Coca-Cola agrees to use real cane sugar in its US production
Washington, United States - Beverage giant Coca-Cola has agreed to use real cane sugar in its US production, President Donald...
Business
Salini awarded $600m contract for 400 retail units in Diriyah Square
Riyadh, Saudi Arabia -- Diriyah Company has announced the award of a major new $600 million (SAR2.249 billion) contract for...
Business
Business
73.1m tourists to Saudi Arabia spent $35.54 billion in 9M 2022
Riyadh, Saudi Arabia -- Nearly SAR 133.3 billion ($35.54 billion) were spent in the first nine months of 2022 by...
- Saudi Arabia's Ministry of Tourism defines a tourist as every visitor (domestic, inbound or outbound) with an overnight stay in the place visited.
- Saudi Arabia ranked second on the list of the fastest-growing tourism destinations in the first quarter of 2023, according to the latest data from World Tourism Organization.
Investcorp acquires Jianuo
Jianuo is a leading provider of specialty premium components.
- The acquisition represents a continuation of Investcorp’s strategy of investing in and scaling category-leading growth companies with deep engineering and technology know-how
- Operating out of the Shandong Province and China’s Greater Bay Area, Jianuo is a leading provider of specialty premium components used in fast-growing high-end applications
Business
DEWA and Huawei to develop new technologies in electricity, water sectors
Dubai, UAE--DEWA and Huawei are looking to develop new technologies and solutions to boost efficiency and sustainability in the electricity...
- The collaboration between the two entities has resulted in progress in digital transformation, exchanging the best international solutions, experiences and practices
- Saeed Mohammed Al Tayer, MD & CEO of DEWA, noted the progress of the joint projects between the two sides, including Moro’s green data centres
Business
Beyon announces ‘the biggest ever investment’ in digital infrastructure in Bahrain
Manama, Bahrain - Beyon has announced a major investment of more than $250 million in state-of-the-art digital infrastructure in Bahrain...
- Batelco, part of the Beyon group, has joined the Southeast Asia - Middle East - Western Europe consortium, which is building a 21,700 km-long undersea cable system
- The new subsea cable will create a layer of network diversity and resilience for the heavily used routes connecting the Middle East with Southeast Asia and Western Europe
Economy
Iran and Russia look to expand ties in the energy sector
Tehran, Iran-- Iran is looking to deepen energy ties with Russia as the latter is keen to explore and develop...
- Russian Deputy Prime Minister Alexander Novak said that projects to develop oil fields in Iran are underway and new projects are being outlined, "where I expect progress soon"
- Iranian Oil Minister Javad Owji said that the two sides also discussed the construction of nuclear power plants in Iran and other electrical power generation
Economy
Gross banks’ assets vault 2.2 percent to US$1trn in February: CBUAE
Abu Dhabi, UAE--Gross banks’ assets, including bankers’ acceptances, rose by 2.2 percent, from $999 billion at the end of January...
- According to the central bank, gross credit shot up 1.2 percent from $510 billion at the end of January 2023 to $517 billion at the end of February 2023
- It further added that total bank deposits climbed 0.4 percent, from $608 billion at the end of January 2023 to $610.48 billion at the end of February 2023
Economy
Sharjah Chambers reviews efforts to bolster UAE’s food security
Sharjah, UAE-- Sharjah Chamber of Commerce and Industry (SCCI) has reviewed the UAE efforts to achieve and maintain the food...
- The meeting discussed avenues for boosting exports, and explored strategies to monitor international markets in order to support local production
- The participants highlighted the country's advantageous position, its advanced logistics infrastructure, and strong international trade relations
Innovating from jewelry to carpets, Egyptian brands rise
In the era of global mass production, Egypt's once expansive pool of skilled artisans has shrunk, with many young people...
- Experts in the sector say the global appeal of Arab and Islamic designs from other countries shows Egypt could do more to promote its rich, millennia-old artistic heritage
- Artists and artisans in Egypt, the Arab world's most populous country, draw from a history that spans ancient Pharaonic times, the Mamluk, Ottoman and modern eras
Economy
Saudi Arabia ranks 2nd fastest growing tourism destination in world
The kingdom received about 7.8 million international tourists for all purposes during the first quarter of 2023, representing its highest...
- The kingdom also became 13th globally, advancing by 12 places, as one of the top countries receiving international tourists in 2022
- The number of international tourists who visited the kingdom, for all travel purposes, hit 16.6 million in 2022, WTO reported
Geostrategy
Gulf investments fuel Turkey’s economic growth
The GCC is the third largest source of foreign investment in Turkey, with 1,973 Gulf companies currently operating in the...
- The GCC is the third largest source of foreign investment in Turkey, with 1,973 Gulf companies currently operating in the country
- Qatar has emerged as a significant investor in Turkey, with foreign direct investments reaching approximately $10.3bn by 2021 end
Coca-Cola agrees to use real cane sugar in its US production
Washington, United States - Beverage giant Coca-Cola has agreed to use real cane sugar in its US production, President Donald...
Business
Company News
ESG buys 60% stake in AFKAR
Business
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WEF24: GenAI poised to revolutionize energy sector
The GCC -- with countries such as Saudi Arabia, the UAE, Kuwait, and Qatar -- plays an important role in...
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Business
UAE is the most popular destination for global workers, says report
Dubai, UAE – The United Arab Emirates is the most popular country for international talent seeking employment visas, a report...
- France, the United Arab Emirates, India, Turkey, and the United Kingdom were the top destinations for UAE recruiters.
- This trend underscores the UAE's commitment to fostering a diverse and vibrant multinational workforce.
Business
EU gives accent to landmark rules on artificial intelligence
Brussels, Belgium - The European Union's 27 member states on Friday approved landmark rules on reining in artificial intelligence, passing a key...
- Brussels first proposed an AI law in 2021 but spent most of last year racing to greenlight the draft text after chatbot ChatGPT exploded onto the scene.
- EU ambassadors finally signed off on the text during a meeting Friday in Brussels, after French and German concerns were assuaged.
Business
Most markets advance after tech titans fuel Wall Street surge
Shares in Amazon, Apple and Facebook owner Meta all climbed during Thursday's session. All three companies were due to report...
- Shares in Amazon, Apple and Facebook owner Meta all climbed during Thursday's session. All three companies were due to report results after the market closed
- Wall Street's main indices -- the Dow, the tech-heavy Nasdaq and the broad-based S&P 500 -- had tumbled on Wednesday after the Fed's disappointing rate signal