Algeria signs gas field deal with oil giant ExxonMobil
Algiers, Algeria - Algeria's state oil company announced Thursday it signed a memorandum with ExxonMobil to develop two gas fields, a...
Business
US says Boeing can be prosecuted for 737 MAX crashes
San Francisco, United States - The US Justice Department on Tuesday said Boeing can be prosecuted for two subsequent 737 Max...
Business
Business
Commercial Bank closes $750m loan
The three- and the five-year facility was led by Mizuho Bank as coordinator.
- The bank said that the syndication was launched at an initial value of $400 million but was oversubscribed at $940 million.
- The proceeds from the facility was used to replace an existing facility and for Commercial Bank's general funding requirements.
Business
Amazon to begin drone delivery in California
Amazon plans to start flying some purchases to customers later this year, the e-commerce giant said Monday, announcing drone delivery...
- Amazon customers in the Northern California town of Lockeford will be able to sign up for free delivery by "Prime Air" drones, the company said in a post
- "Air-eligible" items ordered at the retailer's website will be packed into drones that will fly to the delivery addresses, deposit packages outside from safe heights, then fly away
Business
Borouge is in FTSE Series
ADNOC, Borealis are majority shareholders in Borouge.
- FTSE Russell’s indices are used by investors globally to inform asset allocation decisions and support portfolio construction
- Borouge is one of the world’s leading providers of innovative and differentiated polyolefin solutions for the infrastructure, energy, agriculture, mobility and healthcare
Economy
Oman, Tanzania establish Joint Investment Fund
Oman foreign minister Al Busaidi anticipated the surge of trade deals between the two countries, especially after signing several MoUs.
- Oman foreign minister Al Busaidi anticipated the surge of trade deals between the two countries, especially after signing several MoUs
- He revealed that the two countries would later sign MoU to collaborate on economic, investment, tourism and energy projects
Economy
Realty helps UAE’s economy settle into new normal
The UAE's residential real estate market is poised to grow at a CAGR of 12.36 percent by 2026, Sharjah Sustainable...
- The UAE's residential real estate market is poised to grow at a CAGR of 12.36 percent by 2026, Sharjah Sustainable City CEO Yousif Ahmed Al-Mutawa tells TRENDS
- Appetite for villas and townhouses will grow in upcoming years due to the rise of work-at-home trends and social isolation, as well as the expansion of residential areas
Economy
Saudi Arabia issues interim licenses for digital govt business
Saudi Arabia's Digital Government Authority issued the first package of interim licenses for digital government business to three companies -...
- Saudi Arabia's Digital Government Authority issues interim licenses for digital government business to three companies
- Elm, Takamol Business Services and Thiqah to develop and operate 15 existing digital government platforms and products
Business
Saudi Arabia adopts online registration for Hajj to combat scams
Saudi Arabia has required would-be hajj pilgrims from many Western countries to apply for visas via a government portal online,...
- It applies to the United States, Canada, the United Kingdom, Europe and Australia, an official told AFP on condition of anonymity.
- Previously, pilgrims could register via travel agencies that organised hajj trips, a system that sometimes led to scams, with "fake agencies" making off with victims' money.
Economy
Germany, UAE can jointly invest in ‘new economy’, says top diplomat
Germany and the UAE as strong economic partners will continue trade but they can make joint investments in the 'new...
- Germany and the UAE as strong economic partners will continue with their trade in the traditional economy
- Both the countries can make joint investments in the 'new economy' that will help achieve their net-zero targets
Business
Gulf’s first dedicated furniture exhibition kicked off Monday
The first edition in Dubai catered to big-box retailers and wholesale traders, while the second edition is set to have...
- The Expo Center Sharjah announced this, while confirming that the event will finish Thursday, 16th June.
- The first two days are dedicated to trade visitors and the latter two days are dedicated to general visitors.
Business
US stocks down again as S&P 500 breaches bear market
Wall Street stocks sank early Monday, tumbling into a "bear market" in anticipation of more Federal Reserve monetary tightening this...
- The market's losses come on the heels of three straight down sessions, put the S&P 500 into a bear market.
- About 35 minutes into trading, the broad-based S&P 500 was at 3,796.66, down 2.7 from Friday's session.
Algeria signs gas field deal with oil giant ExxonMobil
Algiers, Algeria - Algeria's state oil company announced Thursday it signed a memorandum with ExxonMobil to develop two gas fields, a...
Business
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Riyadh to host Peace and Sport Middle East Forum in Oct
Arts & Culture
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
Nedaa, Dubai Customs ink MoU
MoU to enhance digital solutions for efficiency.
- The MoU will help to integrate efforts and exchange experiences to improve the level of services provided to various groups and segments of society.
- The two parties will focus on developing an operational mechanism aimed at ensuring a reliable and effective communication network for Dubai Customs,
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.