Emirates orders 65 more Boeing 777X planes despite delays
Dubai, UAE -- Emirates, the Middle East's biggest airline, topped up its order of Boeing 777X planes on Monday despite...
Business
Hamas will not govern post-war Gaza: Hamas source close to negotiating committee
Doha, Qatar -- A Hamas source close to the group's negotiating committee told AFP on Sunday that it will not...
Geostrategy
Business
SAUDIA adds new A321neo aircraft to its fleet
Jeddah, Saudi Arabia - SAUDIA, the national flag carrier of Saudi Arabia, announced the expansion of its fleet with the...
- The A321neo aircraft is a single-aisle, narrow-body aircraft and seats 180 to 220 passengers in a typical two-class interior layout
- SAUDIA serves global route network covering around 100 destinations across four continents, including all 28 domestic airports in Saudi Arabia
Business
Alkhaleej Takaful Insurance logs 28% profit
Earnings per share amounted to QR 0.165.
- Earnings per share (EPS) amounted to QR 0.165 as of June 30, 2023 versus QR 0.129 for the same period in 2022
- The ompany was established in 1979 to provide all kinds of conventional insurance and reinsurance services
Business
Middle East will spend $3bn on Artificial Intelligence in 2023: study
Dubai, UAE - The International Data Corporation (IDC) has forecasted that the Middle East will spend $3 billion on AI...
- The Middle East could gain up to $320 billion from AI advancements with Saudi Arabia benefiting the most
- The UAE is projected to experience the largest impact, accounting for about 14 percent of its 2030 GDP
Economy
Jordan’s investments increase by 47.6% in H1 2023
Amman, Jordan - Jordan's total volume of investments witnessed a 47.6 percent increase, according to data released by the Ministry...
- The total investment volume reached $841.6 million, compared to $570.2 million during the same period in 2022
- 236 investment projects capitalized on the advantages offered by the Investment Environment Law
Business
STC reports record revenues in H1 2023
The company's gross profit reached $4,929 million.
- The gross profit reached $4,929 million, representing a growth of 0.90% YoY
- The net profit surged to $1,625 million, registering a growth of 4.17 percent
Economy
UAE to establish prosecution entities specialised in economic crimes, money laundering
Abu Dhabi, UAE - The UAE is establishing federal prosecution entities specialised in economic crimes and money laundering, to develop...
- The establishment of these entities also represents a first step towards investigating and cracking down on crimes such as corporate crimes
- The entities will enhance the UAE’s competitiveness as a global financial and business hub for investment and improving the quality of criminal investigations
Saudi Arabia’s mining company Ma’aden to buy 10% of Brazilian firm
Riyadh, Saudi Arabia - Saudi Arabian Mining Company, known as Ma’aden, has agreed to acquire a 10 percent stake in...
- Manara’s investment into Vale will play a key role in helping it expand the production of copper and nickel
- A binding agreement was signed by Manara, Ma’aden's joint venture, established with the Public Investment
Business
Generative AIs transform everyday lives, enterprises
Despite challenges such as reliability, privacy issues, and potential bias, moderation filters and a 'human in the middle' approach can...
- GenAI models can enhance NLP-based applications, improve enterprise-wide search capabilities, and extend into image recognition
- The technology can be used for a variety of enterprise use cases, from writing emails and reports to assembling marketing campaigns
Business
Masdar, Iberdrola to invest in US$1.77bn German wind farm
The UAE's firm signed an agreement with Iberdrola to co-invest in the 476-megawatt Baltic Eagle offshore wind farm in the...
- Masdar's CEO Mohamed Jameel Al Ramahi and Iberdrola's Executive Chairman Ignacio Galan signed the deal
- For close to seven years now Masdar has revolutionized the clean energy sector in the UAE, and beyond
Economy
Abu Dhabi-Japan deal to boost economic diversification
“Our cooperation with Japan External Trade Organisation (JETRO) is part of these efforts as Japanese experience and progress reflect role...
- Rashed Abdulkarim Al Blooshi, Undersecretary of the ADDED, highlights the importance of human development in Abu Dhabi's economic diversification efforts
- The Abu Dhabi Residents Office, an ADDED arm, and JETRO have signed an MoU to bolster efforts in attracting specialized talent and investors across the sectors
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
Emirates orders 65 more Boeing 777X planes despite delays
Dubai, UAE -- Emirates, the Middle East's biggest airline, topped up its order of Boeing 777X planes on Monday despite...
Business
Company News
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EGA buys 80% stake in Spectro
Business
Pro-Palestinian protesters take Israel sculptures from UK university
London, United Kingdom -- A pro-Palestinian group took two sculptures of Israel's first president from a UK university in a protest marking...
Geostrategy
Saudi, US FM says could move ‘quite quickly’ on some deals with US
Since last year Saudi Arabia has been bargaining hard for a defense pact with the United States as well as...
Geostrategy
Most Read
Geostrategy
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...
- Success should also be measured by more inclusive social indicators, moving from purely quantitative to qualitative assessments linked to making tourism a valuable sector.
- Coordinated efforts between government agencies, private companies, and civil society should ensure that sustainable practices are implemented across the tourism value chain.
Business
UAE records 37% increase in greenfield FDI to $16 billion in 2023
Abu Dhabi, UAE -- The UAE has witnessed a 37% increase in greenfield investments in 2023 to reach US$16 billion,...
- Sectors such financial services, industrial equipment, and transportation and warehousing played an important role in contributing to this growth.
- The most prominent countries involved in these investments were the US., India, the U.K., Saudi Arabia, and France.
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.