Deja vu? Trump accused of economic denial and physical decline
Washington, United States -- An aging president faces poor poll numbers and suspicions about his health but insists that America...
Economy
Saudi Arabia, Qatar sign high-speed rail deal to link capitals
The train would reach speeds exceeding 300 kilometers per hour and the trip would take roughly two hours between Riyadh...
Geostrategy
Business
Digital surge: UAE’s e-commerce eyes $17bn milestone
Widespread internet and smartphone use is the key driver of online shopping growth, with nearly two-thirds of the UAE's population...
- E-commerce revenues are predicted to reach $9 billion by 2024, reflecting a market penetration rate of 66.1 percent and a CAGR of 6.54%.
- Flexible payment options such as "Buy now, pay later" are gaining traction, with predictions stating that by 2024, almost 90 percent of sellers will offer these plans.
Business
Arabian Drilling to pay $60m dividend
The firm said the total dividend for 2023 will be S120 million.
- The company posted a net profit SAR 605 million in 2023, up 8 percent compared to SAR 558 million in 2022.
- The fourth-quarter net earnings jumped 34 percent to SAR 183 million from SAR 137 million in Q4 2022.
Economy
World Bank plans $6 billion in financial assistance for Egypt
The financial assistance includes "$3 billion for financial support to Government’s programs and $3 billion for the private sector (including...
- The World Bank Group is comprised of five separate agencies which deal with a range of issues, including investment. Its current portfolio with Egypt is above $8bn.
- Earlier this month, the IMF agreed an expanded $8bn loan package after Cairo implemented reforms that included moving towards a flexible exchange rate and hiking interest rates.
Geostrategy
ByteDance’s dilemma: Defending TikTok’s ‘secret sauce’ from US interference
Seoul, South Korea - As a US campaign to sever TikTok from its Chinese parent heads to the Senate, analysts say...
- Under new legislation, TikTok could be banned in the United States if it does not cut all ties with Chinese tech giant ByteDance
- US lawmakers and security agencies say TikTok presents a threat because China can access and use the vast troves of data the app collects for influence and espionage
Business
$37.30 million Saadiyat Island penthouse sets new Abu Dhabi record
Abu Dhabi, UAE -- A three-bedroom penthouse at Nobu Residences on Saadiyat Island was sold for a record AED137 million...
- Aldar said the sale represents the highest price per square meter achieved in the emirate, at more than AED96,000 per sqm.
- The record sale of the Nobu Residences Abu Dhabi penthouse follows a recently sold four-bed duplex sky villa at the same development for AED130 million.
Business
EITC to offer fintech services
The company has been licensed for fintech services by the CBUAE.
- The licenses granted by CBUAE enable du to introduce innovative financial solutions that will contribute to the development of an advanced financial ecosystems in the UAE.
- The licenses will also enable du to offer a range of digital financial services that align with the evolving needs and preferences of customers in the digital era.
Business
ADNOC and SEFE sign agreement
ADNOC will supply 1 million mtpa of LNG to SEFE Singapore.
- The LNG will primarily be sourced from ADNOC’s lower-carbon Ruwais LNG project, currently under development in Al Ruwais Industrial City, Abu Dhabi.
- This is the second long-term LNG supply agreement from the Ruwais LNG project, following the 15-year agreement with China’s ENN Natural Gas in Dec 2023.
Business
50% of firms attracted to Dubai by DIC in 2023 Asian and Australian
Dubai, UAE -- Nearly 50 percent of the Multinational Corporations (MNCs) that opened businesses in Dubai during 2023 are based...
- Latin America and Europe, and the Middle East and Eurasia, accounted for 23.5 percent each of the total number of MNCs attracted during 2023.
- Companies from Africa represented 3 percent of the total number of corporations attracted by the chamber.
Geostrategy
UN envoy urges Syria to rejoin Geneva constitution talks
Damascus, Syria -- Visiting United Nations special envoy for Syria Geir Pedersen urged Damascus Sunday to rejoin talks to revise the...
- Syria's war, which began 13 years ago with the repression of pro-democracy protests, has killed more than 500,000 people.
- Geir Pedersen has been trying to make progress with a so-called constitutional committee for Syria to rewrite or amend the war-torn country's constitution since October 2019.
Business
ROSHN and Saudi cybersecurity organization partner on tech advancement
Riyadh, Saudi Arabia -- ROSHN Group, the PIF-owned giga-project and real estate developer, has signed a memorandum of understanding (MoU)...
- Both parties will develop joint initiatives aimed at enhancing the abilities of the Saudi IT and cybersecurity sectors.
- ROSHN will look to explore the use of drone technologies in its operations, and also participate in SAFSCP’s Bug Rewards Platform (Bug Bounty)
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
Deja vu? Trump accused of economic denial and physical decline
Washington, United States -- An aging president faces poor poll numbers and suspicions about his health but insists that America...
Economy
Company News
BP announces $7bn gas project
Business
Lulu Retail Q3 profit $35m
Business
Latest News
Banana taped to a wall sells for $6.2 million
Arts & Culture
US vetoes Gaza ceasefire call at UN
Geostrategy
Biden cancels $4.28 bn more in student debt before leaving office
Washington, United States -- US President Joe Biden said Friday he was canceling student loans for an additional 55,000 Americans, which...
Geostrategy
Honda and Nissan in merger talks as electric vehicle competition intensifies
Tokyo, Japan --Japanese auto giant Honda and its struggling rival Nissan will reportedly begin talks on a merger to boost their...
Business
Turkey, Iran leaders at Cairo summit urge action to address Gaza, Syria crises
Cairo, Egypt -- The leaders of Turkey and Iran were in Egypt on Thursday for a summit of eight Muslim-majority countries,...
Geostrategy
Most Read
Business
Saudi tourism sector employee number rises by 5.1 percent in second quarter
Riyadh, Saudi Arabia – The number of employees in tourism-related activities in Saudi Arabia increased by 5.1 percent in the...
- GASTAT's Tourism Establishments Statistics bulletin for the second quarter of 2024 said that of these employees, Saudi nationals accounted for 25.6 percent (245,905 employees.
- Male employees dominated the sector, representing 86.6 percent of the workforce (831,076 employees), with women comprising 13.4 percent (128,099 employees).
Geostrategy
Coal use at record high in 2024, the world’s hottest year: IEA
Paris, France -- World coal use is set to reach an all-time high in 2024, the International Energy Agency said Wednesday,...
- China drives global coal demand to new heights, consuming 4.9B tons in 2024—over 30% more than the rest of the world.
- The IEA's "Coal 2024" report predicts the world will hit peak coal in 2027 after topping 8.77 billion tons this year.
Business
ADNOC Drilling closes JV
It is a JV between ADNOC Drilling, SLB and Patterson UTI.
- ADNOC Drilling holds a 55 percent majority equity stake, SLB, the world's largest oilfield services provider, holds a 30 percent equity stake and Patterson-UTI 15 percent.
- Turnwell announced the acceleration of its initial 144 unconventional wells earlier this year, following the successful operational startup.