CI Capital 2023 revenue $134m
The firm’s performance was fueled by strong growth.
China Eastern Airlines to operate three weekly fights between Shanghai and Riyadh
Riyadh, Saudi Arabia - The Saudi Air Connectivity Program (ACP) and China Eastern Airlines have entered into a strategic partnership...
Business
Analysis
GCC countries competing to lead the world in AI
Several countries in the region have already formed AI policies to support their national goals after this technology demonstrated its...
- The Middle East AI market is growing at a rate of 20-34 percent per year, according to a PwC report
- Saudi Arabia is lavishing $500 billion on the NEOM’s project, which will offer ultra-connectivity, and is trialing air-taxis
Business
AT&T, Verizon defy 5G block
The US had asked them to delay 5G rollout by 2 weeks.
- The US introduction of the high-speed mobile broadband technology had been set for December 5
- It was delayed to January 5 after concerns were raised that the new system might interfere with alitmeters
Expo 2020 DUBAI
World leaders, dignitaries hail UAE for Dubai Expo 2020
Several world leaders and dignitaries who attended the Dubai Expo 2020 have hailed the mega event as "a beacon for...
- The Expo will host the first Global Goals Week to be held outside of the United Nations in New York from 15-22 January.
- It will be the seventh Theme Week held under Expo’s flagship Program for People and Planet, helping to drive positive action.
Business
On 40th anniversary, Abu Dhabi Airport vows improved services
Abu Dhabi Airports marked the 40th anniversary of the inauguration of Abu Dhabi International Airport (AUH) on Sunday, local media...
- The Airport was inaugurated on 2nd January 1982, with Etihad becoming the national carrier and the home airline in 2003.
- AUH launched the Smart Travel System in 2016, the first of its kind in the region, to ease passenger processing and experience.
Business
Record cargo shipped through Egypt’s Suez Canal last year
Egypt's Suez Canal Authority said the key waterway netted record revenues last year, despite the coronavirus pandemic and a six-day...
- Connecting the Red Sea and the Mediterranean, the canal accounts for roughly 10 percent of global maritime trade and is a source of much-needed foreign currency for Egypt.
- The number of ships using the canal rose from 18,830 in 2020 to 20,694 in 2021, or more than 56 ships per day.
Economy
Dubai government approves budget for 2022-24
Sheikh Mohammed bin Rashid Al Maktoum said the budget supports the Dubai Strategic Plan 2030 and places Dubai at the...
- The budget features an expenditure of AED181 billion, with around AED60 billion expenditures and AED57.55 billion in expected revenues for 2022.
- Economy, transportation and infrastructure account for 42 percent of the expected expenditure, followed by social development (30 percent).
Business
Emaar Development CEO resigns
Bader Hareb resigned with effect from December 30 for ‘personal reasons.’
- The resignation was announced in a letter addressed to DFM Chief Executive Officer Hamed Ahmed Ali
- The letter did not give any detail of a successor to Hareb, or an interim appointment till one was named
Business
Iran gas platform out of service after catching fire
The gas transmission pipeline of platform 16 of South Pars gas field started leaking on the seabed.
- Gas leaking from the platform caught fire after a lightning strike
- The platform is now 'not operational' and repairs were underway
Business
Covid-19 clouds hover over world’s New Year party
As the year drew to a close, the emergence of the Omicron variant pushed the number of daily new Covid-19...
- As the pandemic enters its third year, it still dominates life around the globe
- Seoul to San Francisco, new year celebrations were canceled or curtailed
Business
Gulf markets end 2021 on positive note
The Gulf financial markets ended 2021 on the rise, waiting to achieve significant gains next year.
- Rising oil prices and fewer concerns about the impact of the Omicron variant pushed the Saudi stock index up 0.7% this week
- The Dubai index had a solid week supported by the rise of the shares of Emaar and several banks
CI Capital 2023 revenue $134m
The firm’s performance was fueled by strong growth.
Company News
Latest News
Autoliv to cut 11% workforce
Business
In China, Baidu leads public rollout of AI chatbots
China issued new regulations this month for the country's AI developers that maintain the government's tight control on information while...
Economy
SAMA licenses new company to provide E-wallet solutions
Riyadh, Saudi Arabia - The Saudi Central Bank (SAMA) licensed “Alhulul AlMubassatah Financial Company (SiFi)" to provide E-wallet solutions. With...
Business
UBS gives peek at operations after Credit Suisse merger
Analysts have said UBS's own operating results will surely "take a backseat" to interest in how the integration process is...
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Business
Shams signs MoU with South Korean firm to develop media content
Sharjah, UAE--Sharjah Media City (Shams) has signed a memorandum of understanding (MoU) with Munhwa Broadcasting Corporation (MBC), the largest television...
- The agreement is designed to advance media content in both countries in accordance with regulations and legislation
- Rashid Abdullah Al Obed, Managing Director of Sharjah Media City, said his firm will continue to build ties with global media companies
Business
Alantra sets up base in DIFC
The global firm will provide investment banking services.
- With a base in Dubai, Alantra will have direct access to diverse opportunities fueled by the tide of emerging markets trade and investment
- Its investment banking branch provides advice on M&A, debt advisory, financial restructuring, and capital markets transactions
Business
Dubai’s realty builds on innovation and sustainability
Dubai's skyline epitomizes modern development, with its appeal bolstered by strong property management and developers capitalizing on increasing sales.
- Dubai's skyline epitomizes modern development, with its appeal bolstered by strong property management and developers capitalizing on increasing sales
- COVID-19 and innovations have transformed property management, with a surge in demand for larger apartments and villas, says Deyaar Development's VP