Norway nears 100% goal of all-electric cars
By comparison, the share of electric cars in Europe was just 13.6 percent in the full-year 2024, a decline for...
Geostrategy
‘Authenticity, experiences, culture, generational and solo travel to lead tourism trends’
Visit Saudi, experience the warmth, generosity and hospitality of the people, Jerry Inzerillo tells TRENDS in an exclusive interview.
Business
Business
Chip industry transformations enable Qatar, other GCC countries to diversify their economies, say experts
The Gulf countries are also able to attract highly qualified and scientific expertise and skilled workers, and they possess the...
- There is an opportunity for emerging economies, especially the Gulf countries, including Qatar, to move towards the electronic chip and semiconductor industry
- The region has the financial capacity to handle the electronic chip and semiconductor industry that requires investments worth tens of billions of dollars
Business
EU strikes deal to create world’s first ‘green’ bond standard for investors
Investors' appetite for "green debt", used to finance renewable energy projects, low-carbon transport or well-insulated housing, is growing exponentially. But...
- The parliament said this green bond standard will "enable investors to orient their investments more confidently towards more sustainable technologies and businesses".
- The European bond market's annual trades are estimated to be worth 100 trillion euros ($107 trillion).
Business
UAE records fastest growth rate in 10 years, says economy minister
Abu Dhabi, UAE - UAE's Minister of Economy Abdullah bin Touq Al Marri said Wednesday that in 2022, the UAE...
- The country is implementing comprehensive economic initiatives to increase the capacity of the national business environment to attract capital.
- The UAE has utilized advanced technologies to develop capacities and meet the growing demand in these sectors.
Business
ACWA signs $8.5 bn financing agreements with NEOM green project
Dubai, UAE--Saudi Arabian utility developer ACWA Power said Wednesday it has signed financing agreements for a total investment of $8.5...
- NEOM Green Hydrogen Project is a joint venture between ACWA Power, Air Products and NEOM Company, with ACWA Power holding a 33.3 percent equity stake.
- The total financing consists of $5.85 billion senior debt and $475 million of mezzanine debt facilities.
Business
Dubai records over $843 million in realty transactions
Dubai, UAE-- Dubai real estate market recorded deals worth AED3.1 billion ($843 million) on Wednesday, according to Dubai Land Department....
- The deals included 598 sales transactions worth AED1.55 billion, in addition to 68 mortgage deals of AED1.48 billion on Thursday.
- The sales included 547 villas and apartments worth AED1.13 billion, and 51 land plots worth AED421.05 million.
Business
Masdar to invest $1.2 billion in British battery strorage tech
Dubai, UAE—UAE’s renewable energy company Masdar will invest 1 billion pounds ($1.20 billion) in British battery storage technology, Reuters said....
- Masdar bought UK-based battery company Arlington Energy last year.
- In January this year, Masdar signed agreements with three Angola, Uganda and Zambia to develop renewable energy projects with a combined capacity of up to 5 gigawatts (GW).
Business
World Cup airlift helps flydubai to record profits in 2022
Profits soared 43 percent to 1.2 billion dirhams ($327 million) despite higher oil prices as the United Arab Emirates carrier...
- flydubai, which has been operating since 2009, reported a 72 percent rise in annual revenues and an 89 percent increase in passengers to 10.6 million.
- The airline, based in the Middle East financial hub of Dubai, hired a record 1,300 employees and took delivery of 17 aircraft, another new high.
Business
UAE secured 34% of Japan’s crude oil needs in Jan
Oil remains the most significant energy source in Japan, accounting for about 40 percent of the country’s total energy supply,...
- The country imported 84.4 million barrels during the month, according to to the Agency for Natural Resources and Energy in Tokyo
- Oil remains the most significant energy source in Japan, accounting for about 40 percent of the country’s total energy supply
Economy
Dubai’s RERA signs MoU with Al Ameen Service
Dubai, UAE -Dubai Land Department (DLD), represented by the Real Estate Regulatory Authority (RERA), has signed a memorandum of understanding...
- DLD is ramping up its efforts by providing an innovative and sustainable global real estate model
- The agreement aims to enhance confidence in Dubai’s real estate sector by providing a safe and distinctive investment environment
Business
Saudi Arabia fintech firm Amwal raises $2.5M pre-seed funding
The funds will be used by Amwal to further develop their technology and expand in the MENA region.
- The funds will be used by Amwal to further develop their technology and expand in the MENA region
- The Saudi Central Bank has also approved a cryptographic biometric checkout solution developed by Amwal
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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
Norway nears 100% goal of all-electric cars
By comparison, the share of electric cars in Europe was just 13.6 percent in the full-year 2024, a decline for...
Geostrategy
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GA-ASI partners with EDGE
Business
Najran extends MoU with Ayan for Commerce & Industry
Jeddah, Saudi Arabia - Saudi Arabia's Najran Cement Company has announced the extension of its non-binding memorandum of understanding (MoU)...
Economy
Maisarah leads Oman government’s successful sukuk issuance
MUSCAT, OMAN - Maisarah Islamic Banking Services, Islamic window of BankDhofar, acted as an Issue Manager for the Sovereign Sukuk...
Business
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Business
IsDBI begins building digital marketplace for Islamic finance
Jeddah, Saudi Arabia -- The Islamic Development Bank Institute (IsDBI) has kicked off the development of the Islamic Finance Knowledge...
- The Pavilion will provide a digital marketplace of validated solution providers (institutions, consultants, and experts) in Islamic finance and economic development.
- This project aligns with the IsDBI’s objective to provide fintech knowledge solutions to the Islamic finance industry to support sustainable development in member countries.
Business
Saudi insurance sector shows 14.6 percent growth in Q3 of 2023
RIYADH, SAUDI ARABIA- The Insurance Authority (IA) has issued its first report on the performance of the sector in the...
- The report has been issued to provide transparent and accurate information about the performance of the insurance sector.
- The report showed a 2.2 percent increase in the insurance sector’s penetration ratio to non-oil GDP in Q3 of 2023.
Business
Makeen, Rolls-Royce forge partnership
They will manufacture, test, sell and service mtu engines in Saudi.
- The deal marks a milestone for the industrial development of the Kingdom’s rapidly growing marine and off-grid power generation sectors, according to the release, Aramco said.
- Makeen aims to deliver state-of-the-art solutions to meet the evolving demands of our valued customers in oil and gas, said Makeen CEO Abdullah Al-Ghamdi.