Qatar Chamber discusses ways to boost ties with Korean companies
Doha, Qatar--The Qatar Chamber (QC) discussed ways to enhance cooperation and exchange expertise with Korean companies in agriculture and food...Business
Saudi GACA issues air carrier, airport classifications for December 2023
RIYADH, SAUDI ARABIA - The General Authority of Civil Aviation (GACA) issued its monthly classification index for air transport service...Business Economy Aviation
Captagon trade tops $5b in MENA, raises health risk concerns
Exponential growth in the trade of the amphetamine-type stimulant captagon poses an increasing health and security risk to the regionThe figure is a jump from an estimate of around $3.5 billion in 2020 and only reflects the retail value of the pills seized last year
The real amount of seized pills is likely higher and still only a fraction of the total amount of captagon produced
Iran says oil production back to pre-sanctions level
Iran's oil production capacity has returned to the same level as prior to the reimposition of sanctions in 2018, when..."Oil production has reached pre-sanctions figures, despite economic pressures," said Mohsen Khojastehmehr, CEO of the National Iranian Oil Company
In a monthly report, the OPEC group of oil-producing countries estimated that Iran produced 2.54 bpd of oil in February
Saudi Arabia, UAE woo major chunk of FDI in GCC
As foreign investors seek to take advantage of investment opportunities in the region, KSA and UAE get billions of dollars...The foreign direct investment flows in the UAE increased 3.9% to $20.7bn in 2021
The total investment in Saudi Arabia by overseas investors rose by 257 percent last year to $19.3 bn
Saudi Arabia adds two marine tankers to its naval fleet
The Public Transport Authority announced the launch of two new Saudi-flagged marine tankers: "Sara" and "Hessa". Both were recently registered...The new giant ships of the Saudi naval fleet bring the tally of national ships carrying the Saudi flag to 426.
The marine tankers named "Sara" and "Hessa" were registered at King Abdulaziz Port in Dammam.
DFF to support tech startups in luxury retail challenge
Dubai Future Foundation (DFF) has announced the launch of a new, first-of-its-kind initiative in the region to encourage and support...The challenge is to utilize the latest technologies and innovations and contribute to the development of a quality and innovative experience for luxury brand customers.
The challenge is part of the Future of Luxury Retail start-up incubation program, organized by Dubai Future Accelerators, an initiative by the DFF.
Gulf Air, Texel Air sign MoU
They will explore charter agreements, engineering and maintenance activities.Texel Air is a Bahraini registered airline and maintenance repair organization (MRO) formed in 2013.
It is dedicated to providing third party cargo charter operations to a wide range of customers with diverse requirements.
IDC forecasts Saudi ICT spending to touch $33bn in 2022
The International Data Corp. has predicted Saudi spending on information and communications technology to touch $33 billion in 2022, a...The Saudi technology sector expanded 8 percent between 2019 and 2021, to reach a value of $32.1 billion
The global market intelligence provider has also described the Saudi ICT sector as one of the most rapidly growing markets in the region
ACWA Power and partners begin work on green hydrogen project
ACWA Power of Saudi Arabia and its partners have begun work on a big green hydrogen project in NEOM.The partners announced a $900 million contract for the engineering, procurement and construction of the project
In July 2020, Air Products, together with ACWA Power and NEOM, announced an agreement for a $5 billion world-scale green hydrogen-based ammonia production facility
Kuwait’s CGC signs deal
The $125m deal includes engineering works for PAHW.The contract was signed ALARGAN National General Trading and Contracting Company to execute a project in Jaber Al-Ahmad City.
CGC was established in 1965 in Kuwait and was listed on the Kuwait stock exchange in 2006.
Stc to buy stake in Giza
The firm will buy controlling stake for $158 million.the Saudi company will buy 89.49 percent of Giza Systems from Inergia Technologies for Information Systems, in addition to 34 of Giza Arabia, a subsidiary of Giza Systems
It's subject to approval from the authorities in Saudi Arabia and Egypt, the company added
