MODON attracts US$34m investment to develop military industry in Saudi Arabia
RIYADH, SAUDI ARABIA - The Saudi Authority for Industrial Cities and Technology Zones (MODON) has attracted new investments worth US$34...
Business
Business
Saudi Arabia stares at another round of inflation
The country’s inflation in the last quarter of this year, however, will be relatively stable, SAMA has pointed out. As...
- Saudi Central Bank cites jumps in global inflation levels and a strengthening of domestic demand as contributors to the rise in consumer prices
- On a quarterly basis, however, the country’s inflation in this year’s last quarter will be relatively stable, says SAMA
Business
ADNOC to invest $6 billion more in drilling to ramp up production
Abu Dhabi's national oil company announced Tuesday a $6 billion investment in crude oil drilling as it ramps up production...
- The investment would "enable drilling growth as it boosts its crude oil production capacity to 5 million barrels per day by 2030", ADNOC said.
- The UAE is one of the world's top crude exporters, with an average of 4.2 million barrels per day.
Business
Emirates expects to return to profit in ‘next 18 months’ as losses drop by half
Aviation giant Emirates expects to return to profitability "in the next 18 months" as the sector bounces back from the...
- The Dubai-based carrier said last week it was on the path to recovery as six-month losses dropped by more than half from a year earlier.
- Emirates posted an April-September loss of $1.6 billion, compared with $3.4 billion during the same period in 2020.
Business
Investment Group signs share swap contract with Elegancia
Investment Holding Group Q.P.S.C. has signed a share swap contract with the sellers of the shares of Elegancia Group LLC...
- The contract, however, will not result in any legal effect until after obtaining the approval of the Qatar Financial Markets Authority
- The company will follow and implement all laws and instructions issued by the Qatar Financial Markets Authority
Interview
GCC countries warm up to cloud kitchens
Mubarak Jaffar, CEO of the cloud-kitchen firm KLC company, tells TRENDS how virtual kitchens are feeding a growing demand.
- A virtual or cloud kitchen simply hosts virtual brands that don’t have a store
- The kitchen itself doesn’t provide dining services — only delivery — and in some cases takeaway
Economy
New service to help start business in Saudi Arabia in three steps
For new investors, the new service will require only three steps: visiting the Saudi Ministry of Foreign Affairs website and...
- Investors and companies wanting to do business in the Kingdom will benefit from the new reforms
- The ministry said there will be a broad marketing campaign to ensure that foreign investors and companies can benefit from the new service
Business
Every second, Pfizer, BioNTech, Moderna make $1k profit
The trio is estimated to make pre-tax profits of $34 billion this year: over $1,000 a second, $65,000 a minute,...
- Pfizer and BioNTech are estimated to have delivered less than 1 percent of their total supplies to low-income countries
- Moderna has delivered just 0.2 percent, according to an analysis
Business
Pakistani Basmati export to KSA, UAE suffers setback
Briefing a National Assembly panel, Commerce Ministry’s Director-General Dr. Syed Kausar Zaidi said that Saudi Arabia imports 80 percent of...
- Briefing a National Assembly panel, Commerce Ministry’s Director-General Dr. Syed Kausar Zaidi said that Saudi Arabia imports 80 percent of its rice from India
- He; however, expressed the hope that the outcome of Prime Minister Imran Khan’s recent visit to Saudi Arabia may have some positive impact on the export of rice
Business
Dubai Airshow Day 2: UAE military inks $3bn deals
The deals were signed with one local company and four others from around the world.
- The total number of deals in these two days have been 10 contracts with a total value of AED16.52 billion ($4.5 billion)
- The deals of the first day amounted to AED5.24 billion ($1.43 billion), including one with Airbus Defense
Business
Saudi Airlines Group signs four pacts at Dubai Airshow 2021
One of the four agreements is with Inmarsat, the world leader in mobile satellite communications, and GDC Technics, a leader...
- By virtue of this agreement, Saudi Airlines Group will become the first entity in the Kingdom to use the GX Aviation network to provide communication services during flights
- The Group signed an agreement with Panasonic Avionics, in a unique step towards providing the finest audio-visual content viewing experiences for its guests
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Company News
easyJet H1 loss $382m
Business
Aldar raises US$500mn
Business
Latest News
Aramco appoints two Presidents
Business
Oman Air approves restructuring program to lower rising debt
Muscat, Oman--Looking to address its mounting debt, Oman Air has backed a restructuring program to reduce its losses by 15...
Business
Sharjah Chamber and FDI Office discuss ways to promote real estate sector
Sharjah, UAE--The Real Estates Sector Business Group has discussed with the Sharjah FDI Office (Invest in Sharjah) ways to promote...
Business
Sharjah Business Women Council connects 500+ women to UAE’s business ecosystem in H1 2023
Sharjah, UAE - It's been a busy start to the year for members of the Sharjah Business Women Council (SBWC),...
Most Read
Business
UAE leads world in mobile and omnichannel shopping
The UAE scored 134 on the Global Digital Shopping Index, exceeding the global average of 125, as 94% of adults...
- The UAE scored 134 on the Global Digital Shopping Index, exceeding the global average of 125, as 94% of adults in the country use digital shopping features, say a survey
- Free shipping, competitive prices, convenience remain key drivers of UAE's online shopping as merchants focus on improving digital experiences, fostering a cohesive ecosystem
Business
6 MNCs among new businesses attracted by Dubai Chamber in H1
Dubai, UAE - Dubai International Chamber attracted 56 businesses to the emirate during H1 2023, including six multinational corporations and...
- It also supported the expansion of 15 local and national companies into global markets, either by increasing their exports or helping them to establish a presence abroad.
- During H1 2023, Dubai International Chamber inaugurated six global representative offices in Hong Kong, Australia, the United Kingdom, Indonesia, South Africa, and Singapore.
Business
Germany leads Europe push to boost chip manufacturing
Paris, France -- Taiwanese chipmaker TSMC agreed Tuesday on a multibillion-dollar deal to build a plant in Germany, part of a...
- Taiwanese chipmaker TSMC agreed Tuesday on a multibillion-dollar deal to build a plant in Germany.
- US firms accounted for 48% of the global industry, South Korea second and Europe third.