Shifting dietary trends boost MEA’s protein market
Rise of flexitarian and vegan diets in the region is driving demand for alternative proteins, with the market expected to...
Business
Business
Bahrain closes two eateries over violation of Covid-19 protocols
Inspectors also visited a total of 193 restaurants and cafes and took required measures against 17 outlets.
- The Ministry of Health announced that it had taken the required measures prior to referring both food outlets to legal authorities
- This came during an inspection campaign conducted in cooperation with the Ministry of Interior and the Ministry of Industry
Business
Omicron hits Christmas weekend travel: Over 6,000 flights scrapped
More than 6,000 flights have been canceled worldwide over the long Christmas weekend and thousands more were delayed, a tracking...
- Pilots, flight attendants, and other employees have been calling in sick or having to quarantine after exposure to Covid-19
- A scramble to reroute pilots and planes and reassign employees was underway, but Omicron's surge has upended business
Business
UAE, Morocco discuss cooperation in investment and economy
The two sides talked about Expo 2020 Dubai and the importance of the Arab countries' participation therein.
- The discussion took place in a meeting between UAE Deputy Prime Minister Sheikh Mansour bin Zayed Al Nahyan and Morocco Prime Minister Aziz Akhannouch
- They are also said to have reviewed the latest developments in the Arab region and exchanged views over a number of regional and international issues of common interest
Business
Ecommerce is fastest-growing channel in ME
In the Middle East, Saudi Arabia, Egypt, and the UAE account for nearly 80 percent of the overall ecommerce market.
- A PwC report indicates that UAE consumers are making purchases on smartphones (53 percent), computers (39 percent) and tablets (31 percent)
- As a result, the UAE’s retail ecommerce market reached $3.9 billion in 2020, indicating a 53 percent year-on-year increase
Grankraft to invest in Hamriyah
Grankraft has leased 323,000 sq ft of land in the free zone.
- The MoU was signed by Hamriyah Free Zone Authority Director Saud Salim Al Mazrouei and Grankraft Director J George
- George said his company was always looking for new ways to develop its services and build landmarks
Market Report
Gulf stocks rebound after selloff
The Abu Dhabi index recorded a weekly loss of 4.8 percent, its deepest plunge since March 2020.
- The Abu Dhabi index recorded a weekly loss of 4.8 percent, its deepest plunge since March 2020
- Saudi index gained 0.6 percent on Thursday backed by a 0.9 percent rise in Al-Rajhi Bank
Business
Canada climate crisis impacts agricultural production and supply chains
Flood devastation, heavy rainfall, and Drought in Canada cause severe damage to the food supply chain and agricultural production.
- Japan's McDonald has been forced to ration fries as the British Columbia floods jam potato imports
- Canada's westward supply links are very, very vulnerable and not resilient enough to climate change
Business
McDonald’s Japan rations fries
It will sell only small-sized French fries for a week.
- McDonald’s said it is limiting fries’ sale in Japan to ensure that customers can still order them
- This, even though the ‘stable procurement of resource materials’ is proving difficult
Business
An old Greek Cargo Ship attracts tourists in Saudi Arabia
The ship was loaded with foodstuffs and sailed in 1978 from a Greek port towards the Aqaba port in Jordan,...
- Georgios-G was built in the UK with a length of 71.6 meters, a width of 11 meters, and a height of 4.9 meters
- Currently, the ship is resting in the same place with more than two-thirds of its structure submerged in water
Business
Over 2,000 flights cancelled as Omicron hits holiday travel
Estimates from the American Automobile Association revealed more than 109 million Americans were scheduled to travel by plane, train or...
- According to tracking website Flightaware.com at 1540 GMT on Friday, a total of 2,118 flights had been cancelled worldwide
- Pilots, flights attendants and other staff have been calling in sick or having to quarantine after exposure to Covid
Shifting dietary trends boost MEA’s protein market
Rise of flexitarian and vegan diets in the region is driving demand for alternative proteins, with the market expected to...
Business
Company News
Inditex posts record profit
Business
Latest News
Saudi Arabia’s imports from GCC countries fall by 19% in June
Riyadh, Saudi Arabia -- Saudi Arabia’s imports from Gulf Cooperation Council (GCC) countries fell 19 percent year-on-year (YoY) to SAR...
Business
Equities extend gains on US jobs data, China rate cut hopes
The mood was brightened by a report that China's biggest state-backed banks would slash rates on mortgages and deposits as...
Business
Oil prices spike on US stockpile draw and hurricane fears
Dubai, UAE--Oil prices extended gains on Wednesday after industry data showed a large draw in crude inventories in the U.S.,...
Business
Most Read
Elon Musk lifts political ad ban at rebranded Twitter
Welcoming back potentially misleading political messages at X came less than a week after former president Donald Trump posted there...
- X, formerly known as Twitter, said in a blog post that allowing political ads, starting in the United States, was "building on our commitment to free expression"
- X policies prohibit promotion of false or misleading information, including bogus claims intended to undermine confidence in an election, the blog contended
Geostrategy
GCC to establish partnerships with international organizations: Albudaiwi
Riyadh, Saudi Arabia-- The GCC countries are "actively engaging" with international and regional organizations in order to establish strategic partnerships...
- The secretary general of the GCC made the remarks in a meeting with the ambassadors of the MIKTA Group in Riyadh
- The MIKTA Group comprising of Turkey, Indonesia, Mexico, Korea, and Australia is keen to consolidate cooperation with the GCC
Business
Egypt looks to raise US$5bn from offloading stake in state-owned companies
Cairo, Egypt--Egypt is looking to raise $5 billion from the offering of power plants and state-owned companies from October 2023...
- The country will offload stake in the Siemens Beni Suef power plant, Gabal El-Zeit wind power plant, and Zafarana wind farm
- Between March 2022 and July 2023, the Egyptian government raised $5 billion from offering stakes in 13 companies