UAE records more than 25% growth in international card spending in 2023
Dubai, UAE--Total spending using international cards in the UAE witnessed a growth of more than 25% during the year 2023....
Business
UAE, NeoNautica collaborate to develop Blue Pass platform
DUBAI, UAE – The Ministry of Energy and Infrastructure has signed a collaboration agreement with NeoNautica, a company specialized in...
Business
Business
TotalEnergies takes $2bn share in Qatar’s giant gas expansion plan
Qatar's Energy Minister Saad Sherida al-Kaabi called the joint venture "a marriage more than an engagement" as it will last...
- TotalEnergies will take a 6.25 percent share of the North Field East Project in its joint venture with QatarEnergy
- Exxon Mobil, Shell, ConocoPhilips are all in line to take part in giant expansion that Qatar originally wanted to finance alone
Business
End of an era as Russia’s McDonald opens in new avatar
The US fast-food giant announced on May 16 that it would exit Russia in the wake of its Ukraine offensive.
- The restaurant, on the spot where the very first McDonald's opened its doors to long queues and great fanfare in January 1990, is among the first 15 to welcome customers.
- McDonald's Russian restaurants had accounted for around nine percent of the US group's turnover.
Business
Saudi telco to raise capital by 150%
Bonus shares to be granted by capitalizing $7.9 bn from retained earnings.
- Shareholders will be granted 1.5 shares for every share at the time of maturity.
- Prince Mohammad bin Khalid Al-Abdullah Al-Faisal, Chairman of the Board of Directors, said the capital increase is the largest in the history of Saudi market.
Business
Norway to label products made in Israeli settlements
Israel on Saturday condemned Norway's decision to label products from Israeli settlements with their place of origin. Norway's social democrat...
- Foreign Minister Anniken Huitfeldt stressed in an interview with Norwegian news agency NTB that this in no way constituted a boycott of Israel
- Norway said that the principle behind its decision, as set out in the 2019 ruling, is that consumers should not be deceived by misleading labeling on the origin or products
Business
Meta to launch ‘metaverse academy’ in France
The school's goal in its first year will be to train for free around 100 students in two roles, specialist...
- Seen as the internet's next great technological development, the metaverse refers to an immersive digital world that aims to recreate real life via augmented or virtual reality.
- Located in the capital Paris and other cities including Lyon, Marseille and Nice, the metaverse academy will train 20 students per city each year.
Business
UAE and Uzbekistan extend strategic partnership for three years
The UAE and Uzbekistan have pushed for a new phase of their strategic partnership for government modernization to promote the...
- Areas of cooperation in the strategic partnership agreement have been updated to include the financial sector, education sector, economy, government leadership, and food security
- The expanded strategic partnership signed by the UAE and Uzbekistan covers 27 sectors, involving initiatives in government modernization to benefit from the UAE’s experience
Business
Turkey looks to modern port to revive tourism
A state-of-the-art port in Istanbul with an underground terminal, a celebrity chef's restaurant and a shopping center, welcomes yet another...
- Hit hard by Covid, Turkey's tourism sector could get a shot in the arm from the revenue generated at Galataport, which opened in 2021
- Around 30 cruise ships have so far anchored at Galataport and 200 more are expected by the end of the year, which amounts to 450,000 passengers
Business
Iran and Venezuela sign 20-year cooperation deal
Iran and Venezuela signed a 20-year deal on cooperation between the two allies subject to US sanctions during a visit...
- Maduro said the cooperation covered the energy and financial sectors as well as "work together on defense projects"
- Khamenei welcomed the agreement, and called for "stronger" cooperation between Tehran and Caracas, according to a statement on his official website
Business
Tension spikes between Lebanon and Israel over gas field
Hundreds of people and several lawmakers protested Saturday in southern Lebanon against Israel moving a gas production vessel into an...
- Lebanon and Israel have no diplomatic relations and are separated by a UN-patrolled border
- Lebanon's president and prime minister have condemned Israel for moving the vessel into the Karish field, and have invited US envoy Amos Hochstein to Beirut for mediation
Business
Discoveries give Saudi geotourism an edge in region
Aside from fossil discoveries, one of the unique geological phenomena discovered in Saudi Arabia is basalt columns. These one-of-a-kind columns...
- On 1 June 2022, the Saudi Geological Survey and the Red Sea Development Company (TRSDC) announced the discovery of 80-million-year-old fossil sites along the Red Sea coast.
- Saudi distinguished by its exceptional geological diversity that serve as tourism attractions, says Dr. Muhammad Yusuf Ali, professor of geology at King Saud University.
Most Read
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
UAE records more than 25% growth in international card spending in 2023
Dubai, UAE--Total spending using international cards in the UAE witnessed a growth of more than 25% during the year 2023....
Business
Company News
DAE H1 profit up 13%
Business
Latest News
Mubadala invests in Aligned
Business
TECOM Group profit soars 13%
Business
Saudi Arabia launches mechanism to advance global climate goals
RIYADH, SAUDI ARABIA - The Clean Development Mechanism Designated National Authority (CDMDNA) announced on Monday the operation of Saudi Arabia's...
Geostrategy
Most Read
Business
Dubai at top global ranking for attracting Greenfield FDI projects in H1 2023
DUBAI, UAE - Dubai remains the top global destination for attracting Greenfield Foreign Direct Investment (FDI) projects, with the emirate...
- During the first half of 2023, Dubai’s global share in the attraction of Greenfield FDI projects stood at 6.58 percent.
- The results align the Dubai Economic Agenda D33, which aims to double the size of the emirate’s economy over the next decade.
Business
EV infrastructure company launched
PIF will own 75% in the Electric Vehicle Infrastructure Company.
- It plans to establish presence in more than 1,000 locations, installing over 5,000 fast chargers by 2030 in cities across Saudi Arabia.
- PIF said the new company aims to enhance Saudi Arabia’s automotive ecosystem, through collaboration with EV companies.
Geostrategy
Saudi Arabia, India ink MoU on electrical interconnectivity, green hydrogen
RIYADH, SAUDI ARABIA - India and Saudi Arabia signed a Memorandum of Understanding (MoU) here in electrical interconnection, green/clean hydrogen,...
- The signing took place during the Middle East and North Africa Climate Week 2023 in Riyadh, Saudi Arabia.
- The MoU was signed by Saudi Arabia’s Minister of Energy and India’s Minister of Power and New and Renewable Energy.