Akasa Air orders 150 Boeing planes
Akasa Air will buy 737 MAX planes, which no Indian airline uses.Company News Business
Oman Investment Authority launches fund worth US$5.19 billion
Muscat, Oman--The Oman Investment Authority (OIA) has unveiled a new fund called “Future Fund Oman” valued at US$5.19 billion.The fund...Business
SeaBubbles launches UAE’s first hydrogen flying boat in Dubai
The company is celebrating the pearl legacy of the UAE by unveiling X-Pearl at the Dubai International Boat Show 2022.The company is celebrating the pearl legacy of the UAE by unveiling X-Pearl at the Dubai International Boat Show 2022
The new boat represents the future of green mobility by combining the sensations of flying and sailing for a zero-wave, zero-noise, zero-emission navigation.
Saudi startups collect 58% of $375m in funding in MENA
Saudi startups have secured 58 percent of the total $375 million in funding in the MENA region in February.Startups in the logistics sector raised the most funding in February with $120 million in the region, and the Kingdom’s startup Trukker secured $96 million in its series B round
Saudi Arabia was also the most active in terms of investor participation with 27 deals, while UAE investors participated in 22 agreements
Number of new companies in Ajman China Mall up 12 percent
Ajman China Mall has registered a growth of 12 percent in the number of registered companies in 2021 compared to...Out of 1,000 enterprises operating in the mall, the retail sector topped the list followed by the fashion and textile sector.
The Mall’s yearly import value reached an average of AED 3.65 billion, with export products valued at AED 2.1 billion.
Saudi Industrial Production Index shoots up 11.1% in January
Driven by high oil output, Saudi Arabia’s Industrial Production Index shot up 11.1 percent in January, official data indicated.This positive performance was mainly due to a 11.4 percent rise in mining and quarrying sector, which includes oil production as well
The Kingdom pumped at a level of over 10 million barrels per day in January
The Bukhatir Group of UAE revives Tunisia $5bn construction project
The Bukhatir Group of the United Arab Emirates announced Thursday the relaunch of a $5 billion real-estate project in Tunisia,...Known as the "Tunis Sports City," the venture has been on hold for 15 years, due in large part to the 2008 global financial crisis and Tunisia's 2011 Arab Spring protests
The ambitious project will involve the construction of a golf course, sports academies, hotels and luxury villas in a lakeside northern suburb of the Tunisian capital, Tunis
Masdar City, Mashreq Bank to provide financial services to SMEs, start-ups
Masdar City and Mashreq Bank have signed a Memorandum of Understanding (MoU) to provide financial services to Small and Medium-sized...An MoU signed between the two involves easy access to NeoBiz, the bank's first digital banking platform designed specifically for start-ups and SMEs.
Masdar City is currently home to more than 1,000 companies, including a wide range of innovation-focused SMEs and start-ups.
Careem looks to raise $500m to fund expansion
Careem, the vehicle-for-hire firm, has set its sights on raising some $500 million from investors, including regional sovereign wealth funds.The firm owned by Uber will use the money to bankroll an expansion into services different from ride-hailing
It has already held talks with Saudi Arabia’s Public Investment Fund and Abu Dhabi’s ADQ to raise the funds
Brent oil rebounds 5 percent from slump as hopes of supplies rise
European benchmark Brent North Sea crude climbed 5.1 percent to $116.80 per barrel in morning deals. New York's WTI contract...Brent tumbled as low as $105.60, having hit a peak of $139 just two days before, as the Ukraine crisis continues to send shockwaves through markets.
The UAE said Wednesday it would urge fellow states in the OPEC oil producers' cartel to boost output.
DP World of UAE posts 26% jump in revenue to $10.8bn
DP World of the UAE has posted a twenty six percent increase in revenue to $10.8 billion in 2021, despite...In a statement the company said that the revenue hike was “supported by acquisitions and new concessions including Angola, Unico, and Transworld”
“We expect our portfolio to continue to deliver growth,” commented CEO, Sultan Ahmed Bin Sulayem
Saudi ministry signs 23 deals worth $3.46 bn at first defense show
The Saudi Ministry of Defense (MoD) announced the closing of 23 deals worth more than SR 13 billion ($3.46 billion)...The MoD signed five deals with the Saudi Arabian Military Industries (SAMI): two with Royal Saudi Land Forces and three with the Royal Saudi Naval Forces.
The SR 6 billion deal with SAMI includes providing advanced communication systems, armored vehicles, ammunition, and maritime systems.
