Binaa Al Bahrain aims to create expansive mixed-use projects
ABU DHABI, UAE – Chairman of Eagle Hills International Mohamed Alabbar has said that US$4 billion joint venture Binaa Al...
Business
Ratcliffe unveils electric Ineos car
Jim Ratcliffe is the co-owner of the Manchester United.
Business
Tibbiyah closes IPO at $22 million
Fully owned by Al Faisaliah Group, Tibbiyah is a leading healthcare provider in Saudi Arabia and the region.
- The retail offering was 12.63 times covered after allocating one million shares to individual investors
- The share offer price was set at Saudi Riyal 82 ($22), Aldukheil Financial Group said in the statement
Business
UAE to buy 12 Chinese fighter jets to bolster defense
The United Arab Emirates said Wednesday it plans to buy a dozen Chinese L15 aircraft, as it seeks to bolster...
- In December, the UAE threatened to scrap its mega-purchase of US F-35 fighter jets, protesting stringent conditions amid Washington's concerns over China
- The value of the deal was not disclosed
Business
Israel Diamond Exchange in Dubai
The exchange is based in Dubai Multi Commodities Centre.
- Dubai Multi Commodities Centre said the office is set to increase the ease of doing business for Israeli diamond companies.
- The opening comes a day after DMCC announced that the UAE has become the world’s largest rough diamond trade hub.
Business
Heathrow airport blames big loss in 2021 on UK Covid curbs
London's Heathrow airport announced Wednesday it narrowed annual losses only slightly in 2021 despite the reopening of global air travel,...
- The airport, one of the world's busiest hubs, had already suffered a £2 billion loss in 2020 as the pandemic grounded flights worldwide.
- The UK aviation sector had strongly criticized the British government over its long-lasting travel curbs that especially hit the tourism industry.
Business
ADNOC L&S and AG&P sign storage pact
ADNOC L&S' LNG Carrier Ish will be used as a Floating Storage Facility.
- Under the agreement terms, starting Q3 2022, AG&P will use the carrier for the first LNG Import Terminal in the Philippines at Ilijan in Batangas Bay (PHLNG).
- The vessel is part of a fleet of eight LNG vessels operated by ADNOC L&S and is currently under contract to ADNOC LNG, a subsidiary of ADNOC.
Business
Iraq to team up with Halliburton and Aramco to explore oil
Iraq is looking to partner with Halliburton Co. and Aramco to tap into oil and gas reserves in the Western...
- The Iraqi ministry is finalizing the commercial terms of work
- The country is also discussing with Aramco the possibility of funding and developing a natural gas field, also known as Akkas
Business
Al-Dawaa raises $27bn in IPO
Al-Dawaa, Saudi pharmacy chain, has raised $27 billion in equity from institutional investors after its first sale of shares to...
- With the order book 53.8 times oversubscribed, the final offer price has been set at SR73 per share, according to a bourse filing
- Individual subscriptions will be invited between Feb. 27 and March 1, offering a maximum of 2.55 million shares
Economy
Palestine exports rose 23% y-o-y in December
The rise in exports was 7 percent when compared to November of the same year.
- Exports to Israel increased in December by 12 percent compared to November
- Exports to other countries decreased by 19 percent during the same period
Economy
QAIA saw passenger traffic grow 161% in January
Passenger and aircraft movement and air cargo traffic at QAIA remained far lower than pre-pandemic levels.
- Aircraft movements grew to 4,630 in January, 127.2 percent up from the same period last year
- Air freight traffic also reached 4,048 tons in January, 13.6 percent up from the same period in 2021
Arts & Culture
US restricts import of Afghan cultural items to prevent ‘pillage’
The decree implemented on an "emergency" basis took effect on Friday based on a 'request' of a former government of...
- US has imposed restriction on importing ceramics, paintings, glass, ivory, ancient textiles, tiles and wood pieces from Afghanistan
- This regulation on import could be troublesome for collectors or curators who already have items on their way to the US
Most Read
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
Binaa Al Bahrain aims to create expansive mixed-use projects
ABU DHABI, UAE – Chairman of Eagle Hills International Mohamed Alabbar has said that US$4 billion joint venture Binaa Al...
Business
Company News
Latest News
Smart factories transform manufacturing across GCC
Saudi Arabia and UAE lead the region in rapidly embracing the Fourth Industrial Revolution, shifting from traditional factories to smart...
Business
Iran’s IKCO to buy electric vehicles from Chinese firm Dongfeng
Tehran, Iran - The CEO of Iran’s largest car manufacturing company, IKCO (Iran Khodro Industrial Group), said that his company...
Business
L’Occitane shares nosedive
Shares dropped 29% after talks on taking the firm private called off.
Business
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Business
Arm seeks $52bn valuation
Arm is a world leader in designing chips that are used in smartphones.
- Arm's IPO is being closely watched by the financial markets, with large tech IPOs something of a rarity in recent months.
- Tech giants including Nvidia, Apple, Samsung Electronics and Intel are interested in investing in Arm once the company is listed.
Business
Saudi Arabia and Russia extend oil cuts, Brent crude price up
The Saudi production cut of one million barrels per day which first took effect in July will continue "for another...
- Brent crude rose above $90 per barrel on the news for the first time since November, while West Texas Intermediate, the main US futures contract, jumped 1.9 percent to $87.16.
- Riyadh, the world's biggest crude exporter, first announced its cut after a June meeting of the 23-nation OPEC+ alliance, which also includes Russia.
Infographics
Saudi construction sector employs 3 million workers
GCC countries employ close to 20 million foreign workers, who are subject to vastly different conditions and wags compared to...
- The Gulf Cooperation Council countries have a high reliance on foreign labor. In 2020, foreign workers accounted for 60 percent of the total labor force.
- GCC countries face high unemployment among nationals, shortage of skilled labor and a mismatch between the skills of nationals and the requirements of the labor market.