Air traffic in Saudi Arabia surges 16 percent in 2023
Riyadh, Saudi Arabia - Saudi Arabia's aviation sector soared to new heights in 2023, with a significant increase in both...
Business
Will sign US$13.7bn deal with Airbus, says Korean Air
SEOUL, SOUTH KOREA – South Korean flag carrier Korean Air said on Thursday it will sign a US$13.7 billion deal with...
Business
Business
Dubai Gold & Commodities Exchange Feb trades total $13.68 bn
Dubai Gold & Commodities Exchange (DGCX) registered trades with a total value of $13.681 billion in February 2022, as global...
- The exchange registered a monthly Average Open Interest (AOI) of 125,206 contracts during February and saw its precious metals' portfolio lead trading activity.
- DGCX's West Texas Intermediary (WTI) Futures gained traction following increased volatility in oil markets.
Business
Dubai International Boat Show to feature 800 brands from 54 countries
Dubai International Boat Show (DIBS), which will be held from March 9 to March 13, will witness 34 launches and...
- This is MENA yachting industry's first international in-person event since the COVID-19 pandemic. It will run at Dubai Harbour.
- The region home to 12.6 percent of global superyachts, the world's second-highest fleet-to-billionaire ratio.
Business
Telecom Egypt reports $535m profit
Telecom Egypt has posted a net profit of $535 million for 2021, a seventy four percent jump compared to the...
- The rise in profit came in line with a 16 percent surge in revenues year-on-year, reaching 37 billion Egyptian pounds
- The Egypt-based company also contributes to national digitization projects
Business
Al Arabia posts $55m profit
Al Arabia, an advertising firm, has posted a net profit of $55 million in 2021, a 718 percent jump compared...
- Profits of the Riyadh-based firm, partly owned by media giant MBC group, soared as the advertising industry rebounded from pandemic-hit 2020
- The economic recovery, along with a continued digitization push in the Kingdom, led to a 45 percent increase in revenues year-on-year to SR720 million
Science
Smoke robs Iraq of the dream of clean energy
In the oilfields of southern Iraq, billions of cubic feet of gas literally go up in smoke, burnt off on...
- The flares produce vast amounts of carbon dioxide and other greenhouse gases, contributing to global warming without any economic or social benefit
- Currently, only half of the three million cubic feet of gas that comes out of Iraqi oil wells each day is captured and processed
Business
AMEA Power awarded $100m
Under the agreement, a 100MW solar plant will be built in Tunisia.
- In December 2019, a consortium formed by AMEA Power and TBEA Xinjiang New Energy was awarded the 100MW solar power plant located in Kairouan in Tunisia.
- The solar power plant construction is expected to begin by the end of this year.
Business
SEWA links up Al-Arqoub with its power grid
The Sharjah Electricity Water and Gas Authority (SEWA) will start to provide electricity to the Al-Arqoub area, aiming to meet...
- Work is ongoing to strengthen the network and light the leading and internal roads to the area with approximately 700 lighting poles
- Dr. Hassan Al Zarooni, Director of the Electricity Services Department, lauded the Authority's strategy in providing services to all regions
Business
SFD postpones Pakistan debts for development projects
The projects that the SFD contributes to financing through loans and grants in Pakistan amount to around SAR5 billion ($1.33...
- The fund signed an agreement with Pakistan’s Undersecretary of the Ministry of Economic Affairs Mian Asad Hayauddin in this regard
- The signing took place in the presence of Saudi Ambassador to Pakistan Nawaf bin Saeed Al-Maliki and senior officials from both sides
Business
Google Maps and Tripadvisor nix war news in reviews
Both services face a campaign by activists to use online reviews of businesses such as restaurants to get news of...
- Both services face a campaign by activists to use online reviews of businesses such as restaurants to get news of the war to Russians being fed information from the government.
- Safeguards included temporarily blocking new reviews, photos, or videos from being added to Maps for locations in Belarus, Russia, and Ukraine
Interview
Saudi Crown Prince opens up on every little thing
Saudi Arabia’s Crown Prince Mohammed bin Salman has created quite a few ripples with his views on all things important...
- The crown prince said he was leaning towards taking Saudi Arabia towards the ‘real teachings’ of Islam
- He also said the country was working towards codifying Islamic law as had been handed down directly by the Prophet
Air traffic in Saudi Arabia surges 16 percent in 2023
Riyadh, Saudi Arabia - Saudi Arabia's aviation sector soared to new heights in 2023, with a significant increase in both...
Business
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Qatar Airways’ profits fall
Economy
Cisco buys Splunk for US$28bn
Splunk is a software platform that uses AI to identify malware.
Business
Securiguard Middle East renews contract
Firm won $109 million contract extending over four years.
Business
UAE stocks generate strong cash flows as DFM hits 8-month high
Abu Dhabi, UAE--UAE stock markets Thursday continued to capitalize on improved investor sentiments, defying US Fed's decision to keep interest...
Business
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Geostrategy
Agriculture deals worth $471m inked at China-Arab States Expo
Beijing, China -- A total of 34 deals worth approximately AED1.73 billion ($471 million) were signed at the conference on...
- Last year, trade value of agricultural products between China and Arab countries reached US$5 billion (AED18.36 billion).
- China has held nearly 500 training sessions for nearly 10,000 agricultural officials and technical staff from 22 Arab League member countries.
Business
YouTube announces new AI products for content creation with focus on MENA
New York, United States - YouTube has unveiled a suite of innovative AI-powered tools aimed at revolutionizing the world of...
- The AI-driven capabilities promise to unleash new avenues of creative expression, simplify the content creation, and extend the reach of YouTube creators
- YouTube is also rolling out "Aloud," an AI-powered dubbing tool aimed at enabling creators to reach audiences beyond their primary language
Business
Yahsat bags $5.1 bn satellite capacity contract from UAE govt
Dubai, UAE - Yahsat Government Solutions (YGS), the government services arm of Yahsat has been awarded $5.1 billion satellite capacity...
- The development reinforces Yahsat's long-standing partnership with the UAE Government, extending back nearly two decades since the company's inception
- The contract boosts the Group's contracted future revenues to AED 25.7 billion (USD 7.0 billion), providing financial stability and visibility well into the future