Iraq signs deal with US firm to produce 24,000 MW of electricity
Prime Minister Mohammed Shia al-Sudani oversaw "the signing of a Memorandum of Understanding as part of a strategic cooperation framework...Economy Energy Geostrategy
Stocks sink again as Trump holds firm on tariffs
Trading floors across the globe were overcome by waves of further selling after last week's sharp losses, with Trump telling...Business Economy
Dubai Airports expect to cross pre-pandemic passenger numbers in 2023
Dubai, UAE--Dubai Airports is expecting annual passenger traffic at Dubai International (DXB) to touch 86.8 million – surpassing 2019 traffic,...It forecasts annual passenger traffic at Dubai International (DXB) to touch 86.8 million, crossing 2019 traffic, propelled by strong growth
Some 23m passengers passed through the airport in Q3, taking the total traffic for the first nine months of the year to 64.5m passengers
Iran to link up electricity grid with Russia via Azerbaijan
Tehran, Iran-- Iran is linking up its electricity grids with Russia via Azerbaijan in order to make up for its...The Iranian minister said feasibility studies for connecting power grids have been conducted through three routes including Georgia, Azerbaijan, and Turkmenistan
He said the use of electricity in Iran’s industrial sector has exceeded that of the household sector for the first time in the history of the country’s power industry
Aramco produces first unconventional tight gas
Dhahran, Saudi Arabia - Aramco, one of the world’s leading integrated energy and chemicals companies, has successfully produced the first...Commissioned facilities at South Ghawar have a 300 million standard cubic feet per day (scfd) of raw gas processing capacity
Work is also progressing at the giant Jafurah unconventional gas field, which is the largest liquid-rich shale gas play in the Middle East
Black Friday is a $74bn opportunity for MENA retail. But is it losing sheen by ‘blindly copying’ the West?
The expected injection of billions of dollars into the retail business through sale of varied items can turn out to...In 2021, Black Friday sales notched up $61 billion, followed by a further upswing in sales to $70 billion in 2022, and this year sales are expected to cross the figure
According to several experts, the annual event continues to draw consumers across the GCC, with nearly 85 percent of them expected to participate in Black Friday
Black Friday is a $74bn opportunity for MENA retail. But is it losing sheen by ‘blindly copying’ the West?
The expected injection of billions of dollars into the retail business through sale of varied items can turn out to...In 2021, Black Friday sales notched up $61 billion, followed by a further upswing in sales to $70 billion in 2022, and this year sales are expected to cross the figure
According to several experts, the annual event continues to draw consumers across the GCC, with nearly 85 percent of them expected to participate in Black Friday
Electricity plays key role in making UAE sustainable
“In the UAE, we recognize the energy security and climate challenges and have devised multiple strategies to make the sector...The UAE updates Energy Strategy 2050, focusing on low-emission hydrogen production and net-zero goals.
GCCIA's expansion projects aim to enhance energy security and interconnectivity across the Gulf region.
UAE non-oil activities to continue to see robust growth in 2024: OPEC
Vienna, Austria--The UAE's non-oil economic activities continued to see robust performance and are expected to extend healthy development into 2024,...Its monthly report for November noted that it anticipates the upward trend in non-oil activities to continue supporting further growth for the next year
The report said the country's tourism sector, accounting for nearly 16% of its GDP, showed strong growth, with 8.5 million visitors coming to the UAE, a 19% jump
Chemanol to buy stake in ACC
It will acquire 84 percent stake for US$12.3 million.The purchase amount would be disbursed partially and within specified intervals, as per the terms stipulated in the SPA.
Chemanol said the acquisition is aimed at enhancing its share in the market and diversifying its product range,
Saudi pioneering solutions for water scarcity
The kingdom is forging partnerships with major corporations to revolutionize water technologies and achieve water self-sufficiency.Water scarcity is 500 cubic meters per capita, while Saudi Arabia's annual per capita share of water does not exceed 89.5 cubic meters.
The Saline Water Conversion Corporation has signed agreements with several major corporations to tackle water scarcity.
ADIB lists $500m green sukuk on LSE
The bank marked the issuance of its $500 million green sukuk.London Stock Exchange has welcome ADIB’s listing, as the world’s first dollar denominated green sukuk.
This follows the bank’s recent successful listing of US$750 million AT1 perpetual sukuk.
