DP World mobilizes $1 billion in working capital to boost trade flow
Dubai, UAE — DP World Trade Finance has mobilized more than US$1 billion in working capital to support businesses across...
Business
Business
Iran seeks economic integration and multilateralism: Raisi
Tehran, Iran-- Iran seeks economic integration and multilateralism in international relations, according to the Islamic Republic's President Ebrahim Raisi. The...
- The president told reporters at the airport in Tehran that Iran's relationship with different countries is based on regionalism and neighborhood policy
- The Islamic Republic, according to the president, signed agreements with Indonesia in energy and economic fields, in addition to signing other MoUs
Business
UAE: Total websites registered under .ae reaches 300,000
Abu Dhabi, UAE – The UAE Telecommunications and Digital Government Regulatory Authority (TDRA) announced on Wednesday the registration of more...
- The steady increase in the number of registrants in.ae reflects the importance of the UAE, as a major economic hub in the Middle East
- Examples of international companies that use the .ae domain include, but are not limited to, Amazon and Google
Business
Abu Dhabi Housing Authority to build new homes worth US$1.90bn
Abu Dhabi, UAE--Abu Dhabi Housing Authority has joined hands with Q Holding to build new housing projects in West Baniyas...
- Nearly 1,500 residential villas will build in the West Baniyas, besides other infrastructure such as gardens, public facilities, services, mosque and commercial buildings
- The other housing project in Al Samha will see the construction of 242 residential villas, mosques and retail units and would cost close to US200 million
Interview
Data-driven insights become crucial for GCC govts, businesses for making informed decisions: Urbi CEO
Live and constantly updated data ensure precise navigation, right down to the building level, says the chief of leading provider...
- Live and constantly updated data ensure precise navigation, right down to the building level, says the chief of leading provider of geospatial data and analytical tools in UAE.
- Urbi has launched Urbi CityLens, an AI-powered solution designed to transform city management by providing key data for proactive decision-making and preventive actions
Business
Saudi Arabia’s logistics sector set to reach $15.3 bn by 2030
Riyadh, Saudi Arabia - The logistics sector in Saudi Arabia is poised for remarkable expansion, with its market size projected...
- The surge is an outcome of the efforts made by the Ministry of Transport & Logistics Services (MOTLS) to make the kingdom a global logistics hub and a leading industrial powerhouse
- Leveraging its unique geographical location, which connects Europe, Asia, and Africa, Saudi Arabia is primed to become a vital gateway for facilitating seamless trade
Business
Dubai records realty deals worth $1.38 billion in two days
Dubai, UAE -- Dubai's real estate market recorded real estate deals worth AED 5.1 billion ($1.38 billion) on Tuesday and...
- A total of 500 sales transactions worth AED1.21 billion were recorded on Wednesday, in addition to 103 mortgage deals totaling AED267.86 million.
- On Tuesday, the market recorded 612 sales transactions worth AED2.51 billion, in addition to 126 mortgage deals of AED 613.53 million.
Business
French firm ENGIE’s investments in UAE projects nearly $12 billion
Development and operation of the Mirfa 2 Reverse Osmosis Independent Water Project, and the running of six power and water...
- ENGIE investments in the UAE are spread across multiple strategic and key projects, said Frédéric Claux, Managing Director Flexible Generation and Retail, Africa Middle East Asia.
- These include the development of the Al Ajban Solar PV, water desalination projects, battery storage and green hydrogen production.
Business
Qatar Investment Authority to invest $12.4bn in UK economy: CEO
Doha, Qatar - Qatar Investment Authority (QIA) will invest up to GBP 10 billion ($12.4 billion) in the UK economy over...
- The pledge was made during a meeting with the UK Secretary of State for Business and Trade, Kemi Badenoch, on the first anniversary of the Qatar-UK Strategic Investment partnership
- Badenoch emphasized the shared commitment of the UK and Qatar to drive growth in key industries of the future, such as green technology, and cyber security
Business
AD Ports, Vale to build low-carbon mega hubs for steel industry
Abu Dhabi, UAE -- AD Ports Group and Brazil's Vale, the world's largest producer of iron ore and nickel, sign...
- The agreement will see an allocation of land and related services from KEZAD for the Mega Hub, in addition to the development of a handling facility at Khalifa Port.
- The agreement also includes a maritime collaboration to explore opportunities related to the management and operation of very large ore carriers.
Economy
China scammer uses AI to pose as man’s friend, steal millions
The victim, surnamed Guo, received a video call last month from a person who looked and sounded like a close...
- Guo was persuaded to transfer $609,000 after the fraudster claimed another friend needed the money to come from a company bank account to pay the guarantee on a public tender
- Realising his mistake after messaging the friend whose identity was stolen, Guo alerted police who notified a bank to stop trasaction and he managed to recover his 3.4 million yuan
DP World mobilizes $1 billion in working capital to boost trade flow
Dubai, UAE — DP World Trade Finance has mobilized more than US$1 billion in working capital to support businesses across...
Business
Company News
Baidu cancels YY Live deal
Business
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Over 12m people visit Riyadh Season in 60 days
Arts & Culture
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...
Business
Iran agricultural, food exports hit US$4.8bn in 10 months
TEHRAN, IRAN – The country has exported more than 6.7 million tons of agricultural and food products worth US$4.8 billion...
Business
Saudi Arabia’s air defense commander examines Russia’s S-350, S-400 systems
RIYADH, SAUDI ARABIA – The Commander of the Royal Saudi Air Defense Force Lieutenant-General Mazyad bin Suleiman Al-Amr has inspected...
Geostrategy
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Business
UBS to reward shareholders
Losses from costs of absorbing Credit Suisse narrow.
- The bank reported a net loss of $279 million in the final three months of 2023 -- far less than the nearly $500 million analysts had been bracing for
- The result followed a bigger, $785 million loss in the third quarter but for the full year, UBS bagged a net profit of $29 billion in 2023
Economy
QatarEnergy signs LNG deal with Petronet
QatarEnergy will supply 7.5m tons of LNG per year to Petronet.
- Qatar is one of the world's top LNG producers alongside the United States, Australia and Russia.
- The first deliveries of gas to India by QatarEnergy's LNG fleet are due from May 2028.
Business
Sharjah Chamber posts growth in membership in 2023
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) has announced a series of significant achievements of the...
- The number of membership renewals in 2023 hit 55,087 across industrial, commercial and professional sectors.
- Free zone memberships stood at 1,795, while exports and re-exports were valued at approximately US$8.9 billion.