Smart cities lead GCC’s IoT boom: NEOM and Smart Dubai in focus
IoT applications are transforming critical sectors such as transportation, where connected vehicles improve traffic management, utilities where smart grids enhance...
Economy
Logistics: At the heart of economic activity
The global logistics market is expected to be around US$10 trillion in 2024, and is estimated to reach US$21.91 trillion...
Analysis
Business
Qatar Tourism head says country expects over 5m visitors in 2023
DOHA, QATAR - Qatar expects more than five million people to visit the Gulf state in 2023 despite a post-World Cup...
- The head of Qatar Airways and Qatar Tourism admitted that hotels had fallen quiet after the World Cup final on December 19.
- He insisted that every World Cup host has the same lull after the tournament and that hotels were still 65-70 percent full.
Business
ADCB-BLME partnership brings UK digital banking to UAE customers
Dubai, UAE -- Abu Dhabi Commercial Bank and its Shari’ah compliant digital banking subsidiary Al Hilal Bank have announced a...
- They can also apply for UK home financing, from their smartphones using the newly launched ADCB-Nomo and Al Hilal-Nomo banking apps.
- Abu Dhabi Commerical Bank and Al Hilal Bank sign partnership with Bank of London and the Middle East to make this service available.
Economy
Iraqi government plans to reduce economy’s dependence on oil
BAGHDAD, IRAQ - Iraqi Prime Minister Muhammed S. Al-Sudani chaired a meeting focused on discussing the provisions of the federal...
- The meeting discussed the provisions of the federal budget bill submitted to the Parliament.
- The Iraqi PM highlighted the plans for enhancing development and advancing the economy.
Saudi Arabia transfers more Aramco shares to wealth fund in bid to ‘diversify’ economy
Prince Mohammed said the latest transfer will "solidify PIF's strong financial position". Authorities did not give a value for the...
- The move, part of a campaign to open up the oil-rich kingdom's economy, follows a transfer of four percent of Aramco shares, estimated at the time to be worth $80 billion
- The Saudi crown prince billed the move as part of a push "to boost and diversify the national economy and expand investment opportunities", according to the report
Business
KPMG ordered to pay $231 million for Abraaj fund audit failure
Dubai, UAE -- KPMG Lower Gulf has been ordered by a Dubai court to pay more than $231 million to...
- The award is one of the largest ever against an accounting firm and exceeds KPMG Lower Gulf’s revenues of $210 million in its most recent financial year.
- KPMG Lower Gulf’s operations were already in the spotlight after allegations of nepotism and cronyism led to the resignation of its former head last October.
Business
UAE India’s second biggest export destination, third for imports
Dubai, UAE -- The UAE continues to be the second most important export destination for India, according to annual trade...
- India's Ministry of Commerce and Industry said the US and the UAE retained the first and second place as top export destinations for the country.
- The number of new Indian companies that joined Dubai Chamber of Commerce in 2022 exceeded 11,000, bringing the total to 83,000 companies.
Business
Microsoft’s move to buy games giant faces triple anti-trust threat
Brussels, Belgium--Depending on which side you're on, tech giant Microsoft is either the hero fighting to bring some of the most...
- The company has set itself the task to convince all three EU, UK and US regulators to back its $69 billion bid to take over Activision Blizzard
- Sony, the PlayStation owner, says the deal will give Microsoft the power to limit rivals' access to the popular franchise
Economy
UAE has invested $5bn dollars in Brazil: UAE minister
Abu Dhabi, UAE - The UAE is among the largest international investors in Brazil, with an estimated US$5 billion in...
- The two countries, have maintained a fruitful cooperation across many sectors such as industry, transportation, shipping, storage, infrastructure, etc
- The UAE is Brazil's top trading partner in the Arab region, while Brazil is one of the Emirates' most important and recognized partners in Latin America.
Empowering women can drive economic growth in GCC region
Many countries in the region have invested in education and provided better access to technology-related fields, resulting in women graduating...
- Many countries in the MENA region have invested in women's education and provided better access to technology-related fields
- This trend has resulted in women playing a significant role in high-profile tech projects in the region, such as the UAE's Mars Hope probe
Business
GCC data center market to reach $5.5bn by 2028
Major cloud service providers such as Microsoft, Tencent Cloud, Oracle, Amazon Web Services, and Alibaba Cloud are establishing local cloud...
- Saudi government has implemented the Cloud First policy to encourage the adoption of cloud services
- Microsoft, Tencent Cloud, Oracle, Amazon Web Services, and Alibaba Cloud are establishing local cloud regions
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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
Smart cities lead GCC’s IoT boom: NEOM and Smart Dubai in focus
IoT applications are transforming critical sectors such as transportation, where connected vehicles improve traffic management, utilities where smart grids enhance...
Economy
Company News
Eve Air Mobility, flynas ink MoU
Business
Latest News
Delta reports profit jump
Its revenue jumped to $14.2 billion for the quarter.
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...
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...
Geostrategy
Most Read
Market Report
Oil prices rise after US, UK strike Houthi rebels
Oil prices surged four percent after US and UK forces launched strikes against Iran-backed Houthi rebels after attacks on ships...
- Wall Street had ended flat on Thursday, while the dollar was closing the week with gains against the euro.
- The Houthis have carried out a number of strikes on vessels in the Red Sea, a key international shipping route.
Business
ADQ, ADNEC Group sign agreements
They will buy 40.5% stake in TMG Holding’s hospitality business.
- ADQ and ADNEC will invest through a special purpose vehicle, with 49 percent equity ownership by ADQ and 51 percent equity ownership by ADNEC.
- ICON is a leading player in Egypt’s luxury and upscale hospitality market, with a track record of building and owning some of the most celebrated luxury hotels in Egypt.
Business
Abu Dhabi real estate deals hit $517 million since Jan 1: DARI
Abu Dhabi, UAE -- Real estate transactions in Abu Dhabi amounted to approximately AED 1.9 billion ($517 million) in the...
- The value of real estate mortgages in the emirate reached about AED 1.5 billion through the registration of 215 mortgage deals.
- Al Saadiyat Island topped the list with a value of AED 8.9 million, followed by Yas Island which occupied four consecutive positions, totaling about AED 23 million