Saudi Arabia, China sign MoU to develop air transport cooperation
Beijing, China - Saudi Arabia and China on Thursday signed a memorandum of understanding (MoU) to develop air transport cooperation. The...
Business
Vietjet to buy 20 A330-900 planes
The company signed MoU with Airbus for the widebody aircraft.
Business
Alpha Dhabi revenues rise 400 percent
The gross profit in 2021 was AED5.1 billion in 2021, compared to AED 218 m in 2020.
- The company said the performance was driven by the strong and consistent business activities of its subsidiaries.
- Alpha Dhabi Holding made strategic investments in 2021 by acquiring a 17.5 percent stake in Aldar which was increased to 30 percent at the year-end.
Business
ADQ to launch digital bank, after CBUAE grants approval
A new digital bank backed by ADQ, an Abu Dhabi-based investment and holding company, will soon begin operations, after the...
- With its headquarters in Abu Dhabi, the digital bank named Wio will enhance the capital's growing reputation as a global financial services centre
- The digital banking platform's primary shareholders ADQ and Alpha Dhabi, one of the fast-growing investment holding companies in the Middle East, own 65 percent
Geostrategy
Algeria’s Sonatrach signs deal to restart Libya operations
The Algerian group announced the deal during a visit to the neighbouring North African country by its chief Toufik Hakkar.
- The Algerian group announced the deal during a visit to the neighbouring North African country by its chief Toufik Hakkar
- The Sonatrach statement said the oil and gas giant planned to “redouble efforts for a swift return” to its activities in Libya
Business
Spotlight on Saudi model cargo villages as the sector grows in 2021
Saudi Arabia recorded a growth in air cargo traffic during 2021 compared to 2020, with the total air cargo until...
- The total air cargo until the end of December of 2021 amounting to more than 653,000 tons.
- The model cargo village at King Khalid International Airport in Riyadh is an advanced logistics platform with an estimated capacity of 500,000 tons.
Geostrategy
EU chief unveils 150-bn-euro investment plan for Africa
The scheme is the first regional plan that seeks to mobilise up to 300 billion euros ($340 billion) for public...
- The scheme is the first regional plan that seeks to mobilise up to 300 billion euros ($340 billion) for public and private infrastructure around the world by 2027
- Seen as a response to China's Belt and Road initiative, the strategy will use funding from EU institutions and member countries to leverage private-sector investment
Business
Work begins on $6.2bn Borouge 4 project in Abu Dhabi
The facility is being built at the Borouge’s polyolefin manufacturing complex in Ruwais in Abu Dhabi.
- The project is expected to play a significant role in meeting the projected growth of the global demand for polyolefins
- It will also apparently provide critical feedstock for the TA’ZIZ Chemicals Industrial Chemicals Zone in Ruwais in Abu Dhabi
Business
ADNIC 2021 profit is AED401.8 mn
The Company’s earnings per Share are AED 0.70
- ‘The Company’s diversified investment portfolio delivered excellent results with an increase in the Investment Income of 25.6% compared to 2020’
- In the fourth quarter of 2021, ADNIC extended its partnership with Al Bayt Mitwahid Association to support the association’s wide range of community welfare initiatives
Business
What’s next for TikTok’s music industry revolution?
TikToks latest service, SoundOn, offers unsigned artists a simpler way to upload songs, get paid and find distribution.
- Sometimes, it's old songs given a new lease of life, like recent crazes for Fleetwood Mac's Dreams or Boney M's Rasputin
- But often it's new or independent artists, who no longer need the backing of record labels to find a massive audience
Economy
UAE ranks 1st in Global Entrepreneurship Index 2022
The Global Entrepreneurship Monitor (GEM) has ranked the UAE 1st globally in its Global Entrepreneurship Index 2022, which was unveiled...
- The UAE also emerged as the number one global destination for establishing and starting businesses
- According to the report, the UAE has achieved an improvement on 11 out of the 13 axes covered by the index
Analysis
What’s driving EV uptake in MENA?
Experts help TRENDS see the road that lies ahead for electric vehicles in the region, and its one of hope:...
- Globally, 88 percent of EV owners are under the age of 45
- A recent EV study revealed a similar trend in the UAE and Saudi Arabia
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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
Saudi Arabia, China sign MoU to develop air transport cooperation
Beijing, China - Saudi Arabia and China on Thursday signed a memorandum of understanding (MoU) to develop air transport cooperation. The...
Business
Company News
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GCC facility management eyes 10% growth until 2030
Smart FM solution providers such as CBRE optimize FM workflows with virtual maintenance, automated maintenance, and dynamic services, focusing on...
Business
Abu Dhabi to unveil one of world’s biggest airport terminal
Dubai, UAE - An airport terminal able to handle up to 45 million passengers a year will open in Abu Dhabi...
Business
Moody’s lowers Country Garden credit ratings
Beijing, China - Moody's further downgraded the credit ratings of Chinese property developer Country Garden on Thursday as the heavily indebted...
Business
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Economy
UAE economy expected to grow by 3.5 percent in 2023, says UBS
ABU DHABI, UAE - Chief Investment Officer, Emerging Markets at UBS Global Wealth Management Michael Bolliger forecasts the UAE's gross...
- The bank's positive outlook on the UAE’s medium-term growth prospects is supported by strong demand for its oil exports and energy investments.
- The bank also expects a strong 4.5 percent expansion for the non-energy part of the economy for this year.
Business
Lavoie buys e-bike firm VanMoof
The cost of the acquisition has not been specified.
- VanMoof's bikes, which are sold in 20 countries, are known for their sleek, simplistic design with a battery hidden in the frame.
- VanMoof had raised $128 million in September 2021 in an effort to expand as it rode a boom in the e-bike sector.
Business
UAE industrial, business sectors see 4% rise in cumulative credit balance by H1 2023
ABU DHABI, UAE - Credit facilities provided by national banks to the business and industrial sectors rose by US$7.7 billion...
- Credit facilities by national banks to business, industrial sectors in UAE rose by US$7.7 billion in H1 2023.
- As per CBUAE’s figures the two sectors saw a 4 percent rise in cumulative credit balance to US$203 billion by the end of June 2023.