Low-cost carrier Wizz Air to stop Abu Dhabi operations
Budapest, Hungary -- Hungarian low-cost airline Wizz Air said Monday that it would end its Abu Dhabi operations, which have...
Business
Cricket’s Indian Premier League value surges to $18.5 bn: report
New Delhi, India -- The Indian Premier League's business value has been estimated at $18.5 billion with reigning champions Royal...
Business
Business
Saudi Arabia strengthens ties with Estonia, Denmark in digital government
Riyadh, Saudi Arabia -- Saudi Arabia will be enhancing partnerships in the digital sector with Estonia and Denmark, according to...
- Despite its small size, the 21-year-old digital transformation in Estonia has made it a model for other nations looking to digitalize their economies and governmental institutions.
- Governor of DGA Ahmed Mohammed Al-Suwayan led a delegation of Saudi officials who held several meetings with their counterparts in Estonia and Denmark.
Geostrategy
Iranians take up homegrown apps as Western apps are banned
Iranians are accustomed to using virtual private networks, or VPNs, to evade restrictions and access prohibited websites or apps, including...
- As many as 89 million people have signed up to Iranian messaging apps including Bale, Ita, Rubika and Soroush, the government says, but not everyone is keen on making the switch
- At the height of the deadly Amini protests in October, the Iranian government cited security concerns as it moved to restrict internet access and blacklisted Instagram and WhatsApp
Economy
Qatar Chamber chairman calls for ‘unified’ Gulf policy on purchase of food, medicine
Muscat, Oman--Qatar Chamber (QC) Chairman Sheikh Khalifa bin Jassim Al-Thani has called for a unified policy for purchase of food...
- The chairman was speaking at a meeting between GCC ministers of commerce and heads of unions and chambers of commerce and industry in Muscat
- He said the region has been coping with a number of challenges posed by the Covid-19 pandemic and the ongoing war between Russia and Ukraine
Business
Audio book narrators feel heat as AI begins to chip away at business
AI has the ability to create human-sounding recordings -- at assembly-line speed -- while bypassing at least part of the...
- There is no label identifying AI-assisted recordings as such, but professionals say thousands of audio books currently in circulation use "voices" generated from a databank
- Early this year, Apple announced it was moving into AI-narrated audio books, a move it said would make the "creation of audio books more accessible to all"
Business
IsDB signs financing agreements worth US$5.4bn with 24 member countries
Jeddah, Saudi Arabia--The Islamic Development Bank (IsDB) Group has signed 77 financing agreements worth $5.4 billion with 24 member countries...
- The 77 agreements look to develop projects in sectors such as health, agriculture, food security, transport, energy, education, and humanitarian relief
- President of the IsDB Group said the discussion with the member states covered a range of development issues and the future of the IsDB Group
Business
Iran’s trade with six Arab countries climbs up to US$35bn in 2022-2023
Tehran, Iran--Iran's trade with six Arab states has vaulted to $35.11 billion in the fiscal year of 2022-2023, according to...
- Iran traded 58.25 million tons of goods worth $35.11 billion with Iraq, Kuwait, Qatar, the UAE, Bahrain and Saudi Arabia during the fiscal 2022-2023
- The Islamic Republic's top business partner among the Arab countries was the UAE, trading 24.35 million tons of goods worth $24.16 billion
Business
Dubai luxury realty market at new heights
The emirate's luxury home sales surged to $1.63 billion in Q1 2023, as affluent buyers acquired 88 units exceeding $10...
- A plot of land on Dubai's prestigious Jumeirah Bay Island has been sold for an astounding $34 million, setting a new record in the UAE's real estate market
- Palm Jumeirah, Emirates Hills and Jumeirah Bay Island are prime residential neighborhoods in Dubai, the world's fourth-most active luxury residential market
Business
EU’s imports in high-tech products worth $524bn in 2022
BRUSSELS, BELGIUM - The EU imported US$524 billion (€482 billion) worth of high-tech products from extra-EU countries in 2022 (+22...
- In 2022, over half of the EU’s high-tech imports from non-EU countries came from China (US$199 billion) and the United States (US$99 billion).
- The most significant category of high-tech products imported from non-EU countries was electronics-telecommunications (US$219 billion).
Business
ICIEC inks deal with SNB
ICIEC is world's only multilateral Islamic insurance firm.
- DCIP is a non-payment insurance policy against the default of issuing banks to meet their obligations under an irrevocable letter of credit.
- DCIP supports the potential of SNB to provide confirmation lines to various issuing banks in Saudi Arabia or ICIEC member states.
Business
EDB review ways to boost SMEs financial inclusion at 2-day event
ABU DHABI, UAE - Emirates Development Bank (EDB) displayed its flexible and customized financing solutions in the Annual Investment Meeting,...
- The Bank offers financing solutions with flexible terms for industrial companies and projects with high developmental impact.
- Financing options include capex financing, advanced technology adoption financing, renewable and energy efficiency financing.
Low-cost carrier Wizz Air to stop Abu Dhabi operations
Budapest, Hungary -- Hungarian low-cost airline Wizz Air said Monday that it would end its Abu Dhabi operations, which have...
Business
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Empower, ASHRAE form alliance
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DEWA awards pipeline contract
Business
GIB, KSA wrap up Sukuk debut
Business
US to sell drones worth $4bn to India to bolster its defenses against China
The United States approved a $4 billion sale of state-of-the-art drones to India, offering a new edge to the growing...
Geostrategy
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...
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...
Business
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Business
Spain urges WTO meet in UAE to address de-globalization
ABU DHABI, UAE - Madrid wants the upcoming 13th Ministerial Conference (MC13) of the World Trade Organization (WTO) here next...
- The ministerial meeting (MC13) will convene representatives of 164 nations and trading blocs.
- MC13 will seek key reforms to the global trading system, including expanding WTO membership .
Business
FDI inflows into Saudi Arabia fall 14.4 percent in third quarter: GASTAT
Riyadh, Saudi Arabia -- Foreign Direct Investment inflows into Saudi Arabia hit SAR 17 billion in the third quarter of...
- The total FDI outflows reached SAR 5 billion, a decrease of 22.5 percent compared to the Q2 of the same year.
- Total FDI in Saudi Arabia reached SAR762 billion at the end of 2022, compared to SAR659 billion in 2021.
Business
Abu Dhabi records real estate deals worth $1.36 billion in Jan
Abu Dhabi, UAE -- Real estate transactions in the Emirate of Abu Dhabi amounted to over AED 5 billion ($1.36...
- The value of real estate mortgages in the emirate reached about AED2.6 billion through 635 mortgage deals.
- Mohamed bin Zayed City topped the list with a value of AED16.6 million for "Prestige Tower", followed by Saadiyat Island with AED12.7 million for "Mamsha Al Saadiyat".