Norway experiments with electric plane in real-life test
Oslo, Norway -- An electric plane took to the skies between the Norwegian airports Stavanger and Bergen on Thursday, simulating...
Science
Global passenger demand grows 4% in July: IATA
GENEVA, 31st August 2025 (WAM) -- The International Air Transport Association (IATA) said Sunday that global passenger demand grew by...
Business
Business
Almarai trust certificates raise $750m
The dollar-denominated certificates have annual return of 5.23%.
- Almarai told Tadawul in a statement that the certificates will be listed on the Irish Stock Exchange under Euronext Dublin.
- The certificates were issued under the $200 million Trust Certificate Issuance Program updated by the company on July 14.Â
Business
SALIC buys 10.7% stake in BRF
The deal is worth US$266 million (SAR1.27 billion).
- SALIC is fully owned by the Public Investment Fund.
- Brazilian firm BRF is a global leader in the poultry sector.
Business
Governments should provide incentives for green finance, says Dubai Chambers’ webinar
DUBAI, UAE – Participants at a webinar strongly supported governments providing incentives or regulatory frameworks to encourage greater participation in...
- The webinar was organized by Dubai Chamber of Commerce, one of the three chambers operating under Dubai Chambers.
- The webinar provided valuable insights and guidance aimed at helping companies to access green finance, attract green investment projects.
Business
ADIA acquires hotel portfolio
The portfolio comprises 27 hotels across Japan.
- The portfolio was acquired from Daiwa House Industry for $900 million and comprises a total of 7,124 hotel rooms.
- The acquisition was made along with a consortium led by Singapore-based private equity real estate firm, SC Capital Partners and Goldman Sachs Asset Management.
Economy
Saudi Arabia tops MENA region in venture capital investment during H1 2023
Riyadh, Saudi Arabia - Saudi Arabia is the top-ranked country in the MENA region in terms of Venture Capital funding...
- The Kingdom accounted for 42 percent of the total capital deployed in the region during H1 2023, up from 31 percent in 2022.
- -commerce and retail were the highest sector in the Kingdom by the amount of funding and by number of deals in H1 2023
Economy
Sharjah Chamber, Costa Rica discuss boosting economic ties
Sharjah, UAE--The Sharjah Chamber of Commerce and Industry (SCCI) and Costa Rica have discussed ways to advance bilateral economic relations....
- Discussions focused on strengthening commercial and industrial cooperation and investment among the private sector organizations and institutions
- The chamber noted the incentives, privileges, and various forms of support and assistance offered by the emirate to foreign companies
Business
Dar Al Arkan issues sukuk of $600m
issuance is the ninth tranche Sukuk program in US dollars.
- The maturity period is of five years at a profit rate of 8 percent annually.
- The issuance order book reached US$1.64 billion (SAR 6.15 billion).
Economy
Bahrain records 2% jump in GDP on back of expansion in Q1 in non-oil sector
Manama, Bahrain--Bahrain has recorded a two percent rise in gross domestic product in the first quarter of 2023, driven by...
- The country's economic recovery plan aims to boost growth, attract investments and create job opportunities
- Its real estate, hotels, restaurants and trade all grew between 4.2 percent and 5.3 percent during the quarter
Meta challenges OpenAI and Google with open-source Llama
The new, more powerful version of Meta's model, called Llama 2, would be available to any business for download or...
- Meta has avoided releasing generative AI products straight to the consumer, and instead developed Llama, a language model specifically developed for researchers
- Crucially, Llama is open-source, meaning that its inner workings are available to all to be tinkered with and modified, unlike the headline-grabbing AIs developed by OpenAI
Business
EdVentures and VMS partner to propel EdTech industry in the MENA region
Dubai, UAE - EdVentures, an Edtech corporate venture capital firm in the MENA region, has announced a strategic partnership with...
- The partnership between the two companies will allow both companies to support a greater number of Edtech startups
- EdVentures will provide startups with its specialized incubation while VMS will leverage its network to offer essential guidance and mentorship
Norway experiments with electric plane in real-life test
Oslo, Norway -- An electric plane took to the skies between the Norwegian airports Stavanger and Bergen on Thursday, simulating...
Science
Company News
Vodafone Qatar 2023 profit up
Business
Microsoft lays off 1,900 staff
Business
EDGE bags another big order
Business
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Abu Dhabi residential sector achieves record growth in 2023, says report
ABU DHABI, UAE - Abu Dhabi’s residential sector has witnessed one of the best years on record, where a total...
Business
British Airways profit soars six-fold
The company said it was 92% booked for the first quarter of 2024.
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Business
Egypt signs several MoUs with global developers in renewable energy
Cairo, Egypt--Egypt has signed seven Memoranda of Understanding (MoUs) on Wednesday in green hydrogen and renewable energy with seven global...
- The agreements to set up geen hydrogen projects represent a new step or the Sovereign Fund of Egypt in its partnerships with global companies
- The green projects are expected bring in investments of $12bn for the pilot phase and $29bn for the first phase, for a total of $40bn over 10 years
Business
Air France-KLM posts profit
The airline reported record revenue of US$32.49bn in 2023.
- The airline also posted revenue of $32.49bn, while adding that it had returned to positive equity for the first time since 2019
- The airline alongwith subsidiary Transavia transported a total of 93.6 million passengers last year, up 10.3 million on 2022
Business
Singapore’s Petrozo Energy setting up Sharjah base to target Middle East
Sharjah, UAE – Petrozo Energy, a leading Singapore-based oil and gas company, has announced a plan to establish a new...
- Petrozo operates a global network with offices across Indonesia, India, Thailand, the UAE, Hong Kong, Bangladesh, the USA and other countries
- The company is renowned for its extensive portfolio, producing a variety of products including fuel oils, petrochemicals, bitumin and naphtha