$2.65bn in contracts signed during first two days of IDEX and NAVDEX 2025
Abu Dhabi, UAE -- Tawazun Council, UAE's authority responsible for managing acquisitions, procurement, and contracts on behalf of the Ministry...
Business
OpenAI board rejects Elon Musk-led $97.4 billion buyout offer
San Francisco, United States -- OpenAI's board chairman on Friday said it has unanimously rejected an Elon Musk-led offer to buy...
Business
Business
Standard Chartered to sell Jordanian business to AJIB
Amman, Jordan--Standard Chartered has decided to sell its Jordanian business to Arab Jordan Investment Bank (AJIB), according to both the...
- The emerging markets-focused lender intends to exit seven markets in Africa and the Middle East
- The bank wants to focus on faster-growing markets in the region, such as Saudi Arabia and Egypt
Business
Zain KSA posts record profit
The company's profit vaulted 157% to US$147m in 2022.
- The company's revenue jumped from $2.10 billion in 2021 to $2.40 billion in 2022, propelled by growth in business-to-business, 5G and other revenue streams
- The telecom operator invested $244 million in 2022 in order to develop the quality of services provided to its clients
Opinion
Fed in dilemma over inflation, financial stability
"It appears that the Fed has not learned from the mistakes of the 1980s. Throughout much of the 1970s, the...
- If the US Federal Reserve had implemented an increase of more than 25 basis points, it could have triggered further instability
- The Fed must learn from the past mistakes and proceed with caution to avoid financial instability, says deVere CEO Nigel Green
Economy
UAE-Israel free trade deal to take effect on April 1
The customs deal is viewed as the concluding phase of a free trade agreement following the normalization of relations between...
- The Israeli foreign ministry in a statement said the free trade deal would see customs duties "lowered or cancelled on approximately 96 percent of goods"
- Last year trade between the UAE and Israel touch $2.5 billion, excluding software and services, making the Gulf country Israel's 16th largest trading partner
Business
In an email to employees, Elon Musk puts Twitter’s value at just $20 billion
The email to employees dealt with a new stock compensation program in the San Francisco-based company and the attribution to...
- He cited a revenue drop of $1.5 billion a year and a debt-servicing burden of the same amount, leaving it with "only 4 months of money."
- Musk said in the email that he sees a "clear but difficult path" to a valuation of $250 billion, without saying how long that might take
Business
DP World’s overseas logistics investments cross $10bn
Despite global economic slowdown, the firm continues to expand its partnerships and investments, with key focus on Africa and UK....
- Despite global economic slowdown, the firm continues to expand its partnerships and investments, with key focus on Africa and UK. Last year, its investments totalled $320m
- DP World ranks fifth in the world by total value of direct investments allocated to the overseas logistics services sector, while Amazon and AP Moller Maersk lead the pack
Business
Aramco seeks to become China’s all-inclusive energy, chemicals source
Beijing, China - Saudi Arabia's Aramco said it wants to be an all-inclusive source of energy and chemicals for China’s...
- Aramco CEO said the company is supplying new lower carbon products, chemicals and advanced materials, all supported by emissions reduction technologies.
- "In particular, we see a major win-win opportunity to build a world-leading, integrated downstream sector in China," he said.
Business
Qatar Chamber forms committee to address gold sector issues
Doha, Qatar -- Qatar Chamber has established a committee for gold and jewelry to address issues facing this sector and...
- The committee will also work to develop the sector as one of the country's important sectors besides resolving its issues.
- It also agreed that the gold sector shall be divided into three subsectors: the gold trade, the jewelry trade and the gold and jewelry factories.
Business
DEWA, UAE energy ministry discuss cooperation for clean energy goals
DUBAI, UAE - MD & CEO of the Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer discussed consolidating...
- DEWA’s current capacity has reached 490 Million Imperial Gallons per Day of desalinated water.
- DEWA is also working to increase the capacity of the transmission and distribution networks.
Science
UAE urges investment, action for water sustainability at UN meet
DUBAI, UAE – UAE Minister of Climate Change and Environment Mariam bint Mohammed Almheiri emphasized the importance of collaboration, data...
- The UAE is on track to reduce total water consumption of its food sector by over 15 percent despite doubling production by 2030.
- The UAE’s national plan - the Water Security Strategy 2036 - ensures that programs are implemented on the supply and demand side.
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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
$2.65bn in contracts signed during first two days of IDEX and NAVDEX 2025
Abu Dhabi, UAE -- Tawazun Council, UAE's authority responsible for managing acquisitions, procurement, and contracts on behalf of the Ministry...
Business
Company News
Latest News
Etihad Airways spreading wings to embrace new skies
"Our goal is to usher in a new era of sustainable growth, anchored by a solid strategic plan," he adds,...
Business
CBB Sukuk Al Salam securities oversubscribed by 372%
Manama, Bahrain--The Central Bank of Bahrain (CBB) announced that the monthly issue of the Sukuk Al Salam Islamic securities has...
Business
Markets drop as US jobs deal fresh blow to early rate cut hopes
Hong Kong, China - Asian markets stumbled out of the gates Monday, extending last week's grim start to the year, after...
Economy
Most Read
Business
Energy companies to test CO2 capture in Brazil undersea oil field
PARIS, FRANCE - A consortium of Brazilian, British, French and Chinese energy firms will test new technology aimed at capturing CO2...
- The pilot unit will separate oil from CO2-rich natural gas at the bottom of the ocean and reinject the gas directly into the reservoir, TotalEnergies said.
- The company said the high pressure subsea separation (HISEP) technology has the potential to reduce the intensity of greenhouse gas emissions.
Business
A short history of the Boeing 737 MAX
The plane, which suffered a dramatic blowout of a fuselage panel during a flight over the US state of Oregon,...
- Boeing begins developing the MAX in August 2011 to try to catch up with European rival Airbus in the lucrative market for single-aisle planes used on short and medium-haul flights.
- Airbus had been swamped with orders since launching a new version of its A320 model offering fuel savings of up to 20 percent -- the A320 Neo -- a year earlier.
Geostrategy
Saudi Arabia, Belarus ink MoU to boost trade, investment
RIYADH, SAUDI ARABIA - The Federation of Saudi Chambers and the National Center for Marketing and Price Study at the...
- Under the pact, the two parties will exchange information related to trade, business environment, investment, production and export opportunities.
- The two parties will organize joint research activities pertaining to marketing to enhance trade prospects and explore ways of improved cooperation.