Nike promised up to $2 billion in cost savings Thursday.

Dubai, UAE -- Consumer spending in the UAE is expected to increase by 5 percent in 2024, while consumers and businesses will face crucial decisions about spending and investing, where price differentials and interest rates have burrowed into budgets, informing the resources available with less wiggle room, according to the...

Abu Dhabi, UAE -- The Central Bank of the UAE (CBUAE) said Thursday cash deposits surged to AED 687.2 billion ($187.2 billion) this October, marking a substantial annual increase of 10.2 percent, or AED 63.7 billion, compared to AED 623.5 billion in October 2022. The Central Bank's cash aggregates statistics...

Riyadh, Saudi Arabia -- Saudi Arabia’s holdings of US Treasuries reached $117.5 billion in October 2023, up $399 million month-on-month and the highest level since December 2022, new data released by the US Treasury showed. The Kingdom kept the 17th place among the largest holders of US Treasuries for the...

Since releasing the first PlayStation in 1994, Sony has grown into a titan of console gaming, a market whose revenues this year have been estimated at more than $53 billion by industry consultancy Newzoo. The PS2 remains Sony's bestselling console with more than 155 million units sold, while the PS4...

London, United Kingdom - On a busy north London street, plumber Ben Hume-Wright zipped through the heavy rush-hour traffic to his next job by bike. Trades such as his used to rely on vans but many are now choosing to do more business using two or sometimes three wheels. Since switching...

Aldar's total ESG financing facilities reach $1.30 billion.

The 15-year agreement was inked wit ENN LNG (Singapore).

Riyadh, Saudi Arabia -- The total value of assets held by public and private investment funds in Saudi Arabia decreased by 1 percent quarter-on-quarter (QoQ) to SAR 507.7 billion ($135.32 billion) by the end of the third quarter of 2023. The number of investment funds rose to 1,209 by the...

Prime Minister Anwar Ibrahim in a statement said that ships bound for Israel will also be barred from loading cargo at any port in the largely Muslim Southeast Asian nation with immediate effect. He particularly targeted Israel's biggest shipping firm ZIM. Malaysia's cabinet authorised ZIM to dock its vessels at...

It is an antitrust settlement made public recently.

Sales of Hyundai cars have tumbled in Russia.

Dubai, UAE -- More than 200 start-ups graduating from the programs of DIFC Innovation Hub in 2023 have collectively raised more than $600 million in funding, said Mohammad AlBlooshi, CEO of the Hub. AlBlooshi was speaking at the DIFC's flagship Investor Day, which was attended by over 500 people, including...

It will benefit from revenue synergies, economies of scale.

Before Tuesday, England all-rounder Sam Curran was the most expensive player after being bought for $2.23 million last year by Punjab Kings. "Pumped to be joining SRH for the upcoming IPL season," Cummins, who skipped this year's IPL because of a packed calendar, said in a video posted by the...

ABU DHABI, UAE – Airports in the country witnessed a 15 percent increase in air traffic during the 28th Conference of the Parties (COP28) held at Expo City Dubai, said Director-General of the General Civil Aviation Authority (GCAA) Saif Mohammed Al Suwaidi. In a statement to the Emirates News Agency...

The airline ordered 40 planes each from Boeing and Airbus.

The Federal Authority for Nuclear Regulation (FANR), the UAE's independent nuclear regulator, recently issued the Operating License for Unit 4 to Nawah. This milestone takes the UAE one step closer to full fleet operations at Barakah, the largest single source of clean electricity in the region. Once operational, Unit 4,...

This is the company's second successful well in the Andaman area.

The pause comes as it fights a patent battle over technology.

They will supply solar power to 45 properties in the UAE.

Dubai, UAE-- The UAE and South Korea Korea are looking to boost ties in the water sector and in this regard the Ministry of Energy and Infrastructure (MoEI) received a delegation from Korea’s Ministry of Environment to discuss the latest developments and share experiences in the sector. As part of...

Abu Dhabi, UAE-- Kings Aluminium Industries has begun constructing a state-of-the-art aluminium manufacturing and recycling facility in Khalifa Economic Zones Abu Dhabi (KEZAD Group), the largest operator of integrated and purpose-built economic zones. With a total investment of $204.22 million by Kings Aluminium Industries, the facility in KEZAD will be...

ABU DHABI, UAE - The UAE Government has issued a federal decree which aims to regulate and organize media in the UAE. The decree also aims to promote the UAE as a global media hub and establish an enabling environment to catalyze the growth and prosperity of the sector. The...

The MoU will expand SDH Wings' portfolio of aircraft.

Nippon Steel will also assume the US firm's debt.

This follows an earlier investment of $738.5 million by CYVN in July.

Dubai, UAE -- Saudi-listed renewable energy giant ACWA Power has signed a $800 million power purchase agreement for ACWA Power Project DAO, South Africa's largest (150MW) hybrid dispatchable renewable energy project. South Africa's Minister of Mineral Resources and Energy, Gwede Mantashe, signed the Implementation Agreement and Segomoco Scheppers from Eskom signed...

RIYADH, SAUDI ARABIA - Basic Chemical Industries Co.'s (BCI) subsidiary Chemical Marketing and Distribution Co. Ltd. secured a loan from the Saudi Industrial Development Fund (SIDF) to finance its project in Jubail Industrial City.  The US$100 million (SAR 376 million) loan, secured on Sunday, has a duration of seven years and three...

Moscow, Russia--Gazprom has set a new record for daily gas supplies to China via the Power of Siberia pipeline on December 16, the company said in a statement. "On December 16, China’s application for the supply of Russian gas through the Power of Siberia gas pipeline once again exceeded the...

It would sell China-developed EVs all over the world.

Reeling from a calamitous drop in advertisement revenues and public trust, news media organizations are reworking strategies to create "niche" content.

Dubai, UAE -- The UAE has ranked first in the Middle East and fourth globally as a leading destination for remote work, according to a new ranking by VisaGuide.World. The VisaGuide.World website specialises in monitoring and evaluating the effectiveness of visa systems. The website also measures countries' progress in providing...

BERLIN, GERMANY -  The German government on Sunday faced a backlash after abruptly ending an electric car subsidy scheme in a blow to the already struggling automotive industry. The scheme is one of the casualties of a budget crisis caused by a shock constitutional court ruling in November that upended the...

Riyadh, Saudi Arabia -- King Abdulaziz International Airport in Jeddah, King Fahd International Airport, Abha International Airport, Al-Ahsa International Airport and Gurayat Airport are among the top performers on the General Authority of Civil Aviation's monthly performance reports of the Kingdom's airports in November. The airports are assessed according to...

Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) has issued rules for regulating buy now pay later (BNPL) companies, as part of its role in supervising and controlling BNPL companies, according to a SAMA press release.The move reflects SAMA's continuous efforts to develop the financial sector as a whole...

Doha, Qatar-- Qatar has recorded a 9.3 percent drop in the Industrial Production index (IPI) in the month of October 2023 to 93.1 points, compared to the previous month (September 2023), and decreased by 6.0 percent, when compared to the corresponding month in 2022, according to the Planning and Statistics...

Doha, Qatar--Qatar Airways Group and the Asian Football Confederation (AFC) have signed a global partnership set to transform the fan experience at Asian football competitions in the coming years. In a statement today, Qatar Airways said that the partnership will run from 2023 to 2029 in time for the AFC...

TABUK, SAUDI ARABIA - Red Sea Global (RSG), the multi-project developer behind the regenerative tourism destinations, is piloting SubSLAM, an advanced photogrammetry technology developed by VAARST, a leader in marine robotics. This technology is being used to produce high-resolution, 3D digital representations of Al Wajh Lagoon's coral reefs and vital...

AMMAN, JORDAN - National Cyber Security Center (NCSC) seeks to regulate the Kingdom's cybersecurity market by outlining and endorsing the related legislation.In a statement to "Petra," NCSC head, Bassam Maharmeh, said one of the center's key measures focuses on issuing Cybersecurity Services Licensing System, which would "effectively" contribute to strengthening...

Baqa al-Gharbiya, Israel--In Baqa al-Gharbiya, an hour's drive from Haifa, city folk have temporarily traded pens for boots to aid farmers in Israel facing a labour shortage exacerbated by the Gaza war. Whether teachers or lawyers, Arab or Jew, they have come together during their leisure time to lend a helping...

Doha, Qatar-- Qatar received more than three million tourists from around the world during the ongoing year, making the oil-rich country a great tourist destination. According to chairman of Qatar Tourism, Saad bin Ali Al Kharji, Qatar has become a distinctive tourist destination, which is particularly evident as Qatar holds...

Abu Dhabi, UAE--ADQ, an Abu Dhabi-based investment and holding company, and Azerbaijan Investment Holding (AIH), a strategic sovereign wealth fund located in Baku, have announced the formation of a joint venture with the aim of investing in sectors of mutual priority and interest, such as agriculture, technology, pharmaceuticals and energy...

The deal is valued at 256 million Kuwaiti Dinars ($832 million).

Istanbul, Turkey - Turkish Airlines said on Friday it has decided to order 355 Airbus aircraft over the coming decade as it seeks to become the world's largest carrier. "It was decided to purchase 355 aircraft from Airbus," Turkish Airlines chief executive Bilal Eksi said in a social media statement. "I...

ADNOC to buy OCI’s entire shareholding in Fertiglobe.

Kuwait City, Kuwait -- The Directorate General of Civil Aviation (DGCA) of Kuwait has inked a KD 6.7 million ($21.7 million) agreement with Finland's Vaisala company to implement a state-of-the-art surface observation system and airport meteorological system at Kuwait International Airport. Emad Al-Jalawi, the Acting Director-General of DGCA, told KUNA...

Both the firms will offer their expertise in the sector.

Dubai, UAE -- The real estate and properties transactions valued at 12.9 billion ($3.51 billion) in total during the week ending 15 December 2023. The sum of transactions was 3,888. A total 304 plots were sold for AED 3.53 billion, 2,744 apartments and villas were sold for AED 7.15 billion....

Riyadh, Saudi Arabia -- The GCC region’s non-hydrocarbon growth momentum remains strong, driven by higher domestic demand, increased gross capital inflows, and reform implementation, the International Monetary Fund (IMF) has said. A comprehensive package of policies should be implemented to respond to near-term shocks and uncertainty and to firmly address...