Several nations eager to join Charter of Cooperation, says OPEC Secretary-General
ABU DHABI, UAE - Secretary-General of the Organization of Petroleum Exporting Countries Haitham Al Ghais said that OPEC is in...
Business
Riyadh Season opens registration for SEVEN Concours 2024 global car auction
Riyadh, Saudi Arabia - The Riyadh Season has announced the commencement of registration for the SEVEN Concours 2024 exhibition, the...
Business
Business
Orders placed for 408 aircraft at Dubai Air Show, biggest by Indigo Partners
A total of 408 aircraft (269 firm orders and 139 commitments) were ordered at the Dubai Airshow, the first major...
- The orders covered the full range of commercial aircraft, including a first commitment for the A350F.
- Air Lease Corporation signed a commitment for 111 aircraft, covering the full range of Airbus families.
Business
AIQ and Baker Hughes to develop solutions for oil industry
AIQ and Baker Hughes have entered into an agreement to develop advanced analytics solutions for the global oil and gas...
- The initial project work will focus on developing AI solutions, analyzing drilling data and identifying opportunities for improved drilling trajectories
- The project supports ADNOC’s plans to efficiently ramp up drilling activities as it boosts its crude production capacity to 5 million barrels per day by 2030
Business
Alibaba’s profit falls 81% as China cracks down on big tech
Chinese e-commerce leader Alibaba Group said on Thursday that its profit for the most recent quarter tumbled 81 percent as...
- Alibaba said profit came in at 5.37 billion yuan ($833 million) for the July-September period, falling from 28.77 billion yuan earned over the same stretch last year
- However, its revenue for the period also slightly missed forecasts by analysts polled
Business
Etisalat to acquire elGrocer DMCC
The acquisition will support the telecom giant's digital ambitions.
- This partnership will empower consumers, enhance engagement, and drive diversification of our business, said Etisalat.
- UAE is rated as one of the most advanced countries for online shopping and eCommerce market in the MENA region.
Interview
‘GCC may avoid NMCs, Abraajs with robust norms’
The region’s financial regulators must be extra vigilant to avoid catastrophic debt crises, Khalid Abdulla-Janahi, chairman of Vision 3, UAE,...
- Strong corporate governance framework is an integral part of ensuring clean flow of money and the GCC region is yet to make some improvements, says Khalid Abdulla-Janahi
- The companies in the region should have independent board members and directors with fixed term role to ensure high level of corporate governance, the Vision 3 chief adds
Business
EDGE and Israeli firm to set up electro-optics center in UAE
EDGE and Israel Aerospace Industries (IAI) have agreed to establish a maintenance center for a selection of IAI's systems in...
- Omar Al Zaabi, Senior Vice President Head of Program Acquisition at EDGE and Boaz Levy, President and CEO of IAI, signed the agreement during a ceremony at the 2021 Dubai Airshow
- In addition to maintenance, the centre will advance local marketing of these systems
Business
ADNOC Logistics and AD Ports to build a port and logistics facility at TA’ZIZ
ADNOC Logistics & Services (ADNOC L&S) and AD Ports Group have signed an agreement to develop a new port and...
- The facility will be a critical part of the supply chain for feedstocks and will store and load final products for export.
- The partners will select an international operator to enter into a new joint venture and contribute to the development of the new port.
Business
Where does Saudi Arabia’s PIF invest most?
The kingdom's sovereign wealth fund is critical to its economic goals as it channels returns from foreign investments into non-oil...
- The Saudi Public Investment Fund raised its US-listed stock holdings to $43.4 billion in 2021 Q3.
- The PIF is one of Lucid's most notable investors, owning approximately 62.7 percent of the company's shares.
Business
Airfares drop sharply in Kuwait after the opening of International Airport
Airfares to some destinations from Kuwait have dropped by 50 to 200 percent after operations at Kuwait International Airport resumed...
- Airfares on some destinations such as Turkey, Egypt, France, and Germany dropped by more than 50 percent .
- Cost of travel to the UAE, Britain, India, and the Philippines have remained high compared to the airfares before the outbreak of the Covid-19 pandemic.
Business
Saudi Arabia sets up $187m solar panel factory in Tabuk
Saudi Arabia has set up a $186.6 million worth solar panel factory in the Tabuk Industrial City to cater to...
- Spread over more than 27,000 square meters, the factory will have an estimated production capacity of 1.2 gigawatts
- The new Tabuk facility uses automated machines for its production, and employs latest international technologies in the field
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Several nations eager to join Charter of Cooperation, says OPEC Secretary-General
ABU DHABI, UAE - Secretary-General of the Organization of Petroleum Exporting Countries Haitham Al Ghais said that OPEC is in...
Business
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Exclusive: Private military companies look at $366.8bn market as their demand, role in global conflicts rise
Rising security concerns, confrontational geopolitics, and chaotic global changes have fueled the demand for private military companies, the new reality...
Business
World’s largest cruise ship all set to sail
TURKU, FINLAND - With cruise bookings seeing a resurgence after the Covid pandemic caused luxury liners to mothball, a Finnish shipyard...
Business
UAE witnesses record 2.4m tourists in first six months of 2023
Abu Dhabi, UAE - A record 2.4 million tourists visited the UAE during the first six months of 2023, a...
Business
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Business
Saudi Arabia’s real estate deals decline by 16 percent in 2022
Riyadh, Saudi Arabia -- The value of Saudi Arabia's real estate transactions declined 16 percent year-on-year (YoY), or SAR 36.2...
- The Ministry of Justice said that this is the firs decline in the value of real estate transactions in the past four years, according to Argaam.
- Riyadh witnessed the largest number of real estate deals at SAR 73.81 billion. It was followed by Jeddah with SAR 26.91 billion worth of deals.
Business
Dubai Chamber attracts 69 emerging technology firms in H1
Dubai, UAE -- Dubai Chamber of Digital Economy, one of the three chambers operating under the umbrella of Dubai Chambers,...
- The chamber said that during the six-month period, the chamber successfully conducted a series of 12 roadshows across the Middle East, Africa, Asia, and Europe.
- As part of these roadshows, meetings were coordinated with 279 companies including multinationals, SMEs, startups and scale-ups to showcase the growth potential in Dubai.
Business
Sony hikes sales and profit forecasts on strong music business
The Japanese electronics-to-entertainment conglomerate said its annual net profit for the year to March 2024 should reach 860 billion yen...
- Sony's music segment was seen enjoying both stronger sales and a one-off accounting gain related to a subsidiary, Japanese electronics-to-entertainment conglomerate said
- For three months to June, Sony said its net profit fell 16.7 percent to 217.9 billion yen, as losses in the financial and movies businesses overwhelmed strong gains on music side