The hospitality industry sits at the crossroads of experience and responsibility. As utilities, energy, and resource costs rise, and as travelers grow more discerning about their environmental footprint, I believe hotels that prioritize sustainable operations are positioning themselves as sector leaders. At STORY Hospitality, sustainability is woven into both the...
Sharjah Economic Development Department processes 14,210 licenses during Q3
Sharjah Economic Development Department (SEDD) has processed 14,210 licenses submitted through its smart applications on its website as well as service centers during the third quarter of 2021. Of the 14,210 licenses, 1,473 were issued licenses and the 12,737 renewed ones. SEDD data said commercial licenses took the lead with...
Advanced Petro Co. of KSA posts nearly 40% jump in net profit
Advanced Petrochemical Company of Saudi has posted nearly 40 percent increase in net profit to $58 million for the third quarter, because of a big jump in polypropylene sales.
Singapore-based Near acquires minority stake in MEmob+
Near will work with MEmob+ to continue its global expansion with a push into the Middle East and Africa.
Network International of UAE posts 19% jump in revenue
Network International, the UAE-based payment solutions firm, has posted a 19 percent jump in revenue in the third quarter, increasing values of payments processed in both the UAE and Jordan.
Fertiglobe completes IPO on Abu Dhabi Securities Exchange
The initial public offering (IPO), which raised over $795 million, experienced strong demand from local and international investors, with orders amounting to over $17.4 billion and oversubscription above 22 times in aggregate, and 32 times for the Qualified Investor tranche (excluding cornerstone investors).
Which Asia-Pacific countries are re-opening to foreign visitors?
Mainland China, where Covid-19 first emerged last year, remains closed to overseas tourists, as is Japan.
NEOM Tech and OneWeb team up for $200m high-speed satellite
NEOM Tech & Digital Holding Company and OneWeb have signed a $200 million joint venture agreement to bring high-speed satellite connectivity to NEOM, Saudi Arabia and beyond in the MENA region.Turkey’s hazelnut farmers blame Nutella for their meagre pay
The world-famous spread is made by Italy's Ferrero confectionary, Turkey's top hazelnut purchaser. The global giant's other sweets include Ferrero Rocher chocolates and Kinder chocolate eggs. But the Italian company is developing ill will in Turkey, where farmers get paid roughly $14 a day collecting nuts off the groundAlphabet posts $18.9 bn profit
Google remains a centerpiece of online activity.
Careem faces flak over random price hike
People in the UAE complain about Uber and Careem's high prices, which have been raised significantly in the last few months due to Expo 2020 and Dubai attracting many tourists.Tunisia: Investment in services reach $252m in nine months of 2021
Tunisia has witnessed an investment of 713.4 million dinars ($252 million) in service activities during the first nine months of 2021, nearly the same level as in 2020. According to data recently published by the Agency for the Promotion of Industry and Innovation (APII), these investments will be mobilized under...Sharp recovery to see Middle East box office revenue cross $800m in 2021
Box office revenue in the Middle East made the fastest recovery in the world, from $250 million in 2020 to over $800 million it is set to cross this year. The revenue is expected to continue to rise, reaching $1 billion in 2022 and $1.3 billion in 2024, research has...
IHC to acquire Arena for $98m
A consortium will hold the Arena shares in a 70:30 ratio.
UAE economy resilient, overcame many global challenges: RAK Properties CEO
The UAE was among the first countries to return to normalcy after the pandemic and is currently hosting Expo 2020 Dubai, said Mohammed Al Tair.DP World reports container volume growth of nearly 12 percent in Q3
The gross volume growth was mainly driven by Asia Pacific, India, Australia, and the MENA region.
Saudi-Swiss investment to touch $3.2bn by 2030
The Saudi-Swiss Investment Forum aims to touch $3.2bn of financing by 2030. The body, launched on 25 October in Riyadh, will also back Swiss companies who want to invest in the kingdom.
IsDB lists sukuk on Nasdaq Dubai
The $1.7bn listing strengthens its position as the largest Sukuk issuer on the bourse.
16 firms selected for Qatar FinTech Hub’s incubator and accelerator programs
Qatar FinTech Hub was launched by Qatar Development Bank (QDB) with the support of Qatar Central Bank (QCB) to develop the FinTech industry in Qatar.
UAE credit card applicants to get pre-approved status online
The UAE’s Al Etihad Credit Bureau has joined hands with online financial aggregator Policybazaar UAE to implement real-time eligibility checks for credit card applications based on the AECB Credit Score and banks’ approval criteria.
Dar Al Arkan to develop $985m residential project in Saudi Arabia
The project will be developed on an area of 1 million sqm while fully respecting and preserving the topography and unique environmental features of Taif.
Pyypl, Ripple launch on-demand liquidity service in Middle East
ODL uses XRP for instant, low-cost cross-border payments.Safari lands Saudi contracts
The contracts pertain to managing the King Fahd Causeway.
Saudi EXIM Bank and SMBC sign MoU to streamline businesses
The Saudi Export-Import Bank and Sumitomo Mitsui Banking Corporation (SMBC) have signed an agreement under which the two will work toward providing more financial solutions to Saudi and Japanese exporters and importers, streamlining business and reducing risk for both sides. In a statement, Saudi EXIM Bank said the MoU is...
ADH revenue, profit up by end of Q3
Rise in net profit attributed to a slew of acquisitions.
Abu Dhabi-based fund exceeds target of $50m in second raise
The Chimera Global Fund has surpassed its target of $50 million in its second raise, as it aims to deploy investments to a dozen companies in Series A and pre-IPO stages.Evergrande shares rise
The Chinese firm has restarted work on 10 projects.
Emirates cancels flights to Sudan after reports of military coup
Emirates has cancelled flights to Khartoum after reports emerged of a military coup in Sudan.
Al-Ahli Bank of Kuwait net profit $69.6 mn
The bank suffered a net loss of KD 7.9 mn in first nine months of 2020.Aramco, TotalEnergies launch stations
The service stations are part of a joint venture signed in 2019.
Dubai leads MENA region in Global Cities Index
Despite the disruption caused by the coronavirus lockdown Dubai and Abu Dhabi have continued to advance in the race to become the global hub for business, a new report by management consultancy Kearney indicates.
ACWA Power of KSA to build solar power plant in Iraq
Iraq is looking to establish a big solar power plant in the Najaf area that could generate 1,000 megawatts of solar power.
Volvo Cars sets IPO price
The price is at the bottom end of the range that Volvo announced last weekSaudi telecom firm Zain reports 36% dip in net profit
Zain KSA, the Saudi telecom firm, has reported a 36 percent drop in net profit to SR143 million in the first nine months of 2021.
Alsulaiman Group and Livspace announce a Joint Venture
Both ASG and Livspace have invested about $50 million to fuel regional growth and become market leaders.Bahraini Farmers Market returns with Covid-19 precautions
The market, which reportedly aims to promote Bahrain’s agricultural products and highlight the development taking place in the country’s agricultural sector, is returning after a one-year hiatus caused by the Covid-19 pandemic. It will be held at the Budaiya Botanical Garden in December.
India’s SGL opens plant in HFZA
The plant involves an initial investment of AED 50mn.
QLM’s net profit in Q3 $20.4 million
Gross written premium as of Sept. 30 was QAR 750 million.560 foreign firms operate in Al Wusta governorate of Oman: Official
As many as 560 foreign companies are operating in the Omani governorate of Al Wusta and their capital investments by the end of September 2021 reached Omani Riyal 1.3 billion ($3.37 billion), an official said. Abdoon Mohammed Al Harsoosi, Director of Commerce, Industry and Investment Promotion inaaaa Al Wusta, said...STC net profit $2.32 bn for 9 months
Net profit in Q3 alone increased by 5.71 percentDubai looks to become equine industry hub
The emirate will see a number of new initiatives that will bring new opportunities to the sector, Sheikh Rashid bin Dalmouk Al Maktoum has said.
Picasso masterpieces fetch $108.9 million
Eleven masterpieces by Pablo Picasso fetched $108.9 million at a Sotheby's auction in Las Vegas on Saturday. Two iconic portraits from the last years of the painter's life were also sold.
Al Rajhi Bank’s net profit vaults 44% to $2.86bn
Al Rajhi Bank of Saudi Arabia posted a 44 percent rise in net profit to $2.86 billion for the first nine months of 2021. The bank had earned $1.992 billion in the same period last year.
Saudi National Bank posts 20% jump in net profit to $1bn
Saudi National Bank (SNB), the kingdom’s biggest lender, has posted a nearly 20% jump in net profit to $1 billion in third quarter from higher fees.VPS behind T20 bio-bubble
There will be over 2,200 people in the bio-bubble this time.Tamatem pushes Arabic games
This Jordanian firm is being praised for Arabic mobile games.Dubai approves Hatta master development plan
The Hatta master development plan is said to be aimed at developing Hatta, an exclave of Dubai, into a tourist spot that will also serve as a local and international destination for business and investment. It is expected to be implemented as part of a five-year development plan in the...
Qatar hopes to attract 1.2 million World Cup visitors
Organizers of the 2022 World Cup in Qatar hope to attract 1.2 million tourists to the Gulf country, an official said, hosting them in traditional hotels and "innovative" accommodation.Electrified cars hit almost a fifth of EU Q3 vehicle sales
At least one in five vehicles sold in the European Union (EU) in the third quarter of the current fiscal was an electrified model as sales continued to soar while fossil-fuel cars slumped, according to sales data released yesterday by a trade organization.Combat Field: a gamer’s paradise at Riyadh Season
Among many attractions of Riyadh Season is Combat Field for fans of war and combat games. It simulates the reality of wars through 33 events.
UAE minister says global energy transition to take time
The United Arab Emirates’ minister of state, Sultan Al-Jaber, said that the world needs to accept that global energy transition will take time.
