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
Business
Two new unconventional nonconventional gas fields discovered in Saudi Arabia
Awtad unconventional nonconventional gas field has been discovered southwest of Ghawar field, 142 km southwest of Al-Hofuf, says Saudi minister
- The Awtad unconventional nonconventional gas field has been discovered southwest of Ghawar field, 142 km southwest of Al-Hofuf, says Saudi minister
- Prince Abdulaziz bin Salman adds that the importance of these discoveries lies in increasing the Kingdom’s natural gas reserves
Business
Aramco completes three transactions with Polish refiner and fuel retailer
As part of the transaction, first announced in January 2022, the company acquired equity stakes of 30% in a 210,000...
- As part of the transaction, first announced in January 2022, the Saudi firm has acquired equity stakes of 30% in a 210,000 barrels-per-day refinery in Gdansk
- The Saudi oil company has also bought 100% stake in an associated wholesale business; and 50% in a plane fuel marketing joint venture with BP Europa SE
Business
AMEA Power completes $1.1bn deal to deploy 1GW of energy projects in Egypt
The landmark 500 MW wind and 500MW solar projects, represent US$1.1bn of investment into the Egyptian economy and takes the...
- The landmark 500 MW wind and 500MW solar projects, represent US$1.1bn of investment into the Egyptian economy and takes the company’s clean energy portfolio to 2GW in the country
- AMEA Power will build, own and operate the 500MW solar PV plant, which will be located in the Aswan governorate of Egypt. The Project is financed by International Finance Corp
Economy
Turkey’s economy to grow 5 percent in 2022: Poll
In 2021, Turkey's economy rebounded from the COVID-19 pandemic to grow 11.4 percent.
- In 2021, Turkey's economy rebounded from the COVID-19 pandemic to grow 11.4 percent
- The Turkish Statistical Institute will announce Q3 GDP growth data at 0700 GMT on Nov 30
Economy
UAE, Cameroon non-oil trade exchange grows by 33.5% in last 10 years
Non-oil trade exchange between the UAE and Cameroon grew by 33.5 percent between 2012 and 2021, reaching $522 million by...
- The total non-oil trade exchange between 2012 and 2021 stood at $4.95 billion, according to figures of the Federal Competitiveness and Statistics Centre
- Non-oil trade between the two countries reached $406 million in the first nine months of this year
Qatar Charity organizes events for its sponsored orphans around the world
The events aim to focus on the rights of the child and the duties of states and societies in order...
- The events aim to focus on the rights of the child and the duties of states and societies in order to protect and care for them
- Sponsored children, including children with disabilities, participated in several activities in Pakistan, Bosnia, Djibouti, Yemen, Somalia, Albania, Tunisia, Kosovo, and Turkey
Science
UAE moon rover launch put off, to run more ‘pre-flight checks’
Dubai, UAE— The UAE’s moon rover launch has been delayed by one day in order to run more pre-flight checks,...
- Rashid Rover, the Arab world’s first lunar mission, is now scheduled to launch at 8:37 a.m. (GMT) on Thursday, Dec.1, from Cape Canaveral in Florida, US
- The integrated spacecraft once launched will take a low-energy route to the moon rather than a direct approach
Economy
Saudi Arabia extends term of $5 billion deposit for Central Bank of Egypt
The Egyptian economy has been hard-hit by the coronavirus pandemic and the war in Ukraine.
- The Egyptian economy has been hard-hit by the coronavirus pandemic and the war in Ukraine
- The package would allow Egypt to open '‘new financing channels with regional and international organizations''
Business
Etihad Rail and Borouge enter into strategic partnership
Abu Dhabi, UAE— Etihad Rail and Borouge have entered into a strategic partnership for sustainable transportation to carry 1.3 million...
- Under the terms of this partnership, Borouge becomes one of Etihad Rail’s main customers
- Etihad Rail has successfully reserved 60 percent of the network’s annual transport capacity
Business
$121bn GCC projects in pipeline: Trust, transparency key to their success, TOP CEO Conference heard in May
Beside leadership and vision, trust, communication and transparency between all the stakeholders play a key role in any and every...
- Beside leadership and vision, trust, communication and transparency between all the stakeholders play a key role in any and every project’s success, experts had said at the event.
- More than $50bn of social infrastructure work, according to Meed Projects, is being executed across the Gulf region, while the remaining $70bn is in various stages of planning
Company News
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HPDC, HDC ink agreement
Business
ENEC, Kazatomprom ink pact
Business
Number of millionaires in BRICS likely to rise by 85 percent in 10 years, says report
DUBAI, UAE - The total investable wealth currently held in the BRICS bloc amounts to US$45 trillion and its millionaire...
Business
Spain urges WTO meet in UAE to address de-globalization
ABU DHABI, UAE - Madrid wants the upcoming 13th Ministerial Conference (MC13) of the World Trade Organization (WTO) here next...
Business
Ras Al Khaimah witnesses rise in issue of valid business licenses in 2023
RAS AL KHAIMAH, UAE - The economic growth of the Emirate continued to accelerate in 2023, with the Department of...
Business
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Business
Hamad Al Marar is EDGE CEO
EDGE has a local and global orderbook of over $5billion.
- Al Marar succeeds Mansour AlMulla, who is returning to ADQ Group following a successful two-year managerial secondment to EDGE.
- He will utilize his leadership skills and experience within the UAE’s defense industry to guide the group into the next phase of its evolution.
Business
KACST, ACWA Power sign pact
The aim is to develop technologies for clean energy.
- The center will conduct studies, scientific research, and work to attain technical development in clean energy and water sector.
- It will also work in developing solar energy technologies, energy storage technologies to support future energy networks.
Business
SIB, Noqodi sign agreement
The Noqodi platform will enable digital payments.
- This pact aims to improve digital and electronic payment offerings available to SIB's corporate and individual business customers.
- SIB's business clients will gain access to a broader range of digital payment solutions for seamless fee payments across various products.