Oil and gas industry hops on generative AI bandwagon
In recent years the downstream industry, which includes refineries that process crude oil into gasoline, has increasingly relied on so-called...Business
IATA urges Pakistan, Bangladesh to release blocked airline funds
The International Air Transport Association on Tuesday urged Pakistan and Bangladesh to remove barriers to airlines repatriating ticket revenues after...Business
Country Garden withholds repayment vote
The builder has accumulated debts of more than $150bn.The company has asked to extend payment on a 3.9 billion yuan ($535 million) note until 2026, originally setting an online vote among bondholders to end on Friday.
Country Garden's cash flow problems have ignited fears that it could collapse and spread turbulence through China's economy and financial system.
Dubai records realty deals worth $6.28 bn during week ending 25 Aug
Dubai, UAE -- A total of 3,229 real estate transactions worth over AED 23.1 billion ($6.28 billion) were conducted during...The DLD report showed that 183 plots were sold for AED 1.33 billion, while 2,361 apartments and villas were purchased for AED 5.77 billion.
The top three apartment and villa transfers included three in Palm Jumeirah sold for AED 65 million, AED 57 million, and AED 54 million.
Borouge’s PP5 unit generates $209m sales in H1 2023
ABU DHABI, UAE - Borouge's Chief Operating Officer Dr. Hasan Karam has said the fifth polypropylene unit (PP5) played a...Demand for products made from polypropylene is set to rise in the coming decades thanks to its versatility and recyclability.
Polypropylene market in Asia, Africa and the Middle East is valued at $10 billion and is predicted to grow by 5.5 percent annually.
Algerian, South African ministers discuss ways to boost economic cooperation
JOHANNESBURG, SOUTH AFRICA - Algerian Minister of Finance Laaziz Faid discussed with South African Finance Minister Enoch Godongwan, ways to...The two ministers discussed the available opportunities to enhance trade exchange between Algeria and South Africa.
The aim of trade exchange and joint investment is achieving sustainable development in the region.
Mawani and Rotterdam Port partner to develop smart ports
Jeddah, Saudi Arabia-- The Saudi Ports Authority (Mawani) has reached a partnership deal with Port of Rotterdam to collaborate in...The deal will enhance cooperation between both entities in port corporatization, a widely-adopted business model based on outsourcing terminal operations to the private sector.
Mawani had earlier inked a deal with Port of Antwerp International (PAI) to bolster mutual cooperation in the domains of port optimization and digital transformation.
Saudi industry ministry and German firms to develop human resources
Berlin, Germany -- A delegation of Saudi Ministry of Industry and Mineral Resources, which visited Germany, discussed enhancing cooperation to...The delegation met with officials of the German automobile manufacturer Porsche at the company’s headquarters.
The delegation discussed cooperation opportunities as well as initiatives and programs for developing human capacities with the German companies Schüller, Festo and KSB.
Meta’s Twitter rival Threads launches web version
One measure of usership, by company Similarweb, showed that daily active users on the Android version of Threads dropped to...A web version of Threads is seen as key to attracting professionals and media types who are the most active users of social media
The rival to Twitter (now called X) was rushed out in early July by Meta, which invited its more than a billion Instagram users to download the app
Iraq and Turkmenistan reach preliminary agreement on gas import
Baghdad, Iraq - Iraq has signed a preliminary agreement with Turkmenistan to import gas. The agreement signed by the undersecretary...Turkmenistan is known for its status as a key gas producer regionally and globally
The country’s natural gas reserves are estimated at 50 trillion cubic meters
$73 bn in saving deposits held by UAE banks during H1 2023
Dubai, UAE - Savings deposits held by UAE banks, excluding interbank deposits, totaled approximately $73.01 billion (AED268.6 billion) by the...The saving deposits experienced a monthly growth rate of 5.8%, equivalent to an increase of around $4.02 billion
The UAE Dirham accounted for the largest portion, constituting about 81.6% of the total, which is approximately $178.71 billion
Iran’s BRICS membership to strengthen group, says XI
TEHRAN/ JOHANNESBURG, IRAN/ SOUTH AFRICA - The Iranian and Chinese presidents stressed the need to bolster bilateral cooperation and the...The BRICS heads of state held their 15th annual summit in Johannesburg.
The heads of state called for the use of local currencies to facilitate trade.
