GCC telecom firms turn to Europe, Asia for expansion
Wielding piles of cash and cutting-edge technology, many Arab telecom firms are scouting overseas markets to expand business beyond home...Business
Middle East air cargo volumes up 13.5% in November
Dubai, UAE - Middle Eastern carriers recorded a 13.5% year-on-year increase in cargo volumes, strongest performance in the world. In November...Business
Saudi Arabia’s Jabal Omar secures deal to restructure $1.25bn loan
Jabal Omar Development Company, one of Saudi Arabia's largest-listed property developers, has signed a deal to restructure a SAR 4.7-billion...The repayments will begin after a three-year grace period, Jabal Omar said in an exchange filing
As per the new agreement, the loan’s final maturity has been extended by three years to 2030
Impossible Foods taps Bidfood UAE for local distribution
Bidfood UAE is part of the Bidcorp Group, and has officially been chosen to distribute the Impossible Burger across the...Bidfood will begin to distribute three of Impossible Foods’ plant-based items
These are the Impossible Burger in 1.2-kg and 1.13-kg patties, and the Impossible Burger in bulk format of 2.26 kg
Businesses in UAE will hire more staff in next 12 months: HSBC survey
Companies in the United Arab Emirates are looking to increase their revenues by as much as 50 percent and recruit...The research comes as business conditions in the country continue to improve on the back of easing COVID-19 restrictions and reopening of international travel
UAE businesses are also the most confident globally about driving innovation in product and customer service (67 percent) over the next 12 months
S&P says private sector lending in GCC to stay low, but Saudi Arabia to buck trend
S&P Global Ratings has forecast that private sector lending will remain muted for one to two years in GCC countries....It said that there had been only marginal improvement across GCC banks overall
However, it is also expected that GCC economies will expand at an unweighted average of 1.8 percent in 2021 and 4 percent in 2022
Egypt and Saudi Arabia sign $1.8bn contract for electrical connection
Egypt and Saudi Arabia have signed a $1.8 billion electricity interconnection project that aims to exchange some 3,000 MW during...The Egyptian Electricity Transmission Company (EETC) and the Saudi Electricity Company said they would sign cable, airline and transformer stations agreements
“Saudi Arabia and Egypt share the same goals, and we work together as a team to implement them”
Fertiglobe plans IPO in Abu Dhabi
Fertiglobe is a fertilizer partnership of Adnoc and OCI.This offering is open to UAE citizens and residents, as well as domestic and international institutional investors
The offer will open on October 13, subject to regulatory approvals and other relevant considerations
Taxation and confiscation to rein in crypto market
Last few years have seen a lot of tension between governments and central banks around the world, on the one...Concerns are rising that these currencies could be used to fund illegal actions and for money laundering.
Several countries have taken strict measures to crack down on the industry that is viewed with suspicion uniformly across the world.
Regional divergences mark global trade rebound: WTO
Supply-side issues such as semiconductor scarcity and port backlogs may strain supply chains and weigh on trade in particular areas,...The forecast projects export volume growth in 2021 will be 9.3% in the Middle East
The current trade projections, according to the forecast, imply that the ratio of trade growth to GDP growth will rise to 2.0:1 in 2021
FB family of apps return online after seven hours
Users of Facebook, Instagram and WhatsApp across the world, including the Gulf countries, remained heavily affected for hours.The outage was first reported at around 1545 GMT or 7.45pm UAE time
Washington, Paris, Dubai and Delhi were few major cities that remained affected
World airlines commit to ‘net zero’ CO2 emissions by 2050
The world's airlines made a joint pledge Monday to reach "net zero" CO2 by 2050, as the aviation industry ramps..."The important decision that we must make today will secure the freedom to fly for future generations"
IATA represents 290 member airlines comprising 82 percent of pre-pandemic global air traffic
