UAE construction market soars to $94bn in 2023
Abu Dhabi, UAE--The UAE construction market size was $94 billion in 2023 and the market will achieve an AAGR of...
Economy
Jafza reports 28% year-on-year growth in 2023 of new Indian companies
DUBAI, UAE – Jebel Ali Free Zone (Jafza) is a major contributor to the growing trade between India and the...
Business
Business
German carmaker Mercedes recalls one million older vehicles
German carmaker Mercedes-Benz is recalling nearly one million older vehicles worldwide due to a potential problem with the braking system,...
- The KBA said that the recall affected cars built between 2004 and 2015, of the SUV series ML and GL and the R-Class luxury minivan
- The company said it would "start with the recall immediately" and contact the owners of the "potentially affected vehicles"
Business
Palestinian farmers battle foot-and-mouth outbreak
An outbreak of foot-and-mouth disease in the West Bank early this year has killed thousands of livestock, pushing Palestinian farmers...
- Palestinian farmers blamed the PA for halting a vaccinations program that had proven essential in protecting livestock against an endemic disease
- A new strain of foot-and-mouth disease (FMD), which causes potentially lethal fevers and blisters in young animals, was detected in livestock last November in Jordan
Science
UAE blazes a trail with AI, leads Europe and MENA
The Gulf country leads EMEA in the leverage of data, data science, and AI for the purposes of decision making...
- The UAE has established itself as a world leader in AI, having been the first nation to appoint a minister of state for AI
- Data science and AI are advancing, yet managers and non-managers in the UAE have different perceptions about data utility and AI's role
Business
Dubai Airports to divert 60% of DXB’s waste from landfills
Dubai Airports new waste management program will prevent 60 percent of all waste from entering landfills by the middle of...
- A food waste management plan has been created jointly by Dubai Airports’ and its partner BEEAH Group
- The waste treatment plan is expected to compost over 2,000 tonnes of food waste annually across Dubai International premises
Economy
Oman, Iran sign deals on oil field, two gas pipelines along maritime border
The two countries signed deals to develop two gas pipelines and an oil field along their maritime border, Oman's energy...
- The two sides have signed memoranda of understanding concerning oil and gas, but did not provide details
- A deal was reached about two decades ago to allow Iran to supply Oman with gas, but the project never materialised
Market Report
Saudi stocks lead declines among Gulf bourses
Saudi Arabia's benchmark index finished 1.3% lower, hurt by a 2.1% fall in oil giant Saudi Aramco and a 1.2%...
- Saudi Arabia's benchmark index finishes 1.3% lower, hurt by a 2.1% fall in oil giant Saudi Aramco and a 1.2% decline in country's biggest Islamic lender Al Rajhi Bank
- Abu Dhabi Stock Exchange witnesses a 0.5% drop in equities with the United Arab Emirates' largest lender First Abu Dhabi Bank losing 1.3%
Economy
Qatar’s Ministry of Labor launches package of electronic services
Qatar's Ministry of Labor says the new electronic services will streamline procedures and ensure better quality of services
- Qatar's Labor Ministry unveils electronic services for enhancing digital transformation and automation
- The electronic services will speed up transactions and streamline procedures, says Labor Ministry
Economy
Food prices fall in May after hitting record high in March, cereal production may drop
World food prices dipped in May for a second consecutive month after hitting a record high in March, although the...
- FAO says world food prices dipped in May for a second consecutive month although the cost of cereals and meat rose
- Global cereal production would drop in the 2022-23 season for the first time in four years, says FAO
Business
KSA teams up with Novartis to ramp up pharmaceutical capacity
Saudi Arabia has partnered with Novartis, the Swiss pharmaceutical company, to ramp up the kingdom's bio pharmaceutical capacity.
- Novartis’ contribution to the kingdom’s gross domestic product is expected to reach $857 million by 2024
- The parties aim to build local talent and capabilities as they aspire to reach 75 percent Saudization
Business
A campaign in US to stop Musk buying Twitter
Twitter said that the deal for Musk to acquire the company was a step closer to being sealed with the...
- Twitter said that the deal for Musk to acquire the company was a step closer to being sealed with the passing of a deadline
- Musk became a major Twitter stockholder following his purchase of 73.5 million shares in early April
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 construction market soars to $94bn in 2023
Abu Dhabi, UAE--The UAE construction market size was $94 billion in 2023 and the market will achieve an AAGR of...
Economy
Company News
Latest News
QGIRC net profit down
Business
Saudi MATARAT inks pact with Brazil’s Union of Airports
Rio de Janeiro, Brazil - The Saudi MATARAT Holding Company signed Wednesday a memorandum of understanding (MoU) with Brazil’s Union...
Business
UAE emerges as crypto powerhouse amid global shifts
Last year, 67% of UAE's crypto transactions were institutional, valued over $1 million, with decentralized exchanges constituting 48%, outpacing centralized...
Business
Inflation, war and high rates to decelerate trade in 2023, says WTO
Geneva, Switzerland - Global trade growth will be sharply lower than forecast this year as stubborn inflation, high interest rates and...
Economy
Most Read
Geostrategy
West responsible for Ukraine war, Russia wants ‘New World’ says Putin
Moscow, Russia - President Vladimir Putin said Thursday that Russia's mission was to create a "new world" and blamed Western hegemony...
- Putin has portrayed Russia's full-scale military intervention in Ukraine -- launched in February 2022 -- as part of a long-standing confrontation with the West
- Putin said the conflict in Ukraine was "not a territorial" one and that Moscow has "no interests from the point of view of conquering some territories"
Geostrategy
X removes headlines from news articles shared by users
The changes brought a good deal of criticism, journalist Tom Warren of The Verge website posting on X: "It's the...
- Elon Musk said the change was for "aesthetic" reasons -- news and other links now appear only as pictures with no accompanying text
- When the changes to links were first mooted in August, Musk posted: "This is coming from me directly. Will greatly improve the esthetics."
Business
Vietnam plans to auction rights to its largest rare earth mine
Hanoi, Vietnam - Vietnam plans to auction the rights to exploit its largest rare earth mine, a project partner said Thursday,...
- A tender for the mining of the Dong Pao mine, in northern Lai Chau province, is being planned by Australian mining company Blackstone Minerals.
- "Any party that succeeds in the auction will be able to exploit the mine and we will use the ore from this mine for production," a Vietnamese official said.