Middle East commercial aircraft services market to grow to US$28bn
Abu Dhabi, UAE--The MENA region's commercial aircraft services market will more than double in value by 2042, according to Airbus’...
Business
Qatar and Egypt hold talks to ramp up civil aviation cooperation
Cairo, Egypt-- Qatar and Egypt have discussed enhancing ties in the field of civil aviation between the two countries. In...
Business
Business
Costly delays to Boeing’s 777X rile Emirates
Delays to the certification of Boeing's 777X long-haul aircraft are costing billions and infuriating top customer Emirates, but the US...
- While still in its testing phase, the world's largest passenger jet flew for the first time outside the United States this week at a major air show in the United Arab Emirates
- It is no coincidence that its first international flight was to Dubai, home to aviation giant Emirates which has ordered 115 of the aircraft
Business
Tarjama sells stake to French firm
French fund manager Amethis has bought a minority stake in the UAE-based firm.
- The investment, for an undisclosed amount, will fund growth “across the region's main markets”
- Paris-based Amethis is investing through its Amethis MENA Fund II, which raised $101 million in July
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High packages may help GCC in talent hunt
Global employment, which was severely affected by the pandemic, is beginning to rebound as economies reopen. The UAE, which was...
- There is a growing competition for the local talent also, necessitating re-evaluation of salary packages.
- Working from home is here to stay, and many candidates are increasingly asking about this flexibility.
Business
Dubai Free Port: A super vault for VIP travellers, HNWIs
The super vault presents a variety of top custody and security services. It features automatic robot-driven, safe-deposit boxes, medium and...
- Mohammed Bin Rashid Aerospace Hub commissioned Athena Security to develop the project on 17,000 square-metre plots adjacent to the VIP Terminal in Dubai South
- Athena partnered with Leading Swiss Premium Vault to lend its expertise in quality, security and compliance to the project.
Business
OXAGON, largest floating industrial complex in the world, launched in Saudi Arabia
The project forms the next phase of NEOM’s master plan and represents a radical new model for future manufacturing centers.
- The project forms the next phase of NEOM’s master plan and represents a radical new model for future manufacturing centers
- OXAGON will establish the world’s first fully integrated port and supply chain ecosystem for NEOM
Business
Emirates Islamic lists US$500m sukuk
The five years’ benchmark issuance, rated A+ by Fitch Ratings, was priced at 2.082%.
- The issuance will further support Emirates Islamic’s business expansion plans
- The listing strengthens Dubai capital market's status amongst the leading Sukuk listing venues globally
Business
Dubai launches five-year multi-entry visa for MNCs
The visa will enable MNC employees to participate in events, conferences, training courses, exhibitions and similar activities hosted in the...
- The visa allows them to stay in the UAE for 90 days, with the option of extending their stay for another 90 days.
- Between January and September 2021, Dubai received around 3.85 million international visitors.
Business
Monshaat attends franchise forum to promote Saudi brands globally
Saudi Arabia's General Authority for Small and Medium Enterprises (Monshaat), represented by the Commercial Franchise Center (Emtiyaz), is participating at...
- The two-day International Franchise Forum in Dubai will provide 10 Saudi brands opportunity for expansion.
- Emtiyaz, which represents Monshaat, is tasked with supporting and empowering local brands.
Business
Sanad secures $100m loan from FAB
The revolving credit facility deal was signed during Dubai Airshow.
- Sanad said its relationship with FAB is now 10 years old and the two companies have seen over $950 million worth of agreements.
- The various financings have been extended in support of Sanad’s global spare engine leasing and component access portfolios.
Business
CBK plans $794 million bonds
The issue's maturity period is six months, with a return rate of 1.250 percent.
- The issue's maturity period is six months, with a return rate of 1.250 percent
- The CBK had issued bonds and tawarruq worth 160 million Kuwaiti Dinars at the beginning of this month, with a return rate of 1.125 percent for a six-month maturity
Middle East commercial aircraft services market to grow to US$28bn
Abu Dhabi, UAE--The MENA region's commercial aircraft services market will more than double in value by 2042, according to Airbus’...
Business
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DEWA files patent for energy liquid
The liquid enhances efficiency of energy storage systems.
Business
Bahrain Central Bank’s $185 million treasury bills oversubscribed
Manama, Bahrain – This week’s BD 70 million ($185 million) issue of Bahrain Government Treasury Bills has been oversubscribed by...
Business
Generative AI likely to supplement than destroy jobs: ILO
Geneva, Switzerland -- Generative Artificial Intelligence (AI) is more likely to augment than destroy jobs by automating some tasks rather...
Business
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Abu Dhabi Chamber inks MoU with Ethiopian Investment Commission
ABU DHABI, UAE - The Abu Dhabi Chamber of Commerce and Industry has signed a Memorandum of Understanding with the...
- The MoU also aims to establish a framework for cooperation that advances trade, investment and economic relationships between the UAE and Ethiopia.
- The signing of the MoU was held on the sideline of the UAE delegation's visit to the Federal Democratic Republic of Ethiopia.
Business
ACWA Power announces financial close on $2.4bn Saudi solar projects
Riyadh, Saudi Arabia -- A consortium of ACWA Power and subsidiaries of Saudi sovereign wealth fund, Public Investment Fund, and...
- The projects will generate an aggregate capacity of over 2.6GW of clean electricity for Saudi Arabia.
- The new projects will be jointly owned by PIF subsidiary Badeel (34.99 percent) and ACWA Power (35.01 percent) and SAPCO (30%).
Business
SAB sees $26m negotiated deal
The deal does not directly impact the last deal price.
- A negotiated deal involves a stock purchase based on a bargain between buyers and sellers, apart from the market price, Argaam reported.
- Saudi Awwal Bank reported a net profit of SAR 3.314 billion ($883 million) for the first half of 2023.