Abu Dhabi Chamber sets up working group to support startups, SMEs
ABU DHABI, UAE – The Abu Dhabi Chamber of Commerce and Industry (ADCCI) has formed a working group specifically for...
Business
Aramco CEO terms energy transition strategy a failure
Speaking at the CERAWeek conference in Houston, Saudi Aramco Chief Executive Amin Nasser said that the current transition strategy is...
Economy
Economy
Iran says oil production back to pre-sanctions level
Iran's oil production capacity has returned to the same level as prior to the reimposition of sanctions in 2018, when...
- "Oil production has reached pre-sanctions figures, despite economic pressures," said Mohsen Khojastehmehr, CEO of the National Iranian Oil Company
- In a monthly report, the OPEC group of oil-producing countries estimated that Iran produced 2.54 bpd of oil in February
Business
Saudi Arabia, UAE woo major chunk of FDI in GCC
As foreign investors seek to take advantage of investment opportunities in the region, KSA and UAE get billions of dollars...
- The foreign direct investment flows in the UAE increased 3.9% to $20.7bn in 2021
- The total investment in Saudi Arabia by overseas investors rose by 257 percent last year to $19.3 bn
Business
Saudi Arabia adds two marine tankers to its naval fleet
The Public Transport Authority announced the launch of two new Saudi-flagged marine tankers: "Sara" and "Hessa". Both were recently registered...
- The new giant ships of the Saudi naval fleet bring the tally of national ships carrying the Saudi flag to 426.
- The marine tankers named "Sara" and "Hessa" were registered at King Abdulaziz Port in Dammam.
Business
DFF to support tech startups in luxury retail challenge
Dubai Future Foundation (DFF) has announced the launch of a new, first-of-its-kind initiative in the region to encourage and support...
- The challenge is to utilize the latest technologies and innovations and contribute to the development of a quality and innovative experience for luxury brand customers.
- The challenge is part of the Future of Luxury Retail start-up incubation program, organized by Dubai Future Accelerators, an initiative by the DFF.
Business
Gulf Air, Texel Air sign MoU
They will explore charter agreements, engineering and maintenance activities.
- Texel Air is a Bahraini registered airline and maintenance repair organization (MRO) formed in 2013.
- It is dedicated to providing third party cargo charter operations to a wide range of customers with diverse requirements.
Business
IDC forecasts Saudi ICT spending to touch $33bn in 2022
The International Data Corp. has predicted Saudi spending on information and communications technology to touch $33 billion in 2022, a...
- The Saudi technology sector expanded 8 percent between 2019 and 2021, to reach a value of $32.1 billion
- The global market intelligence provider has also described the Saudi ICT sector as one of the most rapidly growing markets in the region
Business
ACWA Power and partners begin work on green hydrogen project
ACWA Power of Saudi Arabia and its partners have begun work on a big green hydrogen project in NEOM.
- The partners announced a $900 million contract for the engineering, procurement and construction of the project
- In July 2020, Air Products, together with ACWA Power and NEOM, announced an agreement for a $5 billion world-scale green hydrogen-based ammonia production facility
Business
Kuwait’s CGC signs deal
The $125m deal includes engineering works for PAHW.
- The contract was signed ALARGAN National General Trading and Contracting Company to execute a project in Jaber Al-Ahmad City.
- CGC was established in 1965 in Kuwait and was listed on the Kuwait stock exchange in 2006.
Business
Stc to buy stake in Giza
The firm will buy controlling stake for $158 million.
- the Saudi company will buy 89.49 percent of Giza Systems from Inergia Technologies for Information Systems, in addition to 34 of Giza Arabia, a subsidiary of Giza Systems
- It's subject to approval from the authorities in Saudi Arabia and Egypt, the company added
Business
SABIC eyes eight mega projects worth $2.7bn
The Saudi firm says it seeks to capitalize on opportunities through innovative and sustainable solutions, focusing on petrochemical products in...
- The Saudi firm seeks to capitalize on opportunities through innovative and sustainable solutions, focusing on petrochemical products.
- Gulf Coast Growth Ventures, SABIC's joint venture with ExxonMobil in southeast Texas, is also likely to begin operation in 2022.
Abu Dhabi Chamber sets up working group to support startups, SMEs
ABU DHABI, UAE – The Abu Dhabi Chamber of Commerce and Industry (ADCCI) has formed a working group specifically for...
Business
Company News
Latest News
Bahrain’s Treasury Bills oversubscribed by 270 percent
MANAMA, BAHRAIN – This week’s US$186 million (BD 70 million) issue of Government Treasury Bills has been oversubscribed by 270...
Economy
Ducab bags 30 major contracts
The contracts were secured in the oil, gas and petrochemical sector.
Business
Most Read
Economy
Abu Dhabi’s non-oil economy up by 12.3 percent in second quarter
Statistical estimates published by the Statistical Centre Abu Dhabi said the construction sector grew by 19.1 percent in the second...
- The manufacturing activity grew by 7 percent compared to the same period last year, with the sector recording its highest quarterly value-added since 2014.
- Abu Dhabi's financial sector recorded a robust growth of nearly 30 percent, also its highest growth rate since 2014.
Business
Saudi Arabia issues 162 licenses to companies relocating hqrs to the Kingdom
Riyadh, Saudi Arabia - Saudi Arabia has so far issued 162 regional center licenses to the companies relocating their headquarters...
- The headquarters will operate in strict accordance with Saudi laws, providing crucial support, management, and strategic direction to their branches
- The Ministry of Investment has enacted a mechanism to offer premium residency status to executives working within these regional headquarters
Business
Iran foreign trade posts 4.84% jump to US$54.6bn in last six months
Tehran, Iran-- Iran's foreign trade has registered a 4.84 percent jump to $54.6 billion between March and September this year....
- The exports posted a 29 percent increase in weight and 2.6 percent decline in value compared to last year’s corresponding period
- Some 17.6m tons of goods, valued at $30.4bn, were imported into the country in the first half of the current Iranian calendar year