Trump Tower agreement announced in Jeddah following luxury hotel deal in Oman
A Trump Tower is coming to Saudi Arabia, a regional developer announced on Monday, Al Monitor reported.Dar Global and the...
Business
Intel suspends expansion of factory plan in Israel
New York, United States - Intel is halting the expansion of a major factory project in Israel, which was going to...
Business
Business
Dubai records weeklong real estate deals worth $2.45 billion
Dubai, UAE -- A total of1,852 real estate transactions valued at more than AED 9 billion ($2.45 billion) were conducted...
- The DLD weekly report said that 384 plots were sold for AED 2.54 billion, 1,468 apartments and villas were sold for AED 3.38 billion.
- A total of 139 properties were granted between first-degree relatives worth AED507 million.
Arts & Culture
Jeddah Program named cultural destination of FIFA Club World Cup
Riyadh, Saudi Arabia -- The Historic Jeddah Program has secured sponsorship rights as the official cultural destination and main supporter...
- This prestigious tournament will be hosted in Jeddah from December 12 to 22, 2023, marking the first time it will be held in the Kingdom.
- The program's sponsorship of this tournament is part of its efforts to showcase the historic Jeddah region, a UNESCO World Heritage Site.
Business
8 pacts on trade, investment inked in Saudi-Algerian Business Forum
RIYADH, SAUDI ARABIA - The Saudi-Algerian Business Forum concluded its activities with the two countries signing eight agreements aiming at...
- The agreements cover trade, investment, information technology, business incubators and accelerators, tourism services, elevators, and spare parts.
- The pacts were signed by the Federation of Saudi Chambers, the Council for Algerian Economic Renewal and several Saudi and Algerian firms.
Nissan invests in new electric cars
Japanese auto giant Nissan will invest up to £1.12 billion.
- Nissan will plough the cash into electric versions of its Juke and Qashqai models in Sunderland, which is its largest factory in Europe and employs around 6,000 people
- The news will spark further investment in infrastructure projects and the broader supply chain which could bring the total investment up to £2 billion
Business
$9.9bn transport investments boost Qatar’s logistics efficiency
Dubai, UAE -- Qatar Chamber has underscored Qatar's significant strides in the transport sector, positioning the nation as a formidable...
- With over 2 billion people residing within 3000 kilometers range of Qatar, the country boasts easy access to Hamad International Airport and the globally acclaimed Hamad Port
- Hamad Port, with over 15 direct shipping lines connecting to 40 ports across three continents, has an annual capacity of 7 million tons.
Business
Saudi oil and non-oil exports fall by above 17 percent in Sept
Dubai, UAE -- Saudi Arabia’s oil exports fell by 17.1 percent (SAR 17.2 billion or $4.58 billion) in September, mainly...
- The share of oil exports in total exports increased from 80 percent in September 2022 to 80.1 percent in September 2023.
- Imports also decreased compared to August 2023 by SAR 9.6 billion or 13.7 percent, according to data by GASTAT.
Business
EDGE signs MoU with MBRSC
The pact sets up a framework for knowledge, data sharing
- The agreement exemplifies the strength of local partnerships in the UAE.
- It underlines EDGE's commitment to expand its expertise into the space sector.
Business
Solutions+, EIH sign MoU
The pact will help in creating job opportunities in the UAE.
- The pact outlines a strategic cooperation that contributes to supporting and developing closer ties between the two companies.
- The agreement will help improve efficiency in Business Process Outsourcing, Digital Management and Facility Management.
Business
EGA begins work on pilot plant to convert bauxite residue into manufactured soil
ABU DHABI, UAE – Emirates Global Aluminum (EGA) on Thursday announced the construction of a pilot plant to convert bauxite...
- The pilot plant will use technology to neutralise caustic bauxite residue into an environmentally benign raw material in hours.
- This optimised bauxite residue is the main ingredient for the manufactured soil, which EGA calls turba.
Business
Masdar City completes first net-zero energy commercial building in region
ABU DHABI, UAE - Masdar City, a sustainable urban community and a business and technology hub here, has just completed...
- NZ1 is designed to consume 53 percent less energy than an equivalent conventional building.
- Solar panels will generate 101 percent of the building’s annual energy needs, making it net-zero energy.
Trump Tower agreement announced in Jeddah following luxury hotel deal in Oman
A Trump Tower is coming to Saudi Arabia, a regional developer announced on Monday, Al Monitor reported.Dar Global and the...
Business
Company News
Latest News
Barwa Real Estate net profit up
Business
Bitcoin surpasses $57,000 as crypto rally remains strong
Dubai, UAE - The price of Bitcoin on Tuesday surged past $57,000, demonstrating the continued strength of the cryptocurrency market...
Business
Iran becomes world’s ninth biggest steel producer, says WSA
TEHRAN, IRAN – The Middle Eastern country has improved its global standing in steel production, becoming the ninth largest producer...
Economy
Chevron $53bn Hess deal in danger
Rivals' challenge to the control of a key oil asset can derail the acquisition.
Business
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Geostrategy
WTO approves services trade rules, overcoming objections
The set of rules will streamline authorization requirements and ease procedural hurdles faced by businesses, according to a press release....
- Its integration into the WTO implies all 164 members have approved as per the body's rules which require full consensus.
- Ministers' negotiations also focused on fisheries and agriculture, but progress could be made on a new global agreement on fisheries subsidies.
Business
AI entity is Board Observer in IHC
IHC is a pioneer in leveraging AI for decision-making.
- Aiden Insight is a virtual entity endowed with sophisticated AI capabilities, and is set to revolutionise the way IHC handles the global investment landscape.
- This initiative by IHC is powered by AI capabilities of G42 in collaboration with Microsoft, setting a new benchmark for artificial intelligence development.
Business
Rat on a plane sparks worries for Sri Lanka’s airline
Colombo, Sri Lanka - Sri Lanka's national airline on Tuesday blamed a rat for grounding a plane for three days, sparking...
- The stowaway rodent was spotted enjoying the SriLankan Airlines Airbus A330 flight from the Pakistani city of Lahore on Thursday
- An airline official said the plane has now resumed flights, but that the grounding had a knock-on effect on the entire schedule