Renault Scenic model wins Car of the Year at Geneva auto show
Renault unveiled a new electric vehicle and its Scenic model won the Car of the Year award at the first...Business Global
China discovers world’s largest metamorphic rock oilfield in Bohai Sea
BEIJING, CHINA – The China National Offshore Oil Corporation (CNOOC) has announced the recent discovery of the largest metamorphic rock...Business Economy Energy
Saudi Arabia appoints new crypto chief to further its digital program
The kingdom is the largest economy in the Middle East, making it a key market for any firm operating in...Until now, Saudi had shown a circumspect approach on virtual assets, as officials questioned the speculative nature of them.
With the emergence of UAE as a global crypto hub, Saudi displayed urgency to draft formal rules pertaining to the asset class.
Dubai records over US$653m in realty transactions on Monday
DUBAI, UAE - Dubai real estate market recorded 568 sales transactions worth US$373 million (AED1.37 billion) on Monday, data released...Dubai real estate market recorded 568 sales transactions worth US$373 million on Monday.
The sales included 503 villas and apartments worth US$283 million and 65 land plots worth US$88 million.
ADNOC announces $548m contract for Lower Zakum field
Abu Dhabi National Oil Company (ADNOC) Monday announced the award of a US$548 million (AED2.01 billion) contract to build a...The award will increase the Lower Zakum field’s gas production capacity from 430 million to 700 million standard cubic feet per day.
The project will see the construction of a new subsea pipeline that will run 85 kilometers from Zakum West Super Complex to Das Island.
Green hydrogen production in UAE to touch 5.7m tonnes in 2030
Innovative technologies to produce green hydrogen using clean and renewable energy are witnessing rapid developments and studies indicate that green...The UAE aims to acquire 25 percent of the low-carbon hydrogen market which is expected to reach more than $400 billion.
The production of green hydrogen is mainly carried out through electrolysis using renewable energy sources.
Saudi rebate program discussed at Venice festival
A seminar organized at the film festival discussed the kingdom's cash rebate program, which is aimed at attracting international producers...The officials said there is a high level of coordination between government agencies and the private sector to build the film industry.
Last May, the Commission launched a cash rebate program to support films with up to 40 percent of the financial refund.
Saudi Arabian government body launches strategy 2022-2025
The National Center for Government Resources Systems (NCGR) launched its comprehensive strategy (2022-2025).The strategy is based on four main pillars which include raising the efficiency and effectiveness of the government in managing its resources.
It also involves maximizing benefit of NCGR's resources, superiority in providing and using data to support decision-making, excellence in risk management.
Saudi SMEs authority and Aramco center sign cooperation pact
Riyadh, Saudi Arabia—Saudi Arabia’s General Authority for Small and Medium Enterprises (Monsha'at), has signed a cooperation agreement with Aramco’s Center...The two sides will provide shared office spaces, financial grants, and business development and mentorship programs to enable SMEs to enter the market.
Monsha'at works to organize, support and sponsor the small and medium enterprises sector in the Kingdom in accordance with best practices.
FAB, Silver Birch announce partnership
They will offer inventory solutions to their local, international clients.This partnership enables FAB and Silver Birch to offer various inventory solutions to suit specific client needs.
Silver Birch, headquartered in the UK, is a specialist working capital structuring, advisory and execution firm.
Dubai road-toll operator Salik’s IPO to sell 20% shares
According to its intention-to-float document, the company is selling 1.5 billion shares and the offer price will be confirmed on...According to its intention-to-float document, the company is selling 1.5 billion shares and the offer price will be confirmed on September 22
The Salik electronic toll collection system was introduced in Dubai in 2007 to ease congestion in the regional trading hub
OPEC+ to meet in order to adjust quotas for October
Faced with a bleak global economic outlook, the OPEC+ countries are expected to agree a modest increase in oil production...Far from their highs near $140 a barrel, Brent North Sea crude and US WTI crude prices suffered their third consecutive monthly decline in August
Matthew Holland of Energy Aspects said a cut in production would come up at the next meeting in October
