Dubai Airport set for record start to 2025: 4.3m guests in 15 days
Dubai, UAE -- Dubai International Airport (DXB) is on track to welcome 4.3 million guests in the first 15 days...
Business
Geostrategy
‘Multilateral approach needed to address Gaza crisis’
The 'Amalthea' initiative, recently announced by Cyprus, is crucial for the efforts to launch the maritime corridor and the UAE...
- A concerted international effort is underway to open humanitarian corridors to Gaza, with a focus on a maritime corridor for urgent aid delivery.
- The 'Amalthea' initiative, aiming to safely ship aid from Cyprus to Gaza by sea, marks a critical step in international efforts to alleviate the crisis.
Geostrategy
Despite post-Covid development rebound, rich-poor gap widens: UN
The rebound follows two years of decline, when, in 2021 and 2022, the global Human Development Index fell twice in...
- The 2023 estimate shows metrics in every category -- life expectancy, education and standard of living -- are projected to exceed their pre-2019 values.
- "What we're seeing is that the poorest and most vulnerable segments of our society are being left behind," head of the UNDP Achim Steiner said.
Business
Mubadala to anchor US-based Blue Opal’s second venture capital fund
MIC will be an anchor investor in their second venture capital fund.
- Blue Opal Capital recently launched a Fund-of-Fund platform that focuses on identifying and investing in exceptional entrepreneurial venture capitalists.
- Blue Opal Capital invests in emerging venture capital funds and co-investment opportunities that maximize investment returns for their partners.
Business
Land transport of goods leads Saudi commercial registrations in Q4
Riyadh, Saudi Arabia -- Saudi Arabia witnessed a surge in commercial registrations across various business sectors in the last quarter...
- The resorts activity saw a significant 51 percent annual increase, reaching 3.37 million records by Q4 2023.
- Boutique hotels witnessed a surge of 74.4 percent, with commercial records reaching 1.91 million by Q4 2023.
Business
Women returners to MENA workforce can contribute $385bn to GDP
Doha, Qatar -- Women returning to the workforce following a career break have the potential to contribute nearly $385bn to...
- A PwC Middle East study shows nearly half (44%) of women in MENA have taken a break over the course of their careers, typically driven by family and caregiving responsibilities.
- The report draws insights from over 1,200 women in the UAE, Saudi Arabia, Qatar, Egypt, Bahrain, Jordan, Kuwait, Lebanon, and Oman.
Business
Walaa posts $39m net profit
The insurance provider had suffered a loss of $18.15m in 2022.
- Walaa attributed the increase in net profit to insurance revenue of SAR 28.12 million in 2023 compared to a loss of SAR 119.9 million in 2022.
- In Q4 2023, the company recorded a net profit of SAR 45.3 million, against a net loss of SAR 11.41 million in the same quarter of previous year.
Geostrategy
US troops depart for mission to build temporary Gaza aid port
The first -- a hulking gray-painted watercraft known as a Logistics Support Vessel -- slowly churned away from the pier...
- The US has said the effort will not involve "boots on the ground" in Gaza, but American troops will come close to the beleaguered coastal territory as they construct the pier.
- A series of airdrops carried out by the US to deliver aid this month is far too insufficient to feed the far higher number of people in need of assistance in Gaza.
Business
Yalla Group 2023 revenue $318m
The company's fourth quarter revenue soared to $80.9 million.
- In the last quarter of 2023, Yalla's net margin was 36.6 percent alongside an impressive non-GAAP net margin of 41.3 percent.
- Yalla reported a 13.3 percent year-over-year increase in average monthly active users (MAUs), reaching 36.2 million in the final quarter of 2023
Business
Dubai hotel occupancy up 3.4% to reach 90.8 percent in Feb
Dubai, UAE -- Dubai hotels achieved a 3.4 percent year-on-year growth in occupancy levels, reaching 90.8 percent, according to preliminary...
- Other key metrics also showed positive growth, with the average daily rate (ADR) increasing by 9.3 percent to AED 887.06 ($241).
- The revenue per available room (RevPAR) rising by 13.1 percent to AED 805.21, according to CoStar, a provider of global real estate information.
Business
EIC to pay $22m dividend
The company's board had decided 15% cash dividend for H2 2023.
- The company had reported a 113 percent increase in net profit to SAR 201 million in 2023, compared to 94 million a year ago.
- The increase in net profit was attributed to an increase in sales from SR 1.066 billion to SR 1.559 billion
Dubai Airport set for record start to 2025: 4.3m guests in 15 days
Dubai, UAE -- Dubai International Airport (DXB) is on track to welcome 4.3 million guests in the first 15 days...
Business
Company News
Masdar acquires Saeta Yield
Business
Latest News
Global economy faces ‘low normal’ growth, widening inequality gap
The organization’s Trade and Development Report 2024 warned that this new “low normal" growth is insufficient to tackle pressing development and...
Economy
Rethink needed to make sustainable tourism work
"Growth at all costs no longer an option," says world-renowned tourism policy, planning and development expert Dr Marina Novelli in...
Geostrategy
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Geostrategy
Saudi Arabia opens resort island at futuristic mega-city NEOM
Riyadh, Saudi Arabia -- Saudi Arabia's planned futuristic mega-city known as NEOM announced on Sunday the opening of its "first physical...
- The Red Sea island, known as Sindalah, is "spread over 840,000 square meters" (200 acres) and will be set to receive "up to 2,400 guests per day by 2028".
- NEOM is best known for The Line, twin mirror-encased 170-kilometre-long skyscrapers meant to extend inland from the coast.
Arts & Culture
Saudis part ways with coach Mancini after a run of poor results
Riyadh, Saudi Arabia -- Saudi Arabia's football body said it was ending the contract of national coach Roberto Mancini after 14...
- The Saudi Football Federation has reached a mutual agreement to terminate the contract of Mancini, 59, who signed a lucrative deal until 2027 in August last year.
- Building a strong national team is a priority for the oil-rich Saudis who splashed more than a billion dollars on players last year and are the sole bidders for the 2034 World Cup.
Geostrategy
Israel to send negotiators to new Gaza truce talks in Qatar
The head of Israel's Mossad spy agency, David Barnea, will head to Qatari capital Doha on Sunday, the Israeli prime...
- US Secretary of State Antony Blinken said that mediators would explore new options after the failure of previous efforts to seal a ceasefire and hostage release deal.
- The US and Qatar were seeking a plan "so that Israel can withdraw, so that Hamas cannot reconstitute, and so that the Palestinian people can rebuild their lives.