Non-oil sectors contribute 50% to Saudi Arabia’s real GDP in 2023
RIYADH, SAUDI ARABIA – Non-oil activities in the Kingdom have achieved a historic milestone, reaching a 50 percent share of...
Economy
Dana Gas logs $83m net profit
Business
Aramex profit plunges 53%
Business
Saudi inflation rises to 1.8% in February
RIYADH, SAUDI ARABIA – Saudi Arabia’s inflation accelerated to 1.8 percent in February compared to January 2024, according to data by the General...
Economy
Business
Saudi Arabia to build first carbon-free smart city
AlNama smart city being developed in Saudi Arabia will be a zero-carbon community, according to the Dubai's URB entrusted with...
- Spread over an area of 10 square kilometers in Riyadh, the hospitality hub will create around 10,000 jobs including green-tech industries to create a ‘green circular economy’
- The project is planned to provide 11,000 residential units and an eventual population of 44,000 people
Business
Equity markets mixed as eurozone inflation hits record
Wall Street stocks shrugged off early weakness to begin the second half of 2022 on a solid note Friday, but...
- Investors are coming off the worst six-month start to a year for the S&P 500 since 1970
- The ECB stated last month that it will deliver its first interest rate hike in more than a decade in July to combat inflation
Business
Jewels of Emirates Show features 20 UAE and international designers
The third edition of The Jewels of Emirates Show, UAE’s inaugural event specializing in diamond jewelry, gold, silver and luxury watches...
- The four day event is organized by Expo Centre Sharjah with the support of the Sharjah Chamber of Commerce & Industry.
- The show has numerous special surprises for its visitors, including valuable gold, jewelry gifts and vouchers up to 1000AED.
Business
Metaverse mass adoption may be years away, says Borget
The metaverse version -- where players largely do the same thing but can earn cryptocurrency rewards and buy extra kit...
- Borget is co-founder of The Sandbox, a platform that began as a game for mobile phones and PCs but is transforming itself into a virtual world
- Brands like Gucci and Adidas, financial firms Axa and HSBC, and Warner Music are among those who have chosen to set up shop in The Sandbox
Geostrategy
UAE, Cyprus to strengthen relations in multiple sectors
Anwar Gargash, Diplomatic Adviser to UAE President, discussed developing ties across various domains with Minister of Foreign Affairs of the...
- The two reviewed means to enhance cooperation to promote progress, prosperity.
- They also discussed various developments in the regional and international arenas.
Economy
Free trade pact with UAE will help Indonesia, says envoy
The Comprehensive Economic Partnership Agreement (CEPA) signed between Indonesia and the UAE on Friday will bring economic prosperity to a...
- The trade pact is expected to boost imports of petrochemicals from the UAE to Indonesia
- Indonesia imports around two million tonne of petrochemicals annually from the global market
Economy
Abu Dhabi Industrial Strategy to boost growth, says Dr Al Jaber
UAE Minister of Industry and Advanced Technology Dr Sultan bin Ahmed Al Jaber said the country continues to empower the...
- UAE empowers the industrial sector and increase its competitiveness by leveraging its resources, advantages and capabilities
- The strategy will support national industrial growth, nurture and empower Emirati talent, create a smart circular economy
Business
Siemens writes off $2.8 billion
The move came after share price of its former energy unit fell sharply.
- The drop in the value of Siemens Energy meant the parent company's 35 percent holding in the spin-off at "significantly below the book value".
- Siemens Energy's wind-energy subsidiary Siemens Gamesa has struggled to turn a profit despite surging demand for renewable energy.
Economy
‘Industrial sector a key player in Abu Dhabi’s economy’
Industrial sector performs key role in Abu Dhabi’s economy and a new industrial financing entity will soon be established for...
- ADDED chairman says a new industrial financing entity will soon be established for large industries and SMEs
- He said initiatives such as reducing electricity, water and gas tariffs have been launched to attract investments
Business
Abu Dhabi to set up industrial financing entity: Chairman ADDED
A new industrial financing entity will soon be established in Abu Dhabi to finance large industries and small and medium-sized...
- The entity will finance large industries and SMEs as industrial financing requires the establishment of new frameworks, Al Hammadi said.
- Abu Dhabi's industrial sector contributed about AED 83.5 billion to the emirate's GDP in 2021.
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Non-oil sectors contribute 50% to Saudi Arabia’s real GDP in 2023
RIYADH, SAUDI ARABIA – Non-oil activities in the Kingdom have achieved a historic milestone, reaching a 50 percent share of...
Economy
Company News
Dana Gas logs $83m net profit
Business
Aramex profit plunges 53%
Business
Latest News
Archer to launch its all-electric air taxi service across UAE
ABU DHABI, UAE - Archer Aviation on Tuesday announced that it has entered into an agreement with Abu Dhabi Investment...
Business
Manufacturers struggle to meet AI-related goals, says new white paper
DUBAI, UAE -- Despite many manufacturers integrating AI into their operations, a significant number of them face challenges in meeting...
Business
UAE and Saudi Arabia lead MENA venture capital fundraising
Dubai, UAE -- MENA venture capital funding in the third quarter saw $250 million raised across 78 deals, a 32...
Business
Most Read
Business
Gulf Navigation posts profit
Its net profit rose to US$9.53m in the first nine months of 2023.
- The Dubai-based company in a statement said that operating revenue for the nine-month reached $23 million
- The company CEO said that the management was focusing on achieving sustainable returns for their shareholders
Business
Rolls-Royce to cut 2,500 jobs
It will cut six percent of its staff to build a leaner company.
- Chief executive Tufan Erginbilgic said the company was building a Rolls-Royce that is fit for the future
- Last CEO Warren East had axed more than 9,000 jobs and launched a major divestment programme in 2020
Economy
UAE Minister Al Gergawi backs ‘curiosity’ and ‘equity’ at World Economic Forum
Dubai, United Arab Emirates – Considering opposing views, exchanging ideas and developing pathways for collaboration are essential to improving lives...
- UAE Minister of Cabinet Affairs Mohammad Abdullah Al Gergawi called for asking big questions to create a better future
- Panelists in the opening plenary made the case for connecting the dots across industries and disciplines