Airlines suspend or reduce flights in Middle East after Iran strikes
British Airways cancelled flights between London's Heathrow Airport and Dubai and Doha on Sunday following the US strikes on Iran....
Geostrategy
MENA brief Jun 11: Umrah returns, ADGM surges, Abu Dhabi property market up
China has extended visa-free entry for up to 30 days to citizens of Saudi Arabia, Oman, Kuwait, and Bahrain—boosting bilateral...
Geostrategy
Business
Nestle pours $1.8 bn in S Arabia
Firm said this will help bolster its presence in kingdom.
- Nestle's announcement is likely to be a major boost to Saudi Arabia as the kingdom pushes to attract greater foreign investment.
- Nestle will build a new factory, due to open in 2025 that will produce infant nutrition products and ready-to-drink coffee.
Business
ADFD to finance building, upgrade of water projects in Argentina
Abu Dhabi, UAE---Abu Dhabi Fund for Development (ADFD) will finance a water project in Cordoba province of Argentina under an...
- Costing, $28.8 million, the project will see building of modern water plants and expanding existing water stations in 26 villages of Cordoba province.
- The project will involve the laying of about 255-kilometer supply lines and establishing 14 new pumping stations and purification plants.
Geostrategy
Jordan Minister calls for MENA-Europe electric connection project
AMMAN, JORDAN - Jordan's Minister of Energy Saleh Kharabsheh stressed on the importance of conducting an electrical interconnection project to...
- Jordan's Minister said electric connection with Europe achieves integration by supplying the continent with relatively low-cost energy.
- He said that Jordan seeks to turn its electric power grid into a smart one.
Business
‘Introducing insurance share to beneficiaries is important privilege’
ABU DHABI, UAE - Insurance shares distributed among beneficiaries is one of the most essential privileges in the Federal Law...
- The authority said that shares are distributed to the daughter, sister or mother if they are widowed or divorced and to the son or brother if they are disabled.
- Pension shares are distributed to the heirs once the pensioner is deceased, given that those heirs do not earn a salary or receive their own pension.
Economy
ADDED digitally links freezones in Abu Dhabi
ABU DHABI, UAE - The Abu Dhabi Department of Economic Development (ADDED) has completed the e-link project with four freezones...
- The e-link with freezones helps in providing info and data of the beneficial owner of economic establishments in line with laws and regulations in the UAE.
- They will enhance the country status in following highest level of international standards of transparency and governance.
Economy
Saudi fund deposits $237m into accounts of housing beneficiaries
Riyadh, Saudi Arabia---Saudi Arabia has deposited 891 million riyals in subsidy to the beneficiaries of a housing program, Iskan, aimed...
- The subsidy for the month of November was deposited into the accounts of the Sakani beneficiaries by the Real Estate Development Fund.
- Since the launch of the program in June 2017, a total of 42.6 billion riyals has been provided to its beneficiaries.
Economy
Tourism recovery reaches 65% of pre-pandemic levels
An estimated 340 million international arrivals were recorded in the third quarter of 2022 alone, almost 50% of the nine-month...
- An estimated 340 million international arrivals were recorded in the third quarter of 2022 alone, almost 50% of the nine-month total
- Travel was boosted by strong pent-up demand, improved confidence levels and the lifting of restrictions in an increasing number of destinations
Business
KEZAD Group breaks ground on UAE’s largest e-commerce fulfilment centre
The 252,000 square metre fulfilment centre facility is being designed and developed by KEZAD Group under a Build-to-Suit agreement.
- The 252,000 square metre fulfilment centre facility is being designed and developed by KEZAD Group under a Build-to-Suit agreement
- KEZAD Group is the integrated trade, logistics, and industrial hub of Abu Dhabi and a fully-owned subsidiary of AD Ports Group
Business
KIPCO merges with QPIC
It will now trade on Boursa Kuwait under KPROJ.
- KIPCO's authorized, issued and paid-up capital now stands at $1.55 billion distributed over 5.048 billion shares
- KIPCO's market capitalization is now over $1.94 billion, it said, adding that the combined portfolio would further diversify revenue streams
Geostrategy
Future depends on measures we take today: UAE envoy
"Both of our national leaders (in the UAE and China) are keenly aware of the fact that, as two advanced...
- It is especially incumbent upon us to be active global stakeholders at this precarious time, says Ali Obaid Al Dhaheri, UAE Ambassador to China
- "It is worth noting the geographical scope of recent climatic cataclysms to remind ourselves this is a responsibility we all share," says the UAE envoy
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Airlines suspend or reduce flights in Middle East after Iran strikes
British Airways cancelled flights between London's Heathrow Airport and Dubai and Doha on Sunday following the US strikes on Iran....
Geostrategy
Company News
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Business
Israel is starving Gaza residents, says NGO
RAMALLAH, PALESTINIAN TERRITORIES - Everyone in Gaza is going hungry and about 2.2 million people are surviving day by day...
Geostrategy
Saudi Arabia, Belarus ink MoU to boost trade, investment
RIYADH, SAUDI ARABIA - The Federation of Saudi Chambers and the National Center for Marketing and Price Study at the...
Geostrategy
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Business
Resilient supply chains are essential to global trade: Expert
DUBAI, UAE – For over 30 years, globalization has been the evergreen megatrend as global trade has helped lift some...
- The COVID-19 pandemic highlighted the critical role of resilient supply chains in sustaining economies worldwide to the forefront.
- Wars, armed conflicts, overall increasing geopolitical tensions, and protectionism create serious headwinds for global trade.
Business
Utilizing AI is only possible if skill gap is bridged, says expert
DUBAI, UAE - The Artificial Intelligence (AI) revolution is upon us, with AI becoming a pervasive force in our daily...
- As the rate of AI adoption increases, humans are essential to guiding the technology’s implementation and usage of these technologies.
- Executives estimate that up to 40 percent of their workforce may need to reskill as a result of implementing AI or automation over the next three years.
Business
Ahli Islamic signs agreement with AAOIFI to support Islamic banking
MUSCAT, OMAN - As part of its ongoing efforts to support the Islamic banking industry, ahli Islamic signed a Memorandum...
- The aim is to collaborate in capacity building within ahli Islamic and foster the growth of the Islamic finance sector in Oman.
- The signing ceremony occurred concurrently with the AAOIFI-IsDB 18th Annual Islamic Banking and Finance Conference.