• Dubai wins right to host 349 business event in 2023

    DUBAI, UAE - Dubai consolidated its status as a central hub for international business events in 2023, with the city...

    Driven by Dubai Business Events, the wins reflected a robust 49 percent increase in successful bids compared to 2022.

    DBE brought a citywide offering to the global market that resonated with the core needs of the business events industry.

  • ADNOC Drilling begins use of hybrid rigs

    The rigs use high-capacity battery to reduce emissions.

    In 2023, the company acquired 16 such rigs for a combined $327 million investment.

    The remaining 14 newbuild rigs are expected to join ADNOC Drilling’s operational fleet progressively throughout the year.

  •

    Saudi Arabia’s real estate deals fall 11 percent in 2023: Ministry

    Riyadh, Saudi Arabia -- The value of Saudi Arabia's real estate transactions fell year-on-year by 11 percent to nearly SAR...

    The number of real estate transactions reached around 172,070 by the end of 2023, while the total number of sold property reached 177,500.

    Meanwhile, transactions value increased in the remaining five months, led by July at 65 percent.

  •

    ASML profit soars to US$8.5bn

    It has shrugged off geopolitical tensions to post high profits.

    Its CEO Peter Wennink said in a statement that the semiconductor industry continues to work through the bottom of the cycle

    It is one of the top manufacturers of equipment to make state-of-the-art semiconductor chips, which power mobile phones and cars

  •

    Global halal market set to hit $7.7 trillion by 2025

    Makkah, Saudi Arabia — Global halal market is projected to reach an estimated $7.7 trillion by 2025. Leading the expansion...

    In education and health sectors, recent economic reports foresee the halal economy market doubling from $2.30 trillion in 2020 to $4.96 trillion in 2030

    The Public Investment Fund in Saudi Arabia, a frontrunner in the global halal industry, took the initiative in 2022 to establish a company specializing in the development of halal

  • Gulf Warehousing Company profit down

    Its net profit fell 10.24% to US$59.07 million in 2023.

    Its earnings per share (EPS) decreased to QR 0.37 in 2023 compared to EPS of QR 0.41 in the previous year, the company said

    Its board of directors ratified the distribution of dividends of QR 0.11 at a rate of 11 percent per share for the year 2023

  • ADIB records 45% jump in net profit

    Its revenue climbed 36 percent to US$2.53 billion in 2023.

    The bank in a statement said that Its net profit for Q4 2023 jumped to $408 million, an increase of 29 percent as against Q4 of 2022

    The Abu Dhabi-based bank said that its revenue for 2023 improved by 36 percent to $2.53 billion compared to $1.85 billion last year

  •

    Mocktail mania in Saudi, where dry January lasts all year

    Riyadh, Saudi Arabia - The concept was controversial: a pop-up bar offering bellinis and spritzes that, while non-alcoholic, were served in...

    Saudis say the trend is consistent with a broader push by Crown Prince Mohammed bin Salman to transform his oil-dependent nation into a foreigner-friendly business

    King Abdulaziz enacted Saudi Arabia's alcohol ban in the early 1950s, not long after an incident in which one of his sons got drunk and, in a rage, shot dead a British diplomat

  •

    Dubai Customs records 30.4m transactions in 2023, posting 17.5% growth

    Dubai, UAE--Dubai Customs has successfully processed more than 30.4 million customs transactions during the entire year of 2023. This set...

    The figures for 2023 have set a new record for the highest number of customs transactions by Dubai Customs, showcasing a 17.5% growth

    The new accomplishment has resulted from the ongoing success of the Comprehensive Economic Partnership Agreements program

  •

    European Union probes Lufthansa’s proposed ITA Airways stake

    The European Commission said it had "preliminary concerns that the transaction may reduce competition in the market for passenger air...

    Lufthansa, one of Europe's biggest carriers, last year agreed to pay 325 million euros ($350 million) for a 41 percent stake in ITA

    The deal provided the German company various options to increase its stake or acquire ITA Airways outright at a later date