Qatar looks to boost tourism sector by streamlining regulations
Doha, Qatar-- Qatar is looking to develop "plans and strategies" to streamline procedures and regulations in order to solve solve...
Business
Saudi RCU begins rock excavation for Sharaan Resort in AlUla
ALULA, SAUDI ARABIA – The Royal Commission for AlUla (RCU) has marked a significant milestone in the development of the...
Arts & Culture
Business
SALIC of Saudi Arabia to buy 35% of Olam Agri for $1.24bn
SALIC of Saudi Arabia, a subsidiary of the PIF, has said it will acquire 35.43 percent of Olam Agri Holdings...
- SALIC said that the transaction is expected to be completed in 2022 after obtaining the required approvals from the relevant authorities
- Olam is one of the world’s leading commodity trading and processing companies specializing in grains, oilseeds, rice, and animal feed
Business
Qatar blasts Netherlands coach for World Cup criticism
Qatar's top World Cup organizer has hit back at Louis van Gaal for criticizing the decision to hold the event...
- Van Gaal said this week that it was "ridiculous" for the World Cup to be held in Qatar and that FIFA had only been motivated by money
- Hassan al-Thawadi, chief executive of the World Cup Supreme Committee, said Arab fervor for football was "unparalleled"
Business
Weeklong real estate deals worth $1.85 billion recorded in Dubai
The real estate and properties transactions worth AED6.8 billion ($1.85 billion) were recorded in Dubai during the week ending 25...
- A total of 330 plots were sold for AED1.65 billion and 1,653 apartments and villas were sold for AED3.42 billion.
- A total of 124 properties worth AED210 million were granted between first-degree relatives.
Business
Saudi Arabia wants Trojena on global tourism map
Trojena is the new mountain tourism destination whose establishment was recently announced by Saudi Crown Prince Mohammed bin Salman.
- Trojena aspires to redefine visitors’ and residents’ perceptions of mountain tourism
- The project will be launched in 2026 and will be located in the heart of NEOM
Business
Multiply Group to invest AED367m in DEWA IPO
Multiply Group has said that it will be investing AED367 million into the Dubai Electricity and Water Authority's (DEWA's) initial...
- The Group's latest investment follows a series of strategic acquisitions, creating a unique technology-enabled ecosystem to pursue growth across five vertical segments
- Multiply Group benefits from a solid leverage-free liquidity position, having raised AED3.1 billion in a pre-listing private placement 16 times oversubscribed
Business
IATA shifts Annual General Meeting from Covid-hit China to Qatar
The International Air Transport Association (IATA) on Friday said its annual general meeting in June would be held in Qatar instead...
- China is experiencing its worst coronavirus outbreak since the start of the pandemic more than two years ago, with Shanghai posting record-high case counts.
- The IATA comprises some 280 airlines and air companies, accounting for 83 percent of global air travel.
Business
ADNOC to pay $342m in dividend
A similar amount was paid for the first half of 2021 in October.
- The company said it increased its network in the UAE to 462 stations in 2021 and operationalized 40 stations in Saudi Arabia.
- ADNOC Distribution recorded a net profit of AED2.2 billion and earnings before interest, tax, depreciation and amortization (EBITDA) of AED3.1 billion.
Business
Dubai basks in sparkle of giant diamond
A giant diamond nicknamed "The Rock" went on display for the first time in Dubai on Friday ahead of an...
- The 228.31-carat pear-shaped gem, which was mined and polished in South Africa more than 20 years ago, is the largest white diamond ever to come to auction
- After making its debut at Christie's Dubai, where it will be displayed from March 26-29, The Rock will travel to Taipei, New York and Geneva, where it will be auctioned on May 11
Business
How European rulings imperil flagship Google product
Lax laws and sweetheart deals are becoming a thing of the past for big tech firms, particularly in Europe where...
- More than half of the world's websites use Google Analytics to help their owners understand the behaviour of users
- Regulators in several countries agree with activists and have ruled Google Analytics incompatible with European data privacy regulation
Geostrategy
UAE-India CEPA to become operational in one month: Emirati officials
The UAE-India CEPA will simplify customs procedures, reduce logistics cost and open new opportunities for professional services.
- The UAE-India CEPA will simplify customs procedures, reduce logistics cost and open new opportunities for professional services
- The three-day logistics conference concluded with a valedictory session at the India Pavilion at Expo 2020 Dubai addressed by top officials from both countries
Qatar looks to boost tourism sector by streamlining regulations
Doha, Qatar-- Qatar is looking to develop "plans and strategies" to streamline procedures and regulations in order to solve solve...
Business
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ExxonMobil to buy Denbury
Business
GCC, Pakistan ink preliminary free trade agreement
RIYADH, SAUDI ARABIA - Secretary-General of the Gulf Cooperation Council (GCC) Jasem Mohamed AlBudaiwi said that preliminary free trade agreement...
Geostrategy
EDGE acquires 50% stake in SIATT
SIATT is Brazilian smart weapons and high-tech systems specialist.
Business
UAE’s EDGE acquires 50 percent stake in Brazil’s SIATT
Sao Paulo, Brazil - The UAE’s EDGE Group, one of the leading advanced technology and defence groups, has announced the...
Business
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Business
Chinese high-end EV brand Zeekr to make Middle East debut
Dubai, UAE - Chinese luxury electric vehicle manufacturer Zeekr, a subsidiary of Geely, is set to make its debut in...
- Zeekr's expansion will begin in four Middle Eastern countries: Saudi Arabia, the United Arab Emirates, Qatar, and Bahrain
- Chen Yu, a Vice President at Zeekr, expressed the brand's intention to adopt a competitive pricing strategy targeting traditional premium car brands like BMW and Aud
Economy
Saudi Arabia eyes global EV role following Lucid’s plant setup
Riyadh, Saudi Arabia -- Saudi Arabia aims to become a global player in manufacturing electric vehicles (EVs) and related products,...
- “The EV industry is one of 12 strategic industrial sectors covered by the National Industrial Strategy to boost the growth of industry across the Kingdom,” the minister added
- Lucid Group’s choice of Saudi Arabia as the headquarters of its plant in the Middle East reflects the importance of kingdom’s unique geographical location, he added
Business
UAE, Egypt central banks ink currency swap deal
ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) and the Central Bank of Egypt (CBE) on Thursday...
- The CBUAE is keen to deepen its cooperation with the CBE to positively impact the trade and investment, said the Governor of UAE’s central bank.
- This step will bolster cooperation between the financial sectors in both the currencies, said the Governor of Egypt’s central bank.