Saudi Arabia’s space economy reaches $8.7 billion in 2024
Riyadh, Saudi Arabia -- The Communications, Space, and Technology Commission (CST) has said that the Saudi space economy reached $8.7...
European Union and UAE agree to launch trade deal negotiations
Emirati President Mohammed bin Zayed Al Nahyan "and I just decided to launch negotiations on an EU-UAE free trade agreement,"...
Geostrategy
Business
Cloud adoption may unlock $181bn for UAE economy
By 2036, cloud infrastructures in UAE could generate $11.2bn for the country's economy, supporting about 6,000 full-time jobs annually, says...
- By 2036, cloud infrastructures in UAE could generate $11.2bn for the country's economy, supporting about 6,000 full-time jobs annually, says a report by Amazon Web Services
- The UAE outpaces the MENA region in cloud computing, with a 1% increase in cloud usage potentially boosting the GDP by an average of 0.21%, or $854.7m annually, it adds
Business
RAKEZ presents benefit of investing in UAE industrial zones
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) successfully participated in the second edition of the Ministry...
- Make it in the Emirates Forum brings together investors, prominent stakeholders to discuss the role of industrial zones in driving economic progress.
- The forum aimed to position the UAE as a preferred hub for emerging industries on a global scale and promote local production by attracting investors.
Economy
US job hiring rises in May but wage gains ease
Hiring in the United States heated up again in May, according to government data released, with the strong labor market...
- The United States added 339,000 jobs last month, surpassing estimates and picking up from a revised 294,000 figure in April.
- Wage gains in the US moderated slightly with average hourly earnings up by 0.3 percent, slightly down from 0.4 percent in April.
Business
MoIAT inks MoU with MEXT to implement industrial transformation Index
ABU DHABI, UAE - The Ministry of Industry and Advanced Technology (MoIAT) and MEXT signed a memorandum of understanding (MoU)...
- The move is part of the UAE's efforts to accelerate decarbonization and digitalization within the global manufacturing sector.
- First implemented in the UAE in February in line with the UAE Net Zero by 2050 strategic initiative, the ITTI will soon be deployed in the region.
Business
ADIA, EQT to buy Dechra
The acquisition is expected to complete by early 2024.
- The offer was pitched at US$48.5 (£38.75) per share - a 44-percent premium from April 12 - before Dechra first revealed it was holding bid talks.
- Dechra Pharmaceuticals has over 2,000 employees and seven production sites across the world, and sells veterinary products in 63 countries.
Business
Thales launches initiative to promote UAE-made products, expertise
Dubai, UAE -- French multinational aerospace and defense technologies company Thales has launched 'Go to UAE' initiative with the support...
- Launched on day two of the Make it in the Emirates Forum, the initiative is being carried out in collaboration with Tawazun Council.
- The initiative will help UAE suppliers benefit from this program by integrating with opportunities across Thales Global Supply Chain.
More GCC newspapers cease weekend publishing
Major GCC newspapers -- including Khaleej Times and Gulf News -- have ceased weekend editions due to financial pressure and...
- Major GCC newspapers -- including Khaleej Times and Gulf News -- have ceased weekend editions due to financial pressure and declining readership.
- The move has drawn mixed reactions, with some appreciating the step towards digital adaptation and others worrying about the potential impact on journalism quality
Business
PIF to acquire stake in Tamimi Market
The Saudi wealth fund will acquire a 30% stake in the gorcery chain.
- PIF owns several strategic investments in the consumer goods and retail sector, such as Noon.com, an online Middle East shopping platform.
- Tamimi Market Company has a track record over a period of more than 40 years in Saudi Arabia, with over 100 stores and five distribution centers.
Business
Boeing to speed up 787 Dreamliner production, after delivery interruptions
Despite the rebound in sales of its flagship medium-haul 737 MAX last year -- giving the company its best delivery...
- Boeing has already managed to up its manufacturing rate from fewer than two 787s per month in 2021 to four, and is hoping to get up to five by the end of the year
- Boeing has historically dominated the high-margin long-haul manufacturing scene with its 787 and 777 configurations, competing with Airbus's A350 and A330
Business
8 new industrial projects announced at Abu Dhabi’s ‘Make it in the Emirates’ event
Abu Dhabi, UAE - Eight new projects were announced on Thursday during the Make it in the Emirates Forum in...
- Abu Dhabi’s Industrial Strategy aims to double the sector’s GDP contribution by 2031, leveraging strong enablers such as infrastructure and competitive operational costs,
- The Abu Dhabi Investment Office and its partners signed MoU with high-growth companies covering key areas, including manufacturing, banking, oil & gas and healthcare
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Saudi Arabia’s space economy reaches $8.7 billion in 2024
Riyadh, Saudi Arabia -- The Communications, Space, and Technology Commission (CST) has said that the Saudi space economy reached $8.7...
Company News
Empower, ASHRAE form alliance
Business
DEWA awards pipeline contract
Business
GIB, KSA wrap up Sukuk debut
Business
Latest News
QatarEnergy, Excelerate sign agreement
Under the 15-year deal, they will supply LNG to Bangladesh.
Business
Philips to halt sales of sleep machines in US
It posted losses to the tune of US$502m during the year 2023.
Business
Iran and Turkey to set up free trade zone at border in Khoy city
Tehran, Iran--Iran and Turkey will join hands to set up a free trade zone at the border crossing in Khoy...
Business
Most Read
Business
CBDCs, DeFi and AI boost FinTech innovation in GCC
The GCC's FinTech sector is booming with CBDCs revolutionizing cross-border transactions and a surge in innovations boosting financial inclusivity, efficiency,...
- The GCC's FinTech sector is booming with CBDCs revolutionizing cross-border transactions and a surge in innovations boosting financial inclusivity, efficiency, and accessibility.
- In the Middle East, unique dynamics in decentralized finance and cryptocurrencies, coupled with a projected 25% annual growth in open banking, are driving financial innovation.
Business
Dubai RTA awards US$95m contract to upgrade ticketing system
DUBAI, UAE - Dubai’s Roads and Transport Authority (RTA) has awarded a contract to upgrade the existing nol (card-based ticketing...
- The aim is upgrade the existing card-based ticketing system to an account based ticketing system, aligning with the top global practices.
- It seeks to develop a flexible and 100 percent scalable digital infrastructure, ensuring 100 percent fintech integration in mobility solutions.
Business
KACST, ACWA Power sign pact
The aim is to develop technologies for clean energy.
- The center will conduct studies, scientific research, and work to attain technical development in clean energy and water sector.
- It will also work in developing solar energy technologies, energy storage technologies to support future energy networks.