Saudi solar company ALUPCO partners with Mexico-based Array technologies
Riyadh, Saudi Arabia - Saudi Arabian aluminum extrusion company Aluminum Products (ALUPCO) has entered into a strategic collaboration with Array...
Business
Price of natural gas in Europe falls to a 3-year low
LONDON, UK – The price of natural gas in Europe fell again on Friday, taking it to its lowest in almost...
Business
Business
ADNOC framework agreements declared
The $1.94 bn agreements have been awarded to four companies.
- The wireline logging and perforation services are the largest of such awards in the oil and gas industry.
- The framework agreement awards cover ADNOC’s onshore and offshore fields and will run for five years with an option for a further two years.
Business
UAE Food and Beverages from Latin America reached $1.9 bn in 2020
The UAE’s food and beverage imports from Latin America reached $1.9 billion in 2020 as the Gulf country expanded its...
- Dubai Chamber of Commerce revealed UAE expanded its efforts to enhance food security.
- The Chamber's analysis estimates the untapped potential of Latin American food and beverage exports to the UAE at $800 million.
Business
Moody’s calls transfer of Aramco shares to PIF as credit positive
Moody's has termed the share transfer of Saudi Arabia’s Aramco to the Public Investment Fund as credit positive as it...
- The transaction, which saw Aramco transferring a 4 percent stake to PIF, will also improve the fund’s sector diversification, and will add an asset that regularly pays dividends
- PIF’s assets will increase by SR296.4 billion ($79 billion) following the transfer, or 20 percent higher than in 2020
Business
Airbus posts net profit of $4.8bn in 2021, after two years of losses
European aircraft giant Airbus posted record profits in 2021 after two years of losses as it cruises past the pandemic-induced...
- Net profit surged to 4.2 billion euros ($4.8 billion) with deliveries of aircraft rising eight percent to 611 planes, Airbus said in an earnings statement
- The company is targeting 720 commercial aircraft deliveries in 2022, an 18 percent increase
Business
Jordan’s 26 companies to take part in Baghdad intel Fair
Jordan's minister praised the Ministry of Communications for its achievements in the communications and information technology sector.
- Jordan's minister praised the Ministry of Communications for its achievements in the communications and information technology sector.
- Jordanian Ministry and the joint companies will hold a series of meetings in order to discuss cooperation
Business
Saudi Arabia elected as Head of ICAO’s Regional Aviation Safety Group for Middle East
The election took place during the ninth session of the group’s meetings hosted in Riyadh from 14-17 February 2022.
- The election took place during the ninth session of the group’s meetings hosted in Riyadh from 14-17 February 2022
- The RASG-MID aims to develop an integrated data-driven strategy and implement a work program that supports a regional safety management performance framework
Business
UAE to promote innovation in home businesses
This was discussed at panel discussion about "Innovation in Home Businesses" which was organised by the Ministry of the "UAE...
- This was discussed at a panel discussion about "Innovation in Home Businesses" which was organised by the Ministry of the "UAE Innovates-February 2022"
- Minister of Community Development Buhumaid highlighted outstanding success stories for national entrepreneurs and small business owners to inspire the UAE productive families
Business
Aramco, Egypt company sign non-binding crude oil supply pact
Aramco Trading Company signed on Wednesday a non-binding agreement with Egypt’s Red Sea National Petrochemicals Company for a long-term crude...
- The agreement will pave the way for Aramco Trading to buy products from Red Sea, which include polymers, olefins, and liquid refined and petrochemical products
- The Red Sea National Petrochemicals Company was established to meet the needs of the local market for refined and petrochemical products
Business
Google to overhaul ad tracking system on Android devices
Google announced plans Wednesday to limit ad tracking on its Android operating system running on billions of devices, a sensitive...
- Apple has about 50 percent of the US smartphone market while Google's Android software is used on roughly 85 percent of smartphones globally
- At present, the internet search giant assigns an identity to Android-powered devices, which enables advertisers to have a profile of people's online habits
Interview
AI/ML boosts efficiency of GCC frontline workers
The Gulf region leads in adoption of artificial intelligence or machine learning to boost productivity, says Rami Darwish, CEO of...
- The pandemic has highlighted the importance of making digital solutions available for field staff
- Frontline and back-office must be on the same platform to facilitate information flow
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Saudi solar company ALUPCO partners with Mexico-based Array technologies
Riyadh, Saudi Arabia - Saudi Arabian aluminum extrusion company Aluminum Products (ALUPCO) has entered into a strategic collaboration with Array...
Business
Company News
Latest News
Improving power situation in Libya brightens life
Till last year, outages could last 20 hours, turning the streets dark and leaving residents sweltering in temperatures above 40...
Business
Tech’s carbon footprint: can AI revolutionize responsibly?
The planet's 8,000 or so data centers are the foundation of our online existence, and will grow ever further with...
Business
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Analysis
Gulf banking sector flourishes amidst rising rates
GCC banks experienced robust lending growth during Q2-2023, despite multi-decade high rates from US hikes, with loans from GCC-listed banks...
- GCC banks experienced robust lending growth during Q2-2023, despite multi-decade high rates from US hikes, with loans from GCC-listed banks hitting a record $1.9 trn
- Customer deposits in the GCC rose 1% quarter-on-quarter to $2.3 trillion, with a loan-to-deposit ratio of 79.0%, and net income surging 3.5% to 13.7 billion in Q2-2023
Business
China’s Country Garden wins vote on debt to avoid default, says media
BEIJING, CHINA - Chinese developer Country Garden has won approval from creditors to extend a deadline for a key bond repayment,...
- One of China's biggest builders, Country Garden had racked up debts estimated at 1.43 trillion yuan ($196 billion) by the end of 2022
- Country Garden's bondholders voted this week to delay repayment on a bond worth 3.9 billion yuan ($535 million), to give it time to recover financially
Geostrategy
Iraq-Iran rail link to facilitate travel, tourism and medical treatments
Iraq's prime minister inaugurated construction work on what is slated to become the first railway line connecting the country to...
- The project had been under discussion for years before an agreement was reached in 2021.
- The Iraqi PM thanked Iran for planned demining operations at the border to clear the way for the train line.