Borouge 2024 net profit $1.24bn
The company said it will maintain a $1.3bn dividend for 2025.Company News Business
Abu Dhabi records $2.88 billion in real estate transactions in January
Abu Dhabi, UAE -- Abu Dhabi’s real estate market recorded AED10.6 billion in transactions in January, totaling 2,514 property deals.According...Business
Red Sea Global teams up with Bear Grylls Survival Academy
Riyadh, Saudi Arabia--Red Sea Global (RSG) will become the exclusive agent for Bear Grylls Survival Academy (BGSA) bringing the world-famous...The collaboration between the two promises to offer outdoor enthusiasts the opportunity to learn key team building, wilderness education and survival skills
Red Sea Global looks to recurit and train local outdoor enthusiasts in the art of survival and expedition leadership, creating hundreds of jobs for Saudis
Technical glitch stifles production at Volkswagen
According to financial daily Handelsblatt, production came to a complete standstill in Wolfsburg and at the company's plants in Emden,...The disruption began at 12:30 pm (1030 GMT) and had still not been resolved by the evening, Volkswagen said
The cause of the technical problems was not known but "an external attack is unlikely to be the cause", German automaker said
Oil prices climb up to highest level in a year
The jump in oil prices came in the wake of a a surprising drop in US crude inventories. Oil prices...The increase in crude prices was seen by analysts as a drag on US equities, which opened higher, but finished mixed
The dollar added to gains seen as higher US bond yields make the greenback more attractive as a haven
Meta putting AI in smart glasses, assistants and more
Zuckerberg made his announcements at the Connect developers conference at Meta's headquarters in Silicon Valley, the company's main annual product...The second-generation Meta Ray-Ban smart glasses made in a partnership with EssilorLuxottica will have a starting price of $299 when they hit the market on October 17
Meta also introduced 28 AI characters that people can message on WhatsApp, Messenger and Instagram with "personalities" based on celebrities including Snoop Dogg
Iran exports goods worth US$9.1bn to BRICS nations from March to August
Tehran, Iran--Iran has exported 27.7 million tons of goods worth $9.1 billion to BRICS member countries from March 21-August 21,...Some 70.3 million tons of non-oil goods worth $43.5 billion were traded between Iran and the rest of the world during the same period
The top five export destinations for Iran's non-oil goods were China ($5.6bn), the UAE ($2.3bn), India ($845m), Russia (361m) and S. Africa ($51.5m)
Evergrande pauses trading on Hong Kong exchange
The Chinese company had only just resumed trading a month ago, after it was suspended for 17 months for not...Trading in its two other units -- the property services and electric vehicle groups -- also stopped "at 9:00 am today"
The halt in trading comes a day after a Bloomberg report that Evergrande's billionaire boss Xu Jiayin was being held by police
QatarEnergy signs US$3.90bn deal with HD Hyundai to build LNG carriers
Seoul, South Korea--QatarEnergy has signed US$3.90 billion worth agreement with Korea's HD Hyundai Heavy Industries (HHI) for the construction of...The agreement with the South Korean firm marks the start of the second phase of QatarEnergy's LNG ship acquisition program
QatarEnergy's ship-building program is the largest of its kind and will play a pivotal role in meeting its future shipping requirements
Lucid Group opens Saudi Arabia’s first-ever car manufacturing facility
Jeddah, Saudi Arabia - Lucid Group, which is partially owned by the Public Investment Fund, launched Wednesday its first international...The manufacturing unit extends over an area of about 31% of the total area allocated to the automotive industry in Jeddah's Special Economic Zone
In May 2022, Lucid Motors signed a contract to begin construction of its factory in KAEC with a production capacity of 155,000 vehicles
Masdar and PLN NP to triple size of Southeast Asia’s largest floating solar plant
Abu Dhabi, UAE--Masdar and PLN Nusantara Power (PLN NP) have signed an agreement to develop Phase II of the successful...The clean energy partnership between the UAE and Indonesia saw further consolidation when the two companies signed the deal to expand FPV plant
The UAE company has developed the region’s largest floating solar facility, the 145 MW Cirata floating solar PV plant in a joint ventre with PT PJB, now PLN NP
Ras Al Khaimah’s first organic fertilizer project to cost $20m
Ras Al Khaimah, UAE - Ras Al Khaimah’s is building its first organic soil fertilizer project at a cost of...The company will also carry out research on the creation of unique methods of cultivating plants, medicinal and valuable fungi
It will also be farming fruits, vegetables and berries, both indoors and outdoors, and conduct organic animal husbandry
