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
Most owners holding on to Burj Khalifa homes longer: Report
Dubai, UAE -- The total number of homes available for sale in Dubai’s Burj Khalifa declined by 52 percent during...Business
Global economy to grow by 5.3 percent in 2021: UN
But if widening economic gaps between the developed world and the poor countries persists, only a few will enjoy the...Many developing economies are being held back by constraints on fiscal measures, lack of monetary autonomy and limited access to vaccines.
By 2025, developing countries will be $12 trillion poorer owing to the pandemic, the report said.
Most EMEA banks fret they would cease to exist unless they digitize fast
Nearly 75 percent of banks expect tech giants such as Google and Amazon to dominate the banking industry in five...The report said only 25 per cent of EMEA-based banks expect to significantly increase spending on Big Data in the next three years.
19 per cent of EMEA-based banks are focused on blockchain investment compared with 30 per cent of banks in North America.
New technology rejigs Gulf maritime sector
Real time data coupled with effective supply chain technology came in handy for the industry after the aviation sector was...The GCC countries have been making investments in integrating supply value chains with digital platforms and upgrading their technologies to keep pace with the latest developments
Real time data coupled with effective supply chain technology came in handy for the industry after the aviation sector was grounded following the spread of COVID-19 globally
Proof of Covid-19 vaccination, PCR test needed to enter Expo Dubai
Expo 2020 visitors will need a coronavirus vaccination or a negative PCR test to enter, organisers in Dubai has said....PCR tests will be free for ticket-holders with a 'network' of testing centres available across the city
The Expo site will have mandatory masks, two-metre social distancing rules and sanitisation stations
UAE’s Elkaso raises $2.1m in pre-seed round
Elkaso, the United Arab Emirates-based company, has raised $2.1 million in a pre-seed round, with Global Founders Capital leading the...UAE-based business-to-business marketplace Elkaso has raised $2.1 million in a pre-seed round
The capital injection will be used to expand Elkaso’s team
Blackstone looks to buyout Dubai-based VFS Global for $1.2bn
Blackstone, the US-based alternative investment management company, is in discussion with VFS Global, the Dubai-based visa outsourcing company, to buy...The due diligence process for the acquisition is complete
VFS Global is a spinoff of Swiss travel group Kuoni. It is 90 percent owned by Swedish private equity firm EQT and 10 percent by the Kuoni Foundation
DP World to invest $415m in a berth at London Gateway hub
DP World, the Dubai-based port operator, will invest $415 million in a new berth at its London Gateway logistics hub...Work on the new berth will begin next month
The sum builds on the 2 billion GBP investment DP World has made in Britain over the last decade
Saudi startup Unifonic raises $125m
The startup's latest funding is led by SoftBank and a unit of the PIF.The Series B funds will be used to grow Unifonic’s platform in the Middle East, and further expand to Africa and Asia
The news of the deal was out in June, but it was confirmed on Wednesday only, making it the first investment of SoftBank in a Saudi startup.
Egypt and Japan’s Toyota look to invest in blue ammonia
Egypt and Toyota of Japan are looking to explore investment opportunities in blue ammonia, and in this regard the Egyptian...Blue ammonia is made of hydrogen, a gas that is seen as key to a global energy transition, given that only water vapor is emitted from it upon combustion
Securing blue ammonia and hydrogen among other cleaner fuels are a key part of Japanese efforts to decarbonize its society by 2050
Fans to return in small numbers to UAE leg of Indian Premier League
The Board of Control for Cricket in India, in a statement on its website, has confirmed the earlier reports, which...The first of the 13 remaining IPL matches is scheduled to be played this Saturday
Tickets are expected to go on sale from Thursday on platforms including the official IPL website
