Saudi Arabia’s travel account surplus reaches nearly $13.27bn
Riyadh, Saudi Arabia -- Saudi Arabia's tourism sector achieved a record surplus in the 2024 travel account, reaching SAR49.8 billion...Business
OpenAI says it raised $40 bn at valuation of $300 bn
San Francisco, United States - OpenAI on Monday said it raised $40 billion in a new funding round that valued...Business
1962 Ferrari auctioned for $51.7 m in New York: Sotheby’s
Dating from 1962, the legendary Scuderia sports car -- chassis 3765, four-liter engine developing 390 horsepower -- had finished second...The bright red roadster had been the property of an American collector for the past 38 years
The 250 GTO went on sale Monday evening after a few minutes of bidding in the auction room
Jet fuel sales to reach over billion gallons by end of 2023: ENOC
Dubai, UAE--ENOC Group will reach more than one billion gallons of jet fuel sales at the end of this year...The company in line with its long-term strategy intends to supply Sustainable Aviation Fuel (SAF) to Dubai Airports in 2024
The company plans to enhance sales volume globally, apart from seeking potential acquisitions, partnerships, and greenfield projects
Salman Khan’s ‘Tiger 3’ faces ban in Kuwait, Oman and Qatar
Dubai, UAE - The much-anticipated Hindi-language action film Tiger 3, starring Salman Khan and Katrina Kaif, has reportedly been banned...According to reports in Indian publications, concerns have been raised over the portrayal of Muslims in the film
Critics argue that the film perpetuates Islamophobic tropes, a sentiment that might have influenced the decision to ban it in these Gulf countries
Technological advances propel UAE’s payments industry
The sector's growth, driven by the transition to digital transactions and tech innovations, positions UAE as a leader in the...The sector's growth, driven by the transition to digital transactions and tech innovations, positions UAE as a leader in the evolving global payments landscape, says a report.
Moreover, the Gulf country's economic expansion and changing consumer preferences towards digital payments are also leading to continuous growth of the payment industry.
Turkish Airlines explore options of buying 355 Airbus jets
Istanbul, Turkey - Turkish Airlines, the country's flag carrier, confirmed on Monday that it was in talks with Airbus to buy...The airline said that negotiations are held with Airbus regarding the purchase of a total of 355 aircraft.
In September, Turkish Airlines revealed plans to purchase 10 additional Airbus A350-900 aircraft
Chemanol to buy stake in ACC
It will acquire 84 percent stake for US$12.3 million.The purchase amount would be disbursed partially and within specified intervals, as per the terms stipulated in the SPA.
Chemanol said the acquisition is aimed at enhancing its share in the market and diversifying its product range,
Emirates, flydubai among Boeing’s big customers at Dubai Airshow
Emirates, the Middle East's biggest airline, made the largest purchase with its $52 billion order for 55 Boeing 777-9s, 35...Budget carrier flydubai, owned by the Dubai government, ordered 30 Boeing 787-9s valued at $63 billion -- its first wide-bodied, or large-capacity planes as it plans to expand.
Last week Emirates Group announced record half-year net profits of $2.7 billion, up 138 percent from a year earlier, driven by strong demand.
Saudi pioneering solutions for water scarcity
The kingdom is forging partnerships with major corporations to revolutionize water technologies and achieve water self-sufficiency.Water scarcity is 500 cubic meters per capita, while Saudi Arabia's annual per capita share of water does not exceed 89.5 cubic meters.
The Saline Water Conversion Corporation has signed agreements with several major corporations to tackle water scarcity.
PIF to invest in Alkhorayef Petroleum, secure 25% shareholding
Riyadh, Saudi Arabia — The Public Investment Fund (PIF) has formally announced the signing of a share subscription agreement to...PIF secures a 25 percent shareholding in the oil and gas production optimization solutions provider, with Alkhorayef Group retaining the majority stake of 75 percent.
Alkhorayef Petroleum specializes in artificial lift, wireline services and equipment, as well as early production facilities.
ADIB lists $500m green sukuk on LSE
The bank marked the issuance of its $500 million green sukuk.London Stock Exchange has welcome ADIB’s listing, as the world’s first dollar denominated green sukuk.
This follows the bank’s recent successful listing of US$750 million AT1 perpetual sukuk.
