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
Demand for crude will continue to expand through 2050, says OPEC
In its latest annual report on the outlook for oil demand, OPEC sees global oil demand rising by 18.6 percent...
Economy
Economy
Global oil industry needs $12trn investments by 2045
Oil alone will make up almost 29 percent of the world’s energy needs by 2045, requiring an investment of over...
- OPEC member countries are ready to play a key role in providing energy to the world and in reducing emissions, Al Ghais said
- The oil industry, he said, needs a long-term, investment-friendly climate that works for producers and consumers
Business
Telecom Egypt sells 162 million shares
The government sold a 9.5% stake for US$121.6mn.
- The North African country desperately needs privatization in order to meet a series of foreign debt obligations over the next few months
- When the two-part sale is complete, it will bring down the Egyptian government's stake in Telecom Egypt down to 70 percent from 80 percent
Business
Luxury markets embrace sustainability
The luxury markets in the GCC region are experiencing significant growth, driven by an increasing demand for high-end products. Despite...
- With increasing purchasing power and evolving consumer lifestyles, the luxury watches and jewelry market in the GCC region is expected to continue its upward trajectory
- The number of watch and jewelry collectors is growing in the GCC region, leading to an overall increase in luxury goods and related events, particularly in Saudi Arabia
Business
Saudi Arabia’s insurance sector grows by 26.9 percent in 2022
Riyadh, Saudi Arabia -- Saudi Arabia's insurance sector grew by 26.9 percent in 2022, bringing gross written premiums to SAR...
- SAMA said in the 16th Saudi insurance market annual report that health, protection and savings, and motor insurance recorded significant increases in gross written premiums.
- The penetration ratio to non-oil GDP increased from 1.91 percent in 2021 to 2.09 percent in 2022. The overall loss ratio remained unchanged at 83.4 percent in 2022.
Business
Will sponsor Emirates Labor Market Award, Â says Abu Dhabi Chamber
ABU DHABI, UAE - The Abu Dhabi Chamber of Commerce and Industry (ADCCI) announced its sponsorship of the Emirates Labor...
- The award aims to recognize the efforts of leading private sector entities and outstanding individuals and highlight successful practices in the labor market.
- The Chamber plays a leading role in supporting national projects and supports increasing the labor market's productivity, efficiency and competitiveness.
Geostrategy
Iran jails eight for asking workers to strike at gas site
TEHRAN, IRAN - Iranian authorities have arrested eight people for "leading" a workers' strike at a key gas site in the...
- An official said intelligence services arrested eight main leaders of the workers' strike at a gas site in Iran's south.
- The gas site is also knows as having the world's largest reserve and employs around 40,000 people.
Economy
Dubai top Greenfield FDI destination for second time in a row
The emirate achieved an 89.5 percent year-on-year growth in 2022 and Foreign Direct Investment capital inflows of $12.79 billion. The...
- These exceptional achievements support the strategic vision outlined by the Dubai Economic Agenda D33, Sheikh Hamdan said.
- Dubai ranked first globally in attracting greenfield FDI projects in 2021, up from the third spot in 2020. It had attracted 418 freenfield FDI projects.
Business
India Jewelry Exposition Center launches in Dubai
DUBAI, UAE - The Gem and Jewelry Export Promotion Council (GJEPC) has launched a first-of-its-kind India Jewelry Exposition Center (IJEX)...
- India Jewelry Exposition Center will provide a platform for the country's MSMEs to showcase their products to the Middle East market.
- The move is a reflection of the Middle East's importance to India's gem and jewelry sector which accounts for 30 percent of its exports.
Economy
WEF meet to shed light on global economic transformation
Geneva, Switzerland - The 14th World Economic Forum (WEF) Annual Meeting of the New Champions is scheduled to take place...
- The meeting will tackle key issues concerning global companies and create and strengthen partnerships focusing on generating a positive impact.
- More than 1,500 leaders from business, government, and other global firms, along with innovators and academics, are expected to participate.
Business
Three new beaches for night swimming open in Dubai
Dubai, UAE - Dubai has given a boost to its beach tourism by opening three new beaches for night swimming...
- The 800-metre-long night-swimming beaches feature lighting systems, which enable residents and tourists to swim around the clock.
- The emirate’s wide diversity of beaches provide people the opportunity to enjoy vibrant seaside dining and diverse activities, WAM reported.
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
Company News
IsDB, SWCC sign agreement
Business
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Empower, ASHRAE form alliance
Business
GCC banks to maintain resilience in 2024, says S&P Global
Abu Dhabi, UAE--Despite geopolitical uncertainties and potential economic headwinds, S&P Global expects GCC banks to maintain their well-capitalised, profitable, and...
Business
US stocks rebound from sell-off on Fed disappointment
New York, United States - Wall Street stocks rose early Thursday, rebounding from the prior session's pullback as markets awaited more...
Business
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Business
Number of millionaires in BRICS likely to rise by 85 percent in 10 years, says report
DUBAI, UAE - The total investable wealth currently held in the BRICS bloc amounts to US$45 trillion and its millionaire...
- There are currently 1.6 million individuals with investable assets of over US$1 million in the leading emerging economies.
- The UAE’s millionaire population has shot up since 2013, by 77 percent, and is now home to 116,500 millionaires
Business
OPEC+ panel reaffirms cartel’s current output reduction strategy
In an effort to shore up prices, the OPEC+ oil alliance of 23 nations has implemented supply cuts of more...
- In a statement following a meeting via videoconference, the Joint Ministerial Monitoring Committee (JMMC) of OPEC+ stopped short of making any recommendations on its output policy.
- However, the panel said it "reviewed the crude oil production data for the months of November and December 2023", noting the "high conformity" among participating nations.
Business
ADU inks MoU with Italy-Czech Republic Chamber of Commerce
ABU DHABI, UAE - Abu Dhabi University (ADU) has signed a Memorandum of Understanding with the Italy-Czech Republic Chamber of...
- The pact seeks to promote the exchange of faculty, researchers, and staff members between ADU and European universities.
- The agreement will help establish a research centre for entrepreneurship studies and start-ups in both Italy and the UAE.