WTO launches US$50m fund for women entrepreneurs in developing countries
ABU DHABI, UAE - The director general of the World Trade Organization, Ngozi Okonjo-Iweala, on Sunday launched a $50 million fund...Business Economy Geostrategy Global
Global challenges hit M&A activity in Middle East, GCC
Sovereign Wealth Funds emerge as pivotal players, driving economic diversification and strategic cross-border partnerships, says Riccardo Molinari of Bain &...Business Markets
Aramco’s digitalization drive set to transform Saudi Arabia’s energy sector
The launch of Aramco Digital follows months after the energy company announced preliminary plans for a strategic collaboration with the...The company's journey toward comprehensive digitization began in 2017 when it announced the launch of the Digital Transformation Program
The launch of Aramco Digital during the seventh edition of IKTVA marks a new and significant stage in digital transformation of Saudi Arabia's energy sector
ADNOC delivers first Middle East LNG cargo to Germany
Abu Dhabi, UAE-- ADNOC and RWE Aktiengesellschaft (RWE) Wednesday announced the successful delivery of the first shipment of Liquefied Natural...The shipment of 137,000 cubic meters of LNG is the commissioning cargo for the new floating LNG terminal in Brunsbüttel in Germany.
The cargo is sufficient to produce approximately 900 million kilowatt hours of electricity, enough to supply approximately a quarter million German homes for a year.
Oil demand to hit record as China reopens, air travel recovers: IEA
Demand is expected to reach 101.9 million barrels per day on average in 2023, an increase of two million barrels...The Asia-Pacific region accounts for most of the increase in demand, with China alone accounting for nearly half of the expected 2023 growth after it lifted its zero-Covid policy.
China's reopening is also expected to boost air travel, which has yet to recover to pre-pandemic levels, driving demand for jet fuel up by 1.1 million barrels per day.
Saudi authority signs aviation safety pact with British CAA
Riyadh, Saudi Arabia-- The General Authority of Civil Aviation (GACA) has signed an agreement with the British Civil Aviation Authority...The agreement will help GACA keep up to date with the constant developments in the aviation sector, including issues related to safety.
The agreement shows GACA’s keenness to ensure the transfer of knowledge and train national professionals in the field, SPA reported.
‘Someone else’ could be running Twitter this year, says Musk
Musk paid $44 billion for his favorite social media platform and exiting day-to-day operations would allow him to deflect criticism...Since Musk took full ownership of Twitter on October 27, the platform has been riven by chaos, with mass layoffs, the return of banned accounts and the suspension of journalists
Musk's takeover also saw a surge in racist or hateful tweets, drawing scrutiny from regulators and chasing away big advertisers, Twitter's primary source of revenue
AD Ports Group 2022 net profit
The Group's revenue grew by 41 percent to AED5.5 billion.EBITDA (Earnings before interest, taxes, depreciation and amortization) increased to AED2.2 billion in 2022, up 37 percent YoY.
Operationally, in the Ports Cluster, container throughput grew to 4.33 million TEUs (twenty-foot equivalent units) in 2022.
Israeli company deploys robots to speed up online shopping
In the south Tel Aviv headquarters of 1MRobotics, young men and women -- nearly all of them graduates of the...The robot toils in the custom-made 30-square-metre (320-square-feet) space storing the capsules, fitted with a streetside hatch for couriers and shoppers to collect online orders
1MRobotics also builds the containers that will serve as mini-warehouses, with company CEO saying their robots and storage units would soon be working with alcohol shop in Brazil
ADNOC Distribution completes buyout of 50% stake in TotalEnergies Egypt
Abu Dhabi, UAE--ADNOC Distribution announced on Wednesday that it has completed its acquisition from TotalEnergies Marketing Afrique SAS of a...TotalEnergies Marketing Egypt is among the leading fuel retail operators in the country
The partnership includes a diversified downstream portfolio of 240 fuel retail stations, 100+ convenience stores, 250+ lube changing stations, and car washes
Airbnb posts US$319m profit
It made the profit in Q4 last year on revenue of nearly $2bn.The home-rental platform said it made a profit of $319 million in the final quarter of last year on revenue of nearly $2 billion
Airbnb finished 2022 with net income of $1.9 billion compared with a loss of $352 million the prior year, the San Francisco-based company reported
Salama records profit in 2022
The insurance firm posted a net profit of $12.32 million.The company attributed the result to its strategy to extend its leadership position in the UAE Takaful industry
Salama said that it has achieved consistent growth in gross written contributions and prudent underwriting controls, as well as continuing investment in strategic partnerships
