Iran becomes world’s ninth biggest steel producer, says WSA
TEHRAN, IRAN – The Middle Eastern country has improved its global standing in steel production, becoming the ninth largest producer...
Economy
Business
Mawani felicitated at the Maritime Standard Awards 2022
RIYADH, SAUDI ARABIA - The Saudi Ports Authority (Mawani) won an award at the ninth edition of the Maritime Standard...
- The awards is an annual industry event that felicitates top performers in the shipping, ports, and related sectors in the Middle East and the Indian subcontinent.
- The award crowns Mawani’s efforts in revolutionizing the Saudi maritime ecosystem and facilitating global trade.
Business
Mubadala acquires stake in ACX
ACX is setting up a carbon trading exchange in Abu Dhabi.
- ACX, based in Hub71, is a global environmental commodities exchange that uses distributed ledger technology leveraging blockchain architecture to create securitized carbon credits.
- In March, the Abu Dhabi Global Market teamed up with ACX to create the “world’s first fully regulated” carbon trading exchange in Abu Dhabi.
Geostrategy
Gunmen kill 9 in two separate shootings in protest-hit Iran cities
Tehran, Iran— Assailants on motorbikes shot dead nine people, including a woman and two children, during protests in two separate attacks...
- A senior judicial official in Khuzestan province said that three suspects were arrested and the hunt was on for others after first attack on protesters and security forces in Izeh
- It is the second attack that the Iranian authorities have blamed on "terrorists" since nationwide protests flared over Amini's death
Business
HSBC Oman, Sohar International Bank decide to merge
The banks said in two separate regulatory announcements that all assets and liabilities of HSBC Oman will be transferred to...
- The banks said in two separate regulatory announcements that all assets and liabilities of HSBC Oman will be transferred to Sohar International
- Earlier in 2012 HSBC Bank Middle East’s operations in Oman merged with Oman International Bank to create a HSBC Bank Oman
Business
Etihad Airways preps for tourists
It is expecting 1.5m travelers at Abu Dhabi International Airport.
- The travelers to Abu Dhabi can experience events like Formula 1 Etihad Airways Abu Dhabi Grand Prix this weekend and many more attractions over the winter season
- The airport service will provide a faster check-in experience and can accommodate a greater number of guests, without them having to stand in queues
Economy
Israel’s Q3 growth slows due to weaker consumer spending
The gross domestic product increased 2.1 percent annually between July and September compared to the previous three months.
- The gross domestic product increased 2.1 percent annually between July and September compared to the previous three months
- The annual inflation rose to 5.1 percent in October from 4.6 percent in September, well above an official 1-3 percent target, the statistics bureau said on Tuesday
Business
Masdar-led consortium to develop 4 GW green hydrogen projects in Egypt
Egypt enjoys abundant solar and wind resources that can allow for the generation of renewable power at a competitive cost.
- Egypt enjoys abundant solar and wind resources that can allow for the generation of renewable power at a competitive cost
- Egyptian authorities are reportedly working to revise the country’s renewable energy strategy to include green hydrogen
Business
QatarEnergy, Chevron Phillips to build US$8.5bn Texas plastic plant
Doha, Qatar— QatarEnergy and Chevron Phillips Chemical (CPChem) have announced they have reached a final investment decision to build an...
- The plant will include an ethylene cracker unit with a capacity of 2.08 million tons per annum, making it the largest in the world
- It will be owned by Golden Triangle Polymers Company LLC, a joint venture in which QatarEnergy holds a 49 percent equity interest with 51 percent held by CPChem
Business
Floating success: Marine industry helps Qatar cruise towards economic diversification at a greater pace
The floating hotel "MSC World Europa", which arrived at Doha Port last week, is one of three floating hotels designated...
- The marine industry is very important to tourism and the long term economic and cultural connections it brings, says Akbar Al Baker, head of Qatar Tourism and Qatar Airways Group
- Qatar has taken significant steps to consolidate its position as a world-class destination for cruise tourism and the Arabian Gulf is an important gateway for it, adds Al Baker
Economy
GCC growth may slow down in 2023 and 2024
The regional economies -- set to expand by 6.9 percent in 2022 -- may moderate to 3.7 percent and 2.4...
- The regional economies -- set to expand by 6.9 percent in 2022 -- may moderate to 3.7 percent and 2.4 percent in 2023 and 2024 respectively, says a World Bank report
- Easing of pandemic restrictions and positive developments in the hydrocarbon market drove strong recoveries in 2021 and 2022 across the GCC, the report points out
Iran becomes world’s ninth biggest steel producer, says WSA
TEHRAN, IRAN – The Middle Eastern country has improved its global standing in steel production, becoming the ninth largest producer...
Economy
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ADNOC L&S boosts barge fleet
Business
AI to contribute in enhancing low-emissions development
BONN, GERMANY - Artificial intelligence (AI) can make substantial contributions to climate-resilient and low-emissions development.UN Climate Change’s Initiative on Artificial...
Science
Global energy meet discusses way forward to net-zero emissions
VIENNA, AUSTRIA – High-level representatives from the member states of the United Nations Industrial Development Organization (UNIDO), international organizations, experts...
Science
Dubai Customs thwarts smuggling at airport, seize drugs
DUBAI, UAE –The Dubai Customs apprehended a traveler arriving from a European country who was trying to smuggle various small...
Geostrategy
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Business
Ducab, Somagec ink MoU
The MoU will enable UAE-based firm to enter Angolan market.
- Ducab Group already supplies its “Made in the UAE” products to 15 countries in Africa.
- It is constructing over 400 kilometers of 220kV transmission lines in Angola.
Business
Al Ansari Financial Services okays dividend
The first proposed interim dividend is of $81 million.
- All matters relating to future dividend distribution will be subject to the Board of Director's recommendation and shareholder's approval.
- The approved US$81 million cash distribution aligns with the group's previously announced dividend policy.
Business
stc, Microsoft to collaborate
The aim is to advance digitalization in Saudi Arabia.
- The two firms will jointly develop and deploy cutting-edge solutions that will transform and empower organizations across various industries.
- The collaboration between the organizations aims to enable stc’s subsidiaries to explore new markets, develop disruptive business models.