GCC countries record $587.8 billion in nominal GDP by end of Q4 2024
Muscat, Oman -- The nominal Gross Domestic Product (GDP) of the Gulf Cooperation Council (GCC) countries reached US$587.8 billion by...
Economy
Geostrategy
UAE, Saudi Arabia sign MoU for mutual recognition of maritime training
LONDON, UK - The UAE Ministry of Energy and Infrastructure (MOEI) and the Transport General Authority (TGA) of the Kingdom...
- The move is in line to ensure the highest standards of maritime safety and within the outcomes of the Saudi-Emirati Coordination Council.
- This is as per the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers 1978 and its amendments.
Business
KEZAD, Al Eskan Al Jamae merge
The merger creates Abu Dhabi’s largest integrated staff accommodation company.
- The combined entity will have an equity value of approximately AED7 billion ($1.90 billion). This transaction would be effected through an equity share swap with no cash exchange.
- For the nine months ended 30 September 2022, revenue was AED275 million for KEZAD Communities and AED205 million for EAJ.
Business
Ma’aden plans to become one of the top ten global aluminium producers
Key executives from Ma’aden’s aluminum and smelter department participated in the three-day conference Arabal 2022 in Cairo.
- Key executives from Ma’aden’s aluminum and smelter department participated in the three-day conference Arabal 2022 in Cairo
- With over 400 high-level delegates in attendance, Ma’aden had a prominent presence at the event showcasing various products and demos
Business
Dubai Islamic Bank lists sukuk
The bank listed the sustainable sukuk on Nasdaq Dubai.
- The Sukuk is the first-ever sustainable Sukuk from a UAE entity and was issued in line with DIB’s Sustainable Finance Framework
- The bank issued the new Sukuk under its US$ 7.5 billion Sukuk Programme
Business
GCC IPOs resilient to volatility hurting other markets
Various IPOs raised nearly $4.8 billion in the GCC in the first five months of 2022 alone, which was higher...
- IPOs in the Gulf prove resilient to the volatility hurting deals in other markets, such as high oil prices, stable economies, and abundant liquidity fuel activity.
- Significant privatizations and private growth companies are now entering the IPO markets due to the recent surge of PO activity and frameworks introduced to enable SPAC formation.
Geostrategy
China-Arab summit: Chinese President Xi to visit KSA tomorrow
Chinese President Xi Jinping will reach Saudi Arabia on Wednesday for a three-day visit, his first to the world's biggest...
- Leaders from the two countries are expected to discuss potential deals that could see Chinese firms become more deeply involved in Saudi mega-projects
- Chinese President Xi Jinping last visited Saudi Arabia in 2016 on a trip that also featured stops in Egypt and Iran
Business
IATA says global passenger demand for air traffic growing
Geneva, Switzerland— Total global air traffic has shot up 44.6 percent in October as against October 2021, according to the...
- Total traffic in October 2022 (measured in revenue passenger kilometers or RPKs) rose 44.6 percent compared to October 2021
- Domestic traffic for October 2022 slipped 0.8 percent compared to the year-ago period as stringent COVID-related travel restrictions in China dampened global figures
‘UAE launching 4 products of advanced digital currencies in 2023’
The Advanced Technology Research Council, Faisal Al Bannai said, has 6 main research areas, including health, food, transportation and space...
- The Advanced Technology Research Council, Faisal Al Bannai said, has 6 main research areas, including health, food, transportation and space sector
- The council is one of three centres established to support and develop space capabilities and talents in cooperation with space agencies and strategic partners
Geostrategy
UAE President, Israeli counterpart seek to boost cooperation in space sector
Sheikh Mohamed and President Herzog confirmed the importance of boosting UAE-Israel cooperation in the space sector.
- Sheikh Mohamed and President Herzog confirmed the importance of boosting UAE-Israel cooperation in the space sector
- The two leaders discussed areas of collaboration between the UAE and Israel and the promotion of progress and stability across the region
Business
ADNOC and PETRONAS sign MENA’s first unconventional oil concession
Abu Dhabi, UAE— The UAE President Sheikh Mohamed and the King of Malaysia Al-Sultan Abdullah have witnessed the signing of...
- The award to Malaysia’s national oil and gas company launches the Middle East’s first unconventional oil concession
- Under the six-year concession agreement, PETRONAS will hold a 100% stake and operatorship to explore for and appraise unconventional oil
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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
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Bayanat, Yahsat to merge
Business
Air Arabia 2023 net profit $408m
The firm recorded a 27 percent rise in profit compared to 2022.
Business
solutions by stc, Devoteam ink MoU
The aim is to foster avenues for collaboration in technology.
Business
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Business
Several nations eager to join Charter of Cooperation, says OPEC Secretary-General
ABU DHABI, UAE - Secretary-General of the Organization of Petroleum Exporting Countries Haitham Al Ghais said that OPEC is in...
- The names of these countries will be announced after the completion of the ongoing consultations, the OPEC chief said.
- He said the Charter helps facilitate dialogue and exchange views regarding conditions in the global oil and energy markets.
Business
stc Group inks several pacts
The pacts were signed at the PIF’s Private Sector Forum.
- The annual Private Sector Forum brings together policymakers, key local private sector players, visionaries and industry leaders.
- The agreements signed covered a range of strategic stc Group objectives, from sustainability to digital transformation.
Business
Iran agricultural, food exports hit US$4.8bn in 10 months
TEHRAN, IRAN – The country has exported more than 6.7 million tons of agricultural and food products worth US$4.8 billion...
- Of this amount, 4,944,481 tons worth $2,930,585,728 were dedicated to the export of agricultural products.
- While 1,133,710 tons worth US$931,961,158 were dedicated to the export of food products.