Riyadh Season opens registration for SEVEN Concours 2024 global car auction
Riyadh, Saudi Arabia - The Riyadh Season has announced the commencement of registration for the SEVEN Concours 2024 exhibition, the...
Business
Business
MAWANI signs MoU to build cruise terminal at Dammam port
The Saudi Ports Authority (MAWANI) has signed an agreement with Cruise Saudi and Globe Group to build a new cruise...
- New terminal expected to boost the kingdom's tourism sector along the coastlines.
- The agreement with Cruise Saudi and Globe Group elevates Saudi Arabia’s position as a leader in the cruise industry, said President MAWANI.
Business
Tawazun, Airbus to establish new Abu Dhabi subsidiary
The MoU comes as part of Tawazun’s endeavors to attract long-term partnerships with leading defense and security, aviation and aerospace...
- The MoU comes as part of Tawazun’s endeavors to attract long-term partnerships with leading defense and security, aviation and aerospace manufacturing companies
- According to the MoU, Tawazun and Airbus will explore potential cooperation opportunities in the areas of refueling solutions for Military Air Systems, Unmanned Aerial Systems etc
Business
L’Oréal Middle East taps Accenture
Accenture will help L'Oréal Middle East improve its consumer experience.
- Accenture Interactive is expected to use its expertise in data-driven marketing transformation for L'Oréal Middle East
- This, L'Oréal said, will help it develop a more precise and connected approach to increase consumer engagement in the GCC region
Business
Epic Games pulls Fortnite from China
Fortnite’s Chinese test version was released in 2018, but it never got the permission to be formally launched and monetized.
- Epic had announced two weeks ago that it would shut down the Chinese version of the game on November 15
- It noted back then that ‘Fortnite China's Beta test has reached an end,’ and that servers would be closed
Business
ADGM meet promises development
This was the first meeting of ADGM’s new Board of Directors.
- The board members reiterated their commitment to progressing ADGM’s growth journey, and strengthening the financial sector
- They said they were also looking to attract global companies and investments, and develop a business environment underpinned by innovation
Business
Abu Dhabi adds 11 new activities to list of Freelance Professional License
The license allows Abu Dhabi citizens, residents, and non-residents to conduct commercial activities from anywhere in the world.
- To obtain the license, the applicant must have a minimum of three years of experience in the specific field or industry
- Alternatively, they are expected to have earned an academic or professional achievement in that field
Analysis
Value via sustainability gives firms an edge
A sustainability-focused company strategy boosts brand value and efficiency, matches customer demands, attracts top personnel, and opens new doors.
- A McKinsey Global Survey reveals that organizations can become sustainable simply by adopting a set of management strategies
- As per the respondents, organizations are now also likelier to prioritize sustainability and define specific goals and objectives
Business
Emaar property sales at $5.7bn
Emaar Development sales were AED20.943 billion in Jan-Sept 2021.
- The $5.7-billion property sales revenue was said to be an increase of 382 percent compared to the first nine months of 2020
- The build-to-sell property development business is majority-owned by Emaar Properties
Business
Israeli weapons-maker Elbit Systems launches UAE venture
Israeli weapons-maker Elbit Systems launched a new venture in the United Arab Emirates on Sunday, an announcement that comes ahead...
- Elbit Systems is the manufacturer of the Hermes armed drone and cutting-edge surveillance technology.
- Israeli air force commander Amikam Norkin was in the UAE over the weekend to attend the Dubai Airshow
Business
Qatar Islamic Bank named world’s second strongest Islamic bank
The Qatar Islamic Bank (QIB) has been ranked as the "Fourth Strongest Bank in the Middle East" and "Second Strongest...
- Financial services company The Asian Banker also ranks QIB as the "Fourth Strongest Bank in the Middle East".
- QIB has recently posted a net profit of QR2.5 billion ($686 million) for the first nine months of 2021.
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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
Riyadh Season opens registration for SEVEN Concours 2024 global car auction
Riyadh, Saudi Arabia - The Riyadh Season has announced the commencement of registration for the SEVEN Concours 2024 exhibition, the...
Business
Company News
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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...
Business
US trade deficit narrows in June on bigger imports pullback
Washington, United States - The US trade deficit narrowed in June on a bigger pullback in imports than exports, according to...
Business
Norway to fine Meta $100,000 a day for flouting user data ban
Oslo, Norway - Norway's data protection agency said Tuesday it would start fining Facebook and Instagram owner Meta nearly $100,000 per...
Business
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Business
Dubai’s realty transactions exceed AED2bn Tuesday
Dubai, UAE -- Dubai's real estate market recorded real estate deals worth more than AED 2 billion ($544 million) on...
- The deals include 433 sales transactions worth AED1.7 billion, in addition to 90 mortgage deals totaling AED270.28 million, and 37 gift deals amounting to AED69.36 million.
- The sales included 405 villas and apartments worth AED954.83 million, and 28 land plots worth AED744.62 million.
Business
Eshraq Q2 profit $9.79m
The company had posted a loss of AED7 million in Q2 2022.
- The total operating income surged by 2,446.7 percent to AED44.31 million from a loss of AED1.89 million in Q2 2022.
- To date, Eshraq has sold seven land plots, representing total 27 percent of its existing land bank by book value for a total sale consideration of AED208 million.
Economy
Dubai Q1 GDP grows 2.8% on surge in transport, storage sectors
The transportation and storage sector was the biggest contributor to overall growth at 48 percent. This was followed by the...
- Dubai’s growth in Q1 2023 is significantly higher than that of some of the most developed countries in the world. OECD countries recorded seasonally adjusted growth of 1.6%.
- The accommodation and food services sector reported a 5.6 percent growth rate in the first quarter of 2023.