Mawani adds FRS1 shipping service to Jeddah Islamic Port
Jeddah, Saudi Arabia -- The Saudi Ports Authority (Mawani) has added CStar Line's new Far East-Red Sea service (FRS1) to...
Business
Business
RAKEZ highlights Ras Al Khaimah’s potential to Chinese business owners
RAS AL KHAIMAH, UAE - A top-level delegation from Ras Al Khaimah Economic Zone (RAKEZ) recently concluded its trip to...
- The RAKEZ delegation interacted with prominent Chinese business owners from a range of sectors.
- The team traveled through Shanghai, Suzhou, Qingdao, Tianjin, Guangzhou, Foshan, and Zhuhai.
Business
Dubai records weeklong real estate transactions worth $3.02 billion
Dubai, UAE -- A total of 3,321 real estate transactions worth AED11.1 billion ($3.02 billion) were conducted in Dubai during...
- The DLD report showed that 220 plots were sold for AED 2.54 billion, 2,398 apartments and villas were sold for AED 5.85 billion.
- Wadi Al Safa 3 recorded the most transactions for this week by 61 sales transactions worth AED 728.44 million.
Business
PIF sets up firm Badael to curb tobacco use in Saudi Arabia
RIYADH, SAUDI ARABIA- The Public Investment Fund (PIF) announced the establishment of Badael Company, which aims to develop, manufacture and...
- Badael aims to address the negative impact that smoking has on the well-being of the Saudi population.
- The company’s products are expected to help nearly one million people give up smoking by 2032.
Business
East Pipes net profit $26.63m
The company had posted a loss of 3.2 million riyals the previous year.
- The growth in net profit was driven by a 141 percent year-on-year (YoY) surge in revenue to SAR 1.4 billion.
- The company's board also announced that SAR31.50 million in dividends was distributed to the company's shareholders.
Business
Ajman hotels posts 3% increase in revenues in Q1 2023
AJMAN, UAE - Ajman hotels and serviced apartments recorded a three percent growth in hotel revenues in the first quarter...
- Ajman tourism is looking for new ways to collaborate with local and international partners to advance the tourism sector by attracting new investments.
- The emirate of Ajman hosts 44 hotel establishments ranging from 1-star to 5-star hotels, resorts and luxury hotel apartments with 3,997 hotel rooms.
Business
Travel industry looks to Chinese tourists to cap post-Covid rebound
Jet makers, airline executives and hotel tycoons at this week's Qatar Economic Forum spoke of an apparently insatiable demand for...
- William Ellwood Heinecke, the owner of the Minor International hospitality group, said that in Q1 2023 the number of Chinese tourists in Thailand was 85% lesser than in 2019.
- "I think we are definitely in rebound, but more importantly we haven't seen China come back yet," he said, predicting the boom would be completed in the second half.
Business
Transporters in UAE asked to register in e-tracking system by Oct 30
Abu Dhabi, UAE -- UAE's Federal Authority for Identity, Citizenship, Customs & Port Security has asked transporters in the Emirates...
- Those who fail to register by this date will be fined AED1,000 for the first month, and AED100 for each subsequent month, with a maximum of AED5,000.
- The registration in the system shall be carried out by the target groups, through the license holder or his legal representative.
Musk secures approval for direct brain-computer interface technology
Neuralink said clearance from the US Food and Drug Administration (FDA) for its first in-human clinical study is "an important...
- The aim of Neuralink implants is to enable human brains to communicate directly with computers, the Tesla boss said
- Elon Musk said the company would try to use the implants to restore vision and mobility in humans who had lost such abilities
Business
DP World cut global carbon emission by 5% in 2022
Dubai, UAE - DP World cut direct carbon emissions from its global operations by 5 percent last year, according to...
- The ESG report, published Thursday, has been developed in accordance with the latest Global Reporting Initiative (GRI) Standards
- DP World has already committed to becoming carbon neutral by 2040 and net zero carbon by 2050 in line with the UAE’s 2050 net zero
Business
Saudi Arabia, UK ink pact to develop critical minerals supply chains
Riyadh, Saudi Arabia -- Saudi Arabia and the United Kingdom on Thursday signed an agreement to jointly develop critical minerals...
- The agreement marks a significant step in the global endeavor to increase the supply of critical minerals
- Critical minerals are vital in producing various technologies, including electric vehicles, wind turbines, and solar panels
Company News
Latest News
Dragon Oil starts oil production
Business
Equinor reports 59% fall in net profit
Its earnings were US$36.2bn, half of what is was in 2022.
Business
TotalEnergies reports record annual profit
Net profit came in at $21.4 bn, an increase of 4% over 2022.
Business
Qatar and Egypt discuss ways to boost economic, trade ties
Doha, Qatar-- Qatar and Egypt are looking to boost trade and economic ties between the two countries, besides exploring ways...
Business
Most Read
Business
‘Bond market acts as a mirror to economic realities’
"(US Federal Reserve Chair Jerome) Powell's focus on verifying inflation's trajectory is in line with the central bank's dual mandate...
- Bond market's selling pressure illustrates its role in reflecting economic realities, says Nigel Green
- A 27 basis points surge in 10-year yields marks notable market movement since June 2022, he adds.
Business
Innovation, expansion spur Gulf retail after pandemic
GCC retail sector evolves dynamically, blending innovation with tradition to woo investment, says Khalifa Bin Braik of Majid Al Futtaim...
- GCC retail sector evolves dynamically, blending innovation with tradition to woo investment, says Khalifa Bin Braik of Majid Al Futtaim Asset Management.
- Investing in the GCC retail market offers strategic benefits like a prime location, wealthy population, and luxury demand, bolstered by government support.
Business
Saudi more than doubles tourism target by 2030, says minister
Riyadh, Saudi Arabia - Saudi Arabia drew 27 million foreign tourists in 2023 and has more than doubled its goal for...
- "We have reached 100 million tourists this year, 77 million from home, 27 million from abroad, over 100 million," Tourism Minister Ahmed Al Khateeb said.
- Saudi hopes 150 million tourists by 2030, up from an earlier goal of 100 million, with 70 million of those coming from abroad, up from an earlier goal of 30 million.