Middle East emerges as a major player in global CEO appointments: report
Dubai, UAE - The Middle East has emerged as a prominent player in global CEO appointments, securing 68 out of a...
Business
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Jordan discusses investments with the UAE
The discussions took place during a meeting on Friday, November 12, in Dubai between Jordan’s Prime Minister Bisher Khasawneh and...
- The Jordanian prime minister affirmed that his country welcomes more Emirati investments in many vital sectors
- Meanwhile, the UAE said it would look forward to promote bilateral ties with Jordan
Business
Saudi Arabian Airlines the least complained about carrier in kingdom
Saudi Arabian Airlines has been the least complained about airline in the kingdom during October 21, followed by Flyadeal. For...
- The kingdom's General Authority of Civil Aviation has classified airlines based on complaints submitted to it by passengers.
- King Khalid International Airport in Riyadh the least complained about airport in above 6-million-passenger category.
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
Middle East emerges as a major player in global CEO appointments: report
Dubai, UAE - The Middle East has emerged as a prominent player in global CEO appointments, securing 68 out of a...
Business
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UAE’s investments in Ethiopia touch US$2.9bn as non-oil trade expands
Abu Dhabi, UAE-- As the UAE President Sheikh Mohamed bin Zayed visits Ethiopia to strengthen relations with the African country,...
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Brazil star Neymar arrives in Saudi Arabia ahead of unveiling ceremony
Riyadh, Saudi Arabia--Neymar was greeted with much fanfare Friday as he arrived in Saudi Arabia where he joins a growing list...
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Dubai records $2.83bn billion in weekly real estate transactions
Dubai, UAE -- Real estate transactions valued at more than AED 10.4 billion ($2.83 billion) were recorded in Dubai during...
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Chinese property giant Evergrande files for bankruptcy in US
Evergrande, once China's top property developer, was found in 2021 to be struggling with more than $300 billion in liabilities,...
- Several major developers have been hit in the unfolding drama as they fail to complete housing projects, triggering protests and mortgage boycotts from homebuyers.
- Evergrande has worked on an offshore debt restructuring agreement for months and unveiled a proposal earlier this year.
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China’s investment rises 23% in BRI countries in Jan-July 2023
BEIJING, CHINA - Between January and July 2023, Chinese enterprises made non-financial direct investments totaling US$13.69 billion (RMB95.34 billion) in...
- This growth amounts to approximately US$13.69 billion, constituting nearly 20 percent of the overall investment in January-July 2023.
- The value of newly signed contracts amounted to US$103 billion, indicating a marginal 0.6 percent year-on-year increase.
Business
Etihad Cargo flight lands in Hubei
Hubei's Ezhou Huahu Airport is world's fourth professional cargo airport.
- Etihad Cargo's Boeing 777-200 freighter arrived in Ezhou on Friday, making the carrier the first international airline to operate flights to the airport.
- Equipped with a 23,000sqm cargo terminal and a 700,000sqm freight transit center, the airport serves as a gateway for air trade between China and the rest of the world.