Air Arabia Egypt marks its first flight to Istanbul
CAIRO, Egypt – Air Arabia Egypt on Sunday commenced its first non-stop flight from Cairo International Airport to Sabiha Gökçen...Business Geostrategy Aviation
Dubai receives 3.67 million visitors in first two months of 2024
Dubai, UAE--Dubai received 3.67 million overnight visitors in January-February 2024, with an increase of over 18 percent year-on-year (YoY), figures...Business
Abu Dhabi fund CYVN invests $2.2bn in Nio
This follows an earlier investment of $738.5 million by CYVN in July.The investment for Nio, one of US-based Tesla's rivals in China, comes as the Shanghai-founded business remains largely loss-making.
CYVN, an investment vehicle based in Abu Dhabi, had made an investment of $738.5 million by CYVN in July.
Taiwan shipping giant Evergreen suspends Israel cargo services
Due to "escalation of war situation in recent days, Evergreen will temporary suspend Israel import and export service due to rising...Several of the world's largest shipping companies, including Maersk and Hapag-Lloyd, and energy giant BP have already suspended passage through the Red Sea.
Yemeni rebels have said they were targeting vessels near the strait to pressure Israel over its devastating onslaught on Gaza.
ACWA Power signs $800m agreement for South Africa renewable project
Dubai, UAE --Â Saudi-listed renewable energy giant ACWA Power has signed a $800 million power purchase agreement for ACWA Power Project...The project will reach around 50% local content in procurement during the construction and create more than 1,000 construction jobs at peak.
Commencement of operations is scheduled by Q2 2026, adding significant dispatchable capacity onto the grid.
BCI’s subsidiary secures US$100m loan from SIDF
RIYADH, SAUDI ARABIA - Basic Chemical Industries Co.'s (BCI) subsidiary Chemical Marketing and Distribution Co. Ltd. secured a loan from the Saudi...The US$100 million loan has a duration of seven years and three months starting from October 8, 2025.
BCI mortgaged all fixed assets of the project as guarantees for financing, in addition to a corporate guarantee.
Saudi EVIQ unveils R&D facility
It will be used to test a range of EV chargers and software.The CEO of EVIQ said that with the setting up of R&D facility the company was paving the way for the growth of a sustainable EV ecosystem in Saudi Arabia
The company said that the facility will serve as a hub for developing the expertise and knowledge in EV charger technology, bolstering the EV market in the kingdom
Russia’s Gazprom sets new daily record for gas supplies to China
Moscow, Russia--Gazprom has set a new record for daily gas supplies to China via the Power of Siberia pipeline on...According to Gazprom, supplies are made under a bilateral long-term gas purchase and sale agreement between the oil company and China
The company added that since November it has ramped up the volume of gas supplies to China as per the previously signed additional agreement
Nissan to export EVs globally
It would sell China-developed EVs all over the world.The automaker is looking to export the line-up of existing internal combustion engine vehicles and pure electric and hybrid cars
China accounted for just over a fifth of Nissan's worldwide sales of about 2.8 million vehicles over the first 10 months of the year
GCC media outlets think outside the box to stay afloat
Reeling from a calamitous drop in advertisement revenues and public trust, news media organizations are reworking strategies to create "niche"...Many believe news media outlets have been distracted from their role to safeguard space for informed debate on public issues
Several well trusted media outlets with deep pockets are battling against thinning revenues and being forced to think differently
Fintech leads MENA startup boom with historic funding
Startups in the MENA region secured a staggering $764 million in funding in November 2023, demonstrating the region's growing influence...Startups in the MENA region secured a staggering $764 million in funding in November 2023, demonstrating the region's growing influence in the global startup ecosystem.
This surge, led by the fintech sector and supported by global investors, underscores the vibrant entrepreneurial spirit and innovation driving the MENA region's growth.
Plan to end e-vehicle subsidies sparks anger in Germany
BERLIN, GERMANY - The German government on Sunday faced a backlash after abruptly ending an electric car subsidy scheme in a...The economy ministry said on Saturday that Sunday would be the last day prospective buyers could apply for the scheme.
Under the scheme, the government paid out thousands of euros per customer to partially cover the cost of buying an electric car.
