MENA startups optimistic despite funding fluctuations
In January 2024, MENA startup funding dropped 34% to US$ 86.5 million across 33 deals, with the UAE leading, followed...Business Markets
AI in the Middle East: From potential to profit
The region is making significant strides in integrating AI into various sectors, promising substantial productivity gains and innovation, a latest...Business
Innovation, sustainability to boost UAE real estate demand as market recovers from coronavirus impact
The swift recovery from the effects of Covid-19 is expected to contribute to a rise in demand for luxury real...The swift recovery from the effects of Covid-19 is expected to contribute to a rise in demand for luxury real estate units in the UAE by more than 30 percent next year
The ongoing interest of international purchasers in Dubai's luxury real estate market is predicted to drive prices up by 13.5 percent in the coming year, says a report
Cameroon has great potential for investment in prospective sectors, says UAE minister Al Zeyoudi
Some companies are already discussing investment opportunities with Cameroon, including DP World that aims to manage some ports in Cameroon...The UAE is one of the most significant investors in Africa, especially in sectors such as infrastructure, food security, renewable energies and communications
The UAE's Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi is leading an Emirati delegation of business and investment leaders in Cameroon
Two new unconventional nonconventional gas fields discovered in Saudi Arabia
Awtad unconventional nonconventional gas field has been discovered southwest of Ghawar field, 142 km southwest of Al-Hofuf, says Saudi ministerThe Awtad unconventional nonconventional gas field has been discovered southwest of Ghawar field, 142 km southwest of Al-Hofuf, says Saudi minister
Prince Abdulaziz bin Salman adds that the importance of these discoveries lies in increasing the Kingdom’s natural gas reserves
Aramco completes three transactions with Polish refiner and fuel retailer
As part of the transaction, first announced in January 2022, the company acquired equity stakes of 30% in a 210,000...As part of the transaction, first announced in January 2022, the Saudi firm has acquired equity stakes of 30% in a 210,000 barrels-per-day refinery in Gdansk
The Saudi oil company has also bought 100% stake in an associated wholesale business; and 50% in a plane fuel marketing joint venture with BP Europa SE
AMEA Power completes $1.1bn deal to deploy 1GW of energy projects in Egypt
The landmark 500 MW wind and 500MW solar projects, represent US$1.1bn of investment into the Egyptian economy and takes the...The landmark 500 MW wind and 500MW solar projects, represent US$1.1bn of investment into the Egyptian economy and takes the company’s clean energy portfolio to 2GW in the country
AMEA Power will build, own and operate the 500MW solar PV plant, which will be located in the Aswan governorate of Egypt. The Project is financed by International Finance Corp
SAS reports deeper losses
The airline's net losses amounted to more than $117 million.Net losses amounted to more than 1.2 billion Swedish kronor ($117 million) in the August-October period
The airline, however, saw the "highest number" of passengers since the beginning of the Covid pandemic
Britain eyes digital trade accord with Ukraine, boost in bilateral relations
Britain's Trade Secretary Kemi Badenoch and Ukrainian Economy Minister Yulia Svyrydenko will meet in London to unveil the deal, the...The accord will guarantee access to UK's financial services industry, helping reconstruction efforts and establishing closer cooperation on cybersecurity and emerging technologies
The agreement comes after London slashed tariffs on all Ukrainian goods to zero under a free trade deal with the war-torn nation
H&M plans revamp, to cut 1,500 jobs worldwide as it leaves Russia
Swedish fashion retailer H&M said Wednesday it would cut some 1,500 jobs worldwide as a result of a cost-cutting programme...The restructuring programme was announced in September, as the clothing giant announced a sizeable drop in third quarter profits
The programme is expected to cost some 800M Swedish kronor ($76m) but would provide annual savings of around two billion kronor
Musk’s Twitter lifts rule against Covid misinformation
Twitter's New boss Elon Musk believes that all content permitted by law should be allowed on the social media platform,...During the pandemic, Twitter took to labeling misleading tweets about Covid and booting users who persisted in spreading such misinformation
Under Musk, who calls himself a "free speech absolutist," Twitter has begun reinstating roughly 62,000 accounts in what is being referred to internally as "the Big Bang"Â
Etihad Rail and Borouge enter into strategic partnership
Abu Dhabi, UAE— Etihad Rail and Borouge have entered into a strategic partnership for sustainable transportation to carry 1.3 million...Under the terms of this partnership, Borouge becomes one of Etihad Rail’s main customers
Etihad Rail has successfully reserved 60 percent of the network’s annual transport capacity
