UAE records more than 25% growth in international card spending in 2023
Dubai, UAE--Total spending using international cards in the UAE witnessed a growth of more than 25% during the year 2023....
Business
UAE, NeoNautica collaborate to develop Blue Pass platform
DUBAI, UAE – The Ministry of Energy and Infrastructure has signed a collaboration agreement with NeoNautica, a company specialized in...
Business
Interview
Despite culture, MENA coffee business still nascent
The region’s coffee market growing rapidly creates new business opportunities, says Ali Al-Ebrahim, founder and CEO of COFE.
- Coffee consumption in MENA has experienced a massive shift, with sales growing at twice the global average
- Coffee has been at the heart of Middle Eastern culture for centuries
Economy
Climate change worsening toll on outdoor workers: Study
Researchers in the United States, who estimated the current cost at $2.1 trillion every year, said the effects of stifling...
- The researchers looked at data on humid heat — particularly dangerous because the body is less able to cool down by sweating
- The study, published in the journal Environmental Research Letters, said around 677 billion work hours are lost a year to humid heat
Business
DEWA launches nanosatellite
DEWA-SAT 1 was launched on a SpaceX Falcon 9 rocket.
- DEWA-SAT 1 was launched on a SpaceX Falcon 9 rocket from the Cape Canaveral Space Launch Complex (SLC-40) in Florida in the US
- The launch made DEWA the world’s first utility to use nanosatellites to improve the maintenance and planning of electricity and water networks
Business
Mineral resources key to supporting Saudi economy: Investment Minister
Saudi Arabia’s Minister of Investment Khalid bin Abdulaziz Al-Falih said that the mineral resources sector is among the most important...
- General program for Geological Survey results in issuing 75 new exploration licenses after the launch of the new Mining Investment Bylaw in January 2021.
- Estimations put the value of mineral resources in the Kingdom of Saudi Arabia at $ 1.3 trillion.
Business
Oman and UK sign agreement to bolster trade relations, investments
Oman and the United Kingdom have agreed to bolster relations and high-value investment volume, Omani media reports said. To this...
- The trade volume between the two countries reached GBP 1 billion ($1.37 billion) annually.
- Direct British investments comprise 50 percent of the foreign investments volume in Oman over the past years.
Business
Saudi Central Bank issues controls for electronic issuance of banking documents
The Saudi Central Bank (SAMA) has issued controls the banks need to consider while issuing banking documents, Saudi media reports...
- The controls oblige banks to provide e-verification services of banking documents issued electronically or on paper.
- These controls included the minimum limit of banking documents necessary for being electronically issued.
Business
Aramco expands global downstream presence with key European investment
The Saudi Arabian oil company Aramco, the world’s largest integrated energy and chemicals company, is expanding its global downstream presence...
- The investments will widen Aramco’s presence in the European downstream sector and further expand its crude imports into Poland
- Another MoU was signed by Aramco and PKN Orlen which focuses on exploring potential opportunities for research and development
Business
Qatar Tourism eases process to issue holiday home licenses
Qatar Tourism has invited residential property owners to invest in hospitality while generating extra income from their unused units by...
- Qatar Tourism has introduced a helpline and a simplified process to get licenses issued within a week
- Property owners renting to vacationers without licenses would be jailed for two years or/and fined QAR200,000
Business
Panel to enhance performance of Federation of GCC Chambers
The meeting was held via video conference technology, with spread of the Omicron variant of Covid-19 having stopped almost all...
- Qatar Chamber Chairman Sheikh Khalifa bin Jassim Al-Thani presided over the meeting
- It reportedly discussed the estimated budget of the federation for the current year
Economy
Gulf watch: Sectors that will grow most in 2022
The business environment in the region will experience a transformation that will have a far-reaching impact on economic trends and...
- The GCC’s non-oil sectors will continue to dominate the economy, creating future opportunities
- The region’s economy may benefit greatly from ecommerce, logistics, and delivery services
UAE records more than 25% growth in international card spending in 2023
Dubai, UAE--Total spending using international cards in the UAE witnessed a growth of more than 25% during the year 2023....
Business
Company News
Latest News
HSBC relaunches SVB UK
Business
Iran’s oil output capacity up 40 percent in two years: Oil Minister
Tehran, UAE -- Iran’s oil production capacity has increased 40 percent in two years with the rise in investment in...
Business
UAE and Brazil launch partnership to exchange expertise in economy
Dubai, UAE -- The governments of the UAE and Brazil have launched a partnership to exchange knowledge and expertise in...
Business
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Business
Alahmadi joins SHUAA Board
He is set to be part of the Board's Investment Committee.
- Alahmadi's career includes stints at global giants like Mubadala and Rothschild & Co. More recently, he was associated with the CEO Office of ADQ
- His current portfolio also includes a position as an independent member of the Audit and Risk Committee for ADX-listed firm, Presight AI Holdings.
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...
- In 2019, researchers trained several large language models, and found that training a single AI model can emit the CO2 emission equivalent of five cars over their lifetimes.
- Between 2010 and 2018, global data center energy use rose by only 6 percent, despite a 550 percent increase in workloads and computing instances, according to the IEA.
Business
DEWA presses into service seven 132 KV transmission substations in H1
Dubai, UAE--Dubai Electricity and Water Authority (DEWA) has pressed into service seven new 132 transmission substations in the first half...
- DEWA's MD and CEO, Saeed Mohammed Al Tayer, said that the total cost of electricity transmission network projects under construction exceeds $1.14bn
- Al Tayer further revealed that the total number of transmission substations across Dubai reached 368 stations by the end of the first half of 2023