Qatar will supply four million tons of gas a year under the deal, QatarEnergy said in a statement, without disclosing the cost of the agreement. "We look forward to further enhancing our relationship with CPC... and to further demonstrate our unwavering commitment to our customers and partners around the world," said...

Oil prices slipped after Saudi-led OPEC and its Russian-led allies said Sunday they would maintain output levels but begin to restore production from October, even as questions about China's economic recovery and a spike in US stockpiles cause investors to fret over demand. Brent, the international benchmark, fell more than...

The firm last Thursday disclosed plans to sell 1.545 billion shares on the Saudi stock market, priced between 26.70 and 29 Saudi riyals ($7 to $7.70). Sunday marked the beginning of the book-building period for investors inside and outside the kingdom, Aramco said in a statement, allowing officials to gauge...

The fallen Credit Suisse AG legally ceases to exist.

Made up of three component units, the huge Al-Zour refinery is one of the biggest in the Middle East. It was officially inaugurated on Wednesday, months after its output reached full capacity of 615,000 bpd. "We have succeeded in reaching an unprecedented refining capacity of 1.83 million bpd both domestically and abroad,"...

President Sheikh Mohamed bin Zayed Al Nahyan is the first sitting UAE president to make a state visit to Asia's fourth-largest economy. During Seoul's President Yoon Suk Yeol's visit to the country last year, the UAE said it would invest $30 billion in South Korea.

Riyadh, Saudi Arabia -- Saudi Arabia's Public Investment Fund (PIF)on Monday launched the Neo Space Group to work on the kingdom's nascent satellite and space industry, its first investment in the sector. One of the world's largest sovereign wealth funds, the PIF has already invested heavily in sports, gaming and so-called...

Abu Dhabi, UAE -- The Federal Tax Authority (FTA) has issued a guide outlining the application of Corporate Tax to Free Zone Persons in line with the Free Zone Corporate Tax regime, which enables Qualifying Free Zone Persons to benefit from a zero percent Corporate Tax rate on Qualifying Income....

The investment will be made in data centers in Aragon region.

Saudi Arabia and the UAE are the only high-income economies to rank among the top 10 most improved economies between 2019 and 2024, a WEF report says.

In a wide expansion of aviation services, Saudi Arabia's top airline Saudia Group has place an order of 105 aircraft from Airbus. Saudia airline will receive 54 A321neo aircraft, while budget offshoot Flyadeal will acquire 12 A320neo and 39 A321neo planes, they said in a statement.

Rabat, Morocco -- Fadoua Lamrani was elated when she was hired as a waitress at a restaurant in Morocco which employs people with mental disabilities. The 33-year-old is among some 60 people with mental health conditions working at the eatery located on a farm and run by the Centre for Integration and...

San Francisco, United States -- OpenAI on Friday confirmed that it has disbanded a team devoted to mitigating the long-term dangers of super-smart artificial intelligence. OpenAI weeks ago began dissolving the so-called "superalignment" group, integrating members into other projects and research, according to the San Francisco-based firm. Company co-founder Ilya Sutskever...

Net income fell $2.58bn due to one-off items recognized in 2023.

Energy Minister Saad al-Kaabi, who is also chief executive of QatarEnergy, said the state-owned giant had secured sales of 25 million tons of liquified natural gas (LNG) in the past year and expected to be "signing more this year."

Jallad underscores the role played by RAK ruler Sheikh Saud in positioning the emirate as a magnet for SMEs and hub of industrial innovation

It did not disclose the cost of the agreement.

It capitalized on huge wave of demand for chips used in AI hardware.

Total revenue increased by $269 million in the same period.

Dubai, United Arab Emirates -- The head of Dubai's Emirates airline urged Boeing on Tuesday to "fix" its problems, warning the embattled aircraft-maker he was unhappy with delays to the 777X. Chairman and chief executive Sheikh Ahmed bin Saeed Al Maktoum, briefing journalists on the sidelines of a trade show in...

Dubai, UAE -- flynas, the Saudi budget carrier, has announced expansion plans for the UAE from September this year, which will increase the number of routes between Saudi Arabia and the UAE to nine, with flight frequencies surging to more than 20 daily flights. The carrier unveiled expansion plans for...

Despite lower profit, it will pay $31bn in dividends to Saudi government.

The company launches Share Buyback Programme

Dubai, UAE -- Dubai welcomed 5.18 million international overnight visitors from January to March 2024, an 11 percent rise over the 4.67 million tourist arrivals during the same period in 2023, according to data published by Dubai Department of Economy and Tourism (DET) at the 31st edition of Arabian Travel...

NEOM, Saudi Arabia -- Saudi Red Sea Authority (SRSA) has signed a memorandum of understanding (MoU) with NEOM to collaborate on developing legislation, regulations, and technology in marine tourism.The partnership will promote the sharing of expertise and enable the implementation and activation of joint initiatives. The aim is to enhance...

Abu Dhabi, UAE -- Miral Destinations, a subsidiary of Miral and promotional partner for Yas Island and Saadiyat Island Abu Dhabi, is set to showcase its latest offerings and attractions and unveil Saadiyat Island’s forthcoming ‘Elevate Your Senses’ campaign at the Arabian Travel Market (ATM) 2024. Scheduled to take place...

The company's cloud, ads, and retail businesses thrive.

Riyadh, Saudi Arabia -- UpLink, the World Economic Forum community dedicated to supporting early-stage impact-focused entrepreneurs, has announced the launch of four initiatives aimed at accelerating the transition to a circular carbon economy, addressing the growing demand for clean energy minerals, rejuvenating vital ocean ecosystems, and leveraging quantum computing for...

The quarterly profits increased despite weak Middle East sales.

The China State Shipbuilding Corporation (CSSC) is set to deliver eight Liquified Natural Gas (LNG) vessels in 2028 and 2029, and the others in 2030 and 2031, the energy company said. The LNG carriers will be built at China's Hudong-Zhonghua shipyard and measure 271,000 cubic meters each.

Abu Dhabi, UAE -- The total assets of the global Islamic finance sector continue on a path of rapid growth, pointing to the sector's accelerated growth in the UAE last year due to the strong performance of the non-oil economy, said S&P Global Ratings, a global credit rating agency. The...

The current low share of renewables in the energy mix of GCC nations increases the potential for significant investment in this sector, says a report.

"We approved the designs for the new passenger terminal at Al Maktoum International Airport, and (are) commencing construction of the building at a cost of AED 128 billion ($34.85 billion)," Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai and prime minister of the United Arab Emirates, said on...

The deal involves sponsorship rights for multiple events including the 2026 Men's World Cup and the Women's World Cup the following year. "We are delighted to welcome Aramco to FIFA's family of global partners," FIFA president Gianni Infantino said in a joint statement released by the energy company.

The Arab countries are experiencing a significant surge in the adoption of electric vehicles (EVs), particularly favoring premium models, says Rene Koneberg, MD Audi Middle East.

The deal is aimed at expanding public and social infrastructure.

Doha, Qatar – The Autonomous e-Mobility (AEMOB) Forum, a groundbreaking initiative in the realm of sustainable transportation, announced its final program and speakers lineup on Tuesday. Under the patronage of Jassim Saif Ahmed Al-Sulaiti, Minister of Transport, and in partnership with the Ministry of Transport (MOT) of Qatar, the forum...

Business travelers worldwide are drawn to the GCC countries due to their rapidly growing economies, strategic geographic locations, and ambitious infrastructure development plans.

Dubai, UAE -- Dubai Chamber of Digital Economy, one of the three chambers operating under the umbrella of Dubai Chambers, said Monday that the combined market value of the nine multinational companies (MNCs) it attracted to Dubai last year exceeds AED 304 billion (US$82.84 billion). The chamber attracted a diverse...

The reserve requirement will increase from 2.5% to 4% from July 1.

Tehran, Iran - Iran managed to sell an average of 1.56 million barrels per day during the first quarter of this year, primarily to China, data from Vortexa reveals. This marks the highest export level since the third quarter of 2018. The success in oil exports highlights the challenges faced...

It presents a more cost-effective alternative to conventional sovereign bonds, particularly for governments with lower credit ratings, a report has said.

Tokyo, Japan -- Bosses worried about turnover or wondering how long a new hire will stick around can now turn to AI for a heads-up on who might be next out the door. The artificial intelligence tool was developed by Japanese researchers to try and help managers provide targeted support to...

The models are built on new versions of publicly available Llama 3.

"Leadership teams must recognize that the livelihoods of their employees' families hinge on the stability of the business. Understanding that the survival of the business goes beyond mere profitability can serve as a powerful motivator" he adds.

The operation and maintenance contract will be for over 15 years.

Oslo, Norway -- Norway's sovereign wealth fund, the world's largest, posted a gain of more than $100 billion in the first quarter amid the global stock market recovery, it said Thursday. The fund -- fuelled by the Norwegian state's oil and gas revenues -- saw a return of 6.3 percent...

Dubai, UAE -- One hundred and five homes priced in excess of US$10 million were sold in Dubai during the first three months of the year, up 19 percent on Q1 2023, according to the latest analysis from global property consultant, Knight Frank. The total value of luxury homes sold...

Tourism industry accounts for 9 percent of GCC region's GDP and it is expected to grow annually at 7.7 percent. Trends looks at some of the influential industry players driving this growth.

The ChatGPT creator opens first Asian office in Tokyo.