EasyLease buys stake in United Trans
This helps EasyLease expand its presence in mobility sector.
Business
Geostrategy
French PM leads delegation to Algeria as ties improve
French Prime Minister Elisabeth Borne starts a visit to Algeria with a top-level delegation, pushing for better ties with the...
- Ties between the North African country and France had seen months of tensions after Macron last year questioned Algeria's existence as a nation before the French occupation.
- The French PM is expected to sign deals on economic cooperation, including energy.
Business
Egypt records rush in arrival of tourists from Europe and US
Cairo, Egypt— Egypt has recorded a huge jump in arrival of tourists from many European countries and the US, as...
- Tourists from Spain and France are leading an increase in visitors to Egypt from a number of European countries
- Tourism toward Luxor and Aswan is predicted to be healthy from the second half of this month, with Japan, South Korea and India starting to operate flights to Luxor
Business
ADNEC, MICCO sign agreement
Logistics solutions will be developed for ADNEC events.
- The agreement will focus on the development of integrated services including, shipping, transport and other logistics operations.
- MICCO Logistics, which is part of AD Ports Group’s Logistics Cluster, claims a fleet of more than 400 vehicles and specialised storage facilities.
Business
UAE equities vault on the back of high oil prices
High oil prices drove equities up on both the Abu Dhabi Stock Exchange and the Dubai Financial Market, but Saudi...
- The ADX and DFM had weekly advances of 1 percent and 0.1 percent, respectively
- The Saudi index decreased towards the close of the week's trading
Economy
German coastal state goes to polls amid acute energy crisis
Frankfurt, Germany— Germans in the coastal state of Lower Saxony vote in a closely-watched regional election Sunday, seen as a key...
- Anxiety about soaring energy bills has dominated the race in the northwestern region on the North Sea, providing a snapshot of the national mood
- One major bone of contention between the leading candidates has been the fate of Lower Saxony's Emsland nuclear power plant, one of only three still operational in Germany
Business
Saudi Arabia says it does not politicize oil or oil decisions
Seeking to debunk the impression that it was somehow behind the rise in oil prices in the US, Saudi Arabia...
- Saudi minister said the idea that Saudi Arabia would do that would do this to harm the US or to be in any way politically involved is absolutely not correct at all
- US gasoline prices rose sharply early this year due to high demand and tight global refining supplies, but began to drop after peaking in June
Business
Sports become money-spinning enterprise for GCC
From Formula One racing to the football World Cup, the top-notch global sporting events are coming to Middle East, bringing...
- According to the World Trade Organization, the Middle East has the fastest-growing sports tourism market globally, currently worth an estimated US$600 billion
- Prince Abdulaziz bin Turki, Saudi minister of sports, stated last year that the sector's contribution to the GDP grew almost 160 percent in 2 years
Business
Pink diamond sells for nearly $58m in Hong Kong
The winning bid, by an undisclosed buyer from Boca Raton, Florida, was more than twice the estimated $21 million sale...
- The stone was the second-largest pink diamond to be sold at auction. Pink diamonds are the rarest of the precious gems and the most in-demand on the global market.
- The world record for a pink diamond was set in 2017, when a stone known as the CTF Pink Star was sold in Hong Kong for $71.2 million.
Economy
Sharjah tourism body to highlight AI, technology in tourism
Sharjah Commerce and Tourism Development Authority (SCTDA) has confirmed its participation at the 42nd GITEX Technology Week, to be held...
- The authority will showcase new projects and emerging prospects in Artificial Intelligence and Metaverse.
- SCDTA will highlight the innovative use of technologies and their impact on hospitality, tourism and commerce.
Business
Opportunities await Qatari investors in Kazakhstan’s Zhambyl region
Doha--- Qatar Chamber and Kazakhstan's Social-Entrepreneurial Business Corporations have discussed economic and commercial relations besides investment climate and opportunities in...
- Qatar Chamber and Kazakhstan's Social-Entrepreneurial Business Corporations discussed economic and commercial relations.
- Zhambyl Region which is considered a gateway for several international markets such as the Chinese and Russian markets.
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EasyLease buys stake in United Trans
This helps EasyLease expand its presence in mobility sector.
Business
Company News
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UAE warns of visa ban over job loss insurance fines
ABU DHABI, UAE - Some employees who failed to meet an October 1 deadline to sign up to the UAE's...
Business
Dubai plans bigger airport as passenger traffic continues to increase
"Once we've reached about 120 million (passengers a year), which is what we think our total capacity at DXB (Dubai...
Business
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Business
EDGE bags $1.1bn UAE defense ministry munitions contract
Dubai, UAE -- EDGE, one of the world's leading advanced technology and defense groups, announced that it bagged an AED...
- EDGE entity LAHAB DEFENCE SYSTEMS, the UAE’s sole munitions manufacturer, was awarded the contract.
- It includes the production and delivery of the MK 81, MK 82, MK 83, and MK 84 general-purpose aircraft munitions.
Business
Emirates, Safran sign pacts worth $1.2bn
Latest generation Safran Seats for new Emirates Airbus fleet part of the deal.
- The new seats will offer a host of enhancements that set a new standard for comfort, privacy and convenience.
- Safran Landing Systems will be supplying high performance wheels and carbon brakes for the Emirates A350 fleet.
Business
Mawani, CMA CGM Group lay foundation for logistics park at Jeddah Islamic Port
RIYADH, SAUDI ARABIA – The Saudi Ports Authority (Mawani) and CMA CGM launched on Wednesday a new logistics park at...
- The new logistics park will offer solutions and integrated environmental services and systems.
- It will offer an export center, storage and sorting services and refrigerated storage services.