Hotel Dar Tantora is inspired by Saudi’s AlUla ancient mudbrick buildings
ALULA, SAUDI ARABIA – Situated in the heart of Old Town here, Dar Tantora Hotel offers guests a chance to...
Arts & Culture
Geopolitical tensions boost oil, weigh on equities
Geopolitical tensions sent oil prices climbing and weighed on equities as investors also continued to worry about prospects for interest...
Market Report
Business
Nahdi Medical to list on Tuesday
The company's listing will be the biggest since Aramco.
- With an offer price of SR131 ($35), Nahdi had raised $1.36 billion from its initial public offering, slightly higher than the $1.2 billion sold by ACWA Power a year earlier
- The Jeddah-based pharma retailer currently operates over 1,150 pharmacies across the Kingdom and a rising number in the UAE
Business
Gas production begins at Pegaga
The production started by Abu Dhabi-based Mubadala Petroleum.
- Pegaga will be a key producing field supplying gas to PETRONAS LNG Complex, in Bintulu, Sarawak, Malaysia.
- Mubadala Petroleum has been present in Malaysia since 2010 and is the Operator of Block SK 320 with a 55 percent stake.
Business
ADX embraces FTSE Russell’s Industry Classification Benchmark
The Abu Dhabi Securities Exchange (ADX) has decided to embrace FTSE Russell’s Industry Classification Benchmark (ICB) for all its listed...
- The introduction of the ICB is part of the transition of ADX indices to the co-branded FTSE ADX index series, under the strategic partnership between FTSE Russell and ADX
- The partnership between FTSE Russell and ADX is aimed to develop co-branded indexes and will support the recent launch of ADX’s derivatives market
Business
Licensed firms and SMEs account for bulk of AFZ procurement
Licensed companies and small and medium enterprises (SMEs) accounted for 51 per cent of Ajman Free Zone’s total procurement of...
- Ajman Free Zone covered 27 per cent of the total purchases and contracts of SMEs alone during the same year.
- The Free Zone's procurement policy benefits investors and business owners from more than 165 countries, said Sheikh Ahmed bin Humaid Al Nuaimi, Chairman of AFZ Board.
Business
Salalah Free Zone inks $3.9m deals
The projects will be set up in the Mazaya warehouses.
- The first agreement is on the establishment of a complex for the trade of plastic products
- The second agreement is to establish a complex to assemble communications equipment
Geostrategy
India pitches for collaboration with GCC in steel sector
"As part of the Steel Week, one-to-one meetings were held with leading players in steel production and logistics industries based...
- "One-to-one meetings were held with leading players in steel production and logistics industries based in the UAE," the Indian Ministry of Steel said in a statement
- The Indian government has recently launched a flagship scheme for specialty steel called Production-Linked Incentive
Economy
New UAE app predicts which cheque will bounce
ChequeScore is an app released by the UAE government-owned Al Etihad Credit Bureau, and can predict the possibility of a...
- The UAE issued 21 million cheques in 2021, with an average value of $13,900
- Despite the recent decriminalization of cheque bounces, UAE businesses must still consider the risks connected with them
Business
Evergrande halts trading again
Evergrande and all its units halted trading in Hong Kong on Monday.
- On Monday, the company announced that trading would be ‘halted’, bit did not give a reason
- Shares of Evergrande Property Services Group and China Evergrande New Energy Vehicle Group were suspended
Business
Zain Group signs MoU with Huawei
Zain Saudi Arabia launched the largest 5G network in the region.
- The two entities will also work together to define autonomous driving network-level criteria and explore new use cases.
- Zain Kuwait’s 5G data traffic already accounts for 46 percent of its total wireless traffic.
Business
Houthi drone attack causes ‘temporary reduction’ in Saudi oil
Top crude exporter Saudi Arabia announced a "temporary reduction" in oil output at a facility run by energy giant Aramco...
- The Iran-backed Houthis, against whom Saudi Arabia leads a military coalition in Yemen, have repeatedly targeted the kingdom, including Aramco's sites
- The latest round of attacks comes after an oil refinery in the Saudi capital Riyadh was targeted on March 10 by a drone, an operation claimed by the Huthis
Hotel Dar Tantora is inspired by Saudi’s AlUla ancient mudbrick buildings
ALULA, SAUDI ARABIA – Situated in the heart of Old Town here, Dar Tantora Hotel offers guests a chance to...
Arts & Culture
Company News
TCS Q1 profit at US$1.35bn
Business
Latest News
Lucid Group opens Saudi Arabia’s first-ever car manufacturing facility
Jeddah, Saudi Arabia - Lucid Group, which is partially owned by the Public Investment Fund, launched Wednesday its first international...
Business
Masdar and PLN NP to triple size of Southeast Asia’s largest floating solar plant
Abu Dhabi, UAE--Masdar and PLN Nusantara Power (PLN NP) have signed an agreement to develop Phase II of the successful...
Business
Ras Al Khaimah’s first organic fertilizer project to cost $20m
Ras Al Khaimah, UAE - Ras Al Khaimah’s is building its first organic soil fertilizer project at a cost of...
Economy
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Business
Indonesia bans goods trading on social media platforms
Jakarta, Indonesia - Indonesia has banned goods transactions on social media platforms in a new regulation, its trade minister said Wednesday,...
- The regulation means social media firms will not be able to conduct direct transactions but only promote products on their platforms.
- Laws in the archipelago nation did not cover direct transactions through social media platforms such as TikTok, Facebook or Instagram before the new regulation.
Business
Binance selling Russia business
Binance is likely to sell its Russian assets to CommEX.
- The move comes months after reports suggested US authorities were investigating possible sanctions violations.
- The firm said the process would take a year to complete and would involve selling its assets to CommEX, a company that only launched on Tuesday.
Business
Aramco likely to acquire equity in China’s Shenghong Petrochemical
Dahran, Saudi Arabia -- Aramco and Jiangsu Eastern Shenghong Company (Eastern Shenghong) Wednesday signed a cooperation framework agreement to facilitate...
- Aramco and Eastern Shenghong signed agreement to facilitate talks on the possible acquisition by Aramco of a 10 percent strategic equity interest in Shenghong Petrochemical.
- Shenghong Petrochemical, a wholly owned subsidiary of Eastern Shenghong, owns and operates a 320 MBD integrated refinery and petrochemicals complex.