Higher prices boost Coca-Cola sales despite Middle East hit
Chief Executive James Quincey described consumers in North America as "holding up well," although he acknowledged "a little softening" through...
Business
Business
Roborace, ADIO and Mubadala team up for innovation
Abu Dhabi Investment Office (ADIO), Mubadala, and Roborace have signed a Memorandum of Understanding (MoU) to drive innovation in the...
- Roborace will review the opportunity to establish its regional HQ in Abu Dhabi
- ADIO, Mubadala and Roborace are active proponents of the 4th Industrial Revolution
Business
Jahez to raise $428m through IPO
HSBC is the financial advisor of the Saudi online food delivery startup.
- It has set the price range for its IPO on Nomu Parallel Market between SR750 and SR850 per share
- HSBC Saudi Arabia is the financial advisor, lead bookrunner, lead manager, and stabilization manager for the listing
Business
Oman launches operations at 500-acre shrimp farming project
A commercial shrimp farming project was launched at Quroom Farm in Jaalan Bani Bu Hassan, in the Governorate of South...
- Quroom Farm in Jaalan Bani Bu Hassan is is set to have a total capacity of 4,600 tons per annum by the time it is completed in 2023.
- The farm will also serve as a springboard for academics and researchers in the field of aquaculture.
Business
Saudi markets rocky, Abu Dhabi index loses ground
The Saudi and Abu Dhabi indices saw a choppy week, while the Dubai markets saw some good gains.
- Aramco's share price dropped by 9 percent, as the Saudi index fell by 0.5 percent on Thursday
- The Abu Dhabi index slipped 0.2 percent on Tuesday, down from a record high
Business
Syria to host the Arab Energy Conference in 2024
The meeting of the Council of Ministers of the Organization of Arab Petroleum Exporting Countries (OAPEC), was held on Thursday...
- The meeting of the Council of Ministers of the Organization of Arab Petroleum Exporting Countries (OAPEC), was held on Thursday via video
- The ministers agreed that Syria would head the Council of Ministers of OAPEC as of January 2022 until January 2023
Business
Morocco businessman jailed over 29 deaths in factory flood
The workers were trapped as heavy rains flooded the basement factory in the northern city of Tangiers.
- The workers were trapped as heavy rains flooded the basement factory in the northern city of Tangiers.
- Main defendant Adil El Balili was sentenced to 18 months in prison and a fine of $107 for "involuntary homicide"
Business
Saudi Arabia eyes gas primacy with Al-Jafurah
The country is looking to move up a position and become the world’s second-largest gas producer with this field.
- Saudi Arabia intends to be one of the most influential in defining global policies in the gas market
- Al-Jafurah is the country’s largest non-associated gas field, with reserves estimated at 200 trillion cubic feet
Business
Airbus looks to go the arbitration way with Qatar Airways
Qatar Airways in August stopped taking deliveries from Airbus over a problem that saw external paint degrading.
- Qatar Airways grounded 13 of its 53 A350s after the aircraft saw the exterior paint degrade
- This exposed the metal mesh that protects the composite fuselage from lightning strikes
Business
Saudi Arabia, Bahrain review ways to boost ties
The two countries are seeking to establish a regional complex for the extraction, use, and storage of carbon.
- The two sides agreed to enhance cooperation on international climate policies
- They will also look to focus on emissions rather than sources through the application of the Circular Carbon Economy approach
Business
DP World adds LatAm infra
It will add warehouses in Ecuador and the Dominican Republic.
- DP World and Emergent LatAm will develop two temperature-controlled logistics facilities in Latin America
- These developments will provide Emergent LatAm and DP World customers with a supply-chain solution
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ADEX and Egypt sign wheat, commodities financing agreement
Abu Dhabi, UAE -- Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), has...
Business
Ceer and Siemens deal to boost EV in Saudi Arabia
Riyadh-based Ceer is collaborating with Siemens Digital Industries Software to accelerate Ceer’s digital transformation and empower its engineers to design...
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Business
Saudi minister, Chinese firms seek collaboration in housing development
Beijing, China -- Saudi Arabia's Minister of Municipal, Rural Affairs and Housing, Majid bin Abdullah Al-Hogail, has held a meeting...
- During his meeting with SITEC Group, Al-Hogail deliberated over plans to establish an industrial complex in accordance with the highest pre-casting technology standards.
- This complex will encompass finishing materials and an operational model for industrial zones, enabling the delivery of 5,000 units annually.
Business
Oman LNG signs gas-export deal with Germany’s SEFE
Muscat, Oman-- Oman LNG has signed an agreement with Securing Energy for Europe (SEFE) to supply 400,000 tonnes of liquefied...
- The gas-supply deal looks to boost partnership between Oman LNG and international energy firms like SEFE, paving way for more agreements
- The 4-year-long contract evisages supplying a total volume of 0.4 million metric tonne per annum of LNG from Oman LNG to SEFE
Business
UAE banks provide US$7.73bn in financing to businesses in five months
Abu Dhabi, UAE-- The banks in the UAE increased their credit facilities for the business and industrial sectors by around...
- The banks raised their credit balance for the two sectors by $2.23 billion in May 2023, a monthly increase of 1.11 percent
- Abu Dhabi banks provided around $100.74 billion until the end of May, while Dubai banks lend some $96.31 billion