Trump Organization inks deal to build a golf course and villas in Doha
Doha, Qatar -- The Trump Organization signed on Wednesday its first development deal in Qatar to build a golf course...
Business
Amazon launches first Starlink-rival internet satellites
Project Kuiper, a subsidiary of the online retail giant founded by Jeff Bezos, is playing catch-up with Starlink - SpaceX's...
Business
Business
ADNOC inks $4.63 billion in contracts with 23 firms.
Pipes and fittings, valves, bends and cladded pipes, industrial pumps, batteries, pipes and fittings, and many more goods will be...
- Pipes and fittings, valves, bends and cladded pipes, industrial pumps, batteries, pipes and fittings will be manufactured locally
- Proclad, Tri Star Middle East, and Petro Globe Oil & Gas Equipment are among the firms that have obtained contracts
Business
Ronaldo scores first goal for Al Nassr to earn draw for club
Al-Hasa, Saudi Arabia--Cristiano Ronaldo got off the mark for his new Saudi paymasters Al Nassr on Friday with a stoppage-time penalty that...
- Ronaldo buried the spot-kick in the 93rd minute for a point that left the Riyadh club joint top of the Saudi Pro League with a game in hand over Al Shabab
- The large sum includes 200 million euros for promoting Saudi Arabia's expected joint bid to host the 2030 World Cup
Business
Events keep hotel occupancy high in Saudi Arabia
Over the next decade, the Kingdom's tourism industry is projected to develop at an annual rate of 11 percent, making...
- Over the next decade, the Kingdom's tourism industry is projected to develop at an annual rate of 11 percent, making it the region's fastest-growing tourism market
- More hotels are being built at full speed, and extensive infrastructure works and upgrades are being carried out in the central business hubs of Riyadh, Jeddah, and other cities
Geostrategy
UAE, France foreign ministers discuss strategic partnership
ABU DHABI, UAE - UAE Minister of Foreign Affairs and International Cooperation Sheikh Abdullah bin Zayed Al Nahyan received French...
- The UAE and French ministers discussed bilateral relations and available opportunities for expanding cooperation between the two countries.
- The two sides stressed their keenness to continue consultations and coordination on issues of mutual concern.
Business
Dubai’s records weeklong real estate transactions worth $2.44 billion
Dubai, UAE---A total of 2,157 real estate transactions worth over AED 9 billion ($2.44 billion) were conducted during the week...
- The DLD report revealed that 237 plots were sold for AED 1.56 billion, with an additional 1,920 apartment and villa sales recorded totaling AED 5.77 billion.
- The value of mortgaged properties for the week reached AED 1.68 billion, with the highest being a land in Al Barsha South Fourth, mortgaged for AED 324 million.
Economy
US sees surprise hiring surge as unemployment edges down
US job gains surged unexpectedly last month as unemployment slipped to its lowest rate in over five decades, government data...
- The figure, which could prove concerning to policymakers, defied expectations of a further decline in job gains.
- The Federal Reserve has also been monitoring wage growth on concerns that elevated salaries could feed into services inflation.
Business
Aluminum Bahrain 2022 net profit $1.10 bn
The Q4 2022 profit was down 78% compared to Q4 2021.
- Alba achieved revenue of $1.22 billion in Q4 2022 versus $1.39 billion for the same period in 2021, a drop of 12 percent.
- The revenue for 2022 stood at $4.89 billion, up by 16 percent compared to $4.21 billion for 2021.
Business
Sanofi 2022 net profit at $7.3bn
Dupixent drug has been a huge success for the firm.
- Sanofi is aiming for US$10.9 billion in sales of Dupixent this year.
- The company's net profit rose by eight percent in 2022.
Business
Drydocks World, Aker form JV
They will upgrade an FPSO vessel for the Rosebank field in the UK.
- The JV signed its first contract with Altera Infrastructure, a global energy infrastructure services group, to upgrade, refurbish and electrify the FPSO, the Petrojarl Knarr.
- The vessel will be redeployed at Rosebank field, with the upgrades allowing it to be kept in the field for 25 years without drydocking.
Business
Egyptians hope to bag bargains at Arab world’s largest book fair
Cairo, Egypt---Thousands of Egyptian bibliophiles weave through a labyrinthine display of books, reviving an annual tradition at the Arab world's largest...
- The 54th Cairo International Book Fair was overshadowed by a punishing economic crisis that has seen Egypt's currency halve in value and prices skyrocket in the past year.
- To incentivize readers, Egypt's publishers' association has encouraged sellers to give the option of buying books in instalments through popular buy-now-pay-later services.
Trump Organization inks deal to build a golf course and villas in Doha
Doha, Qatar -- The Trump Organization signed on Wednesday its first development deal in Qatar to build a golf course...
Business
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China’s Evergrande says head of EV arm detained
At the time of its establishment in 2019, Evergrande NEV said it aimed to become the world's leading manufacturer of...
Business
Qatar PMI data reveals ‘stable business conditions’ in non-energy sector
Doha, Qatar--Qatar's non-energy private sector registered broadly stable business conditions in December, the latest Purchasing Managers Index (PMI) survey data...
Economy
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Business
Alumicor to set up base in Bahrain
It will help the kingdom in the processing of aluminum.
- The collaboration will bring cutting-edge technologies to Bahrain, offering local manufacturers’ opportunities to enhance operational efficiency
- Alumicor's facility is expected to create new job opportunities for Bahraini professionals, including in senior executive and administrative roles
Business
GCC telecom firms turn to Europe, Asia for expansion
Wielding piles of cash and cutting-edge technology, many Arab telecom firms are scouting overseas markets to expand business beyond home...
- Lower valuations of international telecom companies are enticing GCC companies to venture into newer markets with a lot of potential for growth
- Many experts feel expansion will provide diversification of the portfolio beyond the GCC to mitigate risks associated with economic fluctuations
Business
Resilient supply chains are essential to global trade: Expert
DUBAI, UAE – For over 30 years, globalization has been the evergreen megatrend as global trade has helped lift some...
- The COVID-19 pandemic highlighted the critical role of resilient supply chains in sustaining economies worldwide to the forefront.
- Wars, armed conflicts, overall increasing geopolitical tensions, and protectionism create serious headwinds for global trade.