Saudi Aramco CEO calls energy transition strategy a failure
Pointing to the still paltry share of renewable energy in global supply, the head of Saudi Aramco described the current...
Business
Business
JCDC, Cruise Saudi to develop Jeddah Central Project design
The Marina and terminal will contribute to transforming Jeddah’s coastline.
- The Marina and terminal will contribute to transforming Jeddah’s coastline
- The project will also foster growth of the Kingdom’s marine tourism industry
Business
Algeria discovers oil and gas fields in Sahara desert
Algerian state oil firm Sonatrach announced on Monday new oil and gas discoveries in the North African country's Sahara desert,...
- The energy company said that gas deposits were found in the Illizi Basin
- On July 19, Eni, US major Occidental, France's Total and Sonatrach signed a $4 billion oil and gas production-sharing contract for the Berkine field
Business
Rockets hit Emirati-owned gas complex in north Iraq
Three Katyusha rockets hit a gas complex in Iraq's autonomous Kurdistan region on Saturday, a local official said, in the...
- In June, the site owned by UAE energy company Dana Gas was targeted three separate times by rockets that did not cause casualties or damage
- The gas field lies between the cities of Kirkuk and Sulaimaniyah, in a region administered by Kurdish authorities
Business
‘Mobile-first mindset’ rules companies in Middle East
With an average of 40 percent of sales taking place via mobile, a growing number of enterprise-sized brands see mobile...
- With an average of 40 percent of sales taking place via mobile, a growing number of enterprise-sized brands see mobile as a highly strategic acquisition and retention channel
- However, it’s not just about having a mobile app, it’s also about delivering an exceptional user experience and being able to integrate mobile with any other channels seamlessly
Opinion
‘Crypto winter’ fails to dampen confidence of investors
Even as the interest in crypto remains more or less steady, and investors are still keen to buy in, it’s...
- Blockchain technology and the digital asset ecosystem are here to stay, and investors aren’t deterred by the state of the market
- However, anyone looking to invest their hard-earned capital into crypto - particularly retail and first timers - must exercise caution
Economy
Bahrain joins UAE, Jordan and Egypt in industrial pact
Prime Minister of Egypt Mostafa Kamal Madbouly witnessed a signing ceremony Monday in Cairo that welcomed Bahrain as the fourth...
- The Industrial Partnership for Sustainable Economic Development was announced in the UAE on May 29, 2022 with an aim to empower their industrial sector.
- The plan was establish large joint industrial projects, providing private sector companies with opportunities for expansion and creating job opportunities.
Business
Al Seer targets 2-3m tons cargo
ASM manages 5 dry bulk and general cargo ships.
- Al Seer Marine is currently in negotiations for a long-term contract for carriage of 2 million tons annually.
- The company has short-term plans of acquiring 10 to 15 ships in 2022.
Business
Natural gas a weapon of war between Russia and Europe
Natural gas has emerged as a weapon of war between Russia and Europe since Moscow's February 24 invasion of Ukraine....
- On February 22, 2022, German Chancellor Olaf Scholz says he is suspending the Nord Stream 2 pipeline project with Russia.
- On March 23, Russian President Vladimir Putin bans European gas customers from paying their bills in dollars and euros.
Economy
Abu Dhabi Maritime to sponsor Abu Dhabi International Boat Show
The Abu Dhabi International Boat Show (ADIBS), organized by the Abu Dhabi National Exhibitions Company (ADNEC), has entered into a...
- Abu Dhabi Maritime has a mandate to implement effective maritime services and state-of-the-art infrastructure
- The fourth edition of Abu Dhabi International Boat Show will take place this year from November 24 to 27.
Economy
‘Inflation a concern, equity markets favorable in GCC region’
A survey in the GCC region reveals that almost all the respondents believe that rising inflation will impact their cost...
- A survey in the GCC region reveals that people believe inflation will impact their cost of living by at least 10 percent
- Over 66 percent of the respondents said that they continue to view equity markets favorably
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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
Company News
DP World H1 EBITDA $2.6bn
Business
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Modon attracts new investments via partnerships with China, Japan
Riyadh, Saudi Arabia -- The Saudi Authority for Industrial Cities and Technology Zones (Modon) has attracted new investments by partnering...
Business
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Business
GCC unified tourist visa to be introduced within 2 years, says UAE minister
ABU DHABI, UAE – Emirati Minister of Economy Abdullah bin Touq Al Marri has announced that the Gulf Cooperation Council...
- The new visa will open doors to travelers, granting them access to six countries under a single, unified tourist visa.
- The minister said the UAE is getting ready to welcome the new flow of international tourists with the new unified visa.
Business
Yansab 9M net loss $134 million
The company had posted net earnings of $136m in 9M 2022.
- In the third quarter of 2023, the company widened its net loss to SAR 161.3 million from SAR 61 million in the year before.
- Yanbu had decided to distribute cash dividends of 236 million Saudi riyals to shareholders for the first half of the fiscal year 2023.
Business
Aldar achieves record occupancy in Grade A commercial properties in Abu Dhabi
Abu Dhabi, UAE - Aldar Properties achieved a 97% occupancy rate across its prime Grade A commercial properties, which includes...
- Occupancy rates at the towers located at ADGM, the international financial centre on Al Maryah Island, stand at 99% compared to 79% when acquired by Aldar in 2022
- Aldar’s other Grade A commercial properties in Abu Dhabi, HQ and International Tower currently hold an average occupancy rate of 95%