OPEC+ sticks to oil output plan after Trump’s price demand
In a bid to boost prices, the Organization of the Petroleum Exporting Countries (OPEC) headed by Saudi Arabia and Russian-led allies...Business Energy Geostrategy
‘Global Collaboration Village aims to digitize and democratize WEF dialogues’
DAVOS: The future of global collaborations is being shaped by innovation and the ubiquitous embrace of immersive technologies, which continue...Technology Business Economy
Manufacturers struggle to meet AI-related goals, says new white paper
DUBAI, UAE -- Despite many manufacturers integrating AI into their operations, a significant number of them face challenges in meeting...A global Boston Consulting Group study from 2023 revealed that AI technologies could enhance productivity by over 20 percent.
While 90 percent of companies across various industries aim to incorporate AI, only one in six have met their AI-related objectives.
UAE and Saudi Arabia lead MENA venture capital fundraising
Dubai, UAE -- MENA venture capital funding in the third quarter saw $250 million raised across 78 deals, a 32...MENA venture capital funding in the third quarter saw $250 million raised across 78 deals, a 32 percent increase compared to Q2 of 2023.
Saudi Arabia and the UAE led the region in capital raised, with the Kingdom reporting a 172 percent QoQ increase.
MENA banking sector records 30% surge in net profits in H1 2023
Dubai, UAE - The Middle East and North Africa (MENA) banking sector has witnessed a remarkable 30% year-on-year increase in...Digital transformation is reshaping the sector, with a focus on AI, sustainable finance, and enhanced customer experiences
The UAE's banking sector saw a remarkable 31% increase in net profits and total assets, driven by substantial investments in technology initiatives
Gulf Navigation posts profit
Its net profit rose to US$9.53m in the first nine months of 2023.The Dubai-based company in a statement said that operating revenue for the nine-month reached $23 million
The company CEO said that the management was focusing on achieving sustainable returns for their shareholders
Rolls-Royce to cut 2,500 jobs
It will cut six percent of its staff to build a leaner company.Chief executive Tufan Erginbilgic said the company was building a Rolls-Royce that is fit for the future
Last CEO Warren East had axed more than 9,000 jobs and launched a major divestment programme in 2020
UAE Minister Al Gergawi backs ‘curiosity’ and ‘equity’ at World Economic Forum
Dubai, United Arab Emirates – Considering opposing views, exchanging ideas and developing pathways for collaboration are essential to improving lives...UAE Minister of Cabinet Affairs Mohammad Abdullah Al Gergawi called for asking big questions to create a better future
Panelists in the opening plenary made the case for connecting the dots across industries and disciplines
Egypt sells MENA’s first ‘sustainable panda bonds’ in US$500m issue
Cairo, Egypt--Egypt has issued the first sustainable Panda bonds in the Middle East and North Africa worth $500 million with...Egypt's Finance Minister Mohamed Maait said the country succeeded in having a discounted pricing for the panda bonds at 3.5% annually for three years
He said the bond issuance is guaranteed by international banks including the Asian Infrastructure Investment Bank (AIIB) and the African Development Bank (AFDB),
Red Sea Global builds largest off-grid EV charging network in Saudi Arabia
RIYADH, SAUDI ARABIA - Red Sea Global (RSG), the multi-project developer behind the world’s most ambitious regenerative tourism destinations, Amaala...The network includes more than 150 charging stations spread across phase one of The Red Sea destination area.
The stations are placed to keep RSG’s initial fleet of 80 electric Lucid and Mercedes vehicles charged and on the road.
UAE invests $36bn in renewable energy projects in 2022, says ADDED chairman
ABU DHABI, UAE - Chairman of the Abu Dhabi Department of Economic Development (ADDED) Ahmed Jasim Al Zaabi has said...The UAE has successfully enticed a staggering US$23 billion in 2022, up 10 percent from 2021, to be ranked 16th globally in FDI attraction.
UAE is now the world's fourth-largest recipient of greenfield projects, with nearly a thousand ambitious ventures announced last year.
OERC and Arkan partner to transport raw limestone to UAE
Abu Dhabi, UAE -- Oman and Etihad Rail Company (OERC), the developer and operator of the UAE-Oman Rail Network, signed...Oman and Etihad Rail will provide logistics solutions for Emirates Steel Arkan through annual transportation of 4 to 6 million tons of high-quality raw materials to Al Ain.
This ensures Emirates Steel Arkan can produce and export 2-3 million tons of finished goods to regional markets each year.
