flynas receives 50th jetliner out of 120 Airbus A320neo ordered
RIYADH, SAUDI ARABIA – flynas, the Saudi air carrier and the leading low-cost airline in the Middle East and the...
Business
Google to delete incognito search data
The suit filed in June of 2020 sought US$5bn in damages.
Business
Evergrande pauses trading on Hong Kong exchange
The Chinese company had only just resumed trading a month ago, after it was suspended for 17 months for not...
- Trading in its two other units -- the property services and electric vehicle groups -- also stopped "at 9:00 am today"
- The halt in trading comes a day after a Bloomberg report that Evergrande's billionaire boss Xu Jiayin was being held by police
Business
QatarEnergy signs US$3.90bn deal with HD Hyundai to build LNG carriers
Seoul, South Korea--QatarEnergy has signed US$3.90 billion worth agreement with Korea's HD Hyundai Heavy Industries (HHI) for the construction of...
- The agreement with the South Korean firm marks the start of the second phase of QatarEnergy's LNG ship acquisition program
- QatarEnergy's ship-building program is the largest of its kind and will play a pivotal role in meeting its future shipping requirements
Business
Lucid Group opens Saudi Arabia’s first-ever car manufacturing facility
Jeddah, Saudi Arabia - Lucid Group, which is partially owned by the Public Investment Fund, launched Wednesday its first international...
- The manufacturing unit extends over an area of about 31% of the total area allocated to the automotive industry in Jeddah's Special Economic Zone
- In May 2022, Lucid Motors signed a contract to begin construction of its factory in KAEC with a production capacity of 155,000 vehicles
Business
Masdar and PLN NP to triple size of Southeast Asia’s largest floating solar plant
Abu Dhabi, UAE--Masdar and PLN Nusantara Power (PLN NP) have signed an agreement to develop Phase II of the successful...
- The clean energy partnership between the UAE and Indonesia saw further consolidation when the two companies signed the deal to expand FPV plant
- The UAE company has developed the region’s largest floating solar facility, the 145 MW Cirata floating solar PV plant in a joint ventre with PT PJB, now PLN NP
Economy
Ras Al Khaimah’s first organic fertilizer project to cost $20m
Ras Al Khaimah, UAE - Ras Al Khaimah’s is building its first organic soil fertilizer project at a cost of...
- The company will also carry out research on the creation of unique methods of cultivating plants, medicinal and valuable fungi
- It will also be farming fruits, vegetables and berries, both indoors and outdoors, and conduct organic animal husbandry
Automation revolutionizes financial business models
The financial services sector is witnessing transformative changes, driven by rising demands for personalized services and the integration of cutting-edge...
- The financial services sector is witnessing transformative changes, driven by rising demands for personalized services and the integration of cutting-edge technologies
- Projected to hit $949bn by 2030, FinTech investments spotlight trends like open finance, decentralized finance and digital assets, while open banking enhances decision-making
Business
Indonesia bans goods trading on social media platforms
Jakarta, Indonesia - Indonesia has banned goods transactions on social media platforms in a new regulation, its trade minister said Wednesday,...
- The regulation means social media firms will not be able to conduct direct transactions but only promote products on their platforms.
- Laws in the archipelago nation did not cover direct transactions through social media platforms such as TikTok, Facebook or Instagram before the new regulation.
Business
Binance selling Russia business
Binance is likely to sell its Russian assets to CommEX.
- The move comes months after reports suggested US authorities were investigating possible sanctions violations.
- The firm said the process would take a year to complete and would involve selling its assets to CommEX, a company that only launched on Tuesday.
Business
Aramco likely to acquire equity in China’s Shenghong Petrochemical
Dahran, Saudi Arabia -- Aramco and Jiangsu Eastern Shenghong Company (Eastern Shenghong) Wednesday signed a cooperation framework agreement to facilitate...
- Aramco and Eastern Shenghong signed agreement to facilitate talks on the possible acquisition by Aramco of a 10 percent strategic equity interest in Shenghong Petrochemical.
- Shenghong Petrochemical, a wholly owned subsidiary of Eastern Shenghong, owns and operates a 320 MBD integrated refinery and petrochemicals complex.
Business
Saudi EXIM Bank, Trafigura sign pact
The bank will extend three-year credit facility of $500 million.
- The agreement is aimed at facilitating the purchase of domestically produced commodities from Saudi Arabia
- It will also enable Trafigura to connect Saudi producers to more than 156 markets worldwide, the bank said.
flynas receives 50th jetliner out of 120 Airbus A320neo ordered
RIYADH, SAUDI ARABIA – flynas, the Saudi air carrier and the leading low-cost airline in the Middle East and the...
Business
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Saudi more than doubles tourism target by 2030, says minister
Riyadh, Saudi Arabia - Saudi Arabia drew 27 million foreign tourists in 2023 and has more than doubled its goal for...
Business
Iran agricultural, food exports hit US$4.8bn in 10 months
TEHRAN, IRAN – The country has exported more than 6.7 million tons of agricultural and food products worth US$4.8 billion...
Business
Saudi Arabia’s air defense commander examines Russia’s S-350, S-400 systems
RIYADH, SAUDI ARABIA – The Commander of the Royal Saudi Air Defense Force Lieutenant-General Mazyad bin Suleiman Al-Amr has inspected...
Geostrategy
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Business
UBS to reward shareholders
Losses from costs of absorbing Credit Suisse narrow.
- The bank reported a net loss of $279 million in the final three months of 2023 -- far less than the nearly $500 million analysts had been bracing for
- The result followed a bigger, $785 million loss in the third quarter but for the full year, UBS bagged a net profit of $29 billion in 2023
Economy
QatarEnergy signs LNG deal with Petronet
QatarEnergy will supply 7.5m tons of LNG per year to Petronet.
- Qatar is one of the world's top LNG producers alongside the United States, Australia and Russia.
- The first deliveries of gas to India by QatarEnergy's LNG fleet are due from May 2028.
Business
Sharjah Chamber posts growth in membership in 2023
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) has announced a series of significant achievements of the...
- The number of membership renewals in 2023 hit 55,087 across industrial, commercial and professional sectors.
- Free zone memberships stood at 1,795, while exports and re-exports were valued at approximately US$8.9 billion.