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
Business
Bangladesh to partner with UAE to boost trade in Middle East
The Federation of Bangladesh Chambers of Commerce and Industries, or FBCCI, will launch a UAE-Bangladesh Business Council next month to...
- Bangladesh’s Prime Minister Sheikh Hasina is likely to launch the business council
- The business council is expected to strengthening the trade relations with the UAE
Business
Bahrain eyes cooperation with Germany in aviation, tourism
Bahrain's Minister said the private sector plays a key role in strengthening bilateral relations, as it boosts the volume of...
- Bahrain's Minister stressed the importance of attracting more expertise and investments.
- He also highlighted the incentive packages provided by Bahrain for overseas investors.
Business
GFH of Bahrain to list on Tadawul
Bahrain-based Islamic investment bank GFH Financial Group intends to list on the Saudi stock exchange, Tadawul, and Abu Dhabi Securities...
- The financial group will reportedly discuss the option with its shareholders at the general meeting
- The company said shareholders will mandate the board of directors to complete the listing process
Business
AD Ports acquires Divetech
Divetech is a UAE-based topside-subsea solutions provider.
- The acquisition will be fully funded from AD Ports Group’s existing cash reserves.
- Divetech delivered revenue of AED 87 million and EBITDA of AED 20 million in 2021.
Business
Shurooq to invest in GCC, Arab countries, Australia, says its Executive Chairman
Shurooq is currently considering in several Arab and Gulf Cooperation Council (GCC) countries, including Egypt, Saudi Arabia, Oman and Qatar,...
- Shurooq has received a proposal to establish similar entities to Sharjah Sustainable City in Australia and the US.
- It is now engaged in tourism, environment, transport and project management sectors and will soon invest in health, education and robotics.
Business
UAE ratifies $3.26bn loan for Sheikh Zayed Housing Program
The UAE has approved a $3.26 billion housing loan budget for Sheikh Zayed Housing Program in a cabinet meeting on...
- "The aim is to fulfil accumulated and expected requests and reduce the waiting period during the coming years", said Sheikh Mohammed bin Rashid
- He said the cabinet also approved the establishment of the Emirates Council for Balanced Development to develop plans, implement projects and build government-private partnerships
Business
Qatar Airways and Airbus dispute over A350 safety grows bitter
Qatar Airways on Monday accused aviation giant Airbus of blocking efforts to settle their billion-dollar dispute over the safety of...
- The airline, which has now grounded 22 of its 53 A350 jets since November 2020, said it was determined to plough ahead with legal action seeking $610 million in compensation
- While they fight in the London courts, Airbus has in turn sought to cancel orders made by Qatar Airways for two other A350 jets and 50 A321neo planes
Business
EGA of UAE posts record net profit of $1.5bn for 2021
Emirates Global Aluminium, or EGA, has posted a 1,140 percent jump in net profit to $1.5 billion for 2021.
- The company's record earnings were attributed to a strong global aluminum market after economies recovered from COVID-19, as well as higher production, sales, and prices
- “These record results show that our preparations for the next stage of our corporate journey are nearing completion,” Abdulnasser bin Kalban, CEO of EGA said
Business
Saudi Exports organizes Commercial Mission for 30 businesses to Oman
Saudi Exports Development Authority (SAUDI EXPORTS) today organized a commercial mission for over 30 Saudi senior manufacturers and exporters in...
- The mission, which targets 70 Omani companies, follows the two countries’ signing of memorandum of understating worth $30 billion for cooperation in various economic fields.
- Saudi non-oil exports to Oman reached $932 million till November 2021---food sector SAR 884 million, petrochemicals SAR 709 million and the constructions sector SAR 529 million.
Business
Lucid Motors to manufacture electric vehicles in Saudi Arabia
Lucid Motors has leased a big plot of land for $30 million in King Abdullah Economic City Industrial Valley, in...
- The leasing of land aims “to construct and operate automotive manufacturing and assembly facility together with all ancillary services”
- Financial impact from the project will roll out on the company’s financial statements during the contract duration that will run from 2022 until 2047
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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
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TAQA’s $1.5bn dual-tranche bonds listed on Abu Dhabi Exchange
Abu Dhabi, UAE -- Abu Dhabi National Energy Company (TAQA's) dual-tranche $1.5 billion bonds were listed on Abu Dhabi Securities...
Business
EIH acquires stake in 9Yards Comm
The acquisition aims to broaden EIH's investment portfolio.
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...
Business
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Economy
Saudi non-oil activities push Q2 economic growth to 1.2%
Riyadh, Saudi Arabia -- Saudi Arabia’s real GDP grew by 1.2 percent in the second quarter of 2023, compared to...
- A GASTAT report showed a 6.1% increase in non-oil activities over 2022, a 2.3% increase in government activities over 2022, and a 4.3% decrease in oil activities.
- According to the report, seasonally adjusted real GDP decreased by 0.2 percent in Q2 of 2023 compared to the Q1 of 2023.
Business
Bank of China opens in Riyadh
It is expected to speed up the use of yuan in trade.
- China's ambassador to Saudi Arabia said that it is the fruit of the continuous development of friendly relations between the two countries
- With the launch of the Riyadh branch, the BOC now operates and provides financial services across 64 countries and regions worldwide
Economy
Saudi Arabia’s economy and fiscal position strong due to Vision 2030: IMF
Riyadh, Saudi Arabia-- Saudi Arabia's economy is in a state of prosperity and growth, and that the kingdom's fiscal position...
- According to an IMF statement, Saudi Arabia is the fastest-growing economy among G20 countries, recording an overall growth rate of 8.7 percent
- The kingdom's non-oil GDP witnessed a growth of 4.8 percent in 2022 driven by robust private consumption and investments in various sectors