Gulf tourists say Polish mountain town is a cool place
Zakopane, Poland -- Saudi photographer Fahad Alayyash gazed over the Alpine-like panorama of the Tatras, Poland's highest mountain range --...
Business
Hospitality leaders to gather in Dubai for Commercial Strategy Conference
Dubai, UAE -- The region's top hospitality professionals will converge at the Conrad Dubai Hotel on November 25-26, 2025, for...
Business
Business
Dubai’s weeklong real estate transactions exceed US$4.2bn
DUBAI, UAE - A total of 4,048 real estate transactions worth over US$4.2 billion (AED 15.6 billion) were conducted during...
- The records show that 278 plots were sold for US$473 million, while 2,965 apartments and villas were purchased for US$1.9 billion.
- The top transaction was that of a plot of land in Wadi Al Safa 3 which sold for US$24 million, the records revealed.
Business
Siemens Energy shares fall due to technical problems at wind turbine unit
FRANKFURT, GERMANY -  Shares in Siemens Energy plummeted on Friday after the company warned that technical problems at its wind turbine...
- Siemens Energy said it was setting aside over US$1.1 billion over the coming years to fix the issues at troubled wind turbine subsidiary Siemens Gamesa.
- Shares in Siemens Energy plunged by more than 30 percent shortly after trading opened in Frankfurt, and ended the day about 37 percent lower.
Business
DP World, Pelindo and INA sign deal
They will more than double Indonesia's BNCT's capacity to 1.4m TEUs.
- The expansion and modernization program will strengthen BNCT's position as a major trade and logistics gateway in the Malacca Strait, DP World said.
- DP World will also work with its partners to connect other terminals and small ports on the Island of Sumatra.
Business
UAE banks’ total capital, reserves rise to US$118.5bn by April-end
ABU DHABI, UAE - Aggregate capital and reserves of banks operating in the UAE rose by 10 percent year-on-year (YoY)...
- National banks accounted for 86 percent of the total capital and reserves of banks operating in the UAE, which stood at US$102 billion by April-end.
- Share of foreign banks in aggregate capital and reserves of banks operating in the UAE settled at 13.6 percent, reaching US$ 16 billion by April-end.
Business
Dubai Financial Market delists shares of three companies
Dubai, UAE -- Dubai Financial Market has delisted shares of Gulf General Investments Company's shares, effective 23 June 2023, under...
- Shares of Gulf General Investments Company, Arabtec Holding Company and Marka Company were deslisted from 23 Jun 2023.
- Gulf General's delisting comes under the rule that empower it to delist any security that has been suspended from trading for a duration of six months.
Business
IsDB, AFD to finance $4bn projects in developing countries
Jeddah, Saudi Arabia -- The Islamic Development Bank (IsDB) and the Agence Française de Développement have signed an agreement to...
- The MoU was signed by the president of the Islamic Development Bank, Dr. Mohammed Al-Jasser in Vienna.
- Al-Jasser said last year that one out of every three member states of the Islamic Development Bank (IDB) is living in poverty.
Economy
Eurozone economic growth slows sharply in June
BRUSSELS, BELGIUM - Eurozone economic activity worsened in June to a five-month low, hit hard by a fall in industrial production,...
- Inflation remains well above the European Central Bank's target of two percent, which will keep pressure on the ECB to keep raising interest rates.
- The eurozone entered a technical recession at the start of the year, according to official figures published earlier this month.
Business
SAMI, Safran sign helicopter pact
Paris, France -- SAMI, a PIF-owned national defense and security organization of Saudi Arabia, has signed an agreement with Safran...
- The agreement includes technical assistance and qualification, development of technical infrastructure, and technical training for Saudi talents.
- Safran Helicopter Engines is the world's leading manufacturer of helicopter engines, with more than 75,000 produced since being founded.
Business
Riyadh Air orders 90 GEnx engines for Boeing 787 Dreamliners
Le Bourget, France - Riyadh Air has signed a deal for 90 GEnx-1B engines to power its new fleet following...
- The GEnx engine family has nearly 50 million flight hours since entry into service in 2011
- Riyadh Air was launched in March, and this marks the first engine partnership with GE Aerospace
Business
Tech-driven sustainability focus of banks
Financial institutions in the Gulf region are also focusing on sustainable practices like renewable energy investments, reducing their carbon footprint,...
- Through digitalization, collaboration with fintech companies, and responsible banking practices, banks are leading the charge in sustainable development in the region, say experts
- Gulf banks are also focusing on sustainable practices like renewable energy investments, reducing their carbon footprint, and supporting sustainable businesses, they add
Gulf tourists say Polish mountain town is a cool place
Zakopane, Poland -- Saudi photographer Fahad Alayyash gazed over the Alpine-like panorama of the Tatras, Poland's highest mountain range --...
Business
Company News
China looks to woo back global elites at Davos forum
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BP to pour US$1.5bn into Egypt oil exploration
It plans to hike investments in the country to US$5 billion.
Business
Consumer products sector grows amid rising prices
The consumer products sector enjoys tremendous growth, with retail sales value for the industry globally rising by close to 10...
Business
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Business
Construction in China-Saudi Arabia ethylene project begins
FUZHOU, CHINA - Construction of the main complex of a joint-investment ethylene project, which involves petrochemicals giant Saudi Basic Industries...
- The project is being built in the Gulei petrochemicals base in Zhangzhou city, in eastern China’s Fujian Province.
- The project entails a total investment of $6.3 billion from SABIC and Fujian Energy Petrochemical Group Co. Ltd.
Business
Iran-EU trade surpasses US$5bn in 2023, says Eurostat
TEHRAN, IRAN - The Statistical Office of the European Union (Eurostat) reported that Iran and the 27 European Union member...
- Trade between Iran and member states of the EU recorded a decrease of 9 percent from January to December 2023.
- During that period, the exchange of products between Iran and the EU member states was valued at US$5 billion.
Business
KEZAD Group, Al Ghurair Group’s APT ink lease pact to set up manufacturing facility
ABU DHABI, UAE – Khalifa Economic Zones Abu Dhabi (KEZAD Group) and Al Ghurair Group subsidiary Automotive Precision Technology (APT)...
- The 30,000 square meters advanced manufacturing facility for APT in KEZAD will be located adjacent to Emirates Global Aluminum.
- The facility will be one of the largest manufacturers of aluminum in the world and will be operational by early 2025.