Hyperloop progress: Racing ahead or falling behind?
Over a decade after Elon Musk's hyperloop proposal, no commercial operations have begun, and Virgin Hyperloop shut down in 2023...
Business
Saudi Arabia announces major gas discovery in Jafurah
Riyadh, Saudi Arabia--Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz revealed on Sunday that an additional 15 trillion...
Economy
Business
Al-Nefaie named Seera Group CEO
He was appointed acting CEO of the group in April
- Majed bin Ayed Al-Nefaie succeeds Abdullah Al-Dawood.
- He has been the vice-president of the revenue department at Makkah Construction and Development Co.
Economy
Kuwait population down 0.9 percent in H1 due to expat exodus
DUBAI: Kuwait’s population decreased by 0.9 percent in the first six months of this year to 4.62 million, as expatriate...
- More than a third of Kuwait population under 15, likely to put more pressure on the labor market.
- Total employment fell by 1.7 percent in H1 due to moderation in hiring activity among Kuwaiti nationals in the private sector and a drop in expat employment.
Business
Saudi Arabia and Greece to set up business council to deepen trade
Saudi Arabia and Greece have decided to set up a business council in order to enhance bilateral trade and investment...
- The body will aim to open new areas for economic cooperation, facilitate continuous interaction between the Saudi and Greek business sectors
- The new council will also exchange information on available markets and investment opportunities, enable commercial and investment partnerships
Business
$4 billion infrastructure and road projects ready for Expo 2020: RTA
The Road and Transport Authority has charted out technical event management plans and developed a structure for the mobility of...
- The projects included the construction of an Enterprise Command and Control Centre, hailed by RTA as one of the biggest and most sophisticated control centers in the world.
- Dubai Metro Expo 2020 Station will operate on October 1, synchronized with the official opening of Expo 2020.
Science
Japan sees Middle East as vital in creating hydrogen-based society
Kajiyama Hiroshi, the economy, trade and Industry minister of Japan, said that Middle Eastern countries are important partners in creating...
- 'The large-scale and inexpensive hydrogen supply is indispensable'
- Hydrogen and ammonia are attracting attention as new energy sources
Business
Digital inclusion vital for economic growth: Experts at WEF discussion
DUBAI: An estimated 47 percent of people worldwide are offline, and the cost of available broadband exceeds affordability targets in...
- An estimated 47 percent of people worldwide are offline, and the cost of available broadband exceeds affordability targets in 50 percent of developed countries.
- The UAE’s information and communications technology spending is estimated to reach $23 billion by 2024.
Business
What are the top ecommerce platforms in the GCC?
Ecommerce in the world in general and the GCC region in particular has proliferated despite the Covid-19 pandemic, or probably...
- The UAE and Saudi Arabia together accounted for 75 percent of total ecommerce sales in the region
- Ecommerce is expected to rise at a compound annual rate of 19 percent in 2024
Business
Mubadala mining JV unit sold
Matsa is a JV subsidiary of Mubadala and Trafigura.
- The deal is valued at €1.58 billion ($1.85 billion)
- It is expected to conclude in the first quarter of 2022
Analysis
2022 World Cup may help Qatar sustain growth
The projects initiated as part of hosting the tournament include the construction of eight stadiums, Doha Metro Rail, a new...
- Stadiums constructed for the world cup would be later given to local clubs for utilization
- QTA announced new tourism strategy which aims to attract 5.6 million visitors to Qatar annually by 2023
Business
China central bank says all crypto transactions are illegal
The bank has effectively sounded the death knell for digital currencies in China.
- The global values of cryptocurrencies including Bitcoin have massively fluctuated over the past year partly due to Chinese regulations
- The rulings have sought to prevent speculation and money laundering
Hyperloop progress: Racing ahead or falling behind?
Over a decade after Elon Musk's hyperloop proposal, no commercial operations have begun, and Virgin Hyperloop shut down in 2023...
Business
Company News
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Burjeel Holdings Q1 profit $33m
Business
Carrefour now opens in Israel
Business
Saudi capital market institutions post record 2022 net income
Riyadh, Saudi Arabia -- Capital market institutions authorized by Saudi Arabia's Capital Market Authority posted a record 29.8 percent increase...
Business
Burjeel Holdings H1 net profit $61m
Firm's EBITDA rose 12.7% y-o-y to $127 million in H1 2023.
Business
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Business
ADNOC to acquire stake in Absheron field
TotalEnergies and SOCAR will hold 35% stake each in the field.
- Entering into a strategic partnership with SOCAR also elevates ADNOC’s long-standing partnership with TotalEnergies, who until now had held a 50% share alongside SOCAR in Absheron.
- The partnership will enable ADNOC to build a major footprint in a region with prolific natural resources and significant growth potential.
Amazon, Apple beat earnings forecasts
Apple views AI as integral to its growth.
- Profits for Apple's third fiscal quarter were $19.9 billion, up 2.3 percent from the year-ago period, revenues again declined, this time by 1.4 percent to $81.8 billion
- Bright spots for the tech giant included an "all-time high" in services revenue, comprised of the App store, Apple pay and Apple TV and other subscription services
Business
Estithmar H1 profit rises 3.7%
The Earnings per Share amounted to QR 0.059.
- The Earnings per Share stood at QAR 0.059, marking a slight decline from the EPS of QAR 0.065 for the corresponding period in 2022
- The company has a portfolio spanning 51 companies operating across five strategic sectors comprising healthcare, services, ventures, contracting, and industries