Shifting dietary trends boost MEA’s protein market
Rise of flexitarian and vegan diets in the region is driving demand for alternative proteins, with the market expected to...
Business
Business
April Dubai real estate sales highest monthly on record in 10 years
Dubai real estate market recorded 445 sales transactions worth AED 1.06 billion and 76 mortgage deals of AED 1.09 billion...
- On Wednesday, real estate market recorded 445 sales transactions worth AED 1.06 billion and 76 mortgage deals of AED 1.09 billion.
- In April, the market recorded 6,983 sales transactions, an increase of 45.5 percent over April 2021.
Business
UAE and China to set up New Energy Vehicle Project
Emirates Transport (ET) and China's NEV Investment LLC have teamed up to develop New Energy Vehicle Project in the UAE.
- The joint venture represents a milestone in the efforts aimed at accelerating the New Energy Vehicles Project in the UAE
- EVIS is considered a launchpad for NEV Investment and potential Chinese New Energy Vehicles which can be introduced to the UAE
Science
Boeing Starliner completes key test mission to ISS
Astronauts living aboard the station opened the hatch and "greeted" the capsule's passengers: Rosie the Rocketeer, a mannequin equipped with...
- The gumdrop-shaped spaceship landed in a puff of sand at 4:49 pm local time (2249 GMT) in the New Mexico desert
- Orbital Flight Test-2 (OFT-2) was the last hurdle for Starliner to clear before it carries humans in another test flight due to take place by the end of this year
Business
Iraqi boy evades security, boards Iran-bound plane
Iraqi aviation authorities have been left red-faced after a 10-year-old boy on his own boarded an Iran-bound plane from a...
- The international airport in Najaf, south of Baghdad, said Wednesday it would review security after the boy passed under the radar of seven checks
- Iraq’s civil aviation authority said a private firm had since 2019 been in charge of security at Najaf airport, which receives hundreds of thousands of pilgrims a year
Economy
Greece will send Iranian oil from seized ship to US: police
Greece will send Iranian oil from a seized Russian-flagged tanker to the United States at the request of the US...
- Authorities that seized oil didn't provide any details about how it would be transferred to the US
- Tehran protested against Greece and called it "international robbery"
Business
Filing says Elon Musk to borrow less for Twitter bid
Elon Musk notified US regulators on Wednesday that he will rely less on loans in his bid to buy Twitter,...
- The Tesla chief said in a filing with the US Securities and Exchange Commission that he would seek $13 billion in loans for the Twitter buy
- Analysts were concerned about Musk using billions of dollars worth of his Tesla shares to back loans
Business
Tokyo shares climb up after Wall Street gains
Tokyo stocks opened higher on Thursday following gains on Wall Street, despite ongoing worries over inflationary pressure due to the...
- The benchmark Nikkei 225 index added 0.14 percent or 36.94 points to 26,714.74, while the broader Topix index rose 0.45 percent, or 8.43 points, to 1,885.01
- Market players are now eyeing the release of US GDP data later in the day, said Stephen Innes of SPI Asset Management
Business
Spiralling inflation spurs GCC gold demand
Gold consumption in the GCC region reached 47 tons in the first quarter of 2022, up 18 percent from the...
- Gold consumption in the GCC region reached 47 tons in Q1 2022, up 18 percent from the prior year
- UAE consumption reached 12.50 tons in Q1 2022, an increase of 50 percent from the previous year
Business
Partnerships, collaborations signed during Global Aerospace Summit 2022
Several partnerships and collaboration agreements were signed between leading aerospace, aviation, space and defense organizations during the sixth edition of...
- LeoLabs announced a multi-million dollar award to provide data and services for the Japan Air Self Defense Force (JASDF).
- Sanad and Triumph Group sign MoU outlining their plans to collaborate on the provision of next-generation engine MRO capabilities in UAE.
Economy
Russia to pay overseas debt in rubles as US exemption ends
Russia said Wednesday that it will start paying its foreign debt in rubles after the United States ended an exemption...
- Punishing Western sanctions on Russia have largely severed the country from the international financial system.
- Russian Finance Minister Anton Siluanov said the current situation was "artificially created by an unfriendly country".
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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
Shifting dietary trends boost MEA’s protein market
Rise of flexitarian and vegan diets in the region is driving demand for alternative proteins, with the market expected to...
Business
Company News
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Meta posts big earnings
Business
Geopolitical changes derailed shift towards green energy, says IMF
Washington, US - Growing geopolitical fragmentation since the invasion of Ukraine has hit commodity markets, threatening to slow the transition to...
Business
Markets slump as US jobs data says labor market buoyant
The focus has been on US Treasury bond yields that have surged to levels not seen in over a decade,...
Market Report
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Geostrategy
Jazan City for Primary and Downstream Industries exports first shipment to US
JAZAN, SAUDI ARABIA - The Jazan City for Primary and Downstream Industries has marked a significant milestone with the departure...
- The ship is laden with 37,000 tons of iron steel foundry product, representing the first-ever production of this commodity within the Kingdom.
- The city's port has extensive capabilities and advanced logistical transportation services, making it a hub for trade exchanges in Saudi Arabia.
Business
ACWA Power signs $911 million water purchase agreement with DEWA
Dubai, UAE -- Dubai Electricity and Water Authority (DEWA) Tuesday signed a 30-year water purchaser agreement worth SAR 3.42 billion...
- The project is part of DEWA’s efforts to increase its water desalination capacity to 730 MIGD by 2030, from 490 MIGD at present.
- This project is the largest of its kind in the world for water production based on Sea Water Reverse Osmosis (SWRO) technology using solar energy.
Geostrategy
Qatar begins construction on North Field gas expansion
RAS LAFFAN, QATAR - Qatar's state-owned energy giant began construction on Tuesday on a project to expand production from the world's...
- There has been mounting demand for Qatari gas as European consumer nations have scrambled to replace lost Russian deliveries.
- Qatari Energy Minister Saad al-Kaabi called the project a "leap towards our country's leadership in the field of energy".