Iran signs big contracts to increase oil production
Iran sealed contracts worth billions of dollars with domestic companies to boost its oil production in the face of Western...
Geostrategy
Gulf aviation industry sets sky-high standards
"The demand from certain sectors indicates a strong interest in First Class, prompting us to introduce a newly-designed First Class...
Business
Business
Iran’s oil exports surge to 1.9 million barrels per day in May
In spite of economic sanctions imposed by the Western governments against Iran, the country has seen its oil exports surge...
- The Islamic Republic has ramped up its crude output to more than 3 million barrels per day, nearly 3 percent of the world's supply
- Iran has been pouring more oil into the global energy market at a time when OPEC+ has lowered the supply in order to shore up the oil market
Business
More than 900,000 passengers to use Abu Dhabi International Airport on Eid
Abu Dhabi, UAE-- Some 900,000 passengers are expected to pass through Abu Dhabi International Airport on more than 5,000 flights...
- Abu Dhabi Airports gave out the projected numbers ahead of an expected uptick in passenger traffic at Abu Dhabi International Airport during the Eid celebrations
- On June 24, and June 25th, and July 2nd airport authorities expect heavy passenger traffic to pass through the emirate's five airports and expect to serve almost 65,000 passengers
Business
UAE, Saudi firms eye global acquisitions worth $20bn
Companies like ADNOC, Saudi sovereign fund, and Niu are making significant strides as the two Gulf countries seek to diversify...
- Companies like ADNOC, Saudi sovereign fund, and Niu are making significant strides as the two Gulf countries seek to diversify their economies and capitalize on high oil prices
- "M&A surge in the Middle East fueled by private equity and sovereign wealth funds, and backed by liquidity and reforms, is giving wings to region's transformative aspirations
Business
AI chip giant Nvidia likely to invest in Europe
SANTA CLARA, US -  The CEO of Nvidia said that the world's most valuable chipmaker is "extremely likely" to invest in...
- Nvidia would join other semiconductor giants like Intel that are also looking to open new operations in Europe.
- The US firm, which specializes in chips coveted in the artificial intelligence boom, has seen its value hover around $1 trillion in recent weeks.
Business
Iraq’s finance and business center to be a hub for trading, selling
BAGHDAD, IRAQ - The Finance and Business Center in Iraq is set to become a hub for trading and selling...
- The Prime Minister's financial advisor emphasized the center's role in Iraq's financial and banking development strategy.
- He said that the center would cater to both the banking and non-banking financial businesses, such as insurance companies.
Business
Aramco, TotalEnergies to construct petrochemical unit in Saudi Arabia
Saudi Aramco and France's TotalEnergies signed contracts to start building an $11-billion petrochemicals facility in the Gulf kingdom, the two...
- The move "marks the start of construction work on the joint petrochemical expansion", Aramco and TotalEnergies said in a joint statement.
- The project, first announced in 2018, represents an investment of around $11 billion, of which $4 billion will be funded through equity by Aramco and TotalEnergies.
Economy
Kuwait’s central bank says broad money supply rises marginally
KUWAIT- Central Bank of Kuwait (CBK) announced that the broad money supply (M2) went up by 0.3 percent last May...
- Local banks' private sector deposits increased by 0.6 percent to settle at $119.4 billion, revealed the CBK's economic research department.
- Local banks' assets fell by 0.1 percent to record $280 billion, while the net foreign assets decreased by 0.2 percent to $34.3 billion.
Economy
KSA outsources work worth US$693m for achieving Saudi Vision 2030
RIYADH, SAUDI ARABIA - The Minister of Human Resources and Social Development and Chairman of the Board of Directors of...
- The minister said by executing many projects, the non-profit sector has contributed to achieving national development.
- He said one of the achievements has been the development of the incorporation procedures of non-profit organizations within four days.
Business
Dubai Land Department unveils real estate investment trusts
DUBAI, UAE - Dubai Land Department (DLD), through the real estate development sector, has launched the real estate investment trusts...
- The move aims to provide incentive benefits to encourage REIT to consider various projects across Dubai.
- The aim is also to increase investment in the market by achieving a long-term capital return for shareholders.
Saudi Arabia’s Al-Hilal signs Wolves captain Neves for reported $60m
Neves, who arrived at Wolves from Porto, had one year on his contract left at Molineux. He joins in the...
- "From the 'Wolves' to the biggest team in Asia," Al-Hilal announced on social media after the player signed a three-season deal in Paris
- Neves leaves Wolves after six seasons for "a club record fee", the Premier League side announced, reported to be around 55 million euros
Iran signs big contracts to increase oil production
Iran sealed contracts worth billions of dollars with domestic companies to boost its oil production in the face of Western...
Geostrategy
Company News
Latest News
Shell eyes $6bn in Nigeria
Business
Five new residency programs to attract talent to Saudi Arabia
These residency products offer several benefits, including the ability to conduct business and invest in Saudi Arabia, own real estate,...
Business
Saudi Arabia raises mineral resources estimates to $2.5 trillion
The Kingdom raised its mineral resources estimates from $1.3 trillion in 2016 on the exploration of nearly 30 percent of...
Business
UAE and India sign MoUs to deepen ties in renewable energy, healthcare
Abu Dhabi, UAE--The UAE Ministry of Investment has signed three memorandums of understanding (MoUs) with India, setting out frameworks for...
Business
Most Read
False tweet from US regulator briefly sends bitcoin soaring
The jump in the price of bitcoin to almost $48,000 came immediately after the SEC published a message on its...
- Just after 4 pm local time, the price of the world's largest digital currency in terms of circulation surged towards its highest level for more than 22 months, before falling again
- "The unauthorized tweet regarding bitcoin ETFs was not made by the SEC or its staff," an US Securities and Exchange Commission's spokesperson later told AFP
Geostrategy
Honda unveils futuristic EV series
It will introduce a commercial model in the US in 2026.
- The automaker's "Saloon" model features a low platform with a wide interior and sleek silhouette
- The company set an ambitious target of achieving 100 percent electrified vehicle sales by 2040
UAE startups eye Saudi Arabia for growth, expansion
With both nations offering substantial markets and supportive environment for innovation, startups are exploring new opportunities in the Kingdom.
- UAE-based startups are increasingly turning to Saudi Arabia, leveraging the Gulf's largest economy to scale up their operations.
- With both nations offer substantial markets and supportive environment for innovation, startups explore new opportunities in the Kingdom.