UAE signs pact to develop digital infrastructure in Greece
ABU DHABI, UAE - The Ministry of Investment of the UAE and the Ministry of Digital Governance of the Hellenic...Business Geostrategy Tech & Media
Saudi Crown Prince announces new company to boost Kingdom’s global tech status
Riyadh, Saudi Arabia — Saudi Crown Prince Mohammed bin Salman on Thursday launched a new company called Alat geared to...Business
Bahrain eyes cooperation with Germany in aviation, tourism
Bahrain's Minister said the private sector plays a key role in strengthening bilateral relations, as it boosts the volume of...Bahrain's Minister stressed the importance of attracting more expertise and investments.
He also highlighted the incentive packages provided by Bahrain for overseas investors.
GFH of Bahrain to list on Tadawul
Bahrain-based Islamic investment bank GFH Financial Group intends to list on the Saudi stock exchange, Tadawul, and Abu Dhabi Securities...The financial group will reportedly discuss the option with its shareholders at the general meeting
The company said shareholders will mandate the board of directors to complete the listing process
AD Ports acquires Divetech
Divetech is a UAE-based topside-subsea solutions provider.The acquisition will be fully funded from AD Ports Group’s existing cash reserves.
Divetech delivered revenue of AED 87 million and EBITDA of AED 20 million in 2021.
Shurooq to invest in GCC, Arab countries, Australia, says its Executive Chairman
Shurooq is currently considering in several Arab and Gulf Cooperation Council (GCC) countries, including Egypt, Saudi Arabia, Oman and Qatar,...Shurooq has received a proposal to establish similar entities to Sharjah Sustainable City in Australia and the US.
It is now engaged in tourism, environment, transport and project management sectors and will soon invest in health, education and robotics.
UAE ratifies $3.26bn loan for Sheikh Zayed Housing Program
The UAE has approved a $3.26 billion housing loan budget for Sheikh Zayed Housing Program in a cabinet meeting on..."The aim is to fulfil accumulated and expected requests and reduce the waiting period during the coming years", said Sheikh Mohammed bin Rashid
He said the cabinet also approved the establishment of the Emirates Council for Balanced Development to develop plans, implement projects and build government-private partnerships
Qatar Airways and Airbus dispute over A350 safety grows bitter
Qatar Airways on Monday accused aviation giant Airbus of blocking efforts to settle their billion-dollar dispute over the safety of...The airline, which has now grounded 22 of its 53 A350 jets since November 2020, said it was determined to plough ahead with legal action seeking $610 million in compensation
While they fight in the London courts, Airbus has in turn sought to cancel orders made by Qatar Airways for two other A350 jets and 50 A321neo planes
EGA of UAE posts record net profit of $1.5bn for 2021
Emirates Global Aluminium, or EGA, has posted a 1,140 percent jump in net profit to $1.5 billion for 2021.The company's record earnings were attributed to a strong global aluminum market after economies recovered from COVID-19, as well as higher production, sales, and prices
“These record results show that our preparations for the next stage of our corporate journey are nearing completion,” Abdulnasser bin Kalban, CEO of EGA said
Saudi Exports organizes Commercial Mission for 30 businesses to Oman
Saudi Exports Development Authority (SAUDI EXPORTS) today organized a commercial mission for over 30 Saudi senior manufacturers and exporters in...The mission, which targets 70 Omani companies, follows the two countries’ signing of memorandum of understating worth $30 billion for cooperation in various economic fields.
Saudi non-oil exports to Oman reached $932 million till November 2021---food sector SAR 884 million, petrochemicals SAR 709 million and the constructions sector SAR 529 million.
Lucid Motors to manufacture electric vehicles in Saudi Arabia
Lucid Motors has leased a big plot of land for $30 million in King Abdullah Economic City Industrial Valley, in...The leasing of land aims “to construct and operate automotive manufacturing and assembly facility together with all ancillary services”
Financial impact from the project will roll out on the company’s financial statements during the contract duration that will run from 2022 until 2047
Al Arabia sets up e-commerce subsidiary
The subsidiary has a capital standing at SAR 50,000 and will offer multi-vendor business-to-consumer (B2C) products.The subsidiary has a capital standing at SAR 50,000 and will offer multi-vendor business-to-consumer (B2C) products
Al Arabia will announce any material impact regarding setting up the new subsidiary once developed
