Penguin, SkyBlue ink MoU
The aim is to redefine outdoor media advertising in Abu Dhabi.Company News Business Economy Tech & Media
King Abdulaziz International Airport serves 42.7m passengers in 2023, a 36% growth
Jeddah, Saudi Arabia — King Abdulaziz International Airport served over 42.7 million passengers in 2023, reflecting a remarkable growth rate...Business
New Iraq project to reduce flaring at oilfields, consolidate gas production
The new project, signed in 2017 with oil services company Baker Hughes, will eventually allow 200 million cubic feet of...The implementation of the project and the gas exploitation may have to wait 30 months for the completion of infrastructure works
The amount of gas torched in Iraq annually reached 17.37 million cubic metres last year, says the World Bank
Saudi biggest Arab economy, Sudan most indebted
The Saudi economy, as per IMF, is recovering "well" from the pandemic, estimating the kingdom's non-oil economy will grow by...COVID-19 increased the average debt in Arab countries to 81.8 percent of its GDP in 2020, up from 69.4 percent in 2019.
Qatar has the highest GDP per capita in the Arab world due to its small population.
NBF starts e-trading platform
NBFX will help customers digitally hedge their treasury requirements.The new platform is available for both conventional and Shariah-compliant banking customers on a 24/5 basis
Customers will be able to execute transactions during and beyond the bank’s working hours and benefit from liquidity across all time zones
Most of $3.8bn remittances to the Philippines in July came from Middle East
Filipinos living overseas have sent back some $3.8 billion in July with most of the remittances coming from the Middle...Central bank figures show personal remittances from overseas Filipinos reaching $3.18 billion in July
Saudi Arabia was the third-biggest source of these money transfers, while Qatar and the UAE were also in the top 10
Huawei to invest $15m in Middle East to widen cloud services market
Huawei, the Chinese tech giant, will invest $15 million across the Middle East during the next three years in order...The new investment includes $7.6 million being allocated for partner development, more than $2.5 million to be put behind credits and other cloud resources
Chinese tech giant looks to groom SMEs to use cloud computing services
Gargash Group buys out Deem Finance for unknown sum
Gargash Goup, the UAE-based conglomerate, has bought out Deem Finance, the financial services provider, for an undisclosed sum. The conglomerate...Firm looks to enhance its offerings in financial services sector
Deem Finance offers credit cards, personal loans and wholesale deposit products to UAE corporate clients
AD Ports to set up state-of-the-art cruise terminal in Jordan
AD Ports Group will set up a state-of-the-art cruise terminal at Marsa Zayed in Aqaba, Jordan, after the signing of...It will be the first facility to be developed by AD Ports Group in Jordan and its first cruise facility outside of the United Arab Emirates
The new terminal will serve as a gateway in the Port of Aqaba
Aramco, McDermott eye onshore modular construction
Saudi Arabia is aiming to give a boost to local industries and in this regard Aramco and McDermott, the US-based...Modular construction is a process where a building is constructed off site before being transported and assembled at a final location
The two companies will use McDermott’s Saudi Arabia Fabrication in Ras Al-Khair (SAFIRA) facility to conduct the feasibility study
Mitsubishi to supply Empower 100,000 refrigeration ton capacity chillers
DUBAI: Emirates Central Cooling Systems Corporation (Empower) will be using Mitshubishi's air-conditioning and heating systems for its environmentally friendly district...A deal between the two allows Empower to increase capacity to 200,000 refrigeration tons.
Empower will start using the new units in its plants under construction located in Zabeel, Business Bay, Madinat Jumeirah.
Villas to drive Dubai realty growth in Q4
Arabian Ranches, Dubailand, Dubai South, Palm Jumeirah, MBR City, Dubai Hills Estate and DAMAC Hills 2 are likely to be...Up to 50% sales growth is expected in the villa segment during Q4 on a QoQ basis
The demand for villas is expected to surge in the areas near Expo 2020
