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
Asian stocks rise on US gains ahead of key China policy meeting
Hong Kong, China - Asian markets mostly rose Monday following US gains and ahead of a Chinese legislative session where Beijing's...
Business
Business
EU lifts sanctions on Syria’s Cham Wings airline
The European Union said Wednesday it has lifted sanctions against Syria's private airline Cham Wings, after the company was blacklisted...
- The EU listed Syria's only private airline saying it had increased flights to Minsk in the summer of 2021 to transport migrants from Belarus to the EU illegally
- Cham Wings flights are limited to a handful of mostly Arab destinations, in addition to Tehran and Moscow, after Syria was slapped with Western sanctions
Economy
Digitization of govt services spurs MENA IT spending
The IT spending in the MENA region will hit US$1.7bn in 2022 as the governments are using technology to streamline...
- Sixty-six percent of total IT spending in 2022 will go toward communication services, which will remain the largest segment
- Global government IT spending is estimated to reach US$565.7 billion this year, up 5 percent from 2021
Science
Are EVs driving towards greener world or uncertainty?
Studies suggest the electric vehicles may not eliminate all emissions even by 2050, particularly those related to mining and battery...
- Recent studies suggest the electric vehicles may not eliminate all emissions even by 2050, particularly those related to mining and battery production.
- Wider adoption of EVs will hinge on affordability which, in turn, is reliant on battery production and robust charging infrastructure
Business
Global medical and recovery tourism worth $100bn annually: Official
The revenues of the medical and recovery tourism, globally, is around $100 billion annually, said Bandar Al Fihaid, President of the...
- Bandar Al Fihaid, President of the Arab Tourism Organization (ATO) said this in a report.
- The ATO president also said that Arab tourists expenditure amounts to nearly $30 billion.
Business
easyJet orders 56 aircraft
The order for single-aisle aircraft is worth $6.2 billion.
- The new jets will over time replace part of easyJet's A319 fleet, whose average age is about 15 years.
- London based easyJet operates more than 300 A320s, making it single biggest operator of the plane.
Business
ADIB H1 net profit $381m
Net profit increased by 30 percent YOY to $381 million.
- The rise in net profit was attributed to top-line growth, continued optimization of the cost base and lower impairments.
- The bank revenue for the first half of the current year improved seven percent to AED 2,838 million compared to AED 2,644 million last year.
Business
Dubai Chamber members’ exports and re-exports $35bn in H1
The Dubai Chamber members' exports and re-exports surged to AED129.4 billion ($35 billion) during H1 2022, marking a 17.8 percent...
- The figure marks a 17.8 percent increase compared to the same period last year.
- The number of certificates of origin issued also rose 8.9 percent year-on-year to exceed 357,000.
Business
Expansion of Qatar’s NFE gas project well timed: Experts
Having revealed the list of companies chosen for expanding the North Field East (NFE) gas field, Qatar implements the first...
- Qatar's revenues are expected to rise by $40 billion after the first phase of expansion is completed by 2025.
- TotalEnergies, ExxonMobil, ConocoPhillips, Eni, and Shell had won earlier this year contracts to develop NFE, whose investment costs stand at about $28.75 billion.
Business
$399 million hospitality investment fund coming up in Saudi Arabia
A SAR 1.5 billion ($399 million) hospitality investment fund that will advance lifestyle hotels in Saudi Arabia will be set...
- Media reports said the lifestyle hotels will enhance promising sector-leading opportunities in various tourist destinations within the kingdom.
- The projects are expected to provide around 2,000 hotel rooms and training opportunities for Saudi nationals.
Business
Netflix subscriber base thins as competition heats up
Netflix reported losing subscribers for the second quarter in a row Tuesday as the streaming giant battles fierce competition and...
- Netflix shares were up slightly in after-market trades a sign that investors were remaining faithful
- Netflix opted to develop the lower-cost offering after a disappointing first quarter in which it lost subscribers for the first time in a decade
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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
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
Company News
4.4m travel by SAR in H1 2023
Business
Latest News
Oman Air Cargo revenue up
Business
Emaar EC and Orascom to develop tourism destination
Dubai, UAE -- Emaar, The Economic City, the master-developer of King Abdullah Economic City (KAEC), has signed a strategic agreement...
Business
Navigating the complex landscape of cyber insurance
The cyber insurance industry will persistently evolve as the threat landscape expands. As the criteria for insurability rise, enterprises shouldn't...
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Business
Mawani, SGP ink US$266m pact
The aim is to establish multiple logistics zones in the Kingdom.
- The objective is to establish logistics zones that will enhance efficiency of the sector, improve service quality and generate additional job opportunities.
- This initiative is expected to strengthen the role of the logistics sector in supporting the national economy.
Economy
World Investment Forum 2023 ends with call for greater private and public investment
Abu Dhabi, UAE – UNCTAD's 8th World Investment Forum came to a close on Friday in Abu Dhabi with a...
- The week-long event saw the convergence of 8,000 participants, including government officials, international organizations, policymakers, 700 CEOs and investors
- Held against the backdrop of a fragmented global economy, the forum addressed the profound impact on global trade and investment
Business
Volkswagen revenue up
The automaker made sales to the tune of US$83.5bn in Q3.
- The automaker's operating profit for the quarter also increased, to around $5.19 billion, on an operating margin of 6.2 percent.
- The company's sales saw a 20-percent jump in Western Europe, delivering 2.34 million vehicles over the July-September period