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
Yen plunges to 34-year low, mixed results for equity markets
Hong Kong, China - The yen plunged Wednesday to a 34-year low against the dollar after a top Bank of Japan...
Business
Business
Abu Dhabi Police ban heavy vehicles during peak hours in Ramadan
The decision is said to have been taken in cooperation with Abu Dhabi Police's strategic partners.
- Heavy-duty trucks, lorries, and buses carrying more than 50 passengers would be banned on Abu Dhabi and Al Ain roads
- During Ramadan, such vehicles would not be allowed on the roads between 8 am and 10 am, and from 2 pm to 4 pm
Business
FB bug pushed problematic posts
FB said the bug affected ‘only a very small number of views’ of content.
- The bug was serious enough for a group of Facebook employees to draft an internal report referring to a ‘massive ranking failure’ of content, reports said
- In October, the employees noticed that some content which had been marked as questionable was nevertheless being favored by the algorithm
Business
Abu Dhabi Chamber and San Marino to boost trade cooperation
Abu Dhabi and San Marino will explore new avenues of economic cooperation and boosting trade. Saeed Ghumran Al Remeithi, Deputy...
- Saeed Ghumran Al Remeithi, Deputy Treasurer of Abu Dhabi Chamber, met with Fabio Righi, San Marino’s Minister of Industry.
- Remeithi noted Chamber's readiness to provide all the necessary support to investors and entrepreneurs from San Marino.
Business
Dubai food trade grew 11 percent to $15.51 billion in 2021
Dubai Customs said Thursday the emirate’s external foodstuff trade in 2021 grew 11 percent to reach AED57 billion ($15.51 billion),...
- Exports grew 11.3 percent to AED10.8 billion from AED9.7 billion in 2020, while re-exports went up by 10 percent to AED 7.9 billion from AED 7.2 billion.
- In terms of volume, Dubai traded 14.1 million tons of foodstuff in 2021, which included 9.9 million tons of imports, 3 million tons of exports, and 1.1 million tons of re-exports.
Business
ADNEC’s hall 40 percent complete
It would be the biggest exhibition hall in the MENA region.
- The hall is scheduled to open in October 2022 and is part of the expansion plans for the Centre to bolster ADNEC’s competitiveness.
- The first-of-its-kind hall is being built on a space of 1,000 square meters in the Marina area opposite the Abu Dhabi National Exhibition Centre.
Business
Alba, EGA sign MoU
Aluminum Bahrain (Alba) is looking to increase its throughput.
- The two Aluminum producers will cooperate to creep production at Alba’s Potline 6 beyond its name plate design capacity.
- They will also explore ways to use EGA technology and expertise in future expansions at Alba smelter.
Business
GCC banks record 40% spike in profits to $35bn in 2021
The Gulf Cooperation Council’s banking sector profits recorded a 40 percent surge to hit $35 billion in 2021, a report...
- Despite the surge, profits remain below pre-pandemic levels of $37 billion in 2019
- Surge in profits is mainly due to an increase in total bank revenue and a decline in loan loss provisions
Business
Bahrain and stc to build region’s first data center park
Bahrain will build the region's first data center park in partnership with stc Bahrain to create an integrated digital center...
- The park will be developed on 55,000 square meters of land in Al-Qurain
- The new establishment will contribute to Bahrain’s digital economy in line with the country's national Economic Vision 2030
Business
Dubai Expo draws to a scintillating close
Dubai ended Expo 2020 with a colorful closing ceremony punctuated by fireworks as the UAE leadership vows to 'continue to...
- Six months after the delayed opening of the $7 billion, purpose-built site, Christina Aguilera, Nora Jones and cellist Yo-Yo Ma performed at the LCD-lit Al Wasl Dome
- Expo, housed on a circular site twice the size of Monaco, has been a point of pride for Dubai's rulers and one of a number of projects aimed at grabbing world attention
Business
FIFA heads for $7 billion revenues on the back of Qatar World Cup
FIFA is on target to reap record revenues of seven billion dollars on the back of this year's Qatar World...
- The governing body has seen revenues from television, sponsors and marketing take off despite past scandals and the coronavirus pandemic.
- FIFA said in its accounts that it expects "television broadcasting rights to have set a new record" by the time of the World Cup final on December 18.
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
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QIB posts 7.7% profit rise
Business
Expo 2023 building in Guinness World Records for largest green roof
Doha, Qatar -- The main building of Expo 2023 in Doha has made it to the Guinness World Records for...
Business
ROSHN group opens sale for SEDRA phase 3 units in Riyadh
RIYADH, SAUDI ARABIA - ROSHN Group, one of the Public Investment Fund (PIF) subsidiaries, announced on Sunday the opening of...
Business
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Business
Old Doha Port signs many agreements during Monaco Yacht Show
Monaco, Monaco--The Old Doha Port has signed several agreements with professional global companies, specialized in yacht during its participation in...
- The executive director of the Old Doha Port said the objective of the participation in the show was to put the port on the global map
- The port officials showcased a model to streamline visiting yachts through a mechanism of entry and exit from Qatar
Economy
Saudi Arabia projects 2024 budget deficit at 1.9% of GDP
The kingdom's finance ministry estimated expenditures for 2024 to be at US$333.5 billion. According to the ministry, the projection is...
- The kingdom's finance minister said that the government will continue implementing fiscal and economic structural reforms
- The minister also noted the important role of the PIF and development funds that enhance the growth of non-oil GDP
Geostrategy
UN conference adopts plan to reduce harmful chemicals
PARIS, FRANCE - A new roadmap to reduce the environmental risks from chemicals and waste was adopted at a United Nations...
- The plan sets out 28 concrete targets and guidelines for key sectors across the entire lifecycle of chemicals, from production to waste.
- It calls for a transition to more sustainable chemical alternatives, responsible management of chemicals in industry, agriculture and healthcare.