GCC a key player in global freight and logistics industry, says Trukkin’s Dalmia
The region leverages a strategic major hub, advanced infrastructure, and economic diversification to fuel logistics demand, says Janardan Dalmia, Founder...
Interview
Market Report
Stocks mixed, dollar firms on rate-hike fears
Stock markets traded mixed as last week's optimism gave way to worries that central banks may wait longer than expected...
- The dollar firmed on prospects of more US rate-tightening and oil prices slipped.
- Cooler inflation is said to have eased the pressure on the European Central Bank.
Business
Delegation highlights investment opportunities in Ras Al Khaimah
RAS AL KHAIMAH, UAE - A delegation from Ras Al Khaimah Economic Zone (RAKEZ) has concluded its visit to Russia...
- RAKEZ delegation met people from construction, manufacturing, information technology and fast-moving consumer goods trading.
- The audience in Russia was keen on exploring sectors such as cement, building materials, engineering services and raw materials trading.
Business
Jordan’s tourism income grows by 88.4 percent in first quarter
Dubai, UAE – Jordan’s tourism revenue increased by 88.4 percent in the first quarter of 2023 to reach 1.18 billion...
- The revenue reached 1.18 billion Jordanian dinars ($1.66 billion) as nearly 1.5 million tourists visited the country.
- Jordan as a whole received 4.6 million visitors in 2022 -- almost four times the level from 2020 -- earning the country $5.3 billion.
Business
G42 and Mubadala announce launch of M42
Abu Dhabi, UAE - G42, an Abu Dhabi-based AI technology holding group, and Mubadala Investment Company on Tuesday announced the...
- M42 combines G42 Healthcare’s medical and data-centric technologies with Mubadala Health’s patient services and facilities "to provide personalised, and preventative care."
- In October 2022, G42 Healthcare and Mubadala Health announced that they had joined forces to create a new, integrated healthcare technology powerhouse.\
Economy
Saudi Arabia and Netherlands discuss export of clean hydrogen to Europe
Riyadh, Saudi Arabia-- Saudi Arabia and the Netherlands have discussed the possibility of exporting clean hydrogen from the kingdom to...
- The two also discussed the kingdom's efforts in clean energy and climate change through its local and regional initiatives
- In a separate meeting, the Saudi Foreign Minister Prince Faisal bin Farhan and the Dutch minister reviewed the bilateral relations between the two nations
Economy
Annual inflation in Qatar shoots up 4.01 percent in March
Doha, Qatar-- Inflation in Qatar rose by 4.01 percent year-on-year in March, because of a rise of prices across eight...
- Recreation and culture posted the highest increase, climbing up to 13.63 percent, according to the data released by the Planning and Statistics Authority
- During the fourth quarter of 2022, Qatari banks recorded the highest loan increase among Gulf lenders, despite a stiff interest rate environment
Business
‘Monetizing hate’: Unease as misinformation, conspiracy theories swirl on Twitter
The Tesla tycoon bitterly denies that misinformation has surged since his turbulent $44 billion acquisition of the messaging platform, but...
- In a recent BBC interview, Musk pushed back at allegations that misinformation and hateful content were seeing a resurgence since his takeover.
- Twitter's ad income will drop by 28 percent this year, according to analysts at Insider Intelligence, who said "advertisers don't trust Musk."
Business
Merck to buy Prometheus
The US$11bn deal will drive drug company's growth.
- At the closing of the New York Stock Exchange on Friday, Prometheus's share price stood at $114.01
- The medical company is in the middle of developing a treatment for autoimmune diseases, including ulcerative colitis and Crohn's disease
Business
DEWA wins Hydrogen Project of the Year Award for green transition
Dubai, UAE - Dubai Electricity and Water Authority (DEWA) has won the Hydrogen Project of the Year 2023 Award for...
- Hydrogen Project Award was part of the Hydrogen Future Awards 2023, organized during the Connecting Green Hydrogen MENA" Conference in Dubai.
- This award recognizes leaders from international energy corporations who made key contributions to the growth of the clean energy industry.
Business
Europe’s largest nuclear reactor begins operation in Finland
The most powerful nuclear reactor in Europe, with a capacity of generating 1,600 megawatts, Olkiluoto 3 reached full power in late...
- Olkiluoto 3, now producing around 14 percent of the country's electricity, is expected to remain operational for "at least the next 60 years".
- Built by Areva-Siemens consortium, the reactor was first started up in December 2021 and connected to the Finnish power grid in March 2022.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Company News
Honda to make electric mopeds
Business
Latest News
Eve Air Mobility, flynas ink MoU
Business
Biggest fuel refinery plant of Africa begins production
Lagos, Nigeria - Africa's biggest diesel and aviation fuel refinery built by the continent's richest man has started production, the company...
Business
DEWA records 12.5 million digital transactions in 2023
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) announced that its customers conducted around 12.5 million digital transactions in...
Business
US sanctions Hong Kong, UAE firms over Houthi support
The move comes hours after US and UK forces launched strikes against the Houthi rebels, seeking to halt their repeated...
Most Read
Oil prices rise on Red Sea escalation, corporate earnings season
Crude prices spiked more than four percent before ebbing somewhat after the allies launched deadly strikes following weeks of disruptive...
- In Friday trade, the Dow dipped while the S&P 500 edged higher as investors digested corporate earnings and a surprise drop in wholesale inflation
- Leading banks were mostly lower following a deluge of quarterly results, while airlines were hammered after Delta's forecast disappointed investors
Geostrategy
Egypt denies suspending navigation through Suez Canal
Cairo, Egypt - Egypt Saturday said that navigation movement in the canal is regular from both directions, Chairman of the...
- Dollar revenues from Egypt's Suez Canal have experienced a 40 percent decline since the beginning of the year compared to 2023
- The Suez Canal is a crucial source of foreign currency for Egypt, and efforts have been made to boost revenues, including the ongoing expansion of the canal
Business
Record-breaking home sales in Dubai’s upscale market in 2023
Dubai, UAE – Sales of properties worth more than $1.35 million and $2.70 million in Dubai hit record levels in 2023,...
- Among the communities tracked by CBRE, in 2023, Palm Jumeirah registered the highest volume of transactions in both the prime and super-prime market segments
- Off-plan sales in the $1.35 million and $2.70 million segments of the market accounted for 67.2% and 70.8% of total transaction volumes, respectively