Loyalty Lost: How brands need to adapt to the modern traveler
Dubai, UAE: As 2025 unfolds, travel brands are facing a significant challenge: customer loyalty. Traditional rewards programmes, often based on points systems,...
Business
Amazon set for launch of its first batch of Starlink-rival satellites
Washington, United States -- After delaying an earlier attempt due to bad weather, Amazon is preparing to launch its first...
Business
Abu Dhabi-based Aldar to debut in Dubai realty market
Abu Dhabi, UAE--Abu Dhabi-baed Aldar Properties will make a debut into Dubai's lucrative real estate market after it signed an...
- The joint venture will develop new communities in three locations across an area of 38.2 million sqft (3.55 million sqm).
- The new communities will be located in the suburban heart of Dubai along the E311 and E611 corridors in close proximity to several residential communities.
Shell annual profit hits $42bn
The post-tax figure was more than double the amount.
- Shell said it would return $4 billion to shareholders and significantly lift its dividend following the record earnings
- Shell is looking to reinvent itself under the company's former renewables boss Sawan, who replaced Ben van Beurden
Business
MODON to build and operate 14 warehouses in Jeddah
Riyadh, Saudi Arabia--The Saudi Authority for Industrial Property and Technology Zones (MODON) signed yesterday a partnership agreement to establish, develop...
- The warehouses will be built in the First Industrial City in Jeddah.
- The warehouses are expected to provide fast and temporary logistical solutions to support industrialists and entrepreneurs.
India’s Adani shares plunge again after stock sale cancelled
Adani himself issued a video statement on Thursday in which he insisted that the "fundamentals of our company are very...
- Adani's empire has lost more than $100 billion following explosive allegations of accounting fraud last week by US short-seller Hindenburg Research that the firm has rejected
- According to Hindenburg Research, Adani has artificially boosted the share prices of its units by funnelling money into the stocks through offshore tax havens
Business
OPEC+ committee recommends to stay course on oil ouput cuts
Vienna, Austria--A committee of major oil producers recommended Wednesday to maintain the cartel's current reduced output strategy, as the global economic...
- The 13 members of the OPEC led by Riyadh and their 10 allies led by Moscow agreed last October to reduce output by two million barrels per day until the end of this year.
- Oil prices spiked following Russia's invasion of Ukraine in February 2022
Business
Qatar Airways and Airbus settle long A350 dispute
After a months-long dispute between Qatar Airways and Airbus, the two announced on Wednesday the end of a $2.5 billion...
- The airline had sought about $2.5 billion in damages and penalties before a British court where the case was due to be heard from June
- The settlement was discussed when France's Finance Minister Bruno Le Maire met with Qatar's emir, Sheikh Tamim bin Hamad Al-Thani, in Doha on Sunday
YEARBOOK 2023
Fintech prospers as bold debt deals rise in MENA
There is a rise in the interest of foreign investors in the MENA startup ecosystem as their share increased from...
- There is a rise in the interest of foreign investors in the MENA startup ecosystem as their share increased from 20 percent in 2021 to 47 percent in 2022, reports suggest.
- A staggering 61 percent of all daring loans were invested in financial technology between 2018 and 2022, reflecting the rising tide of risky spending across the region
Business
PIF, AeroFarms to build indoor farms
The farms will have a capacity of 1.1m kg of crops per year.
- The agreement aims to optimize natural resources through indoor vertical farming, which requires no arable land.
- The partnership will allow for sustainable, local sourcing of high-quality crops all year round, grown with AeroFarms' AgTech platform.
Business
Diriyah signs JV agreement
It was signed with Integrated Telecom Company and TAWAL.
- The 15-year design, build and operate contract covers open-access services for visitors, tenants, and residents of Diriyah.
- In addition, more than 80 telecommunication towers are expected to be erected over the next three years.
Business
Ship stuck in Egypt’s Suez but traffic unaffected, rescue underway
Ismailia, Egypt--A ship on Wednesday became stuck in Egypt's Suez Canal but traffic through the vital waterway was unaffected, a source...
- Connecting the Red Sea and the Mediterranean, the Suez Canal accounts for roughly 10 percent of global maritime trade and the majority of oil transported by sea.
- In recent months, two vessels briefly ran aground in the canal, sparking fears of a repeat of a 2021 incident when container ship Ever Given became diagonally wedged in the canal.
Loyalty Lost: How brands need to adapt to the modern traveler
Dubai, UAE: As 2025 unfolds, travel brands are facing a significant challenge: customer loyalty. Traditional rewards programmes, often based on points systems,...
Business
Company News
ACWA Power, SEC sign PPAs
Business
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Chemanol to buy stake in ACC
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...
Business
Avalon sets sights on Tadawul listing
The firm will offer 6 million shares in its Initial Public Offering.
Business
Utilizing AI is only possible if skill gap is bridged, says expert
DUBAI, UAE - The Artificial Intelligence (AI) revolution is upon us, with AI becoming a pervasive force in our daily...
Business
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Business
Ahli Islamic signs agreement with AAOIFI to support Islamic banking
MUSCAT, OMAN - As part of its ongoing efforts to support the Islamic banking industry, ahli Islamic signed a Memorandum...
- The aim is to collaborate in capacity building within ahli Islamic and foster the growth of the Islamic finance sector in Oman.
- The signing ceremony occurred concurrently with the AAOIFI-IsDB 18th Annual Islamic Banking and Finance Conference.
Geostrategy
Turkish Airlines grounds Boeing 737 MAX 9 jets amid inspection orders
Turkish Airlines said that it would stop flying five Boeing 737 MAX 9 jets in its fleet even as the...
- The Alaska Airlines scare prompted the US Federal Aviation Administration to order immediate inspections of around 171 of the jets operated worldwide.
- Boeing has so far delivered about 218 of the 737 MAX planes worldwide, the company said.
Business
Madinah on list of top five regions for e-commerce records
Madinah, Saudi Arabia -- The number of existing electronic-commerce records in Madinah reached 1,834 during the 4th quarter of 2023,...
- Saudi Arabia's large and tech-literate population has made the country an attractive target for online retailers.
- Online buying has been growing in Saudi Arabia in recent years at such speed that it is now estimated to be $970 million.