UAE leads global charge in generative AI adoption
With 40 percent of UAE workers already exploring generative AI, the nation stands as a beacon of tech adoption, far...Business
Michelin posts record operating profits
Sales at the French firm dipped last year to US$30.5bn.Business
Saudi Tourism hires Radisson Blu to run a four-star resort
Radisson Blu has been hired to manage and operate a new four-star resort with retail stores in Al-Ahsa governorate.The property will be developed by the Saudi Tourism Development Fund and the Abdul Latif Al Abdul Latif Hotel Group
The project's annual gross domestic product is expected to be as much as SR42 million ($11.2 million)
Saudi hiring of foreign domestic workers leaps up 15%
Saudi Arabia has recruited more than 75,000 overseas domestic workers in December 2021, a fifteen percent jump in the hiring,...New contracts for workers in domestic-facing roles exceeded 76,000 in December 2021, compared to 69,000 in November and 65,000 in October
Bangladesh topped the list of countries of workers recruited into Saudi Arabia during the month of December with more than 12,000 contracts
ADNOC Distribution posts net profit of AED2.2bn for 2021
ADNOC Distribution has reported that its EBITDA stood at AED 3.1 billion, with net profit of AED2.2 billion for 2021.For the fourth quarter of 2021, EBITDA was AED802 million, while net profit stood at AED571 million
ADNOC Distribution saw quarter-on-quarter growth in total fuel volumes in 2021, with an increase of 4% in the fourth quarter compared to the third
DP World to give ₤1 mn to two Earthshot Prize finalists
DP World’s has announced ₤1 million investment to two Earthshot Prize Finalists, designed to scale their work in the UAE...The Innovation Showcase profiled the ground-breaking solutions from the 2021 Earthshot Prize finalists
Prince William lauded the DP World's gesture during his visit to Middle East
Kuwait launches 2nd edition of initiative for youngsters’ business
Kuwait's Youth Authority on Saturday, February 12, launched the second edition of the ‘professional initiator’ programThe program aims to diversify productivity, helping young citizens launch startups in the private sector
It is also expected to provide more opportunities for medium and small enterprises at different levels
Dubai saw $1.8bn real-estate transactions last week
A total of 2,078 real-estate transactions worth AED6.6 billion ($1.8 billion) were conducted in Dubai during the week ending February...A total of 280 plots were sold for AED1.42 billion ($386.66 million), according to official data
Meanwhile, 1,275 apartments and villas were sold for AED2.54 billion ($691.63 million)
IHC reports $3.08bn profit
The company posted an all-time-high annual revenue in 2021.IHC’s total revenue grew 303 percent in 2021 to AED 28.3 billion ($7.71 billion)
This beat its previous year’s revenue record of AED 7 billion ($1.91 billion)
Saudi Arabia scouts markets for non-oil exports
While initiatives like Made in Saudi Arabia are helping ramp up production, Saudi Exports is looking to rope in government...Saudi Arabia intends to increase the amount of non-oil exports from 16 percent to 50 percent of the total GDP
The Made in Saudi Arabia program helps create a unified identity for exports and improve their reliability
UAE and Israel agree to boost tourism sector ties, plan events
The UAE and Israel signed a Memorandum of Understanding (MoU) to strengthen their tourism and economic cooperation and reinforce their...The two sides will intensify their technical cooperation in tourism education, vocational training, marketing and promotional activities.
The trade between the two countries grew to $700 million within one year of signing Abraham accords.
DWC Airport to host Business Aviation Event ‘MEBAA’ in December
DWC Airport in Dubai will host the MEBAA Show, a business aviation platform, from 6-8 December 2022. The event will...The event will showcase the latest trends, insights, innovation and commercial opportunities shaping the future of business aviation.
Providing a platform for the entire business aviation community, the MEBAA Show will convene again to build partnerships.
