89% of Saudi CEOs hopeful of kingdom’s economic growth over next 12 months
Riyadh, Saudi Arabia - About 89% of CEOs in Saudi Arabia are optimistic about the country's economic growth over the...
Business
Dubai’s real estate soars with notable market growth
The emirate's residential market witnesses an 18% sales surge and a 26% rental increase due to investor confidence and a...
Business
Interview
Sustainability drives region’s luxury car demand
UAE, Saudi Arabia and Kuwait are the three top performing GCC markets when it comes to appetite for high-end cars,...
- Car industry in the region is stepping up technological advancement and accelerating the transition to sustainable mobility
- The popularity of electric automobiles increased during the COVID-19 due to government, bank, and car dealer incentives
Economy
DMCC registers record 665 companies to its Free Zone in Dubai during Q1
Dubai Multi Commodities Centre, the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise, welcomed...
- This represents DMCC’s best first quarter since its inception over twenty years ago, a 13 percent year-on-year increase.
- In the first quarter of 2022 alone, 16 percent of all company registrations were for crypto-related activities.
Business
Czech Republic delegation explores business opportunities in Bahrain
A business delegation of Czech Republic visited Bahrain to explore investment opportunities and expansion of economic projects between the two...
- The delegation expressed keenness on cooperating with the Bahraini private sector for investment in various sectors.
- A minister said Bahrain welcomes all international investments and projects with added value to investment and investors.
Geostrategy
Oman becomes first GCC nation to ratify a treaty on rights of seafarers
Oman has become the 100th country to ratify a 2006 treaty that protects the rights, pay and conditions of seafarers. The...
- Maritime Labor Convention has become a worldwide reference for the maritime industry and a pillar of international maritime rules and regulations since its signing in 2006.
- Guy Ryder, the ILO Director-General, said Oman, a longstanding maritime nation, has set an example for other countries in the region.
Business
As EU eyes stopping Russian gas imports, Israel sees an opening
As Europe aims to wean itself off Russian fossil fuel because of the Ukraine invasion, Israel hopes to help fill...
- EU states remain divided on the time scale, but European Commission President Ursula von der Leyen has said the bloc hopes to phase out its dependency on Russian gas, oil and coal.
- Israel could build one or more pipelines, potentially via Greece or Turkey, or increase the quantity of gas piped to Egypt to be liquified and shipped off, say experts.
Business
Two firms set up UAE’s first Special Purpose Acquisition Company
ADQ, an Abu Dhabi-based investment and holding company, and Chimera Investments, an Abu Dhabi-based private investment firm, announced they have...
- The ADC Acquisition Corporation ADQ has been formed by ADQ and Chimera Investments, an Abu Dhabi-based private investment firm.
- ADC plans to raise AED367 million through an Initial Public Offering (IPO) of 36.7 million shares at an offer price of AED10 per share.
Business
ADNOC to build two LNG vessels
The two 175,000 cubic meter LNG vessels will join the company's fleet in 2025.
- The new-build LNG vessels are significantly larger than the current ADNOC L&S fleet of LNG vessels, which have a capacity of 137,000 cubic meters.
- Over the past 24 months, ADNOC L&S acquired 16 deep-sea vessels, including eight Very Large Crude Carriers in 2021.
Business
DEWA IPO biggest since Aramco
DEWA shares soared 19% in the first minutes of trading on Tuesday.
- DEWA last week said it had raised AED22.3 billion ($6.1 billion) in the region's largest IPO since Saudi Aramco
- Some 9 billion shares, an 18 percent stake, were listed, with the initial price set at AED2.48 ($0.68)
Business
Honda plans $40bn EV investment
The automaker is switching all sales away from traditional fuel cars.
- Global auto giants are increasingly prioritizing the production of electric and hybrid vehicles
- After all, demand is growing for less polluting models as concern about climate change grows
Infographics
How do MENA oil prices compare with the world?
Prices of crude oil have skyrocketed across the world, thanks to the Russian invasion of Ukraine and the subsequent sanctions...
- Russia is a major supplier of oil to European countries and the United States, besides other countries
- However, they are not accepting crude from Russia anymore, pushing up prices of oil from elsewhere
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89% of Saudi CEOs hopeful of kingdom’s economic growth over next 12 months
Riyadh, Saudi Arabia - About 89% of CEOs in Saudi Arabia are optimistic about the country's economic growth over the...
Business
Company News
Latest News
Yahsat to invest US$100m
Business
EDGE partners with Bulgarian firms
It expects to fulfill growth plan through the partnerships.
Business
Saudi Arabia seeks Chinese investment in mining, industry
Beijing, China - Saudi Arabia is seeking Chinese investment in mining and industrial sectors. The Saudi Minister of Industry and...
Business
Saudi Arabia’s economy joins trillion-dollar club
The Kingdom now ranks 17th in global economic rankings and 17th out of 64 countries for global economic competitiveness.
Economy
Most Read
Geostrategy
US and China seek improved ties via new working groups
Chinese state broadcaster CCTV also announced the launch of an "Economic Working Group" and "Financial Working Group," saying both will...
- The formation of the groups was agreed during talks in July between US Treasury Secretary Janet Yellen and Chinese Vice Premier He Lifeng in Beijing.
- The Economic Working Group will discuss macroeconomic issues, while the Financial Working Group will focus on regulatory and financial stability issues.
Business
Microsoft to acquire Activision Blizzard
Activision Blizzard makes popular games like "Call of Duty".
- The transaction faced scrutiny from regulators in the United States as well as Britain, where the CMA blocked a similar deal in April.
- Activision Blizzard CEO Bobby Kotick said the UK regulator's announcement was "a significant milestone for the merger".
Business
Dubai ranks fifth globally on key shipping development Index
Dubai, UAE -- Dubai has maintained its ranking among the top five global maritime centres on the 2023 International Shipping...
- The city also ranked first in the Arab world for sea freight and logistics services on the 2023 International Shipping Centre Development (ISCD) Index.
- Dubai is the only Arab city on the list. Singapore, London, Shanghai and Hong Kong secured the top four ranks on the Index.