Masdar consortium wins bid for $1bn solar plant in Saudi Arabia

UAE’s Masdar consortium wins bid for $1bn solar plant in Saudi Arabia

The solar facility is expected to reach financial close early next year and connect to the grid in 2025

IHG signs second Vignette Collection property in Dubai (Image: Supplied by IHG Hotels and Resorts)

IHG signs second Vignette Collection property in Dubai

Marbella Resort Hotel, Vignette Collection The World Islands Dubai will open in 2026

UAE sends supplies to build field hospital 6 additional aircraft sent as part of GAZA relief efforts Image WAM

UAE Gaza relief: 16 planes sent with supplies for field hospital so far

The UAE dispatched five planes on November 8 with essential supplies required to set up and operate an Emirati field hospital to treat impacted Palestinians

New end-of-service benefits scheme now in force

UAE: New end-of-service gratuity scheme now in force; here’s what it offers

Employees who sign up can either receive financial benefits after the end of their employment contract or continue investing in the end-of-service scheme

ADQ-backed publishing firm completes SPAC merger with ADC

Abu Dhabi publishing firm completes Dhs623m SPAC merger with ADC

The SPAC raised Dhs1.1bn of growth capital, including Dhs734m from the previously announced PIPE transaction

MENA IPOs market to gain momentum in 2024

Positive outlook for MENA IPOs going into 2024, reveals EY report

The IPO pipeline will be driven by Saudi Arabia, where 27 companies have announced their intention to list on the Tadawul

BERTRAND BADRE, fmr World Bank MD

EXCLUSIVE: Former World Bank MD says ‘global governance under stress’

The former World Bank executive also talks about the hard choices the world has to make to get to net zero

Ad Ports Group acquires 10 offshore vessels for $200m HQ-e1680508778804

Abu Dhabi: AD Ports Group purchases 10 offshore vessels to bolster regional operations

AD Ports’ acquisition signifies an increase of around 20 per cent in offshore and subsea capacity for the group, boosting Middle East and Southeast Asia operations

Agthia Group’s nine-month revenue soars 10.9%

UAE’s Agthia Group posts Dhs3.27bn in nine-month revenue

The company reported a 12.7 per year-on-year increase in profit to Dhs205.6m, with the faster rate of growth relative to revenue

Aramco Q3 profit falls 23% on lower crude oil prices, volumes

Saudi Aramco Q3 profit falls 23% on lower crude oil prices, volumes

Net profit declined to $32.6bn for the quarter to September 30 from $42.4bn a year earlier

visa

UAE, Bosnia and Herzegovina announce visa-free travel for multiple categories

Citizens from both countries possessing valid passports will now have the privilege of visa-free travel for tourism, business, and short-term visits

Riyadh Air

Riyadh Air to announce narrowbody plane order in coming weeks

The PIF-owned airline has previously placed an order for 72 Boeing 787 widebody jets in anticipation of its launch date

WeWork

SoftBank’s WeWork, once most valuable US startup, succumbs to bankruptcy

WeWork listed estimated assets and liabilities in the range of $10bn to $50bn

Dubai Government approves Dhs246.6bn budget for 2024-2026

Dubai Government approves Dhs246.6bn budget for 2024-2026

The expenditure for the fiscal year 2024 alone is estimated at Dhs79.1bn, as the city seeks to accelerate growth and support the objectives D33

Emirates first flights with SAF from Shell aviation take off from DXB Image Emirates

Emirates: Watch first flights with SAF from Shell Aviation take off from DXB

Shell has supplied 315,000 gallons of blended SAF for use at the airline’s hub in Dubai

Elon Musk - xAI - Grok

Elon Musk unveils AI-bot ‘Grok’, announces plan to integrate xAI with his social media platform

xAI released its first AI model, a bot named Grok, which was made available to all X Premium+ subscribers before its public launch

APICORP relocates to new office in Riyadh

APICORP relocates HQ to Riyadh, move aligns with new 2023-28 business strategy

The move to the new headquarters follows the approval of APICORP’s 2023-2028 business strategy, which includes a new brand identity

EDGE-ANAVIA

EDGE acquires majority stake in autonomous air systems developer ANAVIA

The acquisition will make the UAE-based defence tech company a market leader in the unmanned helicopter segment

RED SEA GLOBAL - STC GROUP

stc Group inks strategic partnership with Red Sea Global

The agreement aims to facilitate digital transformation and empower tourist destinations along the Red Sea coast

Red Sea Global unveils Shebara its luxury hotel brand Image: Supplied

Red Sea Global unveils Shebara, its luxury hotel brand

Shebara will open in the summer of 2024 and is the first resort to be owned and operated by RSG at The Red Sea destination

Dubai Customs handles over 16 million bags as of Sept '23

Here’s how many bags Dubai Customs handled as of Sept ’23

Inspectors from Dubai Customs dealt with 504 cases during the same period, including both customs and criminal cases

Maersk jobs cut

Maersk to cut at least 10,000 jobs as shipping boom unravels

The company kept its full-year guidance for revenue and operating profit but now expects both to land at the lower end of the range

SABIC PRESS CONFERENCE Q3_tcm1010-42370

Saudi Arabian petrochemical giant SABIC reports Q3 net loss

SABIC has attributed the fall in revenue to a downturn in the global petrochemical market which continues to witness weak demand

Dubai Airshow image 2023 image courtesy WAM

Dubai Airshow 2023 to bring together over 1,400 exhibitors from 95 countries

The 18th edition of Dubai Airshow is set to take place from November 13-17 at Dubai World Central

IHG opens Makkah’s largest hotel (Image: Supplied by IHG Hotels and Resorts)

IHG opens Makkah’s largest hotel

The voco Makkah hotel is a 4,321-key property with 20,000 sqm of dining facilities

oil

Saudi to continue voluntary cut of one million oil barrels a day in December

Based on the voluntary cut, the kingdom’s production in December will be approximately nine million barrels per day

IHC consolidates ‘green businesses’ assets under Sirius International

IHC consolidates ‘green businesses’ assets under Sirius International

The transaction represents the completion of a key milestone and is part of the conglomerate’s plans to grow Sirius into one of its key subsidiaries

Dubai Harbour welcomes Virgin Voyages 2_ Dubai Cruise Season Image Supplied

Dubai 2023-24 cruise season: Emirate welcomes Resilient Lady from Virgin Voyages

The call is one of a number of international cruise liners set to arrive at Dubai Harbour during this year’s cruise season, with 300,000 passengers and 49 ship calls

Interview with Khalid Al Kaf - Yahsat Chief Operations Officer Image Supplied

Interview: Yahsat’s Khalid Al Kaf shares the satcom giant’s future-forward strategy

To stay competitive, Yahsat is focused on innovation in satellite technology, service offerings, and operational efficiency, says the satcom firm’s COO

GCC neobanks and the next banking revolution

How GCC neobanks are shaping the next banking revolution

Neobanks have reset the paradigm for the traditional banking industry in terms of customer experience, product innovation and pricing