Tech billionaire Elon Musk, who bought Twitter last year for $44 billion, has long complained about fake accounts, bots and spam on the platform, introducing a number of controversial changes that have been sharply criticized by users around the world. Musk in September suggested charging all X users, saying it...

There was a 70% QoQ drop in net profit for the third quarter of 2023.

Last year Shell inked a deal with QatarEnergy for a 9.4% stake in Qatar's North Field South project, the second phase in the expansion of the world's largest gas field, extending under the Gulf into Iranian territory. Later it also agreed to a 6.25% share in the first phase of...

Abu Dhabi, UAE - ADNOC Gas on Wednesday announced a multi-year liquified natural gas (LNG) supply agreement, valued between $500 million (AED1.8 billion) and $700 million (AED2.5 billion), with JERA Global Markets, a trading subsidiary of JERA Co. This agreement builds on the long-standing relationship between the UAE and Japan...

The airlines' net income stood at US$1.1bn, up 20.7 percent.

Dubai, UAE--Masdar City and Huawei have signed a memorandum of understanding (MoU) to enable the UAE to power its way to net zero target. The agreement, signed today at GITEX GLOBAL 2023 by key Masdar City and Huawei leaders, will lead to knowledge-sharing and capacity-building in net-zero development, help reduce...

Dubai, UAE--Moro Hub, the digital arm of DEWA, has signed a memorandum of understanding (MoU) with Digital Dubai Authority (DDA) to deliver state-of-the-art cyber security services to various government entities across Dubai. As part of this agreement, Moro Hub will extend its comprehensive suite of managed cyber security services to...

ABU DHABI, UAE – Ahmet Burak Daglioglu, Head of the Investment Office of the Turkish Presidency, said that the cumulative foreign direct investment from the United Arab Emirates to Turkey has surged to $5.6 billion (AED 20.6 billion) from 2002 through August 2023. Speaking to the WAM during the eighth...

US and European stock markets mostly fell and oil prices rose as US President Joe Biden prepared for a trip to the Middle East aimed at preventing the Israel-Hamas conflict spreading across the region. Investors also weighed another raft of company earnings and rising interest rates.

Paris, France - Several technology industry leaders have decided to boycott one of the sector's biggest annual events after the organizer criticized Israel's actions following the Hamas attacks. Paddy Cosgrave, an Irish entrepreneur and co-founder of the Web Summit, wrote on social media platform X last week that he was "shocked...

RIYADH, SAUDI ARABIA - The Saudi Authority for Industrial Cities and Technology Zones (Modon) has signed two memorandums of understanding with the Saudi Export Development Authority and the Local Content and Government Procurement Authority (LCGPA) to promote national products. The MoU with the development authority entails exchange of expertise in...

London, United Kingdom -- Fitch Ratings has placed Israel's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) of 'A+' on Rating Watch Negative (RWN).This decision also extends to Israel's Short-Term Foreign- and Local-Currency IDRs of 'F1+' and the issue ratings of 'A+' on the nation's long-term foreign currency senior unsecured...

Riyadh, Saudi Arabia-- Saudi Arabia announced Tuesday that it will grant e-visa to visitors from six new countries -- Turkiye, Thailand, Panama, Saint Kitts and Nevis, Seychelles and Mauritius -- for leisure, business and religious (Umrah only) travel, bringing the total number of such countries to 63. A visitor e-visa...

RIYADH, SAUDI ARABIA – The Kingdom’s Minister of Transport and Logistic Services Saleh bin Nasser Al-Jasser here launched a significant mega bus transport services project aimed at linking 200 cities and provinces.   The project will have a capacity to accommodate six million passengers annually. The project operates through three...

ABU DHABI, UAE - Archer Aviation on Tuesday announced that it has entered into an agreement with Abu Dhabi Investment Office (ADIO) with plans to commence air taxi operations in Abu Dhabi in 2026. As part of this initiative, ADIO plans to support Archer with incentives for establishing its first...

Dubai, UAE -- MENA venture capital funding in the third quarter saw $250 million raised across 78 deals, a 32 percent increase compared to Q2 of 2023, according to the Q3 2023 MENA Venture Investment Premium Report by startup data platform MAGNiTT. This contributed to $1.4 billion raised through 286...

Its net profit rose to US$9.53m in the first nine months of 2023.

It will cut six percent of its staff to build a leaner company.

Dubai, United Arab Emirates – Considering opposing views, exchanging ideas and developing pathways for collaboration are essential to improving lives and protecting the planet in an increasingly polarized and fragmented world. That was the key message of the opening sessions of the World Economic Forum’s Annual Meeting of the Global...

Cairo, Egypt--Egypt has issued the first sustainable Panda bonds in the Middle East and North Africa worth $500 million with a yield of 3.5% over three years, according to a statement by the Ministry of Finance. The recent bond issuance is guaranteed by international banks including the Asian Infrastructure Investment...

RIYADH, SAUDI ARABIA - Red Sea Global (RSG), the multi-project developer behind the world’s most ambitious regenerative tourism destinations, Amaala and The Red Sea, has completed the installation of the largest off-grid electric vehicle (EV) charging network in Saudi Arabia. The network includes more than 150 charging stations spread across...

ABU DHABI, UAE - Chairman of the Abu Dhabi Department of Economic Development (ADDED) Ahmed Jasim Al Zaabi has said that investors from over 170 countries have chosen the UAE to invest, grow and expand over the past decade. He said that this reaffirms the trust of the global investment...

Abu Dhabi, UAE -- Oman and Etihad Rail Company (OERC), the developer and operator of the UAE-Oman Rail Network, signed a Memorandum of Understanding (MoU) with Emirates Steel Arkan, the UAE’s largest steel and building materials manufacturer, to facilitate the export of raw materials from Oman to the UAE. Under...

Riyadh, Saudi Arabia -- Saudi Arabia's Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud Monday announced the launch of Ardara, which will develop AlWadi in Aseer Region in the southwest of the kingdom. This will be Ardara’s first development and will become a vibrant urban center and tourist destination...

ABU DHABI, UAE - Al Seer Marine, a subsidiary of Abu Dhabi-based International Holding Company, has announced the takeover of the very large gas carrier (VLGC) North Gas. This strategic move marks the second VLGC delivery under the US$134 million (AED495 million) deal signed by ABGC DMCC, a joint venture...

Dubai, UAE -- in5, part of TECOM Group and an innovation and entrepreneurship hub in the region, has witnessed a 20 percent increase in the total funding raised by start-ups within its ecosystem since its inception, surpassing AED 2.9 billion ($789 million). In the first nine months of 2023, a...

Dubai, UAE-- CEOs from around the world consider geopolitics and political uncertainty as the greatest risk to the growth of their business — be it navigating a company’s presence in a conflict zone or attempting to navigate disrupted supply chains and manage price fluctuations. The conclusion emerged from a survey...

The merger remains subject to regulatory approvals.

The company's profit swelled to US$327 million in Q3 of 2023.

Marrakech, Morocco-- In spite of economic disruptions, policymakers in the GCC countries have successfully alleviated the economic ramifications of the challenges they have faced, according to Jassem Mohamed Albudaiwi, the Secretary-General of the Gulf Cooperation Council (GCC). He added that the GCC nations experienced substantial growth in their gross domestic...

DUBAI, UAE: DMCC – the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise – has welcomed the Solana Foundation – a non-profit organization– to the DMCC Crypto Center as an ecosystem partner. The partnership compliments DMCC’s existing offerings and collaborations by increasing its members’ ability...

DUBAI, UAE – The Emirate's economy grew 3.2 percent in H1 2023 to reach US$60.9 billion (AED223.8 billion). The performance was driven by a 3.6 percent growth in real GDP in Q2 2023. Crown Prince of Dubai Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum hailed the strong performance of...

Abu Dhabi, UAE -- The Abu Dhabi Investment Office (ADIO) announced that Marakeb Technologies will become the first anchor company to develop maritime applications in the Emirate’s new smart and autonomous vehicle industry (SAVI) cluster. Centred in Masdar City, the cluster provides facilities and value-added services within an enabling regulatory...

Marrakech, Morocco-- The UAE has allotted $200 million to the Poverty Reduction and Growth Trust (PRGT) to expand concessional financing for low-income countries. This aligns with the UAE’s unwavering efforts to realize the United Nations’ Sustainable Development Goal 1 (SDG 1) – no poverty – alongside other challenges that the...

Sheikh Jassim was among the front-runners to buy Manchester United after several rounds of bidding earlier this year, but the process has come to a halt in recent months despite the anger of supporters toward current owners. United announced nearly a year ago that they were exploring "strategic alternatives to...

The IMF announced member nations agreed to increase their contributions to the global lender and give sub-Saharan Africa a third seat on its executive board at its first meetings on the continent since 1973. Spanish Economy Minister Nadia Calvino, who chairs the IMF Financial Committee, said there was an agreement...

ABU DHABI, UAE - The United Arab Emirates, represented by the General Civil Aviation Authority (GCAA), has signed a Memorandum of Understanding (MoU) with South Korea to enhance their bilateral air transport relations. This MoU includes an agreement to increase the number of national carrier flights between the two countries...

The spokesman, who blamed the decision on the "current situation in the Middle East", confirmed information from two passengers who had been unable to fly from Frankfurt to Beirut. On Saturday Lufthansa cut its flights to Tel Aviv, citing "the current security situation".

Marrakesh, Morocco-- Kuwait Fund for Arab Economic Development (KFAED) and the Central American Bank for Economic Integration (CABEI) have signed a memo of understanding (MoU) to create a joint technical cooperation framework in developing countries' development finance field. The memo was signed by KFAED's Director-General Waleed Al-Bahar and CABEI's Executive...

Vienna, Austria--The UAE’s economy remains robust, with constant contributions from the non-oil sector, especially from tourism, leisure, and real estate, according to the OPEC’s Monthly Oil Market Report (MOMR) for October 2023. MOMR noted the UAE’s tourism sector, which accounts for more than 16% of the country’s GDP, continued to...

Marrakesh, Morocco-- The Gulf Cooperation Council (GCC) attaches great importance to finding solutions to economic problems such as the eradication of poverty and enhancing food security, according to the GCC Secretary General Jassem Mohamed Albudaiwi. He made the remarks in connection with the participation of the council member states in...

Abu Dhabi, UAE - A Smart and Autonomous Vehicles Industries (SAVI) cluster was launched at Masdar City on Friday. It aims to position Abu Dhabi as a leading smart and autonomous vehicles hub, making significant contributions across air, land and sea mobility applications. SAVI will support innovation and the commercialization...

RIYADH, SAUDI ARABIA - The business sector in the Kingdom reported a 24 percent rise year-on-year (YoY) in operating revenues to US$1.35 trillion (SAR 5.07 trillion) in 2022. Operating revenues are the cash revenues generated from core or other sub-activities, according to the General Authority for Statistics (GASTAT). The business...

Dubai, UAE -- A total of 1,659 real estate transactions worth over AED 12.9 billion ($3.51 billion) were conducted during the week ending 13th October 2023, according to figures released by the Dubai Land Department (DLD). The DLD report showed that 297 plots were sold for AED 5.08 billion, while...

The bank’s revenues rose 22 percent to US$39.9 billion.

Samruk-Kazyna is Kazakhstan's $70bn asset sovereign wealth fund.

Riyadh, Saudi Arabia – A farm in Saudi Arabia has entered the Guinness World Records as the world's largest sustainable farm by area. The farm is one of the extension farms of the rejuvenated water farming research unit of the Bin Heshbal Valley in the Asir Region. The total area...

PARIS, FRANCE - Natural and man-made disasters have caused $3.8 trillion in crop and livestock loses over 30 years, the UN's Food and Agricultural Organization (FAO) said on Friday. Floods, droughts, insect infestations, storms, disease and war have caused about $123 billion per year in lost food production between 1991 and...

TABUK, SAUDI ARABIA - Red Sea Global (RSG), the multi-project developer behind the world’s most ambitious regenerative tourism destinations - The Red Sea and Amaala - celebrated the take-off of its first seaplane flight operated by its subsidiary company, Fly Red Sea. Established as the first seaplane company in Saudi...

EU internal market commissioner Thierry Breton raised the alarm in letters sent to Musk and Mark Zuckerberg, whose Meta group includes Facebook and Instagram. He demanded late on Tuesday each of them provides details within 24 hours on how "illegal content and disinformation" is being removed from their platforms in...