Xiaomi announces release date for EV
It will be its first foray into the electric vehicle sector.
Business
Abu Dhabi launches technology investment company MGX
ABU DHABI, UAE – The Artificial Intelligence and Advanced Technology Council (AIATC) announced on Monday the creation of MGX, a...
Business
Business
ADNOC L&S IPO: Offer price AED2.01 per share, raises $769m
Abu Dhabi, UAE -- Abu Dhabi National Oil Company (ADNOC) on Wednesday announced that the final offer price for the...
- This implies a market capitalization of AED 14.9 billion ($4.05 billion) of ADNOC L&S at the time of admission.
- ADNOC said the IPO witnessed overwhelming demand from UAE retail investors and professional investors, amounting to $125 billion.
Business
Mega production facility hastens Neom green hydrogen goals
Neom, Saudi Arabia -- Saudi Arabia's futuristic city NEOM says it has outlined a clear path towards the at-scale production...
- The NEOM Green Hydrogen Company (NGHC) facility being built in Oxagon is set to be the world’s largest commercial-scale green hydrogen production facility in the world.
- Once operational in 2026, it will produce 600 tons of green hydrogen per day, which will be available for global export, saving as much as 5 million tons of CO2Â emissions.
Geostrategy
Cargo ship grounded for a short while in Egypt’s Suez Canal
ISMAILIA, EGYPT - A cargo ship ran aground on Thursday in Egypt's Suez Canal before it was quickly refloated without interrupting...
- Hong Kong-flagged Xin Hai Tong 23 bulk carrier was refloated after "a sudden malfunction of the machinery".
- The Suez Canal Authority said three tugboats and a marine rescue team were sent to refloat the vessel.
Business
Iran seeks economic integration and multilateralism: Raisi
Tehran, Iran-- Iran seeks economic integration and multilateralism in international relations, according to the Islamic Republic's President Ebrahim Raisi.The president...
- The president told reporters at the airport in Tehran that Iran's relationship with different countries is based on regionalism and neighborhood policy
- The Islamic Republic, according to the president, signed agreements with Indonesia in energy and economic fields, in addition to signing other MoUs
Business
UAE: Total websites registered under .ae reaches 300,000
Abu Dhabi, UAE – The UAE Telecommunications and Digital Government Regulatory Authority (TDRA) announced on Wednesday the registration of more...
- The steady increase in the number of registrants in.ae reflects the importance of the UAE, as a major economic hub in the Middle East
- Examples of international companies that use the .ae domain include, but are not limited to, Amazon and Google
Business
Abu Dhabi Housing Authority to build new homes worth US$1.90bn
Abu Dhabi, UAE--Abu Dhabi Housing Authority has joined hands with Q Holding to build new housing projects in West Baniyas...
- Nearly 1,500 residential villas will build in the West Baniyas, besides other infrastructure such as gardens, public facilities, services, mosque and commercial buildings
- The other housing project in Al Samha will see the construction of 242 residential villas, mosques and retail units and would cost close to US200 million
Interview
Data-driven insights become crucial for GCC govts, businesses for making informed decisions: Urbi CEO
Live and constantly updated data ensure precise navigation, right down to the building level, says the chief of leading provider...
- Live and constantly updated data ensure precise navigation, right down to the building level, says the chief of leading provider of geospatial data and analytical tools in UAE.
- Urbi has launched Urbi CityLens, an AI-powered solution designed to transform city management by providing key data for proactive decision-making and preventive actions
Business
Saudi Arabia’s logistics sector set to reach $15.3 bn by 2030
Riyadh, Saudi Arabia - The logistics sector in Saudi Arabia is poised for remarkable expansion, with its market size projected...
- The surge is an outcome of the efforts made by the Ministry of Transport & Logistics Services (MOTLS) to make the kingdom a global logistics hub and a leading industrial powerhouse
- Leveraging its unique geographical location, which connects Europe, Asia, and Africa, Saudi Arabia is primed to become a vital gateway for facilitating seamless trade
Business
Dubai records realty deals worth $1.38 billion in two days
Dubai, UAE -- Dubai's real estate market recorded real estate deals worth AED 5.1 billion ($1.38 billion) on Tuesday and...
- A total of 500 sales transactions worth AED1.21 billion were recorded on Wednesday, in addition to 103 mortgage deals totaling AED267.86 million.
- On Tuesday, the market recorded 612 sales transactions worth AED2.51 billion, in addition to 126 mortgage deals of AED 613.53 million.
Business
French firm ENGIE’s investments in UAE projects nearly $12 billion
Development and operation of the Mirfa 2 Reverse Osmosis Independent Water Project, and the running of six power and water...
- ENGIE investments in the UAE are spread across multiple strategic and key projects, said Frédéric Claux, Managing Director Flexible Generation and Retail, Africa Middle East Asia.
- These include the development of the Al Ajban Solar PV, water desalination projects, battery storage and green hydrogen production.
Xiaomi announces release date for EV
It will be its first foray into the electric vehicle sector.
Business
Company News
UAE approves Dubai Metro Blue Line project
Geostrategy
Latest News
Bank takes over Amiantit subsidiary
The bank will absolve Amiantit of all its financial obligations.
Business
Maersk halts ships’ transit via Red Sea strait for 48 hours
COPENHAGEN, DENMARK - Shipping giant Maersk said on Sunday it was suspending the passage of vessels through a key Red Sea...
Geostrategy
Saudi AZM gets independent director
Omar bin Fahd Al-Sunaidi's term will extend until Jun 2026.
Business
Most Read
Business
GCC Commercial Arbitration Centre to use AI in its operations
Manama, Bahrain-- The GCC Commercial Arbitration Centre has started to harness AI techniques, according to its secretary general, Dr. Kamal...
- The initiative aligns with the prevailing trends of leveraging technologies in digital transformation and fostering development across diverse sectors
- Al Hamad said that around 92 percent of legal institutions and judicial bodies in the world plan to increase their use of AI in legislative and legal case analysis
Business
Bahrain kicks off roadshow in China to boost tourism sector
Manama, Bahrain--The Bahrain Tourism and Exhibitions Authority (BETA) began a roadshow in Shanghai and Guangzhou, China, involving prominent travel, tourism,...
- The roadshow n China looks to promote Bahrain as a prominent tourist destination in regional and global markets
- BETA tied up with the private sector to create distinctive tourism products that contribute to boosting the economy
Geostrategy
ACC holds workshop in Jordan on dangers of human trafficking
AMMAN, JORDAN - Amman Chamber of Commerce (ACC), in cooperation with Ministry of Justice and Jordan Judicial Council (JJC), organized...
- The workshop aims to introduce human trafficking crime in Jordanian law and global pacts and the measures taken at the national level to help victims.
- The workshop reflects the "important" role played by national institutions in combating human trafficking and raise awareness of its dangers.