European LNG imports fall to lowest level since start of Ukraine war
Brussels, Belgium - Europe's liquefied natural gas (LNG) imports fell to the lowest level since the start of the Russian...
Business
Jordan’s investments increase by 47.6% in H1 2023
Amman, Jordan - Jordan's total volume of investments witnessed a 47.6 percent increase, according to data released by the Ministry...
Economy
Business
Alturki Holding oil arm buys out US drilling firm Newsco for undisclosed sum
Alturki Holding oil arm, the Saudi Sawafi company, has bought out Newsco, the US drilling services company, for an undisclosed...
- Newsco is one of the most important directional drilling companies in the petroleum industry in the world
- Sawafi, the global leader in upstream technologies, will now control about 9 patents in directional drilling
Economy
Jordan discusses economic recovery with World Bank
Jordan’s King Abdullah II on Sunday received World Bank Group President David Malpass at the Basman Palace.
- Jordan commended the World Bank’s prompt response to the priorities it raised in July
- Thar included working with the government on its 2022-2023 plan, which seeks to enhance the economy’s resilience and recovery
Business
Central Bank of UAE penalizes six exchanges for flouting rules on money laundering
The Central Bank of the United Arab Emirates has penalized six exchange houses for flouting rules to combat money laundering...
- The sanctions imposed last month followed the exchange houses’ failures to comply with AML & Sanctions Compliance Frameworks by end-2019
- The UAE has in recent months beefed up regulations targeted at banks and financial institutions to combat and prevent money laundering
Business
Home buyers in Middle East long for a villa in the countryside
Home buyers in the Middle East are looking to settle in rural areas and possess bigger homes than they have...
- Around 57 percent of respondents in the region said they would be most likely to buy a villa
- Half of the respondents cited the energy efficiency of their home being a “very important” issue
Business
TMG of Egypt looks to take advantage of demand for housing in Saudi Arabia and Iraq
Talaat Moustafa Group, the Egyptian real estate company, is looking to expand into Saudi Arabia and Iraq to take advantage...
- TMG has formed a committee to study investment opportunities in Saudi Arabia and Iraq
- The company recently proposed the Nour City project, east of the capital Cairo
Science
TRSDC of Saudi Arabia partners with an Austrian biotech firm to produce seafood
The Red Sea Development Company (TRSDC) of Saudi Arabia has partnered with an Austrian biotechnology firm, Blue Planet Ecosystems (BPE),...
- "The initiative is in response to “growing consumer demand for sustainable protein”
- BPE will specifically provide the Land-based Automated Recirculating Aquaculture (LARA) system, which mimics a natural aquatic ecosystem
Business
Outdoor ad firm Al Arabiya announces IPO
The company expects to sell 30 percent of its shares in the offering.
- The IPO is expected from Oct. 22 to Oct. 26 and a book-building process will determine offer price per share.
- In June, the Capital Market Authority had approved the company's request for the IPO.
Business
Emirates and Qantas extend partnership
Together, the airlines are making millions of reward seats available for frequent flyers to access more than 100 destinations.
- For Emirates customers, the deal provides access to over 55 Australian destinations to where Emirates does not fly
- Qantas customers are able to fly on Emirates to Dubai and access over 50 cities in Europe, the Middle East and North Africa, to where Qantas does not fly
Economy
Expert at AVSEC symposium: Need to rethink security approaches
The 5th edition of the AVSEC Global Symposium, which started on Sunday in Dubai, brought together globally recognized security experts,...
- The three-day event will host 35 speakers and over 700 delegates from more than 50 countries.
- Held since 2013, the symposium is one of the most significant aviation security events in the region and one of the biggest globally.
Cyclone Shaheen kills four in Oman; UAE, Saudi on alert
Tropical Cyclone Shaheen bore down on Oman on Sunday, killing at least three people, and authorities urged residents to evacuate...
- The United Arab Emirates also warned those on its eastern reaches to be prepared for the storm
- A child who had been swept away by water was found dead, the state news agency said
European LNG imports fall to lowest level since start of Ukraine war
Brussels, Belgium - Europe's liquefied natural gas (LNG) imports fell to the lowest level since the start of the Russian...
Business
Company News
Swvl drops plan to buy Zeelo
Business
Dubai most transparent Arab real estate market
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Latest News
DEWA CEO briefs Utah House of Representatives delegation
MD & CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer met a delegation from the Unified...
Geostrategy
Egypt to raise Suez Canal transit fees by 15 percent next year
Cairo, Egypt-- Egypt plans to raise fees for ships passing through the Suez Canal by 15 percent in 2023, the...
Business
Sharjah Chamber suggests measures for strengthening PPPs
The Sharjah Chamber of Commerce and Industry (SCCI) has recommended several measures to strengthen the emirate’s public-private partnerships (PPPs).
Economy
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Business
Qatar deepens partnership with Iberdrola Innovation
Qatar science and Technology Park (QSTP) has deepened its partnership with Iberdrola Innovation Middle East by signing an agreement to...
- The agreement was signed by QSTP Executive Director Yosouf Al Salehi and Managing Director of Iberdrola Innovation Middle East Santiago Banales
- Iberdrola aims to define the digital utility by developing innovative digital solutions for renewable energy integration, smart grids, and energy efficiency and conservation
Economy
Steep Fed rate hike seen as certainty after ugly inflation data
Soaring prices have pushed annual inflation to a 40-year high, inflicting pain on American consumers and businesses, despite the welcome...
- Families have been struggling with rising prices sparked initially by high demand as the world's largest economy emerged from the pandemic
- The US central bank has cranked up the benchmark lending rate four times this year, including two straight three-quarter-point hikes in June and July
Economy
S&P updates its outlook for Saudi Arabia to positive
In a statement, issued on Saturday, it assessed the kingdom's short and long-term foreign and local currency sovereign credit ratings...
- In a statement, issued on Saturday, it assessed the kingdom's short and long-term foreign and local currency sovereign credit ratings to A-/A-2
- S&P expects the kingdom's GDP to grow to a ceiling of 7.5 percent in 2022 with an expected financial surplus in the state budget of about 6.3 percent