Reforms help Saudi banking sector post robust growth
The financial sector plays vital role in the Kingdom's economy, with a 9.5% surge in operating income and 10.9% increase...
Business
Russia not in danger of trading oil at a loss, says Lavrov
MOSCOW, RUSSIA – Russia does not see the risk of trading oil at a loss due to the redistribution of...
Business
Business
ADNOC teams up with Proman to produce methanol in Abu Dhabi
Abu Dhabi National Oil Company (ADNOC) has signed an agreement with Proman, one of the world's leading producers of methanol,...
- The facility will meet growing domestic and international demand for this clean and versatile chemical commodity
- Growth is expected to be driven by emerging economies in Africa and Asia, while methanol production in the UAE will support decreased reliance on imports
Economy
UAE and Latvia launch economic cooperation program in six sectors
The UAE and Latvia have agreed on a six-track economic cooperation program covering trade and investment, innovation and advanced technology,...
- The program covers investment, innovation and advanced technology, transportation and logistics, agriculture, food, education and science.
- An MoU between the Investment and Development Agency of Latvia (LIAA) and the SMEs Development Department at the UAE Ministry of Economy.
Business
Etihad Cargo revenue grows 49 percent
The company recorded 27 percent YOY rise in freight carried.
- In Q1, Etihad Cargo temporarily modified five Boeing 777 aircraft to support cabin-loaded cargo.
- By mid-2021, Etihad Cargo had announced the recovery of more than 90 percent of its network compared to pre-COVID.
Business
Technology makes Saudi farms more sustainable
The Kingdom's startup Red Sea Farms woos regional and global investors with a technology that grows crops without using freshwater...
- The Kingdom's Red Sea Farms woos regional and global investors with a technology that grows crops without using freshwater in humidity-controlled greenhouses
- The firm seeks to break the food water-energy nexus by leveraging saltwater, novel humidity control, and solar energy to lower costs and improve yields for farmers
Business
Arada awards two contracts
The $32.13m contracts are aimed at development in Masaar.
- Work by both contractors is scheduled to be completed by end of April, in time for the opening of the Masaar Experience Center in June.
- Masaar is AED8 billion($2.18b) forested megaproject located in the Suyoh district of Sharjah.
Business
Dubai Derma 2022 registers $540m in business deals, attracts 21,000 visitors
The Dubai World Dermatology and Laser Conference and Exhibition (Dubai Derma 2022) concluded its 21st edition on Wednesday, and registered...
- It focused on various developments related to cosmetic surgery, lasers, cosmetic dermatology and anti-ageing, among others.
- The conference featured 326 scientific lectures, 79 workshops, and more than 90 scientific poster presentations.
Business
TAQA to recommend $600m dividend
The company has already paid $500m in quarterly dividends.
- The dividend payment will be in addition to the final payment of AED1.2 billion ($330 million).
- AED1.9 billion ($500 million) (1.65 fils per share) have already been paid in quarterly dividends.
Business
Turkish drones make waves in Russia-Ukraine war
Kyiv has around 20 Bayraktar TB2 drones, built by the Turkish military. Relatively cheap and effective, President Recep Tayyip Erdogan...
- But while they have proved their worth in several recent conflicts -- from Syria to Libya to Nagorno-Karabakh -- the terrain this time is less favorable, experts say
- The Ukrainian ambassador in Ankara has regularly tweeted images of explosions attributed to the drones, targeting Russian columns and artillery
Business
Emirates opens office in Fujairah
The office is located in Al Ghilaila Building, overlooking the Fujairah corniche.
- Emirates has worked in partnership with dnata Representation Services as its General Sales Agent (GSA) in Fujairah for the past three decades.
- The new retail sales office four customer service counters dedicated to flight reservations, ticketing, and general customer enquiries.
Business
Demand for gas and wheat drives Suez Canal’s business up 15%
The Suez Canal has seen a fifteen percent jump in business as ships carrying wheat and gas have filled the...
- Grain exports will make their way to Northwestern Europe while iron exports will go to Canada and Northwestern Europe
- the Suez Canal will begin applying additional fees, ranging from 5 to 10 percent of the transit fees, for various categories of ships transiting the channel
Reforms help Saudi banking sector post robust growth
The financial sector plays vital role in the Kingdom's economy, with a 9.5% surge in operating income and 10.9% increase...
Business
Company News
Latest News
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...
Business
In war-scarred Iraqi city, food business gives women independence
Only slightly more than 10 percent of Iraq's 13 million women of working age are in the job market, according...
Cybersecurity vital for UAE’s banking, customer trust
"The banking and financial sector, being a prime target for cybercriminals, necessitates evolving solutions and strategies for protection. Regulatory compliance...
Business
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Business
MODON inks $133 m pact
The pact will help manufacture vaccines in Saudi Arabia.
- MODON and Vaccine Industrial Company will set up a joint venture factory in Sadeer City to strengthen the pharmaceutical security system.
- It is in line with MODON's strategy to create an integrated industrial and investment community to attract national and foreign investor partners.
Arts & Culture
First Saudi horror movie ‘Cello’ screened at cinemas across the Kingdom
RIYADH, SAUDI ARABIA - Saudi cinemas began the screening of the horror and thriller movie Cello, with global participation of...
- Al Al-Sheikh, the writer of the movie, announced that the film achieved the largest opening in the history of Saudi cinema with total of 53,103 tickets sold.
- He said that the movie's stars are Saudis, Gulf, Arabs and international actors, stressing that 60 percent of the cast are from the Kingdom.
Business
ITFC collaborates with Turk Eximbank for providing joint loan of US$277m
JEDDAH, SAUDI ARABIA - The International Islamic Trade Finance Corporation (ITFC), which is a member of the Islamic Development Bank,...
- This collaboration aims to enhance trade volume among the member states of the Organization of Islamic Cooperation.
- The loan aims to support the development of small and medium enterprises' exports as well as private sector companies in Turkey.