Hyperloop progress: Racing ahead or falling behind?
Over a decade after Elon Musk's hyperloop proposal, no commercial operations have begun, and Virgin Hyperloop shut down in 2023...
Business
Economy
Region needs tourism to beat inflation
Despite the global closures and economic crisis, the tourism sector in the Gulf region fared well in 2021 due to...
- Despite global closures and the economic crisis, the tourism business thrived in 2021
- The sector is likely to rebound in 2022 after faltering due to lifting travel restrictions
Business
Italy looks to Algeria to cover possible gas shortage
Italy imports around 95 percent of the gas it uses, and around 45 percent of that comes from Russia.
- Russia last week invaded Ukraine, causing the United States and its allies to impose sanctions on Moscow
- The conflict also sparked alarm among countries like Italy, which depend on Russia for their energy needs
Business
Saudi Arabia regulates reporting of capital market violations
This regulation reportedly aims to improve the manner of the reporting of violations of the Capital Market Law and its...
- The Board of Directors of Saudi Arabia’s Capital Market Authority gave its approval to this regulation
- The move is said to be part of the authority’s efforts to better control and develop the local capital market
Infographics
PCR testing is a business success in the region
A large number of kits of the PCR test has been manufactured and used across the world in general and...
- The WHO has said the PCR test is one of the most efficient to detect a Covid-19 infection, but also costlier than other methods
- The organization describes has said the test needs to be run at a molecular laboratory, which contributes to the higher cost
Business
Tech giants clamp down on Russia state-linked news
Facebook's parent Meta said it would be restricting access in the European Union to RT and Sputnik.
- Facebook's parent Meta said it would be restricting access in the European Union to RT and Sputnik
- Twitter and Facebook have both been hit with access restrictions in Russia since the invasion of Ukraine
Business
TikTok videos get longer
The app is now letting users upload videos as long as 10 minutes.
- Longer videos could also enable TikTok creators make more money and boost the platforms advertising business
- YouTube recently laid out goals for this year that included making the lives of creators easier and boosting a popular format
Business
Dubai records realty transactions worth more than $430m on Monday
Dubai’s real-estate market on Monday recorded a total of 301 transactions with a total value of AED1.59 billion ($433.22 million).
- In all, there were 294 sales transactions worth AED666.33 million ($181.44 million) throughout the day
- According to the data, Dubai also saw mortgage deals that amounted to AED915.77 million ($249.36 million) on Monday
Economy
Saudi job market to stay upbeat in 2022
During the past four years, the kingdom has created 555,000 new jobs as part of its plan to develop $1...
- Slump in other job markets makes candidates open to moving the kingdom for employment.
- Working on infrastructure projects underway in the kingdom will demonstrate future companies' capacity to work within different cultures and adapt to different cultures.
Business
Nadec appoints new CEO
The Riyadh-based firm has appointed Solaiman Abdulaziz Altwaijri as its CEO
- Hadsbjerg resigned for "personal reasons", and also left the company's board, according to a bourse statement
- The National Agricultural Development Company is one of the biggest agricultural and food-processing share stock companies in the MENA region
Business
Amiantit appoints new CEO
Feras Bin Ghassab Al-Harbi has held several leadership positions.
- The company took the decision after resignation of its previous CEO.
- The new CEO is already working with Amiantit Co. as the Group CFO.
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ENOC Group, Kawasaki renew partnership
The pact was signed through ENOC partner CKW Enterprises.
Business
Saudi crown prince says ready for economic partnership with BRICS
DUBAI, UAE – Saudi Arabian Crown Prince Mohammed bin Salman in a telephonic conversation with Russian President Vladimir Putin has...
Geostrategy
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Business
EIH acquires stake in 9Yards Comm
The acquisition aims to broaden EIH's investment portfolio.
- EIH has cultivated a diversified, innovative and sustainable investment portfolio comprising over 40 successful companies across various sectors.
- 9Yards Communications has a broad client portfolio encompassing government entities and private organizations both domestically and internationally.
Business
Tencent claims new AI chat bot skills comparable to ChatGPT
Tencent on Thursday gave a live demonstration of Hunyuan Aide's capabilities, with the bot introducing itself in response to questions...
- Tencent's "Hunyuan Aide", which it released to the public on Thursday, follows the similar ERNIE Bot rolled out by fellow Chinese company Baidu last month
- Hunyuan Aide has "powerful Chinese language writing ability, the ability to make logical inferences in complicated linguistic contexts, Tencent said in a statement
Business
ADNOC Gas signs US$450-550m Chinese supply deal
Abu Dhabi, UAE--ADNOC Gas today announced an agreement valued between $450 million and $550 million to supply Liquefied Natural Gas...
- ADNOC Gas CEO Ahmed Mohamed Alebri said that China continues to be a key market for the firm, and the deal reinforces "our role as a major LNG supplier"
- Elary this year, the firm -- 90 percent-owned by state oil giant ADNOC -- also signed a three-year supply agreement with France's TotalEnergies Gas and Power