, including main aluminum smelters and cast-houses
Business
AACO sets net-zero emissions target
The company to respect the Chicago Treaty, bilateral air services agreements
- AACO General Assembly called for the adoption of the guidelines of air travel and vital safety in light of the COVID-19 pandemic
- The General Assembly stressed the need to respect the Chicago Treaty and bilateral air services agreements on civil aviation
Business
Model Cargo Village at King Fahd Airport is Saudi economic engine
The village seeks to be an advanced logistics center that provides all means for logistics service providers and technical support...
- The village seeks to be an advanced logistics center that provides all means for logistics service providers and technical support companies
- It also provides creative solutions by linking all strategic and major sites with multiple access points and connecting them to the outside world by land, sea and air
Economy
ADNEC pledges zero carbon emissions
The company will support the UAE 2050 Strategic Initiative
- The announcement follows the signing of the Net Zero Carbon Events pledge, a new industry initiative to address climate change
- ADNEC’s pledge also supports the United Arab Emirates (UAE) Net Zero by 2050 Strategic Initiative to reduce carbon
United Arab Emirates to host COP28 in 2023
The UNFCCC confirmation of the UAE as the host for the 28th conference followed unanimous endorsement by the Asia Pacific...
- The UAE has pledged US$1 billion of increased investment as part of the AIM for Climate
- The country has also joined the Global Methane Pledge building on its position as one of the least methane intense nations in the world
Geostrategy
Saudi Arabia grants citizenship to foreigners with ‘distinguished talents’
Saudi Arabia has granted citizenship to an unspecified number of people with "distinguished talents, unique expertise and specializations". Saudi Press...
- Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud has approved the citizenship.
- The government said granting citizenship to such people will contribute to the development of various sectors throughout the kingdom.
$15m paid in compensation to passengers in 2021-22 in Saudi Arabia, says GACA
RIYADH, SAUDI ARABIA - The General Authority of Civil Aviation (GACA) said that national airlines in the Kingdom have issued...
Geostrategy
Company News
Latest News
UAE and Italy to widen trade and economic ties
The UAE and Italy are looking to widen trade ties between the two countries, and in this regard an Italian...
Business
US Gecko Robotics set to establish international HQ in UAE
The Pittsburgh-based company is looking to establish a state-of-the-art manufacturing plant in Khalifa Industrial Zone Abu Dhabi.
Business
Saudi banks provide $630 billion loans till August 2022
Riyadh, Saudi Arabia - Saudi bank loans granted to public and private sectors grew 15 percent by the end of...
Economy
Most Read
Business
UAE-China non-oil trade exceeds $470bn in past decade
Abu Dhabi, UAE - The non-oil trade between the UAE and China increased by 78.5 percent from 2012 to 2021,...
- The trade increased by 78.5 percent from 2012 to 2021 to $60.85 billion by the end of 2021 compared to $34 billion in 2012.
- FCSC also showed that the non-oil trade exchange between the two in the first half of 2022 totaled AED118.4 billion $32.24 billion.
Videos
Saudi growth in 2022 to outpace Asian giants
The kingdom recovered quickly from Covid-induced recession and is reaping the rewards of high global energy prices and increased energy...
- The kingdom is set to be the fastest growing of the world’s largest economies in 2022, outpacing the Asian giants of China, India, Indonesia, South Korea and Taiwan.
- It is expected to grow much faster than the struggling major economies in Western Europe and North America.
Business
Sharjah Chamber organizes forum, briefs Russian delegation
The Sharjah Chamber of Commerce and Industry (SCCI) has organized a forum to discuss ways to boost economic ties and...
- The forum witnessed bilateral meetings between business owners from Sharjah and Russia.
- The chamber briefed the Russian trade mission on Sharjah’s business advantages and facilities.