Cyprus and Egypt sign deal to process, export gas to Europe
Nicosia, Cyprus -- Cyprus and Egypt on Monday signed an agreement with an energy consortium to export gas from the Mediterranean...
Business
Business
ADNOC makes logistics push
Contract worth $2.6bn with ADNOC Offshore part of the launch.
- ADNOC said the platform is one of the largest turnkey offshore logistics offerings in the world that enables coordinated end-to-end management of logistics.
- The agreement runs for five years, with the option of a five-year extension, and includes the provision of port services, warehouse operations.
Business
Alistithmar Capital, Safa Investment set up real estate funds worth US$293m
Riyadh, Saudi Arabia--Alistithmar Capital has joined hands with Safa Investment Co. to set up several real estate funds worth around...
- Capital Market Authority, in March, approved Alistithmar Capital's application to set up Alistithmar Capital Quarterly Dividend Fund
- Owing to rise in residential property value, real estate prices in Sauid Arabia shot up by 1.6 percent in the fourth quarter of 2022
Business
US senators reprimand regulators for failure to stop SVB collapse
Washington, United States--US lawmakers accused regulators Tuesday of failing to do enough to prevent the collapse of Silicon Valley Bank earlier...
- The senior officals from Federal Reserve, Treasury and FDIC were reprimanded by the Senate Banking Committee for failing to prevent the fall of SVB
- Fed and FDIC officals in response said they are investigating failings they may have made in their oversight of SVB before its fall, and would publish findings by May 1
Economy
New national carrier part of Saudi bid to become a business, tourism magnet
This month Crown Prince Mohammed bin Salman, unveiled Riyadh Air, the new airline which is intended to transform the capital...
- Apart from Riyadh Air, Saudi Arabia is also launching NEOM Airlines, to be based in the planned $500 billion futuristic megacity of the same name
- The trade group Airports Council International predicts the region's airports will see 1.1 billion passengers by 2040, up from 405 million in 2019
Business
Global Carbon Council, EGX sign MoU to launch voluntary carbon market
Doha, Qatar--The Doha-based Global Carbon Council (GCC) and Egyptian Exchange (EGX) have signed a memorandum of understanding (MoU) to launch...
- EGX will list carbon credits issued by GCC, widening offerings to investors looking for a diversified portfolio of CCs
- They will also collaborate on development initiatives aimed at improving the efficacy of carbon offsetting mechanisms
Business
Nakilat obtains approval for full non-Qatari ownership
Doha, Qatar - Qatar Gas Transport Company Ltd. (Nakilat), the largest LNG shipping fleet owner in the world, announced that...
- The net profits of Nakilat increased by 6.3 percent in 2022, to reach $0,38 billion
- Last week, Nakilat chose South Korea's HSD Engine to supply spare parts
Business
UAE to spend $20bn on digital tech in three years
The UAE aims to double the contribution of the digital economy to the GDP from 9.7% to 19.4% within the...
- The UAE aims to double the contribution of the digital economy to the GDP from 9.7% to 19.4% within the next 10 years, and seeks to establish itself as an innovation hub
- Govts must prioritize investments in digital infrastructure and R&D into frontier technologies such as AI and robotics, to enhance the digital economy's total factor productivity
Business
UAE, Costa Rica start talks to form economic partnership agreement
UAE minister said that the emirates will continue its efforts to build partnerships with strategic global markets under the country’s...
- The trade and investment exchanges between the two countries continue to grow as the non-oil trade reached $58.7 million in 2022
- The UAE’s investments in Costa Rica span sectors such as IT, tourism, retail, advertising, media, real estate, renewable energy, air transport, and logistics.
Business
Alibaba to split into six groups
Each will be managed by its own CEO and board of directors.
- The restructuring is likely to enable each separate business to pursue its own fundraising and public listing plans.
- Hangzhou-based Alibaba said the moves were intended to "unlock shareholder value and foster market competitiveness".
Geostrategy
Germany ponders monitoring Microsoft over anti-competitive practices
Berlin, Germany - Germany's anti-cartel watchdog said Tuesday it was examining if it needed to place US giant Microsoft under close...
- The Federal Cartel Office said it was taking a first step to see if Microsoft is of "paramount significance across markets".
- Big tech companies have been facing increasing scrutiny around the globe over their dominant positions as well as their tax practices.
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Boost investment to avert ‘decade of wasted opportunity’: World Bank
Global growth is set to slow from an estimated 2.6 percent in 2023 to 2.4 percent this year, 0.75 percentage...
Economy
SEC, Emaar Economic City sign agreements
RIYADH, SAUDI ARABIA - The Saudi Electricity Company (SEC) and its subsidiary National Electricity Transmission (NET) have signed here two...
Business
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Business
CES gadget fest a showcase for AI-infused lifestyle
The annual Consumer Electronics Show gathering boasts more than 3,500 exhibitors and is expecting some 130,000 visitors. Companies big and...
- CES exhibitor and attendee numbers have jumped each year since the Covid-19 pandemic caused it to be an online-only event in 2021
- While the show is increasingly a showcase for startups, big brands such as Amazon, Google, Intel, Netflix, Samsung, SonY will also be there
Business
Aldar to invest US$272m in logistics
The developer will expand business in Dubai, Abu Dhabi.
- It will acquire assets and develop ready-to-lease and build-to-suit options in response to strong demand for grade A logistics facilities
- In Dubai, Aldar has bought 7 central logistics hubs and an adjacent plot, which will almost double the current gross leasable area of 19,000 sqm
Oil prices slump but stock markets mostly higher
Wall Street indices enjoyed solid gains, including the Dow, which mustered a 0.6 percent advance in spite of an eight...
- US and European oil futures fell around four percent after top exporter Saudi Arabia cut the price of its crude, weighing also on shares of energy majors, analysts said
- Drop in oil prices weighed on energy shares, with Shell down 2.9 percent as investors reacted to mixed trading update ahead of British oil major's annual earnings due next month