Riyadh’s “Global Sports Tower” designs approved
Led by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, the initiative's purpose is to elevate the...Business
Aramco, Sempra ink Port Arthur LNG royalties deal
Aramco's 25% participation in Port Arthur LNG Phase 2 aims to expand its gas portfolio and meet the world's growing...Business
IMF to revise regional outlook over Israel-Hamas conflict
Dubai, UAE--The IMF announced Friday that it will revise its economic outlook for the Middle East and North Africa region...The IMF staff wrote in a blog post that Israel-Hamas conflict will have wide-ranging consequences for "both people and economies" in the region
The IMF officials said countries like Lebanon that are heavily dependent on tourism saw hotel occupancy rates drop by 45 percentage points in October compared to a year ago
Masdar ties up with RWE in US$14bn investment to develop wind projects in UK
Dubai, UAE--Abu Dhabi Future Energy Company, also known as Masdar, is part of a $14 billion investment into the UK’s...The $14 billion investment is expected to shore up the UK economy and also demonstrate the UAE’s long-term commitment to supporting net-zero goals in Britain
The new project will generate enough power to light up to three million UK homes and is expected to create 2,000 jobs during construction, and a thousand more later
World Bank allots 45% of its financing to climate projects
The bank, according to a statement, "is putting to work more than $40 billion", around $9 billion more than previously...The bank said that it is helping people to hold off the devastation of climate change
It has earmarked the financing for the fiscal year that runs from July 1, 2024, to June 30, 2025
Defying global trend, UAE leads Middle East IPO surge
The region's IPO momentum is driven by strong performances from entities like Dubai Taxi Company and a significant announcement from...The region's IPO momentum is driven by strong performances from entities like Dubai Taxi Company and a significant announcement from Abu Dhabi’s healthcare sector.
Despite a 54 percent annual decrease, Middle East IPOs raise $8.4 billion in 2023, as the MSCI Gulf States Index climbs 8 percent, defying global economic downturns.
Pure Health announces IPO
The company will offer 1.11bn shares at AED3.26 per share.The subscription period will open on 6th December 2023 and will close on 11th December 2023 for both the Tranches.
The company intends to list its shares on ADX on 20th December 2023.
Mumtalakat, Investcorp ink pact
The firms have jointly launched a climate investment platform.The platform will make investments in businesses where they have matured past many of the risks that face earlier stage ventures.
They must manage and minimize the execution risks associated with expansion in middle-market investments.
ACWA Power launches Phase I of green hydrogen project in Uzbekistan
Riyadh, Saudi Arabia -- Saudi renewables giant ACWA Power has said it launched the first phase of green hydrogen project...The first phase, a 3,000 ton- green ammonia pilot project, is already underway following the signing of the hydrogen purchase and power purchase agreements in May 2023.
Once the second phase is complete, 2.4 GW of wind energy will power the production of 500,000 tons per year of green ammonia.
TAMM partners with AI71 to use UAE’s Falcon series LLMs
TAMM becomes first to use UAE’s Falcon large language models.Falcon LLMs will equip TAMM to deliver high-quality interaction by providing its users with accurate, relevant and contextually appropriate responses to their queries.
Falcon’s capabilities extend to being a data-driven insight generator, helping TAMM refine its services based on user interactions and feedback.
Astra Tech to launch financial services powered by AI in 2024, says CEO
ABU DHABI, UAE - CEO and Co-Founder of Astra Tech Abdallah Abu-Sheikh said that the company will launch its first...The CEO said that Astra Tech plans to enter new financial sectors and make acquisitions in South Asia, including India.
He said that the company is looking to expand into Saudi Arabia to enhance its services in this vital market.
Tech-empowered shoppers drive Saudi consumer behavior: PwC
Riyadh, Saudi Arabia -- Saudi Arabian consumers are navigating the market with heightened awareness, becoming better-informed buyers, according to the...Saudi consumers increasingly rely on smartphones and connected devices to compare prices both online and in-store.
Brand websites are a trusted source, influencing 65% of survey participants, emphasizing the significance of the online shopping experience.
