30% productivity leap: Building the machinery of tomorrow
By embracing digital tools, AI, and sustainable practices, companies can optimize production, redefine their role, and propel themselves towards a...
Business
Germany shares observations on Qatar hosting Autonomous e-Mobility Forum
In its efforts toward sustainable transportation, the German embassy is the first diplomatic representation in Doha to utilize an electric...
Business
Business
ADNOC L&S acquires 3 LNG vessels
In April the company announced it will acquire two LNG vessels.
- All five new-build LNG vessels will be built at the Jiangnan Shipyard in China.
- ADNOC L&S, the shipping and maritime logistics arm of ADNOC, is region’s largest shipping and logistics company.
Business
Kuwait crude oil export to Japan climbs 7.6% to 6.61m barrels
Kuwait's export of crude oil to Japan has climbed 7.6 percent to 6.61 million barrels, or 220,000 barrels per day...
- Kuwait overtook Qatar to become Japan's third-biggest oil provider last month
- Japan's overall imports of crude oil grew 9.9 percent year-on-year to 2.92 million bpd, up for the ninth month in a row
Business
dnata to invest $100m in green ops
dnata, global air and travel services provider, announced that it would invest $100 million in green operations in the next...
- The company’s ongoing investment in infrastructure, equipment and process improvement will support it to achieve its strategic objectives.
- The company said it aims to reduce its carbon footprint by 20 percent by 2024, and by 50 percent by 2030.
Business
AFZ e-commerce grows 45 percent
The Free Zone announces this at Seamless Middle East 2022.
- AFZ said the growth can be attributed to the authority's diverse set of offerings, primarily warehouse solutions and the evolving e-commerce sector in the UAE.
- The dedicated logistics cluster also benefits e-commerce businesses by providing access to end-to-end warehousing capabilities, AFZ said.
Economy
Qatar launches Advanced Manufacturing Hub in partnership with WEF
The cooperation seeks to transform Qatar into an advanced economic and industrial hub by enhancing its international connections network.
- The cooperation seeks to transform Qatar into an advanced economic and industrial hub by enhancing its international connections network
- Qatar's AMHUB is one of 13 platforms that were launched by WEF all over the world whose aim is to enhance the future of the industrial sector internationally
Business
Demand for garments, footwear stagnant in Jordan
Asaad Qawasmi, the Jordan Chamber of Commerce's representative for the apparel, fabrics, footwear, and jewelry sector, said that demand has...
- Asaad Qawasmi, the Jordan Chamber of Commerce's representative for the apparel, fabrics, footwear, and jewelry sector, said that demand has plateaued since the Eid Al-Fitr
- He expressed optimism that the market was expected to improve in about three weeks from now with the return of expats and visitors for the summer break
Economy
Russians prepare for hardships as sanctions begin to hit
With billions of dollars in financial reserves and money still coming in from oil and gas exports, Russia has yet...
- Russians citizens are reporting a litany of problems, including shortages of everything from paper to medicine due to the European sanction imposed on Moscow
- Direct air links with Europe have been severed and Russian citizens are unable to use their bank cards abroad
Business
EDB to provide financial support to SMEs, startups in free zones
The Emirates Development Bank (EDB) has teamed up with the Hamriyah Free Zone in Sharjah and the Sharjah Airport International...
- EDB will offer its range of financial solutions to SMEs and start-ups in Hamriyah Free Zone and SAIF, including capex financing for expansion or facility upgrades
- Al Mazrouei noted that the Emirates Development Bank is an important national institution, providing financing and banking solutions for a critical segment of the national economy
Business
Middle East construction set to build on oil prices
Crude price rise will potentially lead to a greater surplus in local govt budgets, which can be used for construction...
- Crude price rise will potentially lead to a greater surplus in local govt budgets, which can be used for construction and development investment, says Gary Tracey of JLL
- Construction output is forecast to grow at an annual average growth rate of 2.3 percent over 2022–2030, with prices likely to be impacted by the geopolitical situation
Business
Arada issues $350m Sukuk
The deal has been listed on the London Stock Exchange.
- The deal, which reopened the MENA US dollar markets after a six-week hiatus, was also the first US dollar corporate Sukuk globally in 2022.
- The Sukuk issuance saw strong demand from both regional and international investors, with a subscription order of $720 million, more than two times the offer size, Arada said.
30% productivity leap: Building the machinery of tomorrow
By embracing digital tools, AI, and sustainable practices, companies can optimize production, redefine their role, and propel themselves towards a...
Business
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Saudi Metrology Organization, Enterprise Singapore ink MoU on standardization
RIYADH, SAUDI ARABIA – The Saudi Standards, Metrology and Quality Organization (SASO) and Enterprise Singapore signed an MoU here, focusing...
Business
Turkey’s Atis Yapi opens Dubai office
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Business
ACWA Power signs deals
It entered into seven solar, hydrogen agreements in China.
- It signed the agreements, in solar energy, green hydrogen and water desalination, with Chinese firms during the third Belt and Road Forum held in Beijing
- Chairman of ACWA Power said the agreements further advance the company's common interest of developing projects that support positive climate ambitions.
Business
Nokia to slash 14,000 jobs
It took the decision after posting a drop in Q3 profits.
- The company, according to its CEO, saw saw an increased impact in Q3 on business from the macroeconomic challenges
- Its savings program is expected to reduce the firm's employees to 72,000, reducing costs by up to $1.14 billion by 2026
Business
Netflix subscriber base swells with ads and password crackdown
Netflix shares leapt more than 12 percent to $43.31 in after-market trades on the Nasdaq exchange. The streaming service said...
- The leading streaming service said it is increasing the price of its basic plan in the United States to $11.99 monthly and its premium plan to $22.99
- Netflix reported a profit of $1.68 billion on revenue of $8.5 billion in the quarter, beating market expectations with its earnings figures