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
Apple unveils new iPhone built for AI, looks to boost sales
Cupertino, United States - Apple on Monday unveiled new iPhones built for generative artificial intelligence as it seeks to boost sales...
Business
Business
Dubai records over $408 million in realty transactions Monday
Dubai, UAE----Dubai real estate market recorded deals worth AED1.5 billion ($408 million) on Monday, Dubai Land Department said. The deals...
- The deals included 515 sales transactions worth AED1.44 billion and 19 gift deals amounting to AED137.87 million.
- The sales included 483 villas and apartments worth AED1.14 billion, and 32 land plots worth AED299.29 million.
Business
Elon Musk says close to 100 Starlinks ‘active’ in Iran
San Francisco, United States--Nearly 100 Starlink internet terminals are currently operating in Iran, SpaceX chief Elon Musk said Monday. The tycoon...
- Musk had promised to bring the satellite internet network to the country in September as Iranian authorities imposed increasingly severe access restrictions
- Iranians have long used VPNs to access sites blocked in Iran -- even the foreign minister has Twitter account despite the network being blocked in the country
Business
Saudi EXIM signs deal with MITSUI
The deal allows for joint cooperation between the two.
- The agreement will allow the two parties to benefit from their potential, and to provide credit solutions that support the export activities of Saudi non-oil goods and services
- General Manager of MITSUI & CO., MIDDLE EAST LTD, praised this cooperation, which opens new windows for cooperation with the Saudi EXIM Bank
Business
Dubai Chamber unveils fintech, payments business group
Dubai, UAE-- Dubai Chamber of Commerce has unveiled a new financial technology (fintech) and payments business group to join the...
- The launch of the new business group is part of the chamber’s plans to increase the number of business groups that represent economic sectors and activities in Dubai
- The fintech and payments business group will focus on ways to adopt the highest standards in providing businesses financial services and payment solutions
YEARBOOK 2023
Sustainable digital shift in GCC need of the hour
Sustainability remains key focus as the UAE and Saudi Arabia speed up digitalization, which has been the fundamental pillar of...
- Gartner expects that by 2025, 50 percent of chief information officers (CIOs) will have performance metrics tied to the sustainability of the IT organization.
- In the Arab Gulf, national economic visions aimed at alleviating petrochemical dependence have put renewable energy sources front and center.
Business
UAE announces inclusion of Creative Zone in NextGenFDI initiative
ABU DHABI, UAE - The Ministry of Economy has announced that Creative Zone, one of the UAE's largest consulting and...
- The NextGenFDI program, which was launched in July 2022, aims to attract digitally-advanced companies to the UAE.
- NextGenFDI includes fast business licensing, group visa issuance, fast access to banking facilities, as well as access to educational and cloud services.
Business
Groundbreaking of integrated 450,000-sqm Metal Park held in KEZAD
Abu Dhabi, UAE-- The ground breaking of a 450,000 sqm integrated Metal Park in Abu Dhabi was attended by senior...
- The Metal Park Investment ME's Park will be equipped with state-of-the-art facilities to support storage and handling.
- Membership will enable Metal Park Investment ME LTD’s clients to adapt to market demand without infrastructure constraints.
Economy
Dubai Land Department launches its strategic plan 2026
DUBAI, UAE : The Dubai Land Department (DLD) launched its new strategic plan and vision, shaping the features and landmarks...
- The new strategic plan is in line with the national agenda to build a better economy.
- DLD has a mission of enabling the real estate community by providing seamless services, effective legislation and integrated data.
Business
DEWA’s hydroelectric power plant in Hatta is 59 percent complete
DUBAI, UAE - The Dubai Electricity and Water Authority (DEWA) under-construction pumped-storage hydroelectric power plant site in Hatta is 58.48...
- This is the first station of its kind in the GCC, with investments of up to US$387 million.
- The power plant will have a production capacity of 250 megawatts, a storage capacity of 1,500 megawatt-hours.
Business
ACWA Power seals $2.4 bn deal
The firm signed PPA with the National Electric Grid of Uzbekistan.
- ACWA Power purchased three wind power special purpose vehicles (SPVs) to establish a 1.50-gigawatt (GW) wind farm in Kungrad.
- Upon implementation, the new wind farm is expected to offset 2.40 million tons of carbon emissions annually and power 1.65 million households.
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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
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
Company News
Yansab 9M net loss $134 million
Business
Latest News
DP World, TPA ink pact
Business
New CEO appointed in SRC
Business
SEWA seeks to enhance cooperation with Siemens Energy
Sharjah, UAE -- Sharjah Electricity, Water and Gas Authority (SEWA), has decided to enhance cooperation with Siemens Energy.in developing energy...
PM issues law forming Dubai Investment Fund to oversee government investments
DUBAI, UAE – Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum has issued Law...
Business
PIF sets up agri and ecotourism firm Dan Company
RIYADH, SAUDI ARABIA - The Public Investment Fund (PIF) announced on Monday the establishment of Dan Company, specializing in agritourism...
Business
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Geostrategy
Russia, Saudi say sovereign Palestine state vital for regional peace
RIYADH, SAUDI ARABIA – Russia and Saudi Arabia expressed concern on the present situation in Gaza and said that a...
- The two sides discussed the developments in Palestine and expressed their deep concern about the humanitarian catastrophe in Gaza.
- Russia and Saudi Arabia stressed on the need to stop military operations in the Palestinian territories, and the need to protect civilians.
Business
ENEC, X-energy sign agreement
The firms will collaborate on nuclear energy technologies.
- The MoU was signed at COP28 and comes in line with ENEC’s recently announced ADVANCE Program.
- The central aim of ENEC’s ADVANCE program is to harness the latest advancements in nuclear energy technologies.
Business
Bosch to cut 1,500 jobs
The firm said the cuts will be completed by the end of 2025.
- Bosch is facing major structural changes when it comes to transmissions as the shift to electromobility gathers pace.
- The company stressed there would be no compulsory redundancies in the forthcoming cuts, in line with a recent agreement.