OPEC+ decides to keep oil production levels unchanged
Vienna, Austria--The participants of the 53rd Meeting of the Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum...
Business
flynas receives 50th jetliner out of 120 Airbus A320neo ordered
RIYADH, SAUDI ARABIA – flynas, the Saudi air carrier and the leading low-cost airline in the Middle East and the...
Business
Business
Auctioneers unveil Microsoft co-founder’s $1bn art collection
Allen co-founded Microsoft with Bill Gates in 1975, becoming fabulously rich as the company grew into the computing behemoth it...
- Five centuries of touchstone works featuring some of the most significant creators in history are being sold next month
- The collection of more than 150 pieces includes work by Vincent Van Gogh, Claude Monet, Paul Gauguin and Jasper Johns
Business
Customers feel better with ‘Buy Now, Pay Later’ plans
Buy Now, Pay Later services provide customers the functionality of credit cards-- easy payments with no cash. But BNPL usually...
- BNPL providers pay retailers upfront and lend money to customers while taking on all of the program's administrative costs and credit risk.
- The appeal of BNPL also lies in the fact that vast amounts of consumer data can be used by retailers to enhance customer loyalty by offering more targeted products.
Business
ENOC unveils service station of future for public at Expo City
Dubai, Abu Dhabi -- ENOC Group announced Wednesday that its Service Station of the Future is now open to the...
- Expo City Dubai is now ready to host 145,000 residents and workers, becoming the UAE’s first 15-minute city.
- This includes amenities in close proximity to the 85 start-ups and small businesses that occupies the commercial space.
Economy
IMF says countering inflation with tax cuts would be ‘too costly’
The fund's comments, in its latest Fiscal Monitor report, come as food prices have surged by half since 2019 while...
- Countries all around the world are facing more pressing and more painful trade offs," said Vitor Gaspar, director of IMF's fiscal affairs.
- Countries may need to raise added revenues and contain the growth of other expenditures as they prioritize policies, the fund said.
Business
Yellow Door closes $400m equity raise
It plans to deploy $1bn in sustainable energy projects.
- Yellow Door said in a statement that the funding was substantially provided by YDE’s newest and now controlling shareholder, Actis.
- Existing shareholders International Finance Corporation (IFC), Mitsui & Co., and APICORP also increased their equity commitments.
Business
Wio Bank, Stripe sign partnership
Will enable SMEs to access e-commerce faster.
- They will also ensure easy onboarding and a simple pay-as-you-go pricing model.
- Users can soon sign up on the Wio Business app and be set up with a payment gateway to optimize payments within minutes.
Business
ADNIC, JAFZA sign insurance pact
JAFZA is home to over 9000 companies, including Fortune 100 firms.
- ADNIC will provide pre-underwritten insurance products for health and office insurance with exclusive pricing.
- Through this partnership, the Jafza community will benefit from hassle-free online enrolment for health insurance policies.
Business
Meta unveils new virtual reality headset Quest Pro
Meta said it is partnering with Microsoft and others to tune popular business and productivity software to virtual worlds using...
- The $1,500 Meta Quest Pro features a number of new features that are meant to improve users' perception of truly being in the presence of other people
- The headset makes it possible to view not only virtual worlds but also the real environment of the user, thanks to high-resolution outward-facing cameras
Business
Retal’s stock rises 2.4%
It will build 550 housing units in Riyadh for $161m.
- Retal said in a bourse filing that the project is expected to positively affect the company’s results after the sale begins and the project is completed
- Last month, Retal and National Housing signed another agreement to build 759 housing units in Riyadh
Economy
Automation poised to transform GCC labor market
About 42.6 percent of jobs in the region will be automated by 2030, ahead of the global average of 32...
- Management consulting firm McKinsey predicts that 42.6 percent of jobs in the GCC will be automated by 2030, ahead of the global average of 32 percent
- As a backup plan against future pandemics, the GCC's business automation strategies evolved quickly during and after the COVID-19 pandemic
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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
OPEC+ decides to keep oil production levels unchanged
Vienna, Austria--The participants of the 53rd Meeting of the Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum...
Business
Company News
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MODON inks $133 m pact
Business
UAE defense ministry orders 100 REACH-S unmanned aircraft from EDGE
DUBAI, UAE - EDGE, one of the world's leading advanced technology and defense groups, announced its first major order from...
Business
Emirates sign deal with Airbus to buy 15 A350-900s
Dubai, UAE - Dubai-based Emirates on Thursday announced an order for 15 long-haul Airbus A350-900s, bringing to 110 the number of...
Business
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Geostrategy
Saudi Arabia, CARICOM countries hold first summit for strategic partnership
RIYADH, SAUDI ARABIA - Since its foundation, the Kingdom has been keen to build bridges of communication with all the...
- The convening of the summit will contribute to mutual support for various global nominations of the Kingdom and CARICOM, including Saudi Arabia's bid to host Expo 2030.
- It will enhance coordination on regional and international issues of common interest, boosting tourism cooperation, and highlighting Saudi Arabia's tourist attractions.
Business
EDGE to supply metallic machined parts to Boeing
Abu Dhabi, UAE – EDGE, an advanced technology group specialising in precision engineering in the UAE’s aerospace, oil & gas,...
- The company will execute the procurement of raw materials, machining parts, and surface treatment processes
- EDGE manufactures high-quality complex engineering components for the defence, aerospace and oil & gas sectors
Business
Dubai Investment posts profit
Its income for the first nine months of 2023 is US$816m.
- The company reported a net profit of $222.46 million for the nine-month period ended September 30, 2023
- The diversified investment company listed on the DFM said its total assets reached $5.71bn at the end of Q3 2023