Multiply Group acquires Backlite Media
The buyout is part of its plan to boost media business.
Business
Europe gives accent to instant payments across the union
Brussels, Belgium - Bank customers will soon be able to transfer money across Europe within seconds after the EU adopted a...
Arts & Culture
Struggling Libyan potters showcase wares online
The Libyan city of Gharyan sculpted a reputation for ceramics generations ago, but fragile demand is forcing potters to seek...
- Potters in Gharyan looks to compete with products made in China, Turkey and Libya's neighbors
- Gharyan's once-prosperous potteries struggles to keep pace with modernization
Business
ADNOC Distribution launches range of 100% plant-based engine oils
Plant-based base oils are made from sustainable feedstock sources, such as palm, soy, coconut, and rapeseed.
- Voyager PX Green is developed specifically for petrol engines and Voyager DX Green for diesel engines
- The technology is said to be the first approach in the region to be made entirely from plant-based oils
Business
Dubal Holding profit at $735m
DH is Dubai’s commodities and mining investment arm.
- DH had seen profits of AED217 million ($59.09 million) for the previous year
- The numbers point to an increase of nearly 1,150 percent in net profit for the company
Business
New FB tools target groups
The tools help groups automatically reject posts with false info.
- More than 1.8 billion people per month use Facebook Groups, which allow members to gather around various topics
- Yet, critics have said the groups are ripe targets for misinformation as they sometimes have large audiences of like-minded users
Interview
F&B sector in GCC eyes greater sustainability
Tetra Pak Arabia Managing Director Niels Hougaard explains what lies ahead for F&B companies — bith regionally and globally —...
- Pollution and plastic litter in the ocean are the joint top environmental worry, while global warming is a close second
- GCC countries have launched several initiatives to educate consumers about recycling and sustainable consumption
Business
Sharjah Airport records 7 million passengers in 2021
In 2021, the Sharjah Airport served more than 7 million passengers with more than 57,000 aircraft movements and approximately 1.2...
- The volume of cargo in 2021 crossed 140,717 tons, while the volume of sea-air cargo reached 18,696 tons, a 22.27 percent increase from 2019.
- The airport renewed the ACI’s Airport Health Accreditation (AHA) for the second consecutive year.
Business
Dubai passes new law to regulate virtual assets like Bitcoin
Dubai has promulgated a new law in order to regulate virtual assets that are becoming popular with many investors in...
- “We established an independent authority to oversee the development of the best business environment in the world for virtual assets," Sheikh Mohammed tweeted
- Virtual assets exist digitally and can include cryptocurrencies like Bitcoin and Ethereum
Business
Saudi stocks shoot up on the back of high oil prices
Nudged by high oil prices, Saudi stocks inched up as the main index, TASI, gained 0.24 percent to touch 12,882,...
- Oil prices kept rising rapidly, as Brent crude oil peaked at $130.85 per barrel, while US WTI crude reached $125.96 per barrel
- Wataniya Insurance Co. gained 4.40 percent at the opening bell to be the top gainer at the opening bell
Business
Major UAE companies to work for raising solar power production capacity
The companies are Emirates Global Aluminum (EGA), Abu Dhabi National Energy Company (TAQA), Dubai Holding and Emirates Water and Electricity...
- TAQA and Dubai Holding envisage acquiring EGA's electricity generation assets in the UAE, holding a 50 percent share each.
- For TAQA, the acquisition of EGA's power assets would increase the company's UAE-based capacity to more than 23 gigawatts.
Business
Drone threat puts air defense at centerstage of Saudi defense show
Deadly strikes on Saudi Arabia and the United Arab Emirates claimed by Yemeni rebels have been the talk of shows...
- Around 600 companies from about 40 countries showed off the latest military technology at the World Defense Show in Riyadh.
- The General Authority for Military Industries, which oversees the Saudi defense industry, has made 22 deals with national and international enterprises worth some $2bn.
Most Read
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
Multiply Group acquires Backlite Media
The buyout is part of its plan to boost media business.
Business
Company News
Aquaterra gets UAE contract
Business
Latest News
Vietnam Airlines, Boeing ink $7.8bn pact
The deal is likely to support more than 30,000 jobs in the US.
Business
Investcorp sells stake in Safari
This was Investcorp's fourth exit in India in just a few years.
Business
Most Read
Business
Iran-US non-oil trade reaches US$31m in January-July 2023
TEHRAN, IRAN - The US Bureau of Statistics in its latest report said the trade between Iran and the United...
- Trade between Iran and the US in January- July 2023 registered a 26 percent growth compared to the same period last year.
- Iran and the United States had traded US$24.7 million worth of non-oil products from January to July 2022.
Business
Aldar Estates buys FAB Properties
Aldar Estates will benefit from a stable growth pipeline.
- The transaction will see Aldar Estates integrate a property management portfolio of 22,000 residential units across 600 properties.
- The platform will now comprise 157,000 residential units under management, prime retail, and commercial spaces.
Economy
Saudi Industrial Production Index falls third month in a row
Riyadh, Saudi Arabia -- Saudi Arabia’s Industrial Production Index (IPI) fell for the third month in a row, declining by...
- Saudi IPI retreated to 122.03 points in July, according to the base year 2010, compared to 135.23 points in the year-ago period.
- The decline in IPI is the largest since April 2021, when it recorded a drop of 24 percent.