Japan plans ‘world first’ deep-sea mineral extraction from Jan
Tokyo, Japan -- Japan will from January attempt to extract rare earth minerals from the ocean floor in the deepest...
Geostrategy
Business
Saudi Arabia seeks US$26bn of investment in machinery, equipment sectors
Riyadh, Saudi Arabia-- Saudi Arabia is looking to attract some US$26 billion dollars worth of investment in the machinery and...
- The investment aims to give impetus to the National Industry Strategy that seeks to widen the industrial base, cut imports by up to 50% and push exports
- NIDC, according to the minister, has partnered with the Public Investment Fund (PIF) to create a business model for taking advantage of the investment opportunities
Business
Morgan Stanley to cut 3,000 jobs after drop in profit
In the wake of reporting a drop in profit during the first three months of the year, the bank aims...
- According to media reports, the bank at the end of last year trimmed nearly 2 percent of its staff or some 1,600 positions
- Financial institutions have been hit hard by a slump in dealmaking caused by the Fed's fight against inflation and the banking crisis
Business
Over 3.8m passengers transit through Sharjah Airport in Q1 of 2023
SHARJAH, UAE -Â Over 3.8 million passengers traveled through Sharjah Airport in the first quarter of 2023, recording a 28.01...
- The aircraft movement in Q1 of 2023 rose by 9.02 per cent, with 23,261 flights compared to 21,336 flights during the same period in 2022.
- There have been continued efforts by Sharjah Airport Authority to increase passenger numbers and aircraft movements.
Business
Book industry needs to focus more on sustainability
She was highlighting key industry challenges such as environmental pressures and rising costs, during the opening of the Sharjah International...
- Prominent booksellers, publishers, and experts from 69 countries participate in Sharjah International Booksellers Conference, which facilitates discussions on industry trends
- Sustainability, generative AI, industry transformation remain prime focus of the discussion as Sharjah emphasizes the importance of collaboration and effective communication
Business
Eshraq to buyback shares
The share buyback is expected to enhance shareholder value.
- The shareholders recommended Eshraq increase the shareholder distribution via an increased share buyback program.
- The buyback will capitalize on the current share price discount compared to the company’s book value.
Business
ADNOC and TotalEnergies sign agreement to export LNG globally
Abu Dhabi, UAE - ADNOC Gas announced Monday a three-year supply agreement with the TotalEnergies Gas and Power Limited for...
- Under the deal, ADNOC Gas will supply TotalEnergies LNG, which will be delivered to various export markets around the world.
- "This agreement reflects our commitment to meeting the needs of our customers by offering supply security," said CEO ADNOC Ahmed Alebri.
Business
Etihad Cargo introduces weekly flights to fourth Chinese destination
Abu Dhabi, UAE - Etihad Cargo added a fourth gateway destination to its Chinese network with the introduction of weekly...
- With the start of two weekly freighter services between Abu Dhabi and Wuhan, Etihad Cargo will operate a total of ten freighter services to China.
- The flights between Abu Dhabi and Wuhan will give Etihad Cargo's partners and customers greater accessibility to 25 domestic Chinese destinations.
Business
AD Ports Group purchases bulk carriers, crude oil tankers
ABU DHABI, UAE - AD Ports Group has announced plans to expand its fleet by purchasing five bulk carriers and...
- These vessel acquisitions will follow the recently signed agreements as part of the Group’s strategic global expansion objectives.
- The five bulk carriers, to be purchased for AED459 million, form part of the long-term agreement with Saif Powertec, signed in April 2022.
Economy
Qatar’s industry PPI down by 2.56 percent in March
The Planning and Statistics Authority (PSA) said Monday , the PPI of March 2023 for the Mining and Quarrying showed...
- The PPI include four main industry sectors-- mining (82.46 percent), manufacturing (15.85 percent), electricity (1.15 percent) and Water (0.52 percent).
- The prices decrease is seen in refined petroleum products by 2.39 percent, followed chemicals and chemical products by 0.95 percent
Science
Bahrain free of India-made ‘contaminated’ cough syrup
Manama, Bahrain - Bahrain has taken steps to ban from its markets the contaminated cough syrups made in India in...
- The National Health Regulatory Authority (NHRA) on Sunday confirmed that the Kingdom's markets are free of Indian cough syrup
- The Authority has reassured the public that it is committed to ensuring the safety of medicines and pharmaceuticals circulating in the Kingdom
Japan plans ‘world first’ deep-sea mineral extraction from Jan
Tokyo, Japan -- Japan will from January attempt to extract rare earth minerals from the ocean floor in the deepest...
Geostrategy
Company News
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Qatar’s foreign merchandise trade surplus $5.13 billion in Dec 2023
Doha, Qatar - Qatar's foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus...
Business
Ryanair quarterly profit dives 93%
The carrier flies mostly throughout Europe.
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Business
AD Ports launches Noatum Logistics Middle East
The firm said the new brand will replace MiCCO Logistics.
- The company said customers will be able to leverage Noatum’s global network of 16 terminals and 143 international offices, presence across 67 ports
- The rebranded firm will embark on a rebranding campaign in the next few weeks, which will see its brand reflected across key assets and locations in the region.
Business
QatarEnergy, Excelerate sign agreement
Under the 15-year deal, they will supply LNG to Bangladesh.
- Excelerate will purchase 0.85 MTPA of LNG in 2026 and 2027, and one MTPA from 2028 to 2040.
- Qatar is the largest LNG supplier to Bangladesh and aspires to continue being the LNG supplier of choice for partners in the South Asia LNG markets.
Business
Philips to halt sales of sleep machines in US
It posted losses to the tune of US$502m during the year 2023.
- The company said it had arrived at a "consent decree" deal with US authorities that consists of a "roadmap" of targets to allow Philips to conform with regulatory requirements
- In November last year the US Food and Drug Administration warned that Philips new "DreamStation 2" machine that helps patients sleep risked overheating.