WEF24: AI-generated drugs promise cost reduction
AI is playing a critical role across the biomedical spectrum, from accelerating drug discovery to improving care delivery systems, says...
Business
In Middle East, ‘manufacturing’ is a new buzzword
Form Saudi Arabia to the UAE, Qatar to Kuwait, governments of the region compete to jumpstart an industrial sector. But...
Economy
Business
ADNOC awards $1.46 billion EPC contracts for Dalma Gas Dev Project
The two EPC contracts, awarded to National Petroleum Construction Company (NPCC) and a joint venture (JV) between Técnicas Reunidas and...
- The Dalma field is part of the Ghasha Concession which is the world’s largest offshore sour gas development and an enabler of gas self-sufficiency for the UAE
- Both engineering contracts are expected to be completed in 2025 and will enable the Dalma field to produce around 340 mmscfd of natural gas
Analysis
Luxury brands burning products is a problem
High fashion can be detrimental to the environment because of its large carbon footprint.
- To keep their uniqueness, high-end fashion brands routinely burn unsold products
- Fashion contributes up to 8 percent of the global carbon footprint
Business
Qatar Airways welcomes first Boeing B777-9 aircraft to Doha
The aircraft, which is anticipated to join Qatar Airways fleet in the near future, will be the world's largest and...
- The aircraft, which is anticipated to join Qatar Airways fleet in the near future, will be the world's largest and most efficient twin-engine jet
- Key technologies enabling this efficiency are its new carbon-fibre composite wing, new engines and natural laminar flow nacelles
Business
Dubai Airshow: UAE Armed Forces sign deals worth AED22 bn
The deals were announced by the Executive Director of the Military Organizing Committee of the Dubai Airshow 2021 Major General...
- The deals were announced by Major General Staff Pilot Ishaq Saleh Al Balushi, and Lt. Col. Pilot Sarah Hamad Al-Hajari, Dubai Airshow spokesperson
- AED5,239,207,000.00 in deals were signed on the first day, AED11,284,837,000.00 on the second day, and AED4,257,401,000.00 on the third day.
Business
Mubadala eyes Yahsat tech
Yahsat will support Mubadala Petroleum with satellites.
- Yahsat’s satellite-based technologies and coverage across the EMEA and Asia regions is at the center of the deal
- Mubadala Petroleum will see how these satellites can help it handle its critical operations
Business
Emirates SkyCargo and Emirates Post Group to promote e-commerce global platform
Emirates SkyCargo and Emirates Post Group (EPG) have signed a Memorandum of Understanding (MoU) to develop an e-commerce end-to-end global...
- The platform will focused on serving markets in the Middle East, Africa and West Asia.
- In October 2019 the Emirates SkyCargo launched Emirates Delivers, an international e-commerce shipping solution
Business
France looks to expand its presence in UAE agri-food sector
France is negotiating an agreement with the United Arab Emirates (UAE) that would allow French Small and Medium-sized Enterprises (SMEs)...
- "We are negotiating [with the UAE] an agreement on food safety that will strengthen the presence of our SMEs in the agri-food sector"
- These agreements "will help to develop our SMEs' exports to the UAE and [increasing] the establishment of our start-ups in the country"
Business
Etihad bags maintenance contract
The contract involves Virgin Australia's Boeing 737 fleet.
- The contract was signed during the Dubai Airshow for 30 nose-to-tail aircraft of Virgin Australia.
- Etihad Engineering’s facility is located in Abu Dhabi and is spread over an area of 500,000 sqm.
Business
Costly delays to Boeing’s 777X rile Emirates
Delays to the certification of Boeing's 777X long-haul aircraft are costing billions and infuriating top customer Emirates, but the US...
- While still in its testing phase, the world's largest passenger jet flew for the first time outside the United States this week at a major air show in the United Arab Emirates
- It is no coincidence that its first international flight was to Dubai, home to aviation giant Emirates which has ordered 115 of the aircraft
Business
Tarjama sells stake to French firm
French fund manager Amethis has bought a minority stake in the UAE-based firm.
- The investment, for an undisclosed amount, will fund growth “across the region's main markets”
- Paris-based Amethis is investing through its Amethis MENA Fund II, which raised $101 million in July
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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
WEF24: AI-generated drugs promise cost reduction
AI is playing a critical role across the biomedical spectrum, from accelerating drug discovery to improving care delivery systems, says...
Business
Company News
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BT to axe 55,000 employees
Business
ADFD finances $105.4m energy security project in Tanzania
ABU DHABI, UAE - The Abu Dhabi Fund for Development (ADFD) has signed a loan agreement with the Government of...
Geostrategy
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...
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,...
Business
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Economy
CBUAE revokes licenses of currency exchange house, commercial broker company
Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) has revoked the license of Dirham Exchange, an exchange...
- The administrative sanctions followed after the entities were found in violation of the UAE laws on combating money laundering crimes, the financing of terrorism, etc
- The findings showed that the entities had a weak compliance framework and failed to comply with their regulatory obligations and to report regulatory breaches to the CBUAE
Business
ADNOC Gas awards $3.6bn contract to expand its gas processing infrastructure
Abu Dhabi, UAE: ADNOC Gas, the integrated gas processing company, announced on Wednesday the award of a $3.6 billion (AED13.1...
- Over 70% of the award value will flow back into the UAE’s economy under ADNOC's successful In-Country Value (ICV) program
- The scope of the contract includes the commissioning of new gas processing facilities which will enable an optimized supply to the Ruwais Industrial Complex
Business
Oman Air approves restructuring program to lower rising debt
Muscat, Oman--Looking to address its mounting debt, Oman Air has backed a restructuring program to reduce its losses by 15...
- In the month of May, the airline said it will reduce its net loss by a further 56 percent in 2023, compared to a reduction of 35 percent in 2022
- Its chairman said the program stands on four pillars: financial sustainability, corporate governance, commercial factors, and human capital