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
Jordan, Tunisia to enhance trade, investment relations
AMMAN, JORDAN - The Chairman of the Amman Chamber of Commerce Khalil Haj Tawfiq has called on Jordanian and Tunisian...
Business
Business
Saudi stock market larger than kingdom’s economy: CMA head
The Saudi stock market is now larger than the Kingdom's entire economy — even without taking Aramco into consideration, the...
- With Aramco added, Tadawul's size is four times that of the economy
- He argued the great momentum of a large number of companies for direct listing is because the Kingdom was the first to apply the direct listing mechanism in the GCC region
Business
Porters carry Istanbul’s trade traditions on their backs
The zenith of Istanbul's porter tradition to the early 1800s, when Sultan Mahmud II ruled what was still known as...
- The porters usually work in squads, under the leadership of a captain who is responsible for coordinating jobs with merchants and distributing pay at the end of shifts.
- More than a hundred merchants in the building rely porters as ordinary carts on wheels are of little use in old dwellings without elevators and only narrow hallways.
Business
Emirates to display four-class A380 at Dubai Airshow
Emirates will put on a display at Dubai Airshow 2021 four-class configured A380 with premium economy class cabin, refreshed interiors...
- Emirates' latest generation Airbus A380 will be decorated with the unique 'United Arab Emirates 50' livery
- This year, all eyes will be on Dubai as the industry bounces back with global aviation and aerospace players reconvening in person to forge new partnerships
Business
Kuwait Airways signs spare parts pact with seven Arab airlines
Kuwait Airways has signed a loan and exchange agreement with seven Arab airlines that will be used to swap spare...
- Under the agreement, spare parts will be shared in emergency cases.
- The agreement was signed on the sidelines of the 54th General Assembly of the Arab Air Transport Association in Doha.
Business
Kuwait’s budget deficit spikes 175 percent to $35.5bn
Budget deficit of Kuwait has spiraled 175 percent to $35.5 billion in 2020-2021, the highest in the country’s history.
- In June, the Kuwaiti parliament approved the 2021-2022 budget proposed by the government in January, which forecast spending of 23.05 billion dinars
- The Ministry said that oil revenues fell 42.8 percent in 2020-21 to 8.8 billion dinars, while other revenues fell 6.5 percent to 1.7 billion dinars
Business
Climate and Covid recovery loom large over Dubai air show
Airlines are still deep in the red, with losses expected to extend by another $51.8 billion this year.
- Air traffic has bounced back since the easing of restrictions, though it was still 53 percent lower in September than its pre-pandemic levels.
- Airbus will show off its A321neo -- the latest model in Airbus's A320 narrow-body series -- and its twin-aisle A350.
Business
Aleastur, top European metal producer, sets up base in Bahrain
Aleastur, top European metal producer, has set up first plant for aluminum grain refiners and master alloys production in Bahrain.
- The new $15 million site at the heart of the Gulf region will supply specialty alloys to global markets, including Asia, North America and the GCC
- The Bahrain facility will be exporting approximately 85% of its annual production to regional players in the industry, including main aluminum smelters and cast-houses
Business
AACO sets net-zero emissions target
The company to respect the Chicago Treaty, bilateral air services agreements
- AACO General Assembly called for the adoption of the guidelines of air travel and vital safety in light of the COVID-19 pandemic
- The General Assembly stressed the need to respect the Chicago Treaty and bilateral air services agreements on civil aviation
Business
This week, Gulf markets closed on a high
Stock markets in the Arab region were mostly in the green in the week gone by.
- After falling by 0.79 percent, the Saudi Stock Exchange closed at 11,753.18 points on Tuesday, losing 93.35 points
- On Thursday, the Dubai index outperformed the rest of the Gulf markets, closing on a positive note for the fifth consecutive week
Business
Model Cargo Village at King Fahd Airport is Saudi economic engine
The village seeks to be an advanced logistics center that provides all means for logistics service providers and technical support...
- The village seeks to be an advanced logistics center that provides all means for logistics service providers and technical support companies
- It also provides creative solutions by linking all strategic and major sites with multiple access points and connecting them to the outside world by land, sea and air
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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
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
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ADQ ties up with Dutch firm to set up greenhouse at AgTech Park in KEZAD
Abu Dhabi, UAE-- In a boost to the UAE's effort to secure self-sufficiency in the food sector, ADQ has partnered...
Business
Qatar Central Bank foreign reserves surge by 14.3% in July
Doha, Qatar - The international reserves and foreign currency liquidity of Qatar Central Bank (QCB) surged last July to reach...
Business
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Economy
Dubai Taxi Corporation unveils digital transformation plan 2022-2025
Dubai, UAE--Dubai Taxi Corporation (DTC) has launched its strategic plan for digital transformation 2022-2025 designed to improve the quality of...
- The plan aims to achieve a string of goals underscored by digital mobility, excellent operation, financial sustainability, people’s happiness, and shaping the future
- The latest initiative by Dubai Taxi Corporation looks to protect its database and monitor systems to prevent disruptions caused by server downtime
Business
GCC eyes global recycling dominance amidst EV boom
While rising EV demand may cause a global shortage of metals like cobalt and lithium by 2030, the Gulf region's...
- While rising EV demand may cause a global shortage of metals like cobalt and lithium by 2030, the Gulf region's vast resources position it as a potential recycling leader
- Battery recycling in resource-rich Gulf countries could ease global mineral supply pressures. However, the long lifespan of batteries currently limits available recycling material
Business
Dubai Chamber of Commerce reports 43% increase in member firms
Dubai, UAE - The Dubai Chamber of Commerce reported a 43 percent increase in new member companies, reaching a total...
- The total value of exports and re-exports from member companies also saw a 7% increase, reaching AED 137.6 billion ($37.46bn).
- The chamber also reported a significant increase in the value of goods and commodities, with a growth of more than 108 percent.