Saudi Arabia real GDP grows 1.1 percent in Q2 2023
RIYADH, SAUDI ARABIA - The real GDP of Saudi Arabia grew by 1.1 percent in the second quarter of 2023,...
Economy
Business
Abu Dhabi launches virtual license for non-resident foreign investors
Non-resident foreign investors can obtain a virtual license for doing business in Abu Dhabi from any location outside the UAE...
- Investors can obtain the license from any location outside the UAE and without having to meet residence procedures.
- The license covers 13 economic sectors on top of the strategic sectors targeted by the Abu Dhabi government to attract Foreign Direct Investment.
Economy
Kuwait Airport ready to operate at full capacity
Kuwait International Airport will gradually operate commercial flights for all aviation companies.
- The airport has been closed since August last year, when the authorities banned all incoming and outgoing flights
- Some hope of resumption was seen earlier this year, but the spread of the Delta variant of Covid-19 stopped the consideration
Business
DEWA signs several digital tech agreements at GITEX 2021 stand
Dubai Electricity and Water Authority (DEWA) signed a slew of MoUs with local and international companies at the ongoing GITEX...
- The MoU with Etisalat is aimed at speeding up the digital transformation using Etisalat’s MobileHub platform.
- Digital DEWA subsidiary sInfraX has partnered with WoM Technologies for its planned rollout of the first-ever Low Power Wide Area Network wireless Internet of Things.
Economy
Iran bank loans to economic sector rise 58%
The Iranian banking system has paid 12.41 quadrillion rials (over $295.49 billion) of facilities to domestic economic sectors in the...
- Working capital loans to different economic sectors in the six months were above 8.376 quadrillion rials (about $199.4 billion)
- According to the data provided by the Central Bank of Iran, this accounted for 67.5 percent of the total provided facilities
Business
ACWA Power plans to stop investing in non-renewable projects: CEO
ACWA Power has said it plans to end investment in non-renewable projects in its endeavor to reach net zero by...
- ACWA holds a one-third stake in the massive $5 billion Neom futuristic city project, which will be powered entirely by solar and wind.
- The company, 44 percent owned by PIF, will be "very selective" about the type of gas-powered plants, says CEO
Economy
Jordan to get new national accounting system
An agreement has been signed to build capacities to establish a sustainable national accounting system in Jordan.
- The aim of this initiative is for accounts and GDP figures to reflect the contributions of the informal sector
- It is also expected to provide accurate details of the sub-sectors in accordance with the best international practices in this field
Business
QatarEnergy partners for UK project
This is QatarEnergy and Shell’s first hydrogen agreement.
- QatarEnergy and Shell have signed an agreement to pursue joint investments in blue and green hydrogen projects in the UK
- It apparently establishes a framework for collaboration and joint investment to develop hydrogen solutions in the UK
Business
TAQA lands Aramco water project
The project will be used to make power and desalinate water.
- The Abu Dhabi National Energy Company or TAQA will develop a greenfield cogeneration power and water desalination project in Saudi Arabia
- TAQA will do this along with the Marubeni Corporation for Saudi Aramco
Economy
GCC cooperation sought to enhance region’s industrial sector
Dr. Sultan Al Jaber said that the national effort to develop the UAE’s industrial sector through the UAE Industry 4.0...
- The minister's remarks came during the 48th meeting of the GCC Industrial Cooperation Committee in the Kingdom of Bahrain
- He pointed out that the Covid-19 pandemic accelerated efforts to improve collaboration across the GCC
Business
Zain Group unveils unit to help boost regional telecom infrastructure
ZainTech will provide solutions for Cloud, Cybersecurity, Big Data, IoT, AI, Smart Cities and Emerging Technologies while incorporating NXN and...
- Solutions for Cloud, Cybersecurity, Big Data, IoT, AI, Smart Cities and Emerging Technologies remain key focus
- Andrew Hanna has been appointed CEO of the newly launched ZainTech
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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
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QAMCO profit rises by 112%
Business
QIG’s H1 profit surges 71.5%
Business
Dubai records realty transactions worth $299 million Thursday
Dubai, UAE-- Dubai real estate market recorded realty transactions worth AED1.1 billion ($299 million) on Thursday, Dubai Land Department said....
Business
Value of building permits issued by Sharjah Municipality hits $2.54 bn
Sharjah, UAE--The contractual value of building permits issued by Sharjah Municipality grew to AED9.344 billion ($2.54 billion) in H1, while...
Business
UAE, Jordan ink pact to standardize specifications
The UAE Ministry of Industry and Advanced Technology (MoIAT) signed a Memorandum of Understanding (MoU) with the Jordan Standards and...
Geostrategy
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Science
Saudi Arabia to launch two astronauts into space aboard Elon Musk’s SpaceX
The sources told Reuters that the deal was signed privately earlier this year with Houston’s Axiom Space.
- The sources told Reuters that the deal was signed privately earlier this year with Houston’s Axiom Space
- Under the deal, two Saudi astronauts will ride SpaceX’s Crew Dragon capsule to the space station for a roughly weeklong stay
Business
Saudi Steel lands contract
It won a $40 million contract from Aramco to supply pipes.
- Saudi Steel Pipe Co. said, in a bourse filing, that it expects to see financial impact from its new order in the second and third quarters of 2023
- The pipe producer, in May, signed a 10-month contract worth $25.86 million with Saudi Aramco to supply the latter with oil and gas steel pipes
Business
Raydan to cut capital by 53%
The food company will reduce the capital to $42.13 million.
- According to a bourse filing, the company is cutting its capital from $90 million to $42.13 million
- The food company's accumulated losses reached $45 million in the first half of the year, representing 53 percent of its share capital