Aramco, Sempra ink Port Arthur LNG royalties deal
Aramco's 25% participation in Port Arthur LNG Phase 2 aims to expand its gas portfolio and meet the world's growing...
Business
Chinese electric car company Nio to enter UAE this year
Chinese electric car company Nio plans to expand to the Middle East this year, CEO William Li said on an...
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Business
OPEC+ isn’t discussing output increase: Saudi minister
The "categorical denial" has come after the Wall Street Journal reported on Monday that Saudi Arabia, which co-leads the OPEC+...
- The Wall Street Journal reported on Monday that Saudi Arabia and other members were considering an "increase of up to 500,000 barrels a day".
- Saudi officials have vigorously defended the recent production cut in the face of criticism from Washington, saying it was driven purely by market conditions
Business
Family offices: UAE becomes preferred destination as world’s ultra-rich invest in venture capital funds
Family-owned businesses in the Middle East contribute 60 percent of the GDP and employ more than 80 percent of the...
- Family-owned businesses in the Middle East contribute 60 percent of the GDP and employ more than 80 percent of the workforce, says a PwC Middle East Family Business survey.
- Dubai ranks first in the MENA region and tenth globally in Global Venture Capital FDI Projects, according to the Global Venture Capital FDI Ranking 2022
Business
Lufthansa to hire 20,000 employees
Lufthansa had 108,000 employees at the end of September.
- Lufthansa made huge losses when Covid brought global air travel to a halt but a rebound in demand has helped it return to profit this year.
- In the third quarter, the airline group -- which also includes Eurowings, Austrian, Swiss and Brussels Airlines -- reported a healthy profit.
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Global economic woes take toll on GCC contracts
High inflation and the West's sanctions on Russia for its Ukraine invasion besides the supply chain disruptions caused by China's...
- The increase in benchmark rates by global and regional central banks to combat runaway inflation also affected project funding.
- The UAE overtook Saudi Arabia as the largest projects market in the GCC during Q3-2022.
Business
Masdar Green acquires properties
The 3 Pearl rated properties in Masdar City are worth $254m.
- The acquisition follows a $200 million green loan secured from First Abu Dhabi Bank (FAB) in January to help finance the REIT’s growth.
- Masdar Green REIT was established by Masdar as an investment vehicle for professional investors to invest in a sustainable, income-generating real estate portfolio in Masdar City.
Business
Dubai Aerospace acquires Sky Fund Irish I
Sky Fund I leases aircraft to 14 airline customers.
- Next-generation technology aircraft represent more than 90 percent of the acquired portfolio.
- DAE's owned portfolio will now comprise nearly 50 percent of fuel-efficient, next-generation aircraft.
Business
QatarEnergy inks 27-year gas supply deal with China firm
The deal "marks the longest gas supply agreement in the history of the LNG industry", said Saad Sherida Al-Kaabi, Qatar's...
- QatarEnergy will send 4 million tons of liquefied natural gas annually from its new North Field East project to China Petroleum and Chemical Corporation.
- The Chinese company's chairman revealed that it had also requested a full share of the North Field South project that is dominated by Western energy giants.
Business
ADNOC Drilling to buy 3 rigs
The company bought four rigs between May and Aug. this year.
- The three brand new high-specification offshore jack-up drilling units (rigs) will be purchased for AED1.17 billion ($320 million).
- Since listing on the Abu Dhabi Securities Exchange in October 2021, ADNOC Drilling has expanded its fleet from 95 to 108 owned rigs, as of 30th September.
Business
FIFA World Cup: Coca-Cola Middle East launches locally produced 100% rPET bottles
350ml Coca-Cola, Sprite and Fanta bottles, plus 500ml Arwa water bottles, will be available to consumers.
- 350ml Coca-Cola, Sprite and Fanta bottles, plus 500ml Arwa water bottles, will be available to consumers
- The Coca-Cola Company has has been an official sponsor of the FIFA World Cup since 1978
Business
Nespresso chief confident inflation won’t hit sales
Inflation has hit Europe hard, forcing people to cut down expenses. But Nespresso boss Guillaume Le Cunff says their coffee...
- Inflation is running at 10.6 percent in the eurozone and household budgets are under pressure
- The Frenchman said that while Europe was Nespresso's historic market, it was still in expansion mode in North America
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Aramco, Sempra ink Port Arthur LNG royalties deal
Aramco's 25% participation in Port Arthur LNG Phase 2 aims to expand its gas portfolio and meet the world's growing...
Business
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58% of firms in Saudi Arabia plan to outsource cybersecurity
RIYADH, SAUDI ARABIA - Company bosses are boosting their cybersecurity following an alarming increase in cyberattacks, a new study commissioned...
Business
CBUAE, Islamic finance organizations discuss sustainable practices
ABU DHABI, UAE - The Central Bank of the United Arab Emirates (CBUAE) hosted several events with Islamic finance infrastructure...
Business
14 financial giants confirm expansion into Abu Dhabi: ADGM
Abu Dhabi, UAE -- Abu Dhabi Global Market (ADGM), a leading international financial center of the UAE’s capital, Thursday announced...
Business
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Abu Dhabi positioned in world’s fastest-growing economic corridor: Official
Abu Dhabi, UAE -- Dr. Karim El Solh, Co-Founder and Chief Executive Officer at Gulf Capital, said Thursday Abu Dhabi...
- He added that Abu Dhabi Finance Week took center stage, drawing policymakers, financial leaders, and investors worldwide.
- El Solh underscored Abu Dhabi's newfound status as the go-to investment gateway in Asia for many global and regional investors.
Business
Saudi consumer spending up 4 percent in October: SAMA
Riyadh, Saudi Arabia -- Consumer spending in Saudi Arabia increased 4 percent to SAR 110 billion ($29.32 billion) in October,...
- Consumer spending includes total cash withdrawals, point-of-sale (POS) transactions and e-commerce sales through "Mada", Argaam reported.
- Cash withdrawals from ATMs declined by almost 3 percent YoY to roughly SAR 45.5 billion in October.
Business
Dubai Taxi IPO raises US$315m
It received more than US$41 billion in investor orders.
- The IPO will result in total gross proceeds of approximately US$ 315 million being paid to the Department of Finance, representing the Dubai government
- DTC said the previously announced offering size consists of a total of 624,750,000 shares, equivalent to 24.99% of DTC’s total issued share capital