UAE bolsters air cargo industry with launch of ‘CARDS’ data platform
Abu Dhabi, UAE--The General Civil Aviation Authority (GCAA) has launched the Cargo Data Reporting System (CARDS), which provides a range...
Business
Hotel Dar Tantora is inspired by Saudi’s AlUla ancient mudbrick buildings
ALULA, SAUDI ARABIA – Situated in the heart of Old Town here, Dar Tantora Hotel offers guests a chance to...
Arts & Culture
Business
Struggling Lucid weighs down PIF’s robust US equities show
Dubai, UAE -- Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), reported 9.6 percent growth in its US equity holdings to...
- Lucid continued to drag down the fund’s US public holdings with q-o-q growth of 6.2 percent to US$9.47 billion – a level that was still 45.6 percent down on end-June 2022.
- The EV manufacturer has struggled with mounting losses and tightening cash reserves due to recession risks and a price war with its bigger rival Tesla.
Business
AD Ports Group Q2 net profit $84m
The Group posted 66% year-on-year revenue growth.
- Maritime, Digital, and Ports Clusters were the key growth drivers with 208 per cent, 26 per cent, and 22 per cent year-on-year, respectively.
- AD Ports Group Q2 2023 EBITDA rose by 29 per cent year-on-year to AED686 million, mainly driven by maritime, digital, and ports clusters as well as acquisitions.
Economy
Saudis, Emiratis gain wealth, but disparity remains
In 2022, 45 percent of adults in Saudi Arabia had a net worth of less than $10,000, against 43 percent...
- The net worth per adult in Saudi Arabia surged by an impressive 8.6 percent in 2021, followed by a 6.6 percent increase in 2022, both measured in US dollars.
- The Gini coefficient for wealth inequality in 2022 was 86.7 in Saudi Arabia and 86.9 in the UAE, placing both nations among the highest in global wealth inequality rankings.
Business
Riyad Capital okays 2.5% cash dividend
The SAR 0.25 per unit dividend will be paid to Riyad REIT Fund's unitholders.
- The distribution represents 2.19 percent of net asset value (NAV) as of June 30, 2023.
- Riyad REIT is a closed-ended Shariah-compliant real estate investment traded fund.
Economy
Bahrain supports AI tendering platform, Procural, to create jobs
Manama, Bahrain - Tamkeen, a semi-autonomous government agency, tasked with developing Bahrain's private sector has decided to support the Bahrain-based...
- The support will enable Procural to enhance its ability to use cloud-based technology and Artificial Intelligence (AI) to match vendors with buyers
- Procural offers a range of features that include cloud-based infrastructure, customizable approval workflows, automated purchase orders, and real-time budget tracking
Business
4.4m travel by SAR in H1 2023
Train trips in H1 2023 rose 46 percent compared to H1 2022.
- The volume of minerals and goods transported over SAR networks during the second quarter of the year exceeded 6.34 million tons.
- The total volume of goods transported by SAR H1 2023 rose to over 12 million tons, a 13 percent increase compared to the previous year.
Business
Oman Air Cargo revenue up
Its cargo revenue recorded a 42% jump in H1 to US$57.9m.
- Oman Air Cargo said that the jump in cargo aligns with the carrier's aim to retain its strong position in the market
- Launched in 2009, the airline has sustained an upward trajectory despite a fall in yield compared to the previous year
Social media app TweetDeck placed behind paywall
The social media firm, bought by billionaire Elon Musk last year, has been thrashing around for ways to make a...
- X announced in July that TweetDeck would be available only to "verified" account holders from August
- On Tuesday, users attempting to access the service were required to pay for X's blue checkmark verification for an annual fee of $84
Business
Saudi Arabia lures football stars with big money
From Cristiano Ronaldo to Neymar, the kingdom is offering eye-watering salaries to international football stars to bring them over from...
- Ronaldo's arrival in January to play for Al-Nassr drew global attention to ongoing efforts to boost the Saudi Pro League
- The signing up of Neymar, Brazil forward who quit Paris Saint-Germain after six seasons, for Al-Hilal is another coup for the Saudis
Economy
EU provides US$24m for payment of allowances to poor Palestinian families
Jerusalem--The European Union has disbursed $24 million for the payment of social allowances to 71,162 vulnerable Palestinian families through the...
- The EU during the last 17 years has supported the Palestinian Authority with funding to ensure social allowances are extended to the poor families
- The funding from EU has been routed through the PEGASE mechanism and will help 71,162 families living below the extreme poverty line
UAE bolsters air cargo industry with launch of ‘CARDS’ data platform
Abu Dhabi, UAE--The General Civil Aviation Authority (GCAA) has launched the Cargo Data Reporting System (CARDS), which provides a range...
Business
Company News
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Alba sets new production record
Business
Penguin, SkyBlue ink MoU
Business
EDGE bags another big order
The group will supply 200 unmanned helicopters to UAE defense ministry.
Business
NEOM announces its new luxury ecotourism destination Zardun
NEOM, SAUDI ARABIA - NEOM's Board of Directors has announced the launch of Zardun - an exclusive resort and natural...
Business
UAE plans to issue bonds, Sukuk valued at $1.3bn in Q1 2024, says official
HONG KONG - UAE Ministry of Finance Undersecretary Younis Haji Al Khoori announced that the ministry's issuance of bonds and...
Business
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Business
Deals worth $26.66 billion signed at Real Estate Future Forum 2024
Riyadh, Saudi Arabia -- Deals worth more than $26 billion were signed at the Real Estate Future Forum 2024, which...
- Over 50 agreements and memoranda of understanding (MoUs) were signed during the event that focused on discussing new innovations.
- The event was attended by 300 speakers from 85 countries, including government officials, private-sector representatives, economists, investors and decision makers.
Business
US approves inspection program to return Boeing 737 MAX to service
The FAA announcement is a major step after the agency grounded 171 MAX 9 planes after the January 5 incident...
- Shortly after Federal Aviation Administration announced inspection protocols on Boeing 737 MAX 9, United Airlines said it expects grounded aircraft to return to service starting
- "We will only return each MAX 9 aircraft to service once this thorough inspection process is complete," said a statement from Toby Enqvist, United's chief operations officer
Business
UAE-Hong Kong non-oil foreign trade surges to US$16.23 billion
Hong Kong--Non-oil foreign trade value between the UAE and Hong Kong expanded in the past year, reaching $16.2 billion in...
- The Hong Kong official said that the non-oil foreign trade value grew between the UAE and Hong Kong in the past year, reaching $16.2 billion in 2023
- He said the Hong Kong companies are keen to invest in the UAE in sectors such as infrastructure, information technology, financial technology and health technology