Ratcliffe unveils electric Ineos car
Jim Ratcliffe is the co-owner of the Manchester United.
American spaceship lands on moon, images expected soon
The first American spaceship on the Moon since Apollo is "alive and well" following a drama-packed touchdown, the firm that...
Science
Research
Saudi gold glitters more in the region
Gold prices reached record levels in 2020 following an increase in investor appetite because of COVID-19. The price of yellow...
- Gold jewelry shopping in Saudi Arabia and Egypt grows 13 percent and 4 percent and decreases 12 percent in the UAE
- China purchased 191.1 metric tons of gold in 2021, followed by India, which bought 102.5 metric tons
Geostrategy
Iran looks east after China-led bloc okays entry
Iran has been trying to enter the SCO for years, and was close last year, but Tajikisatn objected to it.
- Iran has hailed its acceptance into the Shanghai Cooperation Organization, a bloc led by China and Russia
- This, for it, was an eastward turn that it sees as opening access to major world markets and a counter to Western sanctions
Business
UAE reelected as vice president of Belt and Road Tax Forum
The United Arab Emirates (UAE) has been elected as vice president of the Belt and Road Initiative Tax Administration Cooperation...
- The UAE’s delegation participated in the Supervisory Board meeting, where the President and the Vice President of the Forum were elected
- The decision to continue with the UAE was taken during meetings bringing together participants from around 57 countries around the world
Business
Dubai Police to use AI to secure Expo 2020
This would include monitoring visitors for safety from the moment of their arrival to the UAE until they reach the...
- The Dubai authorities have already taken several other steps to secure Expo 2020
- This is especially after it has already been delayed by a year due to the Covid-19 pandemic
Business
Dubai to get new arbitration court
The court will be part of a new arbitration body formed by Dubai’s ruler, and have 13 members with non-renewable...
- Dubai ruler Sheikh Mohammed has issued a decree that will merge two entities to create the Dubai International Arbitration Center
- The DIAC, in turn, will establish a new arbitration court for Dubai, consisting of 13 members, including its president and vice-president
Business
Saudi Arabia, South Africa to boost pandemic-hit trade
Saudi Arabia and South Africa are looking to boost trade after a year of slump that saw imports from the...
- South Africa imports approximately 40 percent of its oil from Saudi Arabia, according to the EIA
- Far fewer goods went the other way, with Saudi Arabia importing $347.8 million from South Africa last year, down from $423.8 million in 2019
Business
Unifonic to focus on profit, IPO, after securing $125m SoftBank funding
Days after securing a $125 million Series B funding from SoftBank, the Saudi startup, Unifonic, says that it wants to...
- The main criterion is to maximize the company’s profitability and the appropriate market in terms of the quality of the products we offer
- Unifonic, which currently has offices in Saudi Arabia, the UAE, Jordan and Pakistan, plans to expand its customer engagement offering into new markets in the Middle East and Africa
Saudi mining law may pave way for ‘incredible’ investment in $1.3trn sector
Saudi Arabia is confident that its new mining law will lure private investment from the kingdom as well as abroad...
- In January, the Kingdom moved to capitalize on the vast wealth hidden below ground in Saudi Arabia with the establishment of a mining fund
- The Saudi Industrial Development Fund is also offering 60 percent loans to investors in a bid to attract global players into the Kingdom
Business
$6bn merger for Ooredoo arm
The merged company will be called PT Indosat Ooredoo Hutchison.
- PT Indosat, the Indonesian arm of Qatari telecom firm Ooredoo, will be merged with and PT Hutchison 3 Indonesia
- H3I is a telecom company owned by Hong Kong-based CK Hutchison Holdings
Business
Adnoc eyes 2GW hydrogen growth
Adnoc has inked deals with British Petroleum and Masdar for this.
- Under the terms of the agreements, Adnoc, BP, and Masdar will on UK and UAE clean hydrogen hub development
- This development will be at an initial scale of 1GW in the UAE and 1GW in the UK
Ratcliffe unveils electric Ineos car
Jim Ratcliffe is the co-owner of the Manchester United.
Company News
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Alba posts Q1 profit drop
Business
OERC, Jindal to set up sustainable transport logistics solution
Abu Dhabi, UAE - Oman and Etihad Rail Company (OERC) signed a deal with Jindal Shadeed Iron & Steel (Jindal)...
Business
In a warming world, is an air-conditioned future inevitable?
Washington, United States - They are ubiquitous in the United States, controversial in Europe and coveted in South Asia. As heatwaves...
Geostrategy
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Business
GCC power and water projects benefit from lower risks, government support: Report
LONDON —Strategically important power and water projects controlled by GCC governments or government-related entities (GRE), are benefitting from the support...
- GCC governments play multiple roles, including offtakers, gas suppliers, grid operators, and land lessors
- Robust contractual provisions include 20- to 30-year fuel supply and offtake agreements with fixed prices.
Business
Mubadala invests in Aligned
Mubadala will become a minority partner with this investment.
- Aligned offers both Scale Data Centers (colocation) and Build-to-Scale (build-to-suit) solutions to support global hyperscale and enterprise customers.
- The investment is part of Mubadala’s expanding global digital infrastructure portfolio headed by its Executive Director, Mounir Barakat.
Business
TECOM Group profit soars 13%
Its net profit vaulted to US$132 million in the first half of 2023.
- The company also recorded a 6 percent year-on-year (YoY) increase in revenue to $285 million
- EBITDA increased by 14% YoY to $225 million, mainly driven by improved revenue quality