Saudi Aramco, BYD form alliance to develop low-carbon automotive innovations amid EV growth
Saudi Aramco, the world's largest producer of oil, "is exploring a number of ways to potentially optimize transport efficiency, from...
Anti-hero Star Wars series “Andor” heads towards its finale
Paris, France -- If "Andor" -- which returns from Tuesday for its second and final season -- has been received...
Business
Boeing expects number of planes in air to double in 20 years
The American aircraft manufacturer estimates 48,575 planes will be in service in 2042, compared with 24,500 last year. This will...
- North America will take 23 percent of these new planes, the Asia-Pacific region 22 percent, Eurasia 21 percent and China alone 20 percent
- Boeing also expects low-cost carriers to more than double in size over the next 20 years-- substantial growth, but slower than the past 20 years
Business
Qatar Chamber looks to burnish lackluster gold and jewellery sector
Doha, Qatar-- In order to remove obstacles facing the gold and jewellery sector in the country, Qatar Chamber has reviewed...
- The chamber meeting discussed bottlenecks facing the sector and the proposals received by the committee as per the results of a survey conducted last month
- In order to develop the sector, the gold and jewellery committee was recently established to address and discuss the issues facing the sector in the country
Economy
Global food bill will rise to US$1.98trn in 2023, up 1.5%: FAO
According to a report by the FAO, the world food import bill is forecast to touch a new record this...
- The FAO's biannual report warns that the decline in food import volumes is a "concerning development", indicating a decline in purchasing capacity
- The report further says that world wheat production in 2023 is expected to drop by 3.0 percent from its all-time high of 777 million tonnes in 2022
Business
Crisis hits investments in MENA startups
While the startup ecosystem flourishes in the Middle East and North Africa region, concerns arise over the durability of investments...
- Despite a 20% drop in venture capital investments in Q1 2023, the startup ecosystem in the Middle East and North Africa region remains resilient, say experts
- Concerns over the sustainability of investments and banks' ability to support SMEs have arisen amid the ongoing global banking crisis, they add
Business
38 million passengers used services of SRTA in 2022, say reports
SHARJAH, UAE - The Sharjah Roads and Transport Authority (SRTA) said it transported about 38 million passengers, throughout the year...
- The beneficiaries of taxi services and franchise companies within the emirate amounted to 29 million passengers.
- The total beneficiaries of bus services amounted to about 5.3 million, with an average of 14,500 passengers per day.
Economy
ZATCA sets criteria for target firms to apply phase II of e-invoicing
RIYADH, SAUDI ARABIA - The Zakat, Tax and Customs Authority (ZATCA) has set the criterion for selecting target establishments in...
- ZATCA said that it will notify all targeted establishments in preparation for linking the electronic billing systems with the Fatoora platform, starting January 1, 2024.
- It stressed that phase II includes additional requirements including issuing E-invoices based on a specific format.
Economy
Qatar Industrial Production index up 2.8 percent in April
DOHA, QATAR- The Industrial Production index (IPI) of Qatar for April 2023 reached 106.4 points which is an increase of...
- The index of the mining sector showed an increase by 3.2 percent compared to the previous month (March 2023).
- For manufacturing the index of this sector showed an increase by 0.5 percent compared to the previous month (March 2023).
Business
ADDED signs pact with Valeo to set up automotive technology hub in Abu Dhabi
ABU DHABI, UAE - Abu Dhabi Department of Economic Development (ADDED) has partnered with Valeo to develop the automotive industry...
- Valeo plans to explore new areas of development by integrating its advanced technologies and its sustainability vision in green cities.
- The agreement to design and manufacture electric and autonomous driving car components will improve smart and sustainable mobility.
Economy
Iraq-UK economic ties strengthen on back of uptick in trade
London, UK--Volume of trade exchanges between the UK and Iraq has exceeded one billion dollars and imports and exports between...
- The Iraqi-British trade exchange saw huge growth, with the commerce volume crossing one billion sterling pounds, and British exports to Iraq surging by 40 percent
- The cooperation between Iraqi and British universities has grown in recent years even as the UK has made investments in the social sector and education in Iraq
Business
More than dozen private joint-stock companies list in UAE in 2022
Abu Dhabi, UAE-- The number of private joint-stock companies which listed in the UAE's capital markets during 2022 went up...
- According to SCA, twelve companies listed on the Abu Dhabi Securities Exchange and one company listed on the Dubai Financial Market
- The listing of private joint-stock companies enable them to access a large capital base, besides opening the way to raise a company's brand value
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Saudi Aramco, BYD form alliance to develop low-carbon automotive innovations amid EV growth
Saudi Aramco, the world's largest producer of oil, "is exploring a number of ways to potentially optimize transport efficiency, from...
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Dragon Oil starts oil production
Business
Hosts Qatar embrace ‘positive pressure’ of Asian Cup title defense
Doha, Qatar -- Qatar coach Tintin Marquez said Friday they relish the "positive pressure" of trying to retain their Asian Cup...
Arts & Culture
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Business
GCC banks to maintain resilience in 2024, says S&P Global
Abu Dhabi, UAE--Despite geopolitical uncertainties and potential economic headwinds, S&P Global expects GCC banks to maintain their well-capitalised, profitable, and...
- The UAE and Saudi banking systems are expected to lead the region and credit growth and profitability will remain robust
- The ratings agency however warned that potential risks, including geopolitical tensions and real estate exposure, remain
Business
Apple logs US$119.6bn in sales
But its sales in China dropped during October to December.
- The company's profits came in at $33.9 billion during the quarter with diluted earnings per share above expectations at $2.18.
- Its net sales in Greater China -- including mainland China, Hong Kong, and Taiwan -- declined from a year ago to $20.8 billion
Business
US stocks rebound from sell-off on Fed disappointment
New York, United States - Wall Street stocks rose early Thursday, rebounding from the prior session's pullback as markets awaited more...
- Major indices had tumbled on Wednesday after Federal Reserve Chair Jerome Powell dampened expectations for an imminent cut in interest rates.
- Adam Sarhan of 50 Park Investments said the market is recovering from the "knee jerk" selloff after Wednesday's Fed meeting.