ExxonMobil makes new oil discovery
The oil and gas strike is the first of 2024.
Non-oil sectors contribute 50% to Saudi Arabia’s real GDP in 2023
RIYADH, SAUDI ARABIA – Non-oil activities in the Kingdom have achieved a historic milestone, reaching a 50 percent share of...
Economy
Business
Association of Iraqi Banks, Federation of Egyptian Banks sign MoU
The MoU was signed by the president of the association, Wadih Al-Handal in the presence of the Governor of the...
- The MoU was signed by the president of the association, Wadih Al-Handal in the presence of the Governor of the Central Bank Mostafa Ghaleb
- Al-Handal pointed out that the memorandum of understanding will also focus on establishing joint training programs
Business
Non-Jordan investors buy less, sell more at Amman bourse
The net of non-Jordanian investments during January 2022 showed a negative value of JD5 million ($7.05 million).
- The value of shares that were bought by non-Jordanian investors during January 2022 was JD11.2 million ($15.8 million)
- The value of shares sold by these non-Jordanian investors for the same period amounted to JD16.2 million ($22.85 million)
Business
$100m platform set to give MENA esports a boost
Zain-PlayHera joint venture aims to enhance the capabilities of esports professionals and nurture local talent in the regional markets
- The partnership, which delivers the first esports platform in the region, aims to enhance the capabilities of esports professionals
- It will also nurture local talent in the region’s markets by creating an enabling environment for esports content creators and designers
Economy
Middle East Energy Event to address future of energy transition
The Middle East Energy Event (formerly Middle East Electricity) will be held at Dubai World Trade Center from 7th-9th March....
- The event, formerly known as Middle East Electricity, will be held at Dubai World Trade Center from 7th-9th March.
- A study by Goldman Sachs revealed green hydrogen could meet 25 percent of global energy requirements in the next 30 years.
Business
Abu Dhabi Judicial Department sells 787 cars for $5 million at auctions
The Abu Dhabi Judicial Department (ADJD) has organized five-car auctions at the Al Mafraq vehicle impound area over the past...
- The vehicles were sold at competitive prices ranging from $544 to $69424.
- The five-car auctions generated a high influx of bidders, whose number exceeded 1,200.
Business
Aldar Education gets $272m
Company's growth plan focused on three locations in Abu Dhabi.
- Aldar Education currently owns nine schools under Aldar Academies and Cranleigh Abu Dhabi and manages a further 11 schools.
- The company aims to increase the existing student capacity in Aldar Education’s owned and managed schools to over 40,000 seats by Academic Year 2024-25.
Geostrategy
GACA and Oracle sign MoU to steer digital transformative initiative
Saudi Arabia’s General Authority of Civil Aviation (GACA) has signed an MoU with Oracle to develop and support a roadmap...
- The memorandum was signed on the sidelines of the Global Tech Conference "LEAP" held in Riyadh.
- It also stipulates mutual coordination regarding cloud seminars, training and guidance, facilitating training.
Arts & Culture
The NFT artist who sold a trashcan image for $252,000
The image, by American artist Robness, called "64 gallon toter", depicts a large plastic trashcan with glitching effects, giving it...
- NFTs are unique pieces of computer code stored on a longer chain of code known as a blockchain, with a link to an artwork or other item.
- There is a lot of money to be made in the NFT art world -- auctions and purchases from celebrities contributed to sales worth more than $40 billion last year.
Economy
Green Hydrogen Production among 98 new activities added to Dubai economy
A total of 98 new economic activities have been added to several sectors of Dubai in 2021, bringing the total...
- The total number of economic activities in the Emirate has reached 2,200. In 2020, the DET had added 58 activities.
- Artificial Intelligence Developing Services, Gaming Localization Services and Industrial Consultancies are among other activities added this year.
ADNOC announces vital gas discovery offshore of Abu Dhabi
The Abu Dhabi National Oil Company (ADNOC) has announced the discovery of natural gas resources offshore of the Emirate of...
- This discovery marks the first of Abu Dhabi’s offshore exploration concessions
- Offshore Block 2 covers an area of 4,033 square kilometers northwest of Abu Dhabi
ExxonMobil makes new oil discovery
The oil and gas strike is the first of 2024.
Company News
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TAQA to buy SWS Holding
Business
RTX engine issue to hit profit by $3.5bn
RTX said 600-700 engines will be removed for inspection.
Business
Iran-US non-oil trade reaches US$31m in January-July 2023
TEHRAN, IRAN - The US Bureau of Statistics in its latest report said the trade between Iran and the United...
Business
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BMW to make ‘multi-million’ pound investment in UK plants: govt
The first generation of the iconic British vehicle's electric model was launched at the Oxford plant in 2019, but last...
- The money will be used to "transform" BMW's plant in Oxford, southern England, "securing 4,000 high-quality jobs", UK government said
- BMW's investment is another shining example of how the UK is the best place to build cars of the future," said Prime Minister Rishi Sunak
Business
Saudi Arabia’s ROSHN Group announces $2.4bn in commercial partnerships
Riyadh, Saudi Arabia - Saudi Arabia's leading real estate developer, ROSHN Group, announced on Sunday a series of commercial partnerships...
- The most significant deal, valued at SR7.69 billion, was signed with China Harbor Engineering to develop 6,700 residential units in Riyadh's Sedra and Warfa communities
- ROSHN also inked an SR840 million agreement with BC Marine Services to execute canal and bridge works for the recently announced MARAFY project in Jeddah
Business
Alibaba announces surprise departure of ex-CEO
CEO Daniel Zhang was due to take charge of the firm's new cloud computing branch, now a separate entity, on...
- Alibaba is one of China's most prominent technology firms, with business operations spanning cloud computing, e-commerce, logistics, media and entertainment
- After years of turbulence in the Chinese tech sector, Alibaba in March announced the biggest restructuring in its history, dividing itself into six entities