Dubai International Airport logs record 46 million travelers in first half
Dubai, United Arab Emirates -- Dubai International Airport welcomed a record 46 million passengers in the first half of this...
Business
Apple launches spatial computer; takes VR world by storm
CUPERTINO, California: Apple on Monday unveiled Apple Vision Pro, a spatial computer that seamlessly blends digital content with the physical...
- Apple CEO Tim Cook says: “Today marks the beginning of a new era for computing."
- The breakthrough design of Vision Pro features an ultra-high-resolution display system that packs 23 million pixels.
Business
Turkish Airlines ponders buying 600 planes in two months
ISTANBUL, TURKEY - The chairman of Turkish Airlines said Monday that the company will make a final decision on plans for...
- The airline is in talks with US aircraft maker Boeing and its European rival Airbus to purchase 400 single-aisle planes along with 200 jumbo jets.
- If the purchases involves firm orders, it would be the biggest in the history of civil aviation, beating the 470-plane order by Air India in February.
Business
Twitter ‘chose confrontation’ over EU disinformation code
The European Commission announced May 27 that Twitter had decided to leave the code of practice, to which other major...
- "We believe this is a mistake of Twitter. Twitter has chosen the hard way. They chose confrontation," commissioner Vera Jourova said.
- She said Twitter's compliance with the new Digital Services Act (DSA) entering force on August 25 "will be scrutinized... vigorously and urgently".
Business
DMCC-Bybit partnership to boost adoption of crypto, Web3 in Dubai
Dubai, UAE -- Dubai Multi Commodities Centre (DMCC) Monday announced a partnership with Dubai-headquartered cryptocurrency exchange Bybit, in which the...
- Bybit will provide financial support totaling AED 500,000 for new crypto businesses looking to set up at the region’s community of Web3 and blockchain businesses – the DMCC Crypto.
- The partnership will bring Bybit Services to Crypto Centre members. Bybit is the world’s third most visited crypto exchange with over 15 million users.
Business
TRENDS poll: Technology most booming GCC sector
Tourism and Finance were the next flourishing sectors named in the poll in which the majority of the respondents were...
- While 33 percent were between 30 and 39 years, 14.5 were between 40 and 49 years, and only 13.7 percent were above 50 years old.
- Developing the region's digital job market has the potential to generate 1.3 million additional digital jobs in the GCC by 2025.
Business
RAKEZ launches Traders District as a one-stop solution
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) has announced the launch of Traders District to support...
- Traders District is designed to offer a host of benefits, including business set-up solutions, simplified access to global supply chains.
- In 2022, RAKEZ recorded 206 percent increase in the number of new trading companies that set up in the economic zone.
Business
SABIC Agri to pay $378m H1 dividends
The SAR 3 per share dividend will be paid on 31 July.
- The company had reported a net profit of 10 billion Saudi riyals ($2.7 billion) for the full-year 2022, which is nearly 92 percent more than the 5.36 billion riyals in 2021.
- The sales (revenue) nearly doubled to 18.98 billion riyals in 2022 from 9.59 billion riyals the previous year.
Business
Only one of its kind wooden Citroen 2CV sells for $225,000
Carpenter Michel Robillard crafted the wooden 2CV's wings out of walnut and its chassis from pear and apple tree wood,...
- The previous high for a 2CV was set in 2016, when an extremely rare 1961 2CV Sahara in almost mint condition was sold for 172,800 euros by Paris-based auction house Artcurial.
- Robillard's model is equipped with an original engine from Citroen's later 3CV model, giving it the extra power needed to propel the naturally heavier wooden structure.
Geostrategy
US, India agree on defense industry cooperation plan
The United States and India agreed a roadmap for military industrial cooperation, as New Delhi seeks to reduce its reliance...
- Moscow and New Delhi have been allies for decades, with Russia by far India's biggest arms supplier.
- India is looking to diversify, both by broadening its sources of imports and ramping up domestic production.
Business
Airlines to fly 4.35bn passengers this year, says industry group
ISTANBUL, TURKEY - Airlines will fly 4.35 billion passengers this year, close to the 2019 record as the industry bounces back...
- The sector will also be back in the green, with net profits forecast to reach $9.8 billion in 2023.
- The association said that its 2022 losses were half as bad as previously estimated at US$3.6 billion.
Company News
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Baims acquires Orcas Edtech
Business
ESG 2023 net profit at US$187m
The firm posted a year-on-year net profit rise of 316 percent.
Business
Economic forum in Amman to enhance trade ties between Iraq, Jordan
AMMAN, JORDAN - The Iraqi Business Council, in collaboration with the Jordanian and Amman Chambers of Industry, is set to...
Business
Jordan, Tunisia to enhance trade, investment relations
AMMAN, JORDAN - The Chairman of the Amman Chamber of Commerce Khalil Haj Tawfiq has called on Jordanian and Tunisian...
Business
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Business
61 contracts worth $7billion signed at World Defense Show in Riyadh
Riyadh, Saudi Arabia - About 61 purchase contracts totaling approximately SR26 billion ($6.93 billion) were signed at the second World...
- The event, featuring 773 exhibitors and hosting 441 official delegations from 116 countries, attracted 106,000 visitors
- Throughout the show, a total of 73 agreements were finalized, including 17 industrial partnership agreements
Business
At 10% growth, Saudi banking sector shows resilience
With Vision 2030 steering the economic diversification, Saudi banks face challenges and opportunities in liquidity, asset quality, and navigating geopolitical...
- With Vision 2030 steering the economic diversification, Saudi banks face challenges and opportunities in liquidity, asset quality, and navigating geopolitical risks.
- The sector's commitment to sustainability and strategic risk management promises a future of stability and growth, highlights the latest insights from S&P Global.
Business
Dubai records over US$2.6bn in weeklong real estate transactions
DUBAI, UAE - A total of 3,543 real estate transactions worth over US$2.6 billion (AED9.8 billion) were conducted during the...
- A total of 3,543 real estate transactions worth over US$2.6 billion were conducted during the week ending February 9, 2024.
- A DLD report showed that 197 plots were sold for $315 million while 2,572 apartments and villas were purchased for $1.5 billion.