Cyprus and Egypt sign deal to process, export gas to Europe
Nicosia, Cyprus -- Cyprus and Egypt on Monday signed an agreement with an energy consortium to export gas from the Mediterranean...Business Energy
Nissan, Honda shares surge after merger talks scrapped
Nissan and Honda shares surged in Tokyo Friday after the auto giants confirmed they scrapped merger talks and Nissan detailed...Business
flynas flies over 11m passengers in 2023, up 28 percent from 2022
RIYADH, SAUDI ARABIA – flynas reported record results for its performance in 2023 compared to the previous year 2022, with...The low-cost carrier has taken delivery of 19 new aircraft during 2023, upscaling fleet size to 64, a rise of over 35 percent.
flynas launched 57 new destinations and increased seat capacity by 22 percent for domestic and international flights in 2023.
Qatar’s industrial sector PPI down in Nov on lower oil prices
Doha, Qatar -- Qatar's Producer Price Index (PPI) of the industrial sector in the country for November was 118.65 points,...Qatar's industrial PPI fell 1.95% in November, driven by oil price drops in mining and some manufacturing sectors.
Electricity prices defied the trend, showing MoM and YoY increases, while water prices dipped MoM but rose slightly YoY.
Card transactions drive 8 percent Saudi spending growth in Nov
Riyadh, Saudi Arabia --Consumer spending in Saudi Arabia grew by 8 percent to SAR 111.5 billion ($29.73 billion) in November...Point-of-sale purchases led the charge, rising 12% year-over-year as Saudi Arabia embraces cashless shopping.
Cash withdrawals from ATMs rose by almost 1 percent YoY to roughly SAR 45.6 billion in November.
Halliburton, Hamriyah Free Zone in pact
Halliburton has been operating in the UAE for five decades.Under the agreement, Halliburton will expand its footprint within the UAE by establishing a cutting-edge facility for calibrating drilling tools used in the oil industry
The state-of-the-art facility is set to occupy a substantial area of more than one million square feet within the Hamriyah Free Zone
MODON launches 10 projects
The projects in 6 industrial cities are valued at $143 million.These projects, conducted in collaboration with several national companies, aim to foster opportunities for value chain initiatives and bolster local content.
Among the agreements, MODON has inked a contract for establishing 80 factories and ready-made products in Al-Ahsa and Taif's industrial cities.
Bitcoin crosses $45,000 for first time since April 2022
Dubai, UAE--Bitcoin stormed above $45,000 on Tuesday for the first time since April 2022.Bitcoin touched a 21-month peak of $45,532,...It reached a 21-month peak of $45,532, having gained 156% last year in its strongest yearly performance since 2020
Expectations that major central banks will cut interest rates this year has also been a boon for cryptocurrencies
UAE to press firms with 20-49 staff to hire at least one Emirati in 2024
Dubai, UAE--The UAE's Ministry of Human Resources and Emiratisation (MoHRE) has started implementing the cabinet decision to expand the scope...The Ministry of Human Resources and Emiratisation notified more than 12,000 companies to comply with the decision, providing them sufficient time to meet their required targets
The ministry said it will continue to hold training workshops to educate companies subject to the decision about the procedures to follow in order to meet their required targets
ADIB-Egypt introduces Shariah-compliant private banking services for HNWIs
Cairo, Egypt – ADIB-Egypt has launched its exclusive portfolio of Private Banking Services, providing a Shariah-compliant banking proposition for its high-net-worth...ADIB-Egypt’s Private Banking platform also provides access to Financial Advisory services led by specialized experts, to help clients' wealth achieve its full potential
ADIB is also introducing a new service granting clients exclusive access to premier banking products and services in the United Arab Emirates
Gupco begins pumping oil in Egypt
The production started at the first well in the Gulf of Suez.Egypt's petroleum minister said the project first phase aims to reach 6,000 barrels per day by mid-January
The completion of the second well is expected by mid-January to raise production to targeted levels
New investors throng Dubai Financial Market to open accounts
Dubai, UAE--Brokerage firms at the Dubai Financial Market (DFM) opened 57,054 new investor accounts in 2023, marking a significant increase...The expansion in the growth resulted from the listing of the government and semi-government companies and also rising popularity of online trading
The brokerage firms numbering 29 on the bourse executed over 3.83 million transactions in 2023, a 32.7% increase compared to 2022's 2.88 million
