UAE backs Egypt’s Ras El Hekma megaproject, aims for $110 billion investment
Abu Dhabi, UAE - The UAE Ministry of Investment (MoI) announced today its support and key role in the advancement...
Business
Qatar Airways seeking 25% stake in Virgin Australia
Qatar Airways unveiled a bid to take a 25 percent stake in troubled airline Virgin Australia on Tuesday, a deal...
Business
YEARBOOK 2023
What 2023 has in store for the GCC auto industry?
A number of other things will also influence the auto industry this year. The most obvious being the expectation of...
- In 2022, customers across the GCC faced issues in availability of vehicles, restrictions on configurations and delays in those vehicles once orders were placed
- The semi-conductor crisis is far from completely resolved and will impact the auto industry in the GCC and the rest of the world in 2023
Business
Ducab partners with Vestas
Ducab's supplying medium voltage and earthing cable.
- Ducab Group is one of the UAE’s largest industrial manufacturing businesses.
- The move reinforces the strong industrial partnership between the UAE and Egypt.
Business
Flynas passenger growth 91% in 2022
The airline launched 16 new destinations and 30 new routes.
- It reported an increase of 91 percent in its passengers to 8.7 million.
- The firm's flights expanded by 45 percent to 66,000 and seat capacity by 46 percent.
Business
Etihad Cargo to operate three more weekly flights to US from Apr 24
Etihad Cargo currently operates 11 flights per week to John F. Kennedy International Airport, which will increase to 14 weekly...
- The additional flights will bring Etihad Cargo’s total cargo capacity to over 600 tons out of the US per week.
- The flights will be operated with both Airbus A350 and Boeing 787-9 Dreamliner aircraft with significantly less fuel consumption.
Economy
Sharjah EC discusses impact of commercial boards on urban appearance
SHARJAH, UAE - The Sharjah Executive Council (SEC) discussed on Tuesday a report on commercial boards made for economic institutions...
- The discussion covered a range of general government issues that would strengthen various sectors in Sharjah and their legal frameworks.
- Issues that advance public services and which would increase the competitiveness of the Emirate of Sharjah were also discussed in the meeting.
Geostrategy
From F1 to CR7, Saudi Arabia’s sports shopping spree
Al Nassr's surprise capture of football superstar Cristiano Ronaldo is the latest in a string of high-profile sports acquisitions by...
- The 2029 Asian Winter Games will be held at NEOM, an under-construction $500 billion megacity that is planning a year-round winter sports complex.
- Saudi money has created a schism in the golf world with the heavily funded LIV Tour, which has lured some top players.
Business
Expo Centre Sharjah all set for SteelFab2023
SHARJAH, UAE - Expo Centre Sharjah (ECS) has announced the completion of all preparations for the 18th edition of the...
- The event is being organized by Expo Centre Sharjah with the support of the Sharjah Chamber of Commerce and Industry.
- Two hundred exhibitors have confirmed their participation representing elite local and international players in the metalworks industry.
Business
Dubai records over $518 million in realty transactions Monday
Dubai, UAE--Dubai recorded real estate deals worth AED2.3 billion ($518 million) on Monday, according to Dubai Land Department figures. The...
- The deals included 457 sales transactions worth AED2.02 billion, in addition to 79 mortgage deals of AED202.61 million.
- For the week ending Dec. 30, 2022, a total of 2,790 real estate transactions worth US$2.6 billion (AED9.6 billion) were registered in the emirate.
Business
Evergrande of China pledges to repay its debt in 2023
Beijing, China--China Evergrande has pledged to repay its debt this year, as the property giant faces a restructuring following Beijing's crackdown...
- The company has rushed to offload assets in recent months and has been involved in restructuring talks after racking up some $300 billion in liabilities
- An official document in November showed Evergrande had sold land earmarked for its headquarters in the southern tech hub of Shenzhen for $1 billion
Business
Shunned by youth, Morocco cosmetic oil craft faces uncertain future
A dozen women, sitting on the floor of a workshop inland from Essaouira, a port town on Morocco's Atlantic coast,...
- Morocco produces around 5,640 tonnes of argan oil annually, according to official figures, around 40 percent of it for export
- Argan is so important to the region between the towns of Essaouira and Agadir that in 1998 UNESCO declared a biosphere reserve in the area
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UAE backs Egypt’s Ras El Hekma megaproject, aims for $110 billion investment
Abu Dhabi, UAE - The UAE Ministry of Investment (MoI) announced today its support and key role in the advancement...
Business
Company News
RSG, KHC set up joint venture
Business
Latest News
NMDC posts bumper profits
Business
China, Saudi Arabia sign 60 pacts worth $25bn at Beijing conference
Beijing, China - China and Saudi Arabia signed over 60 MoUs and agreements worth over $25 billion at the investment...
Economy
Nasdaq Dubai lists Philippines ‘ROP Sukuk Trust’ worth US$1bn
Dubai, UAE--Nasdaq Dubai has welcomed the first Sukuk listing by the Republic of the Philippines, "ROP Sukuk Trust", underscoring the...
Business
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Business
CBUAE joins the Gulf payments system AFAQ
Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) joined AFAQ Payments System, which is operated by the Gulf...
- Along with the CBUAE, Barclays Bank joined the AFAQ system, becoming the first financial institution operating in the UAE to achieve this step and begin using the system’s services
- To date, the Central Bank of Bahrain, the Saudi Central Bank, and the Central Bank of Kuwait have joined "AFAQ", in addition to a number of commercial banks from these countries
Economy
Global trade likely to decline in 2023 due to changing trade patterns, geopolitics
DUBAI, UAE - The outlook for 2024 remains “highly uncertain and generally pessimistic,” UNCTAD says in the Global Trade Update,...
- Other elements affecting trade include lower demand in developed countries, less trade in East Asia and an uptick in trade-restrictive measures.
- The elements also include an uptick in trade-restrictive measures and lengthening supply chains, particularly between China and the US.
Business
Aramco to acquire 40% stake in GO
Gas & Oil is one of the largest retail and storage firms in Pakistan.
- This is Aramco's first entry into the Pakistani fuels retail market, advancing the company’s strategy to strengthen its downstream value chain internationally, the company said.
- This transaction would enable Aramco to secure additional outlets for its refined products and further provide new market opportunities for Valvoline-branded lubricants