89% of Saudi CEOs hopeful of kingdom’s economic growth over next 12 months
Riyadh, Saudi Arabia - About 89% of CEOs in Saudi Arabia are optimistic about the country's economic growth over the...
Business
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
Business
Saudi EXIM inks $118m deals
The deals were signed at the Saudi Trade Finance Summit.
- The first deal was with the Saudi British Bank with a value of SAR238 million (around $63.5 million)
- The other two were credit-line agreements with Jordan’s Capital Bank and the National Bank of Iraq for $55 million
Business
Emirates expands cargo capacity with AED3.6 bn investment
Emirates SkyCargo was the launch customer for the Boeing 777-F and the aircraft has been at the heart of the...
- Emirates SkyCargo has signed a purchase agreement with Boeing for two new Boeing 777-F aircraft,
- Over the years, the Boeing 777 freighter has been a critical pillar of Emirates SkyCargo operations
Business
UAE updates labor law for private sector
The new decree-law is expected to, among other things, regulate job contracts and give workers more rights.
- The new law, meant for workers in the private sector, will come into effect from February 2 next year
- It is said to embody a host of measures to ensure a safe, healthy, and business-conducive environment for all employees in the sector
Business
Pact signed to position Dubai Airshow as platform for space sector investors
Dubai Airshow and the UAE Space Agency will collaborate to position Dubai Airshow as a key platform for companies and...
- Dubai Airshow and UAE Space Agency sign MoU to coordinate strategies for enhancing space sector's presence in future events.
- This year’s Dubai Airshow is the biggest edition of the event since it began in 1989, with around 85,000 visitors attending across the week.Â
Business
Aviation emerging out of Covid crisis, outlook brightening: Airbus CEO
The global aviation sector has begun to emerge from the Covid pandemic, its worst-ever crisis, and the "outlook is starting...
- A large order of 255 of Airbus' planes at the Dubai Airshow "completely justifies" a shift to ramping up manufacturing, the CEO said.
- The United States has largely resumed, Europe is also resuming. Asia will probably take a little longer, Guilluame Faury said.
Expo 2020 DUBAI
Expo opportunity to boost UAE-Monaco cooperation: Prince Albert II
Prince of Monaco, Albert II has called Expo 2020 Dubai a "great opportunity" to enhance the cooperation between his country...
- The UAE and Monaco are centers of global exchanges, the prince said on the sidelines of Monaco's National Day celebration at Expo.
- Monaco’s pavilion at Expo 2020 is located in the Opportunities District and is inspired by the legendary Rock of Monaco.
Business
Middle East’s first waste-to-sustainable aviation fuel plant to come up in Abu Dhabi
Abu Dhabi Waste Management Centre (Tadweer) has signed an agreement with Etihad Airways to facilitate the development of the first...
- The plant can convert 4 million tons of municipal waste every year into 140 million gallons of fuel.
- The plant will help Abu Dhabi to divert 75 percent of municipal waste away from landfills.
Business
Air Lease Corporation signs letter of intent to purchase 111 Airbus aircraft
US company Air Lease Corporation (ALC) has signed a letter of intent to purchase 111 Airbus aircraft, the European plane-maker...
- The agreement is for 25 A220-300s, 55 A321neos, 20 A321XLRs, four A330neos and seven A350Fs.
- Founded in 2010, ALC has ordered a total of 496 Airbus aircraft so far.
Company News
East Pipes net profit $26.63m
Business
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Rival branches of Central Bank of Libya reunite
Libya's central bank announced that its two rival branches in the west and east are reuniting after nearly a decade...
Business
NDF helps in financing of US$2.2bn renewable energy project
RIYADH, SAUDI ARABIA - The National Development Fund (NDF) on Sunday said it will contribute US$453 million (SAR1.7 billion) to...
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Business
Bread-short Tunisia to restore flour supply to some bakeries
Since the beginning of August, European-style bakeries selling baguettes in the formerly French-ruled country had been prevented from accessing their...
- Days later those same bakeries also stopped receiving non-subsidized flour and semolina from the state, which controls the supply of all such essential goods in the country.
- Economists attribute the bread shortage partly to speculation but, more broadly, to the lack of cereals. Tunisia's debt is around 80 percent of gross domestic product.
Business
Brazilian exports to Arab countries up 8% in seven months
Dubai, UAE -- The Arab Brazilian Chamber of Commerce (ABCC) recorded a surge of 8 percent in Brazilian exports to...
- Brazilian exports to the the kingdom totaled to $1.873 billion in the first seven months of 2023, while exports to exports to the United Arab Emirates amounted to $1.646 billion.
- Kuwait also witnessed an increase in the Brazilian exports, which amounted to $157.78 million during this period.
Geostrategy
Hungarian companies want to expand work in Russia, says PM Orban
BUDAPEST, HUNGARY – Hungarian Prime Minister Viktor Orban said that companies from his country plan to expand their activities in...
- Hungarian Prime Minister Viktor Orban made the statement at a meeting with the head of Russia’s Tatarstan region Rustam Minnikhanov in Budapest.
- The head of Tatarstan came to Budapest at the invitation of Orban in connection with the Hungarian national holiday, St. Stephen's Day.