Davos, Switzerland -- The war in Ukraine, tensions in the Middle East, monetary policy in 2024, jobs, equitable economic growth, energy demand, artificial intelligence, and the need to find a common ground were some of the issues discussed at the third day of Davos summit. C4IR to be established in...

EDGE smart weapons will be integrated into Bayraktar UAVs.

The 5-year, iron-ore pellets supply deal was signed with BSC.

Dhahran, Saudi Arabia -- Aramco has allocated an additional $4 billion to its global venture capital arm Aramco Ventures, more than doubling the capital allotted to it, from $3 billion to $7 billion. This, Aramco said in a statement, will take Aramco’s overall venture capital allocation to $7.5 billion, which...

Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) saw its balance sheet soar to $182.43 billion at the end of November 2023, marking a significant surge in its financial strength. This impressive growth is revealed in the bank's latest balance sheet report. The report highlights a robust...

The country's national bureau of statistics said that GDP grew 5.2 percent to hit 126 trillion yuan ($17.6 trillion) as the country battled a crippling property crisis, sluggish consumption and global turmoil. Official GDP figures remain a key source of insight into the health of the world's second-largest economy.

The internet giant will cut jobs from its global ad team.

DUBAI, UAE – Emirates will hire 5,000 people as it awaits the arrival of its fleet of Airbus A350s. The airline is inviting fresh graduates with internships or part-time jobs on their résumés, those with a year or so of hospitality or customer service experience, and individuals keen to embark on...

Zurich, Switzerland - A French television star and a group of investors are demanding 280 million Swiss francs ($330 million) from Nespresso after the failure of a company that tried to offer a more sustainable alternative to the aluminium capsules sold by the coffee-pod maker. Show host Jacques Essebag, who goes...

Paris, France - Counterfeit products -- mainly clothes -- cost the European economy 16 billion euros a year and result in nearly 200,000 lost jobs, the EU's Intellectual Property Office said Tuesday. The findings, based on data from 2018 to 2021, show that fakes take the biggest toll on the clothing...

While inflation is on a general downward path, there is a worry that it could pop back up anytime, particularly with tensions in the oil-rich Middle East showing no sign of calming.

Revenues rose seven percent to $11.3 billion.

Dubai, UAE -- The total number of US$10 million plus home sales in Dubai grew by 92.4 percent to 431 sales during 2023, according to analysis carried out by global property consultancy, Knight Frank. The total value of sales above this price point grew by 91 percent last year to...

The contract was awarded by Dubai Roads and Transport Authority.

The 2023 annual net profit rose 14 percent from 2022.

Dubai, UAE--The Dubai Electricity and Water Authority (DEWA) has laid over 364 kilometres of fibre optic (FO) ducts across different areas in Dubai in 2023. The expansion has increased the total length of these cable ducts to 3,998 kilometres, a 10% increase compared to 2022. This initiative aligns with DEWA's...

The tech giant's market value has surged by over $1 trillion.

Sharjah, UAE--The number of passengers travelling through Sharjah airport reached 15.3 million in 2023, as compared to 13.1 million in 2022, marking over 17.4 percent growth, according to Sharjah Airport Authority. The air traffic witnessed an increase of 12 percent with over 98,000 flight movements in 2023 as compared to...

According to Tatiana Leskova, Associate Director of Corporate Ratings at Standard and Poor's Global Ratings that the global economy while remaining subdued, operating at subpar growth levels, S&P estimates that UAE GDP expanded at over 3 percent in 2023, including close to 6 percent growth for the non-oil sector”.

The aim is to help develop of Open RAN technologies.

In Asia, Tokyo rose for a sixth successive day to build on last week's advances, which saw the Nikkei break above 35,000 points for the first time since 1990 thanks to a revival of Japanese inflation and a weaker yen that helps exporters.

RIYADH, SAUDI ARABIA - The Board of Directors of the Qiddiya Investment Company (QIC) announced on Monday the launch of the Prince Mohammed bin Salman Stadium, an iconic multi-use venue set to further enhance Qiddiya’s philosophy of the Power of Play. Upon opening, it is anticipated to host some of...

Tabuk, Saudi Arabia -- Red Sea Global (RSG), Zain KSA, and the French Serge Ferrari Group have developed and installed advanced telecom towers on Ummahat Island, RSG said. These towers will provide visitors with a "seamless communication experience that blends harmoniously with the island's natural beauty", the statement added. According...

The two firms will provide heavy-lifting solutions in Qatar.

DUBAI, UAE - Nasdaq Dubai has welcomed the listing of a US$600 million green bond by China Construction Bank (DIFC Branch). The green bond issuance targets combating climate change, represents China Construction Bank's significant commitment to sustainable financing and highlights the growing synergy in green financing between China and UAE....

Doha, Qatar--Qatar and Czech Republic are looking to ramp up trade and investment cooperation between the two countries. In this regard, Qatar Chamber Acting General Manager Ali Saeed Bu Sherbak Al Mansouri met here on Sunday with CEO of the Czech Trade Promotion Agency (CzechTrade) Radomil Dolezal. The meeting took...

The deal signifies PureHealth’s operational capabilities.

DUBAI, UAE - Worldwide PC shipments totaled 63.3 million units in the fourth quarter of 2023, a 0.3 percent increase from the fourth quarter of 2022, according to preliminary results by Gartner, Inc. This marks the first time that quarterly shipments have increased after eight straight quarters of decline, a...

Riyadh, Saudi Arabia -- The number of individual investors on the Saudi Exchange (Tadawul) reached 6.05 million by the end of Q3 2023, an increase of 117,000 compared with the previous quarter. Argaam reported that the number of male investors reached 4.48 million in Q3 2023, while the number of...

Riyadh, Saudi Arabia -- Renowned fashion designer Elie Saab will unveil the Riyadh Season Fall Collection 2025 after signing an MoU with Saudi Arabia's General Entertainment Authority. The Authority said the MoU will create a one-of-a-kind experience that intertwines fashion and entertainment during the upcoming Riyadh Season. This initiative, which...

Dubai, UAE -- The real estate and properties transactions valued at 10.1 billion ($2.74 billion) in total during the week ending 12 January 2024. The sum of transactions was 2,910. A total of 209 plots were sold for AED 2.19 billion, 2,100 apartments and villas were sold for AED 4.84...

The two will acquire 40.5% stake in the Egyptian firm.

RIYADH, SAUDI ARABIA – Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef said that the Kingdom’s participation in the World Economic Forum (WEF) annual meeting 2024 in Davos, Switzerland, showcases its vital role in addressing global challenges, particularly in supply chains and capacity building. In remarks to the Saudi...

Lagos, Nigeria - Africa's biggest diesel and aviation fuel refinery built by the continent's richest man has started production, the company said on Saturday, calling it a "big day for Nigeria". The 650,000 barrel-per-day Dangote refinery could be a game changer when fully operational by helping end Nigeria's reliance on fuel...

DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) announced that its customers conducted around 12.5 million digital transactions in 2023, compared to around 10 million digital transactions in 2022, an increase of about 25 percent. This reflects DEWA’s leading role in supporting the leadership’s vision to make Dubai the...

Its revenue jumped to $14.2 billion for the quarter.

Oil prices surged four percent after US and UK forces launched strikes against Iran-backed Houthi rebels after attacks on ships in the Red Sea, fueling worries about a wider conflict. Tokyo and European stock markets ended the week with gains as traders brushed off data showing US inflation rose more...

They will buy 40.5% stake in TMG Holding’s hospitality business.

Abu Dhabi, UAE -- Real estate transactions in Abu Dhabi amounted to approximately AED 1.9 billion ($517 million) in the first two weeks of 2024, comprising 348 transactions of sales and mortgages on various types of real estate units. According to the "DARI" platform, affiliated with the Department of Municipalities...

ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) has cancelled the license of First Insurance Brokers Company (First Insurance), an insurance company operating in the UAE. CBUAE struck First Insurance’s name off the Register, pursuant to Article 22 (2) of the Board of Directors Resolution No.15 of...

The QNB Group posted a net profit of $4.25 billion.

Subsidiaries of TASNEEF were also acquired.

RIYADH, SAUDI ARABIA – The Ministry of Industry and Mineral Resources has signed four Memorandums of Understanding (MoUs) with the Democratic Republic of Congo (DRC), Egypt, Morocco, and Russia. One of the aims of these MoUs is to foster international cooperation in minerals between Saudi Arabia and these countries. According...

Its net profit fell 7.29% Y-o-Y in the three months to December.

Oman emerges top performer in the GCC region.

Doha, Qatar -- The volume of real estate trading in sales contracts at the Department of Real Estate Registration at the Ministry of Justice during the period from 31 December to 10 January 2024 reached 791 million QR. Total sales contracts for residential units in the Real Estate Bulletin for...

Cairo, Egypt -- The Egyptian government signed an agreement yesterday with a consortium led by the Saudi company ACWA Power for the largest wind energy production project in the Middle East.With investments reaching up to $1.5 billion, the project will be established in the Gulf of Suez and Jebel El-Zeit...

The two-year agreement is worth AED 160 million ($43.56 million).

ABU DHABI, UAE - First Abu Dhabi Bank (FAB) has issued a five-year US$800 million Sukuk at US Treasury +85bps, which resulted in an all-in yield of 4.779 percent. This marks the first Sukuk issued globally in 2024 and stands as the region's first offering for the year. The final...

Dubai, UAE--The Federal Tax Authority (FTA) has signed an agreement with Etihad Credit Bureau to enhance tax compliance in the UAE. The agreement aims to establish an electronic link between the two entities, enabling the Authority to directly access credit reports provided by the Bureau, using them to strengthen compliance...