Amazon climate deal a ‘win’ for global unity but fossil fuels untouched
Nearly 200 countries approved the deal by consensus after two weeks of exhaustive negotiations on the fringes of the rainforest,...
Geostrategy
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
Business
Sanad expands MRO services
Signs agreement with GE Aerospace and Safran Aircraft.
- With this agreement, Sanad becomes the first certified LEAP MRO service provider in the SAMENA region, supporting the global LEAP MRO supply chain from its facility in Abu Dhabi.
- LEAP-1A and LEAP-1B engines are effectively designed to meet the challenge of decarbonizing air transport with enhanced performance in terms of improved fuel consumption.
Business
Oman, India trade surged to $10bn in 2022
Muscat, Oman - India and Oman trade in 2022 reached $9.98 billion reflecting the deepening economic and commercial ties between...
- The nearly 90 percent growth in trade compared to the previous year highlights the strong demand for Indian goods and services in Oman
- The bilateral trade growth has been fuelled by over 6,000 India-Oman joint ventures in Oman, accounting for an investment of over $7.5 billion
Business
In spite of US sanctions, Iran’s crude oil exports break five-year record
Tehran, Iran-- In spite of the US sanctions against the Islamic Republic, Iran has seen a huge surge in the...
- China, the world's major importer of energy, has received a big chunk of Iran's crude oil, apart from Germany, Spain and Bulgaria
- According to the report, the Iranian crude oil shipments have nearly doubled since last autumn to touch 1.6 million barrels a day
Business
ADDED partners with Valeo to set up electric cars technology hub
Dubai, UAE -- Abu Dhabi's Department of Economic Development (ADDED) has joined forces with Valeo, a global automotive technology company,...
- The partnership aims to accelerate the growth of the automotive industry in the emirate and provide support to local electric car startups.
- Valeo, known for its advanced technologies and sustainability vision in green cities, plans to explore new areas of development through the integration of its expertise in the hub.
Saudi Public Investment Fund owned KAFD to sponsor Al Nassr Football ClubÂ
Riyadh, Saudi Arabia -- The King Abdullah Financial District Development and Management Company (KAFD DMC), a company wholly-owned by Public...
- Last year, Al Nassr FC attracted one of football’s greatest talents to the team with the acquisition of Portuguese superstar, Cristiano Ronaldo
- Set in the heart of the Saudi capital Riyadh, KAFD is home to 1.6 million square meters of office space, world-class venues and iconic luxury residences
Economy
Phase out fossil fuels to avoid climate catastrophe
Limiting global temperature rise to 1.5 degrees Celsius is still possible but will require a 45 per cent reduction in...
- UN Secretary-General António Guterres urges a 45% cut in carbon emissions by 2030 to limit global temperature rise to 1.5°C
- Current policies could lead to a 2.8°C temperature rise by the end of the century, posing a catastrophic threat, adds Guterres
Business
SABIC okays $1.43bn H1 dividend
SABIC's board cleared an 18 percent cash dividend at $0.48 per share.
- SABIC had reported a 90 percent decline in net income to SAR 0.66 billion ($177 million) in the first quarter, compared to SAR 6.47 billion ($1.77 billion) in Q1 2022.
- SABIC paid a total cash dividend of SAR 12.75 billion for 2022, or 42.5 percent of its net income, in two instalments.
Economy
Investments focus as KSA gets Civil Transactions Law
The new law seeks to provide a robust legal framework governing all contracts and transactions, instilling confidence in business sector...
- The new law seeks to provide a robust legal framework governing all contracts and transactions, instilling confidence in business sector and fostering growth across industries
- To ensure fairness and transparency in business dealings, the Saudi law brings clarity and consistency to the legal landscape while increasing the ability to predict judgments
Economy
Diversification, global investment key to UAE’s growth
The Gulf nation is strategically establishing comprehensive economic partnerships with various countries in bid to diversify its economy and encourage...
- The Gulf nation is strategically establishing comprehensive economic partnerships with various countries in bid to diversify its economy and encourage global investments
- As of June 2023, the UAE has entered into five such agreements, notably with Israel, India, Indonesia, Turkey, and Cambodia, with plans to sign three more in the first phase
Arts & Culture
New life breathed into Tunisia’s bagpipes
Known as Mizwad, the Tunisian bagpipe was once banned from airwaves but has now been embraced by artists infusing its...
- Most musical historians agree the mizwad first appeared in Tunisia at the beginning of the 20th century and was confined to working-class suburbs for decades.
- The mizwad spawned its own musical style that was frowned upon by authorities for associations with alcohol, drugs and prison -- where many songs were composed.
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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
Amazon climate deal a ‘win’ for global unity but fossil fuels untouched
Nearly 200 countries approved the deal by consensus after two weeks of exhaustive negotiations on the fringes of the rainforest,...
Geostrategy
Company News
EGA buys 80% stake in Spectro
Business
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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
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
Most Read
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.
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.