Jordan sees decrease in number of tourists over Gaza war
Amman, Jordan -- Jordan has seen a decrease in the number of tourists visiting its famed ancient city of Petra...
Business
Microsoft valuation surges above $4 trillion as AI lifts stocks
Shares of Microsoft vaulted 5.3 percent after it reported $27.2 billion in quarterly profits as it touted massive investments in...
Business
Business
DEWA receives the lowest bid of $1.62 cents per kWh for the 1,800MW solar park
Dubai, UAE: Dubai Electricity and Water Authority (DEWA) on Thursday received two bids from ACWA Power and Masdar with the...
- The Mohammed bin Rashid Al Maktoum Solar Park is the largest single-site solar park in the world, DEWA CEO Al Tayer said
- When completed, the solar park will reduce over 6.5 million tonnes of carbon emissions annually, he noted
Economy
Sharjah and Uzbekistan explore investments in tourism, education sectors
Sharjah, UAE-- Sharjah and Uzbekistan are looking to ramp up cooperation in trade and pour investments in sectors such as...
- The meeting between the two sides explored prospects for cooperation in trade and investment in key sectors like education, research and tourism
- Sheikh Majid Al Qassimi, director of DGR, said that ties between Sharjah and Uzbekistan open the window for both parties to broaden the scope of our partnerships
Economy
UAE tourism boom fuels leisure, entertainment industry in MENA
Dubai, UAE: The UAE’s target of attracting 40 million tourist visits by 2030, and its subsequent economic contribution of AED...
- The L&E sector in the Middle East and North Africa (MENA) currently generates approximately AED 30 billion ($8.2 billion) in revenue
- KSA is the world’s fastest-growing tourism destination MENA’s L&E sector generates approximately AED 30 billion in revenue
Economy
Saudi Arabia and Oman launch ‘joint tourist visa’ to boost industry
Riyadh, Saudi Arabia--Saudi Arabia and Oman have launched a joint tourist visa to boost trade and investment cooperation in tourism-related...
- The initiative to launch joint tourist visa and enhance cooperation in the sector was reached in a meeting between Saudi Arabia's tourism minister and his Omani counterpart
- Both will train and develop human capital in the tourism sector corresponding with the Gulf Tourism Strategy, which was formulated last November by leaders of the GCC countries
Economy
Dubai Customs and New Zealand discuss boosting trade ties
Dubai, UAE-- Aiming to boost trade and economic cooperation with New Zealand, Dubai Customs held a meeting with diplomats and...
- The meeting highlighted Dubai Customs' eagerness to boosting cooperation with trade partners and exploring the future of the business sector amid Dubai's economic resurgence
- New Zealand ambassador to the UAE noted the efforts of Dubai Customs in bolstering international trade and boosting trade relations between Dubai and New Zealand
Business
CBUAE balance sheet hit all-time-high of $161 bn by March end
Abu Dhabi, UAE - The balance sheet of the Central Bank of the UAE (CBUAE) surpassed AED594 billion ($161 billion)...
- The apex bank said that its balance sheet grew by 5.3 percent on a monthly basis to $161.23 billion at the end of March 2023
- The bank's balance sheet increased YoY by the equivalent of $21.3 billion, from about $139.82 billion in March 2022
Business
Preventive care focus as GCC healthcare eyes $135bn
The region is prioritizing preventive care to alleviate strain on healthcare resources and infrastructure amidst rise in population and prevalence...
- The region is prioritizing preventive care to alleviate strain on healthcare resources and infrastructure amidst rise in population and prevalence of non-communicable diseases
- Peripheral neuropathy, particularly among those with diabetes, remains a significant concern, with a lack of awareness contributing to underdiagnosis and irreversible damage
Business
Inditex posts record profit
The firm attributed the figures to strong sales which reached $8.15bn.
- The Spanish group said its net profit jumped 54 percent to 1.17 billion euros ($1.25 billion) in the three-month period ending on April 30.
- Excluding a 216 million provision a year ago to deal with the consequences of Russia's invasion of Ukraine, the firm's profits were up 24 percent.
Business
Swedish group to supply ‘green steel’ to Mercedes
Stockholm, Sweden -- Sweden's H2 Green Steel company said Wednesday it would supply German car maker Mercedes-Benz with 50,000 tons of...
- H2 Green Steel, whose first plant is under construction in northern Sweden, plans to use hydrogen made from renewable energy to produce steel instead of highly coal.
- With around 900 kilos of steel needed per car, the contract would enable Mercedes-Benz to produce around 55,000 cars with a lower CO2 footprint.
Economy
Wealthy Qataris to spend more on real-estate deals this year: survey
Doha, Qatar-- Rich Qataris are pouring millions of dollars into the country's luxury real-estate market, with residential sector and office...
- Knight Frank, in partnership with YouGov, looked into the investment pattern of rich individuals in Qatar, with a net worth in the region of US$155 million
- The respondents in the survey showed a preference for investment in the residential sector at 37 percent, followed by the office sector at 33 percent
Jordan sees decrease in number of tourists over Gaza war
Amman, Jordan -- Jordan has seen a decrease in the number of tourists visiting its famed ancient city of Petra...
Business
Company News
Nakilat expands its fleet
Business
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ByteDance to sell gaming arm
Business
Toyota’s Daihatsu resumes domestic production
It will make the Probox van and Mazda-branded Familia van.
Business
SCCI and Oman Chamber aim to boost investment cooperation
Sharjah, UAE--The Sharjah Chamber of Commerce and Industry (SCCI) and the Oman Chamber of Commerce and Industry (OCCI) discussed ways...
Business
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Economy
In Middle East, ‘manufacturing’ is a new buzzword
Form Saudi Arabia to the UAE, Qatar to Kuwait, governments of the region compete to jumpstart an industrial sector. But...
- The industrial sector will contribute up to $1trillion annually to the GDP of the region
- Many experts estimate the sector can generate up to 15 million jobs in the next decade
Business
Red Sea Global, Riyad Bank sign agreement on $522m financing
TABUK, SAUDI ARABIA - Red Sea Global (RSG) has completed a US$522 million (SAR2 billion) financing agreement with Riyad Bank,...
- Red Sea Global will develop the highly anticipated Four Seasons Resort at The Red Sea destination.
- The Four Seasons Resort, situated on Shura Island, is set to be a luxury property offering 159 exquisite guest rooms.
Business
MODON attracts US$34m investment to develop military industry in Saudi Arabia
RIYADH, SAUDI ARABIA - The Saudi Authority for Industrial Cities and Technology Zones (MODON) has attracted new investments worth US$34...
- This will be used to localize military aircraft industries, including drones and provide repair, maintenance and overhaul services for ships.
- Securing such capital is one of the authority's objectives and seeks to promote investment opportunities in industrial cities.