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
Saudi Arabia announces major gas discovery in Jafurah
Riyadh, Saudi Arabia--Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz revealed on Sunday that an additional 15 trillion...
Economy
Business
Dubai international pharma exhibition generates deals worth $1.38 bn
The 27th edition of the Dubai International Pharmaceutical & Technologies Conference and Exhibition (DUPHAT 2022) has generated direct and indirect...
- The largest of its kind in the region, DUPHAT 2022 was held at the Dubai World Trade Centre and featured the participation of a number of doctors and pharmacists.
- The event attracted more than 22,000 visitors and participants from 82 countries and featured 140 speakers who shared their insights at 112 scientific sessions.
Business
Dubai records weekly real estate transactions worth $1.9 billion
Real estate transactions worth AED7.1 billion ($1.9 billion) were recorded by the Dubai Land Department during the week ending 25...
- The total number of transactions was 2,064, which included 300 plots of land that were sold for AED2.58 billion and 1,382 apartments and villas sold for AED2.88 billion.
- The top transactions were a plot of land in Marsa Dubai that sold for AED535.92 million, followed by a plot that was sold for AED476.81 million in Marsa Dubai.
Business
At $2.24trn value, Aramco tests Apple for the top slot
Aramco is inching closer to dislodging Apple as the world's most valuable company when the former's shares rose up, taking...
- The Saudi oil giant surpassed Microsoft, claiming its position as the second-largest valued company worldwide
- As of 11.04 a.m. Saudi time, shares stood at SR42 ($11.2) after the oil giant closed a $15.5 billion pipeline deal
Business
e& 2021 net profit $2.53 bn
The net profit was 3.2 percent higher than in 2020, the company said.
- UAE’s largest telecom operator said that foreign ownership limit in share capital from 20 pc to 49 pc increased ownership stake in Maroc Telecom Group from 48.4 pc to 53 pc.
- The company has proposed a dividend of AED 0.4 per share for the second half of 2021, representing a total dividend for FY2021 of AED 0.8 per share.
Infographics
SWIFT: The Russia sanctions threat for Ukraine invasion
Ukrainian President Volodymyr Zelensky called on world powers on Thursday to cut Russia off from SWIFT, after Russian forces invaded...
- Founded in 1973, the Society for Worldwide Interbank Financial Telecommunication, actually doesn't handle any fund-transfers itself
- But its messaging system, developed in the 1970s, provides banks the means to communicate rapidly, securely, and inexpensively
Ukraine crisis challenges oil industry caution at high prices
As oil prices have risen over the last year companies ranging from giants like Chevron to mid-sized players such as...
- As oil prices have risen over the last year companies ranging from giants like Chevron to mid-sized players like Devon Energy have chosen to only lift capital investment modestly
- That approach has reflected the clear preference within the investment community for producers to steer extra cash to debt reduction and shareholder givebacks
Business
Ajman Free Zone’s technology sector records 21% growth in 2021
The positive growth in results indicate the growing confidence of foreign investors and technology companies in AFZ's offerings in the...
- The positive growth in results indicate the growing confidence of foreign investors and technology companies in AFZ's offerings in the sector
- The business hub currently hosts more than 550 registered companies in the sector – cementing its position as one of AFZ’s strongest business areas
Economy
UAE aims to increase economy to more than $800bn by 2030
This goal requires adopting new economic diversification strategies, in addition to supporting new economic sectors, said Minister of Economy Abdullah...
- The UAE aims to increase the size of its economy from AED1.4 trillion ($ billion) to AED3 trillion ($816.88 billion) by 2030
- In 2020, the UAE attracted FDIs worth some $20 billion, which was an increase of 17 percent compared to the previous year
Business
PIF opens 3 overseas firms
The new companies’ offices are in London, New York, and Hong Kong.
- The PIF is an active investor in several industries and businesses, including in the UK, Europe, the US, Asia, and South America
- The new subsidiary companies’ offices are expected to enable the PIF to continue to work with partners across these regions
Economy
IMF, World Bank warn of global impacts as Russia invades Ukraine
The World Bank and IMF warned on Thursday that Russia's invasion of Ukraine would have repercussions for the global economic...
- IMF Managing Director Kristalina Georgieva said the conflict ‘adds significant economic risk for the region & the world’
- World Bank President David Malpass warned that ‘the devastating developments’ would have ‘far-reaching economic and social impacts’
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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
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
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TAQA to buy SWS Holding
Business
Production of pick-up trucks and vans in Iran rises by 52-70%
Tehran, Iran -- Production of pick-up trucks and vans in Iran in the first five months of the current Iranian...
Business
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Business
ADEX and National Bank of Egypt sign $100m financing agreement
This is aimed at supporting UAE export transactions to Egypt.
- Under the terms of the agreement, a revolving loan facility of US$100 million has been established, with the primary aim of supporting transactions involving UAE exports to Egypt.
- The Abu Dhabi Exports Office extends loans and guarantees to Emirati exporters to enhance their contributions to the economy and foster their global expansion.
Business
ADNOC to develop largest carbon-capture project in MENA
According to an ADNOC statement, the project will be able to capture up to 1.5 million tonnes of CO2 a...
- The new initiative will siphon planet-heating carbon dioxide emissions from the Habshan gas processing plant in Abu Dhabi
- ADNOC is hoping to "maintain its leading position in producing low carbon-intensity barrels" of fuel with its carbon capture initiatives
Business
Tech titans prepare for EU’s tougher market restraints
Brussels is working through a dense legislative agenda to build tougher regulation of big tech, arguing it needs to protect...
- EU will name which services will be considered big enough to fall under the next wave of regulation
- The new rules will force the iPhone-maker to allow alternative app stores on its products