Abu Dhabi’s private sector grows by over 35 percent in 2023
ABU DHABI, UAE – The Abu Dhabi Department of Economic Development (ADDED) organized, in collaboration with Abu Dhabi Investment Office...
Economy
ahli islamic introduces Sharia-compliant Money Market Fund
MUSCAT, OMAN – As part of its investment solutions and Sharia-compliant products and services, ahli islamic, ahlibank’s Islamic banking window,...
Business
Business
GCC’s digital leadership puts focus on cybersecurity
As GCC leads in digital innovations, there's an urgent need for strong cybersecurity to combat increasingly complex threats targeting governments,...
- As GCC leads in digital innovations, there's an urgent need for strong cybersecurity to combat increasingly complex threats targeting governments, businesses, and individuals
- Emad Fahmy of NETSCOUT sheds light on the evolving cyber threats and the importance of a holistic approach to digital transformation, advising ways to safeguard digital frontiers
Business
Dubai at top global ranking for attracting Greenfield FDI projects in H1 2023
DUBAI, UAE - Dubai remains the top global destination for attracting Greenfield Foreign Direct Investment (FDI) projects, with the emirate...
- During the first half of 2023, Dubai’s global share in the attraction of Greenfield FDI projects stood at 6.58 percent.
- The results align the Dubai Economic Agenda D33, which aims to double the size of the emirate’s economy over the next decade.
Business
EV infrastructure company launched
PIF will own 75% in the Electric Vehicle Infrastructure Company.
- It plans to establish presence in more than 1,000 locations, installing over 5,000 fast chargers by 2030 in cities across Saudi Arabia.
- PIF said the new company aims to enhance Saudi Arabia’s automotive ecosystem, through collaboration with EV companies.
Geostrategy
Saudi Arabia, India ink MoU on electrical interconnectivity, green hydrogen
RIYADH, SAUDI ARABIA - India and Saudi Arabia signed a Memorandum of Understanding (MoU) here in electrical interconnection, green/clean hydrogen,...
- The signing took place during the Middle East and North Africa Climate Week 2023 in Riyadh, Saudi Arabia.
- The MoU was signed by Saudi Arabia’s Minister of Energy and India’s Minister of Power and New and Renewable Energy.
Business
Saudi Arabia Railways launches hydrogen train tests
Riyadh, Saudi Arabia -- Saudi Arabia Railways (SAR) has announced the launch of hydrogen train tests in the Kingdom, following...
- The tests were launched following the signing of an agreement with the French company Alstom.
- It will conduct operational tests and studies necessary to prepare this type of train to fit the Kingdom's environment.
Business
Hotels in UAE generate revenues of US$7bn in first seven months, says minister
ABU DHABI, UAE - In the first seven months of the year, hotel establishments in the UAE generated revenues of...
- Hotel establishments in the country hosted 16 million guests in in the first seven months of 2023, said the UAE economy minister.
- Some 56 million hotel nights have been booked while the occupancy rate reached 75 percent from January to July.
Geostrategy
Major airlines cancel dozens of flights to Tel Aviv
Air France-KLM group's low-cost carrier Transavia announced it was cancelling all flights from Paris and Lyon to Tel Aviv up...
- At Ben Gurion airport American Airlines, Air France, Lufthansa, Emirates were among those pulling flights
- But airport authorities did not stop commercial air links with Eilat, Israel's second international airport
Economy
In a world first, EU gives nod to green bond standards
Brussels, Belgium - European Parliament has adopted a new voluntary standard for the use of a “European Green Bond” label, the...
- The regulation, adopted by 418 votes in favour lays down uniform standards for issuers who wish to use the designation ‘European green bond’
- The standards will enable investors to direct their money more confidently towards more sustainable technologies and businesses
Economy
Qatar Chamber forms two committees to develop insurance sector
Doha, Qatar - The Qatar Chamber (QC) has established two technical teams to further develop the country’s insurance sector. One...
- The committees were formed during a meeting of the chamber’s insurance committee on Saturday
- One of the committees specializes in legal and services, and another in the financial and IT fields
Economy
UAE and Kyrgyzstan to boost renewable energy, transportation ties
Bishkek, Kyrgyzstan--The UAE and Kyrgyzstan have discussed mechanisms to enhance joint cooperation in various fields, especially renewable energy, transportation, and...
- Al Mazrouei headed a large delegation to the Central Asian country to explore opportunities to enhance cooperation between the two countries in all fields
- The talks with Kyrgyz president focused on mechanisms to enhance joint cooperation in various fields, especially renewable energy, transportation, and logistics services
Abu Dhabi’s private sector grows by over 35 percent in 2023
ABU DHABI, UAE – The Abu Dhabi Department of Economic Development (ADDED) organized, in collaboration with Abu Dhabi Investment Office...
Economy
Company News
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Nokia sees ‘challenging’ 2024
Business
SK Hynix posts US$259.4m profit
Business
Polestar 3, the electric SUV, hits the streets of the UAE
Dubai, UAE – Al-Futtaim Electric Mobility Company, the official distributor of Polestar in the UAE, have announced the official launch...
Business
61 contracts worth $7billion signed at World Defense Show in Riyadh
Riyadh, Saudi Arabia - About 61 purchase contracts totaling approximately SR26 billion ($6.93 billion) were signed at the second World...
Business
At 10% growth, Saudi banking sector shows resilience
With Vision 2030 steering the economic diversification, Saudi banks face challenges and opportunities in liquidity, asset quality, and navigating geopolitical...
Business
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Business
European stocks firm as markets await US inflation data
London, United Kingdom - Europe's main stock markets steadied Friday as traders reacted to more earnings updates from top companies, while...
- Asia saw holiday-thinned trade, with investors there struggling to build on another record-setting day on Wall Street.
- While China is in holiday mode, investors are keeping tabs on Beijing, hoping for fresh measures to boost market confidence.
Business
Rumors swirl over bitcoin inventor Nakamoto’s identity
London, United Kingdom - An Australian man went on trial in London this week over his claims of inventing bitcoin --...
- Computer scientist Craig Wright, 53, says he is "Satoshi Nakamoto", the pseudonym of bitcoin's creator and author of a white paper that introduced the cryptocurrency to the world
- He is being sued by cryptocurrency activists who say he's lied and forged documents in his attempts to pretend he is bitcoin's founder.
Business
Aldar net profit $1.19bn
Expanded investment and record development sales boosted profit.
- Aldar reported the highest-ever quarterly development sales of AED 8.5 billion in Q4, with full-year sales hitting a record AED 27.9 billion.
- Development revenue backlog doubled to AED 36.8 billion, providing strong income visibility over the next two to three years, Aldar said.