US developers report half of new electric generating capacity will come from solar
Washington, United States - Developers added 12 gigawatts (GW) of new utility-scale solar electric generating capacity in the United States...
Economy
Hospitality leaders to gather in Dubai for Commercial Strategy Conference
Dubai, UAE -- The region's top hospitality professionals will converge at the Conrad Dubai Hotel on November 25-26, 2025, for...
Business
Business
IATA expects airline losses in 2022 to slide down to US$9.7bn
Geneva, Switzerland— The International Air Transport Association (IATA) has upgraded its outlook for the airline industry’s 2022 financial performance as...
- It expects Industry losses to reduce to -$9.7 billion (improved from the October 2021 forecast for an $11.6 billion loss) for a net loss margin of -1.2%
- Despite economic challenges, it expects cargo volumes to set a record high of 68.4 million tonnes in 2022
Geostrategy
Xi visit marks 34 deals between Saudi, Chinese firms ahead of China-Arab meeting and China-GCC summit
The Chinese president's visit to Saudi Arabia aims at 'qualitative leap' in bilateral ties and the 'largest-scale diplomatic activity between...
- The Chinese president's visit to Saudi Arabia aims to enhance bilateral relations in several fields, including energy, security, transportation, infrastructure and investment
- The trip -- only Xi's third overseas since the coronavirus pandemic began -- comes after US President Joe Biden's visit in July, when he pleaded for higher oil production
Economy
UAE’s non-oil foreign trade at the end of third quarter $445 billion
Abu Dhabi, UAE----UAE's non-oil foreign trade increased by 19 percent by the end of the third quarter, compared to the...
- The value of exports at the end of the third quarter amounted to AED275 billion, a growth of nine percent, and re-exports recorded a growth of 22 percent.
- Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi said country's policies, legislations and economic relations and agreements have "begun to bear fruit".
Business
Saudi EXIM Bank, Korean Commercial Insurance Company sign MoU
Riyadh, Saudi Arabia---The Saudi Export-Import Bank signed an MoU with the Korean Commercial Insurance Company (K-SURE), which is Korea’s export...
- They will enhance import and export activities between the two countries, including export of environmentally friendly energy sources produced in Saudi Arabia.
- Under the terms of the memorandum of understanding, the two parties will share experiences and knowledge, cooperate to provide financing solutions.
Geostrategy
Chinese flags flutter in Saudi capital as Xi visits kingdom for first time since 2016
Riyadh, Saudi Arabia---The Saudi capital was bedecked with Chinese flags ahead of President Xi Jinping's visit on Wednesday that is...
- The red-and-gold Chinese emblem alternated with the green flag of Saudi Arabia along major roads in Riyadh, while Xi was pictured on the front pages of newspapers.
- China, the world's second-biggest economy, is the top customer for oil from Saudi Arabia, the leading exporter of crude, and both sides appear keen to expand their relationship.
Business
AD Ports Group, Africa Finance Corporation sign collaboration agreement
Abu Dhabi, WAM---AD Ports Group has signed a collaboration agreement with the Africa Finance Corporation (AFC), an infrastructure solutions provider...
- They will collaborate on identifying, financing, developing and investing in much-needed ports, warehouses, maritime and logistics infrastructure projects across Africa.
- Both parties will bring their technical expertise and financial capacity and networks to a range of development initiatives, focusing on brownfield and greenfield opportunities.
Economy
CBUAE imposes financial sanction on UAE exchange house
The financial sanction, amounting to AED1,925,000 ($524,166) followed the findings of an examination conducted by the CBUAE.
- The financial sanction, amounting to AED1,925,000 ($524,166) followed the findings of an examination conducted by the CBUAE
- The CBUAE, through its supervisory and regulatory mandates, works to ensure that all exchange houses, their owners and staff abide by the UAE laws
Economy
Debt-service payments from IDA’s countries to top $62bn in 2022: World Bank
The report highlights rising debt-related risks for all developing economies - low as well as middle-income economies.
- The report highlights rising debt-related risks for all developing economies - low as well as middle-income economies
- Rising interest rates and slowing global growth risk is tipping a large number of countries into debt crises
Economy
S&P Global says Egypt non-oil businesses contract in November
Cairo, Egypt—Egypt’s non-oil businesses have shown a contraction in November, resulting in output falling at the sharpest rate since the...
- Egypt’s Purchasing Managers’ Index fell from 47.7 in October to 45.4 in November — the second lowest since June 2020.
- According to S&P Global, Egypt’s purchase price inflation hit a 52-month high, leading 42 percent of surveyed firms to report a rise in total input costs over the month
Economy
Jordan’s ‘New City’ project to create 90,000 jobs: Govt
The project is part of the state's economic vision and aims to accommodate the population increases in Amman and Zarqa.
- The project is part of the state's economic vision and aims to accommodate the population increases in Amman and Zarqa
- The goverment hopes to start implementing the project in 2025, ending the first phase in 2033
US developers report half of new electric generating capacity will come from solar
Washington, United States - Developers added 12 gigawatts (GW) of new utility-scale solar electric generating capacity in the United States...
Economy
Company News
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IsDB, SWCC sign agreement
Business
Construction in China-Saudi Arabia ethylene project begins
FUZHOU, CHINA - Construction of the main complex of a joint-investment ethylene project, which involves petrochemicals giant Saudi Basic Industries...
Business
Iran-EU trade surpasses US$5bn in 2023, says Eurostat
TEHRAN, IRAN - The Statistical Office of the European Union (Eurostat) reported that Iran and the 27 European Union member...
Business
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Business
Emirates Flight acquires Bustanica
Bustanica is the world's largest indoor vertical farm.
- Bustanica’s 330,000sqft facility has the capacity to grow more than 1 million kilograms of leafy greens a year.
- Its produce is available across all major retailers in the UAE such as Spinney's, Waitrose, Carrefour, and Choithrams.
Business
SCC committee discusses issues related to Sharjah’s economy and tourism
SHARJAH, UAE - The Financial, Economic and Industrial Affairs Committee of Sharjah Consultative Council (SCC) held a meeting to discuss...
- The committee addressed the outcomes of its recent visit to Sharjah Commerce and Tourism Development Authority.
- The committee was briefed about the authority’s efforts to stimulate tourism by conducting events throughout the year.
Business
HMG 2023 net profit $544m
The rise was due to the hospitals and pharmacy segments.
- The increase in net profit came as revenues edged up 14.41 percent year-on-year (YoY) to US$2.5 billion (SAR 9.5 billion).
- Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 18.49 percent YoY to US$666 million (SAR 2.5 billion).