IMF says Red Sea shipping down one-third due to Houthi attacks
"Container shipping... has declined by almost 30 percent," said Jihad Azour, director of the IMF's Middle East and Central Asia...Business Geostrategy
Banco Santander posts US$12bn profit
It made record profit on the back of higher interest rates.Business
Middle East Energy Event to address future of energy transition
The Middle East Energy Event (formerly Middle East Electricity) will be held at Dubai World Trade Center from 7th-9th March....The event, formerly known as Middle East Electricity, will be held at Dubai World Trade Center from 7th-9th March.
A study by Goldman Sachs revealed green hydrogen could meet 25 percent of global energy requirements in the next 30 years.
Abu Dhabi Judicial Department sells 787 cars for $5 million at auctions
The Abu Dhabi Judicial Department (ADJD) has organized five-car auctions at the Al Mafraq vehicle impound area over the past...The vehicles were sold at competitive prices ranging from $544 to $69424.
The five-car auctions generated a high influx of bidders, whose number exceeded 1,200.
Aldar Education gets $272m
Company's growth plan focused on three locations in Abu Dhabi.Aldar Education currently owns nine schools under Aldar Academies and Cranleigh Abu Dhabi and manages a further 11 schools.
The company aims to increase the existing student capacity in Aldar Education’s owned and managed schools to over 40,000 seats by Academic Year 2024-25.
GACA and Oracle sign MoU to steer digital transformative initiative
Saudi Arabia’s General Authority of Civil Aviation (GACA) has signed an MoU with Oracle to develop and support a roadmap...The memorandum was signed on the sidelines of the Global Tech Conference "LEAP" held in Riyadh.
It also stipulates mutual coordination regarding cloud seminars, training and guidance, facilitating training.
The NFT artist who sold a trashcan image for $252,000
The image, by American artist Robness, called "64 gallon toter", depicts a large plastic trashcan with glitching effects, giving it...NFTs are unique pieces of computer code stored on a longer chain of code known as a blockchain, with a link to an artwork or other item.
There is a lot of money to be made in the NFT art world -- auctions and purchases from celebrities contributed to sales worth more than $40 billion last year.
Green Hydrogen Production among 98 new activities added to Dubai economy
A total of 98 new economic activities have been added to several sectors of Dubai in 2021, bringing the total...The total number of economic activities in the Emirate has reached 2,200. In 2020, the DET had added 58 activities.
Artificial Intelligence Developing Services, Gaming Localization Services and Industrial Consultancies are among other activities added this year.
ADNOC announces vital gas discovery offshore of Abu Dhabi
The Abu Dhabi National Oil Company (ADNOC) has announced the discovery of natural gas resources offshore of the Emirate of...This discovery marks the first of Abu Dhabi’s offshore exploration concessions
Offshore Block 2 covers an area of 4,033 square kilometers northwest of Abu Dhabi
Saudi connectivity takes off with five times faster Wi-Fi-6e
The Communications and Information Technology Commission (CITC), Saudi Arabia’s digital regulator, has announced the launch of WiFi-6e as part of...The latest generation of Wi-Fi technology offers data transfer speeds more than five times faster than the current standard
It provides more capacity for high-bandwidth activities such as 8k gaming, video conferencing and virtual reality applications
South Africa tax authority uncovers $1.8 bn gold scam: report
South Africa's tax authority has uncovered a 1.8-billion-dollar gold scam, in which coins and jewelry were illegally smelted into gold...Coins and jewelry were illegally smelted into gold bars for sale overseas, the amaBhungane Centre for Investigative Journalism said.
Sale of gold within South Africa carries a tax, but gold exports do not. So the companies created fake invoices to claim that they had paid tax.
Shell reports huge profit
Net profit stood at $20.1bn in 2021 after a loss of $21.7bn in 2020.As lockdowns spread in 2020, oil prices dropped off a cliff, even briefly turning negative
Prices have since rebounded sharply, with the Brent crude trading at almost $90 per barrel
