Air Arabia Egypt marks its first flight to Istanbul
CAIRO, Egypt – Air Arabia Egypt on Sunday commenced its first non-stop flight from Cairo International Airport to Sabiha Gökçen...
Business
Dubai receives 3.67 million visitors in first two months of 2024
Dubai, UAE--Dubai received 3.67 million overnight visitors in January-February 2024, with an increase of over 18 percent year-on-year (YoY), figures...
Business
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".
Business
Sanctions hit Russia, Iran to boost cooperation in energy and trade
Tehran and Moscow are seeking to expand cooperation in energy and trade, officials said Wednesday, as Russian Deputy Prime Minister...
- Both countries have huge oil and gas reserves but are constrained by sanctions imposed by the West.
- The two countries vowed to increase the use of their national currencies in their trade exchange.
Economy
Saudi non-oil exports hit $21 billion in the first quarter of 2022
Saudi Arabia’s non-oil exports in the first quarter of 2022 reached 77.8 billion riyals ($21 billion), growing nearly 29 percent...
- Overall merchandise exports increased by 72.7 percent in Q1 2022 compared to Q1 2021, reaching 359.3 billion riyals, up from SAR 208.0 billion in Q1 2021.
- This increase originated mainly from oil exports, which rose by SAR 133.6 billion or 90.3 percent in the same period, the General Authority for Statistics said.
Business
Seeking new start, Russian professionals set up shop in Dubai
Entrepreneurs, lawyers and art dealers are among those flocking to the financial hub in the oil-rich United Arab Emirates, which...
- They are attracted by the ease of setting up a business, and the prospect of better opportunities as sanctions bite at home -- and a more welcoming environment.
- The city, with its luxury hotels and tourist facilities, is well known to Russians as a high-end destination for the wealthy, particularly those interested in real estate.
Business
After banning wheat shipments, India caps sugar exports
India said it has capped sugar exports to safeguard its own supplies and ease inflation, days after a ban on...
- The world's largest sugar producer and number two exporter after Brazil said on Tuesday that shipments would be limited to 10 million tonnes for the current marketing year
- Although India is a marginal player on the global market, the move sparked a further surge in already-soaring global food prices
Geostrategy
Oil, gas firms use Ukraine war to resist climate efforts: report
The London-based think tank InfluenceMap analyzed advertisements and declarations by the companies in the weeks before and after Russia's invasion...
- The London-based think tank InfluenceMap analyzed advertisements and declarations by the companies in the weeks before and after Russia's invasion of Ukraine
- Oil and gas sector has quickly mobilized around the war in Ukraine and high gas prices to promote the need for more 'American-made energy'
Business
WEF calls for new partnerships to save fragile communities
The World Economic Forum has pleaded for a new partnership between various stakeholders in order to make a difference to...
- In a paper released by the WEF, it calls for new collaboration between humanitarian and development organizations, businesses, investors and entrepreneurs
- Over the next three years the partnership will develop innovative business models and investments that strengthen local economies
Digital technologies can cut greenhouse gas emissions: WEF
Digital technologies can reduce greenhouse gas emissions by up to 20% by 2050 in the three highest-emitting sectors: energy, mobility...
- As businesses and governments respond to global calls for action to tackle climate change, significant efforts must be put in place to achieve net zero
- The results were released during the WEF Annual Meeting 2022 - the focal point for leaders to accelerate the partnerships needed to tackle global challenges
Business
WHO members agree to overhaul health body’s funding
Shaken by the pandemic, the World Health Organization's member states agreed Tuesday to overhaul how they fund the UN health...
- The change will give the WHO a more stable income stream and control over a much bigger portion of the funding flowing through its Geneva headquarters
- Tedros, who was re-elected earlier Tuesday, has made overhauling the agency's finances a key plank of his leadership
Air Arabia Egypt marks its first flight to Istanbul
CAIRO, Egypt – Air Arabia Egypt on Sunday commenced its first non-stop flight from Cairo International Airport to Sabiha Gökçen...
Business
Company News
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Masdar City and Huawei sign MoU to power UAE’s transition to net zero
Dubai, UAE--Masdar City and Huawei have signed a memorandum of understanding (MoU) to enable the UAE to power its way...
Business
Moro Hub and DDA sign MoU to safeguard Dubai’s information assets
Dubai, UAE--Moro Hub, the digital arm of DEWA, has signed a memorandum of understanding (MoU) with Digital Dubai Authority (DDA)...
Business
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Market Report
Markets fall as Biden set for Middle East diplomacy drive
US and European stock markets mostly fell and oil prices rose as US President Joe Biden prepared for a trip...
- Wall Street opened in the red, with the tech-heavy Nasdaq shedding more than one percent, while Frankfurt and Paris fell 0.6 percent afternoon deal.
- "Understandably, not many people are in the mood to put their hard-earned cash at risk in these uncertain economic times," said an expert.
Geostrategy
Tech summit in disarray after organizer’s Israel comment
Paris, France - Several technology industry leaders have decided to boycott one of the sector's biggest annual events after the organizer...
- "War crimes are war crimes even when committed by allies, and should be called out for what they are," Cosgrave wrote on October 13
- Cosgrave also said that Israel should adhere to the Geneva Conventions, "ie, not commit war crimes"
Business
Modon inks 2 MoUs with Saudi Exports, Local Content Authority
RIYADH, SAUDI ARABIA - The Saudi Authority for Industrial Cities and Technology Zones (Modon) has signed two memorandums of understanding...
- The MoU with the development authority entails exchange of expertise in industrial cities management and provision of logistic services and solutions.
- Modon’s MoU with LCGPA aims to achieve integration of local content in industrial cities, exchange experience and practices in institutional innovation.