UAE tourism generates $12.24bn in hotel revenues in 2024: Minister
Abu Dhabi, UAE --Â Hotel revenues in the UAE reached approximately AED 45 billion ( $12.24 billion) in 2024, reflecting...
Business
Saudi Arabia’s travel account surplus reaches nearly $13.27bn
Riyadh, Saudi Arabia -- Saudi Arabia's tourism sector achieved a record surplus in the 2024 travel account, reaching SAR49.8 billion...
Business
Business
KEZAD, Al Eskan Al Jamae merge
The merger creates Abu Dhabi’s largest integrated staff accommodation company.
- The combined entity will have an equity value of approximately AED7 billion ($1.90 billion). This transaction would be effected through an equity share swap with no cash exchange.
- For the nine months ended 30 September 2022, revenue was AED275 million for KEZAD Communities and AED205 million for EAJ.Â
Business
Tweet sparks Musk fever in EU’s poorest corner
The Tesla, SpaceX and now Twitter boss -- who is not immune to bouts of online whimsy -- recently commented...
- The whole episode ignited a social media buzz, with memes aplenty showing the billionaire drinking the local rakia alcohol
- More than 40 percent of the region's people live below the poverty line, making it the EU's poorest, according to Eurostat
Business
Ma’aden plans to become one of the top ten global aluminium producers
Key executives from Ma’aden’s aluminum and smelter department participated in the three-day conference Arabal 2022 in Cairo.
- Key executives from Ma’aden’s aluminum and smelter department participated in the three-day conference Arabal 2022 in Cairo
- With over 400 high-level delegates in attendance, Ma’aden had a prominent presence at the event showcasing various products and demos
Business
Dubai Islamic Bank lists sukuk
The bank listed the sustainable sukuk on Nasdaq Dubai.
- The Sukuk is the first-ever sustainable Sukuk from a UAE entity and was issued in line with DIB’s Sustainable Finance Framework
- The bank issued the new Sukuk under its US$ 7.5 billion Sukuk Programme
Business
IATA says global passenger demand for air traffic growing
Geneva, Switzerland— Total global air traffic has shot up 44.6 percent in October as against October 2021, according to the...
- Total traffic in October 2022 (measured in revenue passenger kilometers or RPKs) rose 44.6 percent compared to October 2021
- Domestic traffic for October 2022 slipped 0.8 percent compared to the year-ago period as stringent COVID-related travel restrictions in China dampened global figures
Business
Technology, sustainability sectors among the most booming and awarded ones across GCC, says expert
The three sectors help the regional economies grow and offer better life to people, Takreem founder Ricardo Karam tells TRENDS...
- The three sectors help the regional economies grow and offer better life to people, Takreem founder Ricardo Karam tells TRENDS while discussing various topics, including awards.
- Takreem Awards 2022 focus, support and encourage innovation and humanity in the Gulf region, the Takreem founder adds
Business
ADNOC and PETRONAS sign MENA’s first unconventional oil concession
Abu Dhabi, UAE— The UAE President Sheikh Mohamed and the King of Malaysia Al-Sultan Abdullah have witnessed the signing of...
- The award to Malaysia’s national oil and gas company launches the Middle East’s first unconventional oil concession
- Under the six-year concession agreement, PETRONAS will hold a 100% stake and operatorship to explore for and appraise unconventional oil
Business
Saudi club Al-Nassr offers Ronaldo US$210m a season
The Portuguese football star Cristiano Ronaldo is likely to sign a $210 million a season blockbuster deal with Saudi Arabian...
- One source said the club were in "serious negotiations" with the 37-year-old but an agreement had not yet been reached because of issues with Ronaldo's image rights
- The striker helped his team triumph at Euro 2016 and has won an impressive haul of silverware across a glittering club career with United, Real Madrid and Juventus
Business
There’s no set route for startups’ success, it’s a mix of internal and external factors, says expert
Investors are paying greater attention than ever before to the founders' backgrounds, personalities and achievements, says Arwa Shafi of Saudi...
- Investors are paying greater attention than ever before to the founders' backgrounds, personalities and achievements, says Arwa Shafi of Saudi startup accelerator TAQADAM
- Startups with experienced professionals on the founding team have a higher success rate, Also, founders who start a firm in their area of expertise have better chances of success
Geostrategy
UAE, UK experts discuss science, tech help in net-zero agenda
ABU DHABI, UAE - Experts from UK and the UAE participated in a Sci-Tech Virtual Tour of the Emirates science...
- The tour was launched to facilitate business-to-business introductions between stakeholders and investors.
- During the virtual tour, delegates discussed decarbonization, affordability, supply of renewable energy.
UAE tourism generates $12.24bn in hotel revenues in 2024: Minister
Abu Dhabi, UAE --Â Hotel revenues in the UAE reached approximately AED 45 billion ( $12.24 billion) in 2024, reflecting...
Business
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Bayanat, Yahsat to merge          Â
It will benefit from revenue synergies, economies of scale.
Business
Australia’s Starc, Cummins set salary records at IPL auction
Before Tuesday, England all-rounder Sam Curran was the most expensive player after being bought for $2.23 million last year by...
Business
15% increase in air traffic at UAE airports during COP28, says GCAA
ABU DHABI, UAE – Airports in the country witnessed a 15 percent increase in air traffic during the 28th Conference...
Geostrategy
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Business
ENEC announces completion of Unit 4 of Barakah Nuclear Energy Plant
The Federal Authority for Nuclear Regulation (FANR), the UAE's independent nuclear regulator, recently issued the Operating License for Unit 4...
- The three current commercially operating Units at Barakah, delivered in three consecutive years, are already generating more than 30TWh of zero-emission electricity every year.
- The Barakah Plant, a pivotal player in the international nuclear energy sector, boasts four APR-1400 units, marking it as one of the largest nuclear energy facilities globally.
Business
Mubadala Energy makes gas discovery
This is the company's second successful well in the Andaman area.
- The latest discovery comies after the success of Timpan-1 in Andaman-II, which itself came after the success of Cengkih-1 in our SK320 in Malaysia.
- The well encountered an extensive gas column with a thickness of over 230 meters in an Oligocene sandstone reservoir.
Business
Apple pauses sale of watch models
The pause comes as it fights a patent battle over technology.
- The move comes more than a month after the USITC recommended banning imports of Apple Watch models that appear to infringe patents held by Masimo Corp
- A presidential review is underway regarding the USITC order regarding imports of Apple Watch models with the blood oxygen sensing feature at issue in the patent dispute