Over 105m people visit Dubai Mall in 2023
DUBAI, UAE – Dubai Mall welcomed a record 105 million visitors in 2023, a jump of over 19 percent on...
Business
ADNOC partners with Viola Communications
They will utilize outdoor media-leasing spaces for advertising.
Business
Business
US calls for immediate end to Libya oil shutdowns
The US said Wednesday it was "deeply concerned" about an ongoing closure of key oil installations in Libya, calling for...
- The closure of several sites this month, including oilfields and export terminals, has seen Libya's output halve to around 600,000 barrels per day
- Libya's reduced output also comes as global oil prices remain under pressure since Russia, an OPEC+ producer, invaded Ukraine in February
Business
Saudi Arabia to purchase some 100,000 Lucid electric vehicles
Saudi Arabia has signed an agreement with Lucid Motors to purchase a minimum of 50,000 electric vehicles and up to...
- The Saudi sovereign wealth fund, also known as the PIF, owns a considerable stake in Lucid
- The kingdom is setting up its first electric vehicle manufacturing plant in the country with Lucid
Ramadan brings $6bn windfall for MENA
The spending through the month of April has been widespread, including a broader increase in sales volume and a diversification...
- Saudi spending on travel, accommodation, and dining in restaurants rose by 37% in Ramadan 2022
- Consumers in the MENA are predicted to spend US$ 6.2 bn online during Ramadan in 2022
Business
Aldar Properties Q1 net profit $187m
The firm said its revenue grew 32 percent to 2.68 billion dirhams.
- Its quarterly sales were AED 2.2 billion, driven by inclusion of SODIC’s strong Q1 performance and continued momentum in Abu Dhabi’s real estate market.
- It expanded strategic land bank for development with a 6.2 million square meter plot acquired on Saadiyat Island during the second quarter.
Business
Can Twitter become more profitable under Elon Musk?
Listed on the New York Stock Exchange for just under nine years, Twitter has posted a net loss every year,...
- Musk is paying above $44 billion for the company, an amount dwarfed by Facebook's valuation of more than $500 billion.
- Twitter's revenues are mainly derived from advertising rather than its user base, which isn't large enough to make up its finances.
Business
Demolitions in Jeddah cause anguish in residents
The Saudi doctor still had 15 years left on the loan he used to build his family's "dream" home in...
- The operation was part of a $20-billion clearance and construction project that stands to displace half-a-million people in Saudi Arabia's second city
- Paused for the Muslim holy month of Ramadan, the demolitions are expected to pick up again in May
Business
Ajman Chamber certificates of origin rise by 29 percent in 2021
The total number of certificates of origin issued by the Ajman Chamber of Commerce and Industry (ACCI) during 2021 increased...
- The products of ships and boats ranked first in the exports from Ajman, while fish products came in the second rank.
- Ajman's exports to the top 10 countries during 2021 constituted about 65 percent of the total value of exported goods.
Business
MENA region saw $2.88bn startup investment in 2021: Report
The report also claimed that the value of early-stage deals for startups in the region doubled from 2020 to 2021.
- Startups based in the UAE attracted the highest value and number of investment deals in 2021
- Saudi Arabia continued to hold the second position in value of deals, followed by Egypt and Jordan
Business
Iconic GCC TOP CEO event in May
The event, along with the Arab Women Forum, will be held at Palazzo Versace, Dubai, on May 17 and 18,...
- Arab Women Forum, a platform to discuss achievements and share solutions for the women leaders of the region, is also making a comeback along with TOP CEO Conference and Awards
- The TOP CEO awards are based on the rankings of all GCC-listed companies based on financial performance, size of a company, and corporate governance
Business
Despite unrest, it’s business before politics in West Bank town
Violence may rage elsewhere, but it's business before politics in the occupied West Bank town of Nilin where Palestinian merchants...
- Nilin is no stranger to the realities of occupation -- a number of the town's residents have been killed in past clashes with Israeli forces
- The Jewish state's separation barrier cuts through its western edge, and Israeli settlements, regarded as illegal under international law, dominate the surrounding hilltops
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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
Over 105m people visit Dubai Mall in 2023
DUBAI, UAE – Dubai Mall welcomed a record 105 million visitors in 2023, a jump of over 19 percent on...
Business
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OQGN inks $1.2bn financing deal
Business
ADNOC L&S buys VLCC
Business
Masdar and PLN NP to triple size of Southeast Asia’s largest floating solar plant
Abu Dhabi, UAE--Masdar and PLN Nusantara Power (PLN NP) have signed an agreement to develop Phase II of the successful...
Business
Ras Al Khaimah’s first organic fertilizer project to cost $20m
Ras Al Khaimah, UAE - Ras Al Khaimah’s is building its first organic soil fertilizer project at a cost of...
Economy
Automation revolutionizes financial business models
The financial services sector is witnessing transformative changes, driven by rising demands for personalized services and the integration of cutting-edge...
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Business
Binance selling Russia business
Binance is likely to sell its Russian assets to CommEX.
- The move comes months after reports suggested US authorities were investigating possible sanctions violations.
- The firm said the process would take a year to complete and would involve selling its assets to CommEX, a company that only launched on Tuesday.
Business
Aramco likely to acquire equity in China’s Shenghong Petrochemical
Dahran, Saudi Arabia -- Aramco and Jiangsu Eastern Shenghong Company (Eastern Shenghong) Wednesday signed a cooperation framework agreement to facilitate...
- Aramco and Eastern Shenghong signed agreement to facilitate talks on the possible acquisition by Aramco of a 10 percent strategic equity interest in Shenghong Petrochemical.
- Shenghong Petrochemical, a wholly owned subsidiary of Eastern Shenghong, owns and operates a 320 MBD integrated refinery and petrochemicals complex.
Business
Saudi EXIM Bank, Trafigura sign pact
The bank will extend three-year credit facility of $500 million.
- The agreement is aimed at facilitating the purchase of domestically produced commodities from Saudi Arabia
- It will also enable Trafigura to connect Saudi producers to more than 156 markets worldwide, the bank said.