ATM 2025 to showcase 2,800 firms, 17 percent from Middle East
Dubai, UAE: The Arabian Travel Market, which will take place from Apr 28 to May 1 at the Dubai World...
Business
Business
IDB’s insurance arm, Masdar sign renewable energy pact
Jeddah, Saudi Arabia---The Islamic Corporation for the Insurance of Investment and Export Credit, the Islamic Development Insurance arm of the...
- The two parties agreed to develop renewable projects through insurance support to the Islamic Corporation for the insurance of investment and export credit in the member states.
- It includes support for the transition to clean energy through electricity generation from renewable sources that do not emit emissions and the transition to green economy.
Geostrategy
Iraq finalizes fresh air deals with Gulf countries
BAGHDAD, IRAQÂ - The Civil Aviation Authority announced the work to conclude new air agreements with the Gulf states. A spokesman...
- A spokesman for the Civil Aviation Authority said We have agreements with all Gulf countries and all Gulf national carriers that land in Iraqi airports
- He added that in the future, there may be air agreements with Kuwait as well.
Geostrategy
Qatar Chamber discusses investment with Cuban delegation
DOHA, QATAR -Â Qatar Chamber First Vice-Chairman Mohamed bin Ahmed bin Twar Al Kuwari met with President of the Republic...
- The meeting touched on economic and commercial relations between Qatar and Cuba.
- The Qaraei delegation also discussed the business opportunities offered by the Cuban side in the sector of water resources.
Business
DEWA implements SAP’s Audit Management System
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has implemented the SAP Audit Management System (TAWKEED), becoming the first...
- DEWA's Internal Audit Department is an independent assurance function that adopts the best-in-class standards and practices.
- The Internal Audit department at DEWA operates under an approved charter.
Business
Masdar to build 5-gigawatt renewable energy projects in Africa
Abu Dhabi, UAE--Masdar has signed agreements with three Angola, Uganda and Zambia to develop renewable energy projects with a combined...
- The agreements were signed under the umbrella of the Etihad 7 initiative to invest in the development of Africa’s renewable energy sector
- Etihad 7 was launched at ADSW 2022 by Sheikh Shakhboot bin Nahyan bin Mubarak Al Nahyan, Minister of State, with the aim of achieving 20 GW capacity to supply 100 million people
Business
Tesla CEO Elon Musk takes stand in California fraud trial
San Francisco, United States--Tesla CEO Elon Musk took the stand in a California fraud trial on Friday, accused of lying in...
- Elon Musk was called to testify by lawyers for angry investors who accuse him of costing them millions of dollars in 2018 with untrue tweets
- Testimonies in the trial opened Wednesday with a lawyer for the upset investors telling jurors Musk lied about having funding in place
YEARBOOK 2023
Saudi Arabia may surpass UAE in FDI inflow this year
Overall, the two Gulf countries will continue to be major beneficiaries of the inflow of funds this year, says Nazar...
- Overall, the two Gulf countries will continue to be major beneficiaries of the inflow of funds this year, says Nazar Musa, CEO of PRO Partner Group.
- The FDI into Saudi Arabia and the UAE, according to a report, hit record highs with $40 billion in 2022, showing a rise of 58 percent over the previous year.
Business
RIL posts Q3 profit of US$1.9b
Profit is 15 percent lower than in the same period last year
- Revenue from operations at India's largest company by market capitalisation rose 15 percent year on year, to US$27 billion
- Reliance's board also approved a plan to issue bonds to raise up to US$2.4 billion (200 billion rupees) to fuel further expansion across its diversified businesses.
Business
AD Gaming partners with AA Meta
They will develop Abu Dhabi’s Web3 Blockchain Gaming ecosystem.
- AA Meta provides metaverse infrastructure and Web3 technology solutions that enable next-generation gaming.
- Alongside using this technology for its own projects, AA Meta provides its offering to other gaming businesses as well.
Business
Google announces 12,000 job cuts globally, cites changing economic reality
Google's parent company Alphabet announced about 12,000 job cuts globally citing a changing "economic reality", becoming the latest US tech...
- Google's parent company Alphabet employed nearly 187,000 workers worldwide at the end of September 2022.
- Alphabet CEO Sundar Pichai said American employees have already been notified about the cuts.
ATM 2025 to showcase 2,800 firms, 17 percent from Middle East
Dubai, UAE: The Arabian Travel Market, which will take place from Apr 28 to May 1 at the Dubai World...
Business
Company News
Dana Gas 9M net profit $126m
Business
Disney adds 7m subscribers
Business
Amlak Q3 net profit AED $73m
Business
Latest News
Aramex Q3 net profit down
Business
Over 12m people visit Riyadh Season in 60 days
RIYADH, SAUDI ARABIA - Two months after their launch, on October 11, 2023, Riyadh Season events had already attracted 12...
Arts & Culture
Europe stocks rise, Asia tepid as oil jumps and Bitcoin shines
Following record highs in 2023 for the likes of Paris, Frankfurt and Tokyo, investors are predicting more gains as central...
Business
China’s new tariffs policy to hasten industrial transformation
Beijing, China -- China's import and export tariff adjustments on some goods took effect on Monday, including implementing provisional import...
Economy
Most Read
Economy
Qatar’s industrial sector PPI down in Nov on lower oil prices
Doha, Qatar -- Qatar's Producer Price Index (PPI) of the industrial sector in the country for November was 118.65 points,...
- Qatar's industrial PPI fell 1.95% in November, driven by oil price drops in mining and some manufacturing sectors.
- Electricity prices defied the trend, showing MoM and YoY increases, while water prices dipped MoM but rose slightly YoY.
Business
Card transactions drive 8 percent Saudi spending growth in Nov
Riyadh, Saudi Arabia --Consumer spending in Saudi Arabia grew by 8 percent to SAR 111.5 billion ($29.73 billion) in November...
- Point-of-sale purchases led the charge, rising 12% year-over-year as Saudi Arabia embraces cashless shopping.
- Cash withdrawals from ATMs rose by almost 1 percent YoY to roughly SAR 45.6 billion in November.
Business
Halliburton, Hamriyah Free Zone in pact
Halliburton has been operating in the UAE for five decades.
- Under the agreement, Halliburton will expand its footprint within the UAE by establishing a cutting-edge facility for calibrating drilling tools used in the oil industry
- The state-of-the-art facility is set to occupy a substantial area of more than one million square feet within the Hamriyah Free Zone