Egypt tests Suez Canal extension aimed at boosting vessel capacity
Cairo, Egypt -- Egypt has tested a new 10-kilometre (6.2-mile) extension to the Suez Canal as it tries to minimize the...
Business
Improving healthcare in the intelligent age requires cultural change and collaboration
Leaders can utilize AI tools to streamline this challenging process by efficiently identifying individuals who are qualified matches to participate...
Business
Ford Middle East sales up 63%
Growth fueled by Ford Territory, F-150 and other models.
- Ford Middle East said in a statement that the UAE recorded a 57 percent year-on-year increase in sales – more than double the industry’s average of 26 percent in this market.
- It also achieved a record year of growth in Saudi Arabia, where retail figures surged by 77 percent over 2022.
Business
$1.39bn credit facility for Cenomi Centers
The Shariah-compliant facility was secured with several banks.
- The new arrangements consist of a 12-year term sustainability-linked Murabaha facility in two tranches as well as a revolving four-year renewable Murabaha facility.
- The arrangements will help Cenomi to support its growth plans by contributing towards existing facility repayments.
Geostrategy
Israel faces growing pressure over Gaza ceasefire as toll hits 28,473
CIA director William Burns met with Mossad chief David Barnea in Cairo for a new round of talks on a...
- The Cairo meeting came after the United States and the United Nations warned Israel against a ground offensive into Rafah without a plan to protect civilians.
- Other countries cautioned Israel against a Rafah ground assault, including China, Germany and Norway, while Italy said Israel's bombing in Gaza had been "disproportionate".
Business
NMDC Group net profit $585m
The Group's revenues surged 56 percent to $4.54 billion.
- The Group's assets reached AED 20.8 billion in 2023, up from AED 16.0 billion in 2022.
- In Q4 2023 alone, NMDC reported revenues of AED 5.7 billion and a net profit of AED 0.64 billion.
Business
US hardwood lumber shipments to MENA reach $61 million in 2023
Dubai, UAE -- American hardwood lumber (sawn timber) shipments to the Middle East and North Africa (MENA) region reached $61.14...
- Significant increases were seen in exports of American hardwood lumber to the United Arab Emirates and Saudi Arabia last year.
- More modest increases were seen in shipments to Morocco, Lebanon, Algeria and Iraq.
Geostrategy
OFID funds $27 billion for 4,000 projects in 125 countries
Dubai, UAE -- The OPEC Fund for International Development (OFID) has committed a US$27 billion to support 4,000 development projects...
- The OPEC Fund for International Development, founded in 1976, is a multilateral development finance institution.
- Its membership comprises 12 countries: the UAE, Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, and Venezuela.
Geostrategy
Israeli assault on Rafah a ‘terrifying’ prospect: UN rights chief
UN human rights chief Volker Turk urged world powers to "restrain rather than enable" as fears of a looming ground incursion...
- UN's agriculture agency, meanwhile, said the population of the Gaza Strip is suffering "unprecedented" levels of "near famine-like conditions".
- All 2.2 million people in Gaza are in the top three hunger categories, from level three, which is considered an emergency, to level five, or catastrophe, an FAO official said.
Business
Bahrain: Ideal business incubation hub in GCC?
The Kingdom's openness to 100 percent foreign ownership for onshore firms and zero-tax policy make enhance its appeal as business...
- Bahrain boasts robust logistics infrastructure including Salman Port and Khalifa Port.
- The setting up cost is around 10-15 percent of what you're going to pay in other top GCC countries.
Business
BGN to get $100m in financing
Abu Dhabi Exports Office, Mashreq and ADCB to provide financing.
- The strategic collaboration sets the stage for a financing arrangement, offering up to $100 million to facilitate the export of energy commodities from the UAE.
- The financing arrangement, a revolving credit line, is embedded with an accordion feature whereby regional banks and their overseas affiliates can contribute additional funding.
Economy
IMF chief forecasts higher economic growth for Arab region in 2024
Dubai, UAE -- International Monetary Fund (IMF) chief Kristalina Georgieva has forecasted that the total GDP growth for the Middle...
- The GDP growth for the Middle East region would reach 2.9 percent this year, surpassing the figures from 2023.
- The IMF Chief also anticipated a decline in global inflation rates for 2024, while underscoring that medium-term global growth prospects remain at around 3 percent.
Egypt tests Suez Canal extension aimed at boosting vessel capacity
Cairo, Egypt -- Egypt has tested a new 10-kilometre (6.2-mile) extension to the Suez Canal as it tries to minimize the...
Business
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ADQ to invest $1bn in Sotheby’s
Business
Latest News
Two-thirds of Gaza buildings destroyed or damaged: UN
Updating its damage assessment, the UN Satellite Centre (UNOSAT) said very high-resolution imagery collected on September 3 and 6 showed...
Geostrategy
Lebanon urges DNA tests to identify missing in Israel strikes
Families should head to centers affiliated with the Judicial Police "to conduct DNA tests", the police said in a statement....
Geostrategy
Saudi leisure tourism surges by 656% in 2024: Tourism Ministry
Riyadh, Saudi Arabia -- Saudi Arabia's tourism sector, particularly the leisure and holiday segments, witnessed substantial growth in 2024.In a...
Business
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Geostrategy
Israeli air strikes hit densely populated Hezbollah bastion in Beirut
The strikes were by far the largest in scale. Iran embassy in Lebanon warns that the strikes 'change the rules...
- Hezbollah chief Hassan Nasrallah was unharmed in the strikes, after Israeli television networks reported he was the target.
- Israel's aerial bombardment of Hezbollah strongholds around Lebanon has killed around 700 people this week alone.
Saudi Arabia announces coalition to push for Palestinian state
Prince Faisal bin Farhan said the "International Alliance to Implement the Two-State Solution" included Arab and Islamic countries, as well...
- Saudi Arabia paused US-brokered talks on recognizing Israel after the Hamas attack on Israel and the genocidal Israeli assault on Gaza.
- The hard-right Israeli government of Prime Minister Benjamin Netanyahu remains implacably opposed to Palestinian statehood.
Geostrategy
World’s first CO2 storage service soon ready in Norway
Øygarden, Norway -- Norway inaugurated Thursday the gateway to a massive undersea vault for carbon dioxide, a crucial step before opening...
- The Northern Lights project plans to take CO2 emissions captured at factory smokestacks in Europe and inject them into geological reservoirs under the seabed.
- The aim is to prevent the emissions from being released into the atmosphere, and thereby help halt climate change.