Italy’s Leonardo launches joint venture with UAE defence firm
Milan, Italy -- Italian defense group Leonardo said Wednesday it had agreed to launch a joint venture next year with...
Business
Wed by app: Abu Dhabi launches virtual marriage for all
Dubai, United Arab Emirates -- Couples from anywhere in the world can now get married using the Abu Dhabi government's...
Arts & Culture
Business
UAE among top three countries with high crypto use or ownership
According to Statista's Global Consumer Survey, countries in Africa, Asia, and South America have higher crypto adoption rates than Western...
- The global crypto market revenue is expected to double this year to almost $38 billion, following a challenging year in 2022.
- The crypto adoption rate in Germany, the United Kingdom, France, and Italy is even lower, at 12 percent and 11 percent.
Geostrategy
Syria does not merit readmission into Arab League: US
"We continue to believe that we will not normalize our relations with the Assad regime and we don't support our...
- Patel, however, played down the disagreements and said that the United States shared common objectives with many its Arab partners on Syria.
- He said that the United States would also work with Arab partners on expanding humanitarian access to Syrians.
Business
Yahsat posts record Q1 revenue
Net income increased by 35 percent during the quarter.
- In a statement, the company said the growth in revenue was primarily driven by the Managed Solutions segment,
- Infrastructure, the Group’s largest business segment, reported AED220 million [$60 million] in revenue for the period.
Business
Invictus Q1 revenue up 31%
The company posted its highest-ever quarterly sales.
- The company's earnings in Africa region reached AED1.7 billion and in the Middle East AED489 million, reflecting a growth of 48.5 percent.
- A 39 percent increase in net profit to AED93 million was recorded in the first quarter, compared to the last quarter of 2022.
Business
Record surge in number of attendees at Arabian Travel Market 2023
Dubai, UAE -- More than 40,000 people – including 30,000 visitors – attended the 30th edition of Arabian Travel Market...
- More than 40,000 people – including 30,000 visitors – attended the 30th edition of the event, which concluded last week in Dubai.
- This not only represents a year-on-year increase of 29 percent in attendees compared to 2022, but it also represents a 5 percent increase over 2019.
Business
Poll: Competence, quality key to boost GCC logistics
The TRENDS poll highlights the need to invest in transportation infrastructure, streamline customs procedures, and improve warehousing and distribution capabilities.
- The TRENDS poll highlights the need for GCC nations to invest in transportation infrastructure, streamline customs procedures, and improve warehousing and distribution capabilities
- The UAE emerges as a leader in quality infrastructure, ranking first in the MENA region and 11th globally in the Quality Infrastructure Index for Sustainable Development, it adds
Business
SAB Alawwal Q1 profit up 76%
The first quarter customer deposits increased by 17% on Q1 2022.
- The bank's total operating income grew by 60 percent to SAR 3.21 billion net customer advances by 8 percent to SAR 191 billion.
- Lubna S. Olayan, Chair of the Board of Directors of SAB Alawwal, said both Q1 profit and operating income were a record for the bank.
Geostrategy
EU ‘appalled’ after Israel demolishes Palestinian primary school
Jabbet Al-Dhib , Palestinian Territories -- Israeli forces on Sunday demolished a Palestinian primary school in the occupied West Bank, citing...
- The school served 45 students and consisted of five classrooms. It had replaced another demolished by Israel in 2019, Palestinian education ministry said.
- The EU called on Israel to "halt all demolitions and evictions, which will only increase the suffering of the Palestinian population and further escalate tensions.
Geostrategy
UN aid chief in Saudi Arabia for Sudan talks as fighting flares
Multiple truce deals have been declared and quickly violated since battles erupted between army and paramilitary forces on April 15...
- Talks in Jeddah were aiming for a ceasefire that could push efforts to bring humanitarian aid to the besieged population.
- Arab League Secretary General Ahmed Aboul Gheit expressed his support for the "indirect negotiations" in order to prevent "an escalation of the current conflict".
Business
Saudi Arabia’s real GDP grows by 3.9 percent in first quarter
Riyadh, Saudi Arabia -- The real GDP of Saudi Arabia grew by 3.9 percent in the first quarter of 2023,...
- The kingdom saw a 5.8 percent increase in non-oil activities and a 1.3 percent increase in oil activities over Q1 of 2022.
- Saudi Arabia’s economic growth is expected to accelerate by 3 percent in 2023 backed by a robust non-oil sector.Â
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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
Italy’s Leonardo launches joint venture with UAE defence firm
Milan, Italy -- Italian defense group Leonardo said Wednesday it had agreed to launch a joint venture next year with...
Business
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States helping Israel’s occupation may be ‘complicit’: UN experts
"Israel's internationally wrongful acts give rise to state responsibility, not only for Israel, but for all states," said Navi Pillay,...
Geostrategy
Global Future Councils meet calls for collective action to tackle global crises
Over 500 experts gathered at the World Economic Forum Annual Meeting of the Global Future Councils 2024 in Dubai to...
Geostrategy
Middle East crisis top-of-mind at first EU-Gulf summit in Brussels
Confirmed at the last minute, the presence of Saudi Arabia's Crown Prince among the six Gulf leaders in attendance heightened...
Geostrategy
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Geostrategy
WEF Global Future Councils meet in Dubai to tackle pressing global issues
More than 500 experts are expected to attend the meeting. Amid a rapidly shifting global landscape of geopolitical tensions, climate...
- The GFC network, representing 80 countries and diverse sectors and disciplines, is uniquely positioned to break down silos and foster cross-sector dialogue.
- Key themes of the meeting programme will include inclusive growth, climate action and the energy transition, and rebuilding trust for global collaboration
Geostrategy
Trio wins economics Nobel for insights into income inequality
By examining the various political and economic systems introduced by European colonizers, the three have demonstrated a relationship between societal...
- Daron Acemoglu, 57, and Simon Johnson, 61, are professors at (MIT). James Robinson, 64, is a professor at the University of Chicago.
- The jury highlighted the laureates' work in illuminating how political and economic institutions play a role in explaining why some countries prosper while others do not.
Business
OPEC lowers 2024 oil demand forecast, citing robust non-OECD activity
According to the organization's October report, the total world oil demand is anticipated to reach 105.6 mb/d in 4Q-24, to...
- According to the monthly publication, oil demand in the Middle East is expected to expand by an average of 265 tb/d, y-o-y, in 4Q-24.
- Refinery capacity additions in non-OECD countries – mostly in China and the Middle East – are also expected to contribute to oil demand growth.