Browsing: Business

According to the latest data released by the National Centre for Statistics and Information (NCSI), the Sultanate of Oman’s Gross Domestic Product (GDP) at the end of December 2021 increased by 16.1% to RO 33.016 billion, compared to RO 28.442 billion at the end of December 2020. The rise in value-added of oil activities at the end of December 2021 was attributed to a 38.5% increase, to RO 10.547 billion, compared to RO 7.617 billion at the end of December 2020. At the end of December 2021, crude oil accounted for the largest share of revenue, with RO 8.998 billion,…

Firmenich, the world’s largest privately owned perfume and taste company, inaugurated its new regional hub today at Dubai Science Park. The inauguration was attended by H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Civil Aviation Authority, and Chairman of Dubai Holding, and Federal Councillor Ueli Maurer, Minister of Finance of Switzerland. Speaking at the inauguration, Sheikh Ahmed stated, “Guided by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, the emirate has created a highly growth friendly environment that has attracted leading global, regional and local companies as…

The annual Defence Exhibition and Conference (DIMDEX), the maritime defence exhibition held in Qatar, brings together military and defence companies from around the world. The regional navies send their ships and buyers to pick up the latest technologies that will boost their navy’s effectiveness from an international selection of top defence manufacturers attending the event. In addition to divesting the latest ideas and maritime themes, DIMDEX 2022 provides an opportunity for naval commanders to network and discuss the latest maritime developments. This year’s DIMDex is focused on building partnerships and enhancing international ties. A significant shift towards highly advanced machinery…

Abu Dhabi National Oil Company (ADNOC) announced it has awarded framework agreements valued at $658 million (AED2.4 billion) for cementing services as part of its effort to expand its drilling capacity and enable drilling growth. Following a competitive tender process, framework agreements were awarded to Haliburton Worldwide Limited Abu Dhabi (Halliburton), Baker Middle East (Baker), Emirates Western Oil Well Drilling & Maintenance Co. (Emirates Western), NESR Energy Services (NESR) and Emjel Oil Field Services (Emjel). ADNOC’s onshore and offshore fields will be covered by these contracts, which will run for a period of five years and be renewable. As part…

William Hurt, who rose to fame in the 1980s with a number of hits such as Kiss of the Spider Woman and The Big Chill and Body Heat, died Sunday from natural causes at his home in Portland Oregon. The news of 71-year-old Hurt’s death was confirmed to the media by his son. His son Will said in a statement, “It is with great sadness that the Hurt family mourns the passing of William Hurt, beloved father and Oscar winning actor, on March 13, 2022, one week before his 72nd birthday. He died peacefully, among family, of natural causes.” With…

The Minister of Climate Change and the Environment, Mariam Bint Mohammed Almheiri, visited the Vietnam Pavilion at Expo 2020 Dubai. Almheiri learned about the country’s approach to leverage its large population in achieving sustainable socioeconomic development, as it’s the third most populous geographical region in Southeast Asia and the fifteenth globally. During the presentation, she heard an overview of the country’s digital transformation efforts, which began two years ago. Vietnamese government’s digital transformation has advanced much in recent years. According to the United Nations’ e-government development index for 2020, Vietnam ranked 86 out of 193 countries, and is currently aiming…

On the first day of the World Defense Show that was held in Riyadh, Kingdom of Saudi Arabia, EDGE Group company AL JASOOR, the UAE’s armored vehicle specialist, unveiled the new Rabdan ambulance, a variant of the 8×8 infantry fighting vehicle (IFV) Rabdan. Military medics on ambulatory missions in high-risk environments will be provided with off-road mobility and mine-resistant, ambush-protected (MRAP)-level protection in the new configuration. “The Rabdan ambulance vehicle combines best-in-class off-road capability with life-saving crew protection technology for urgent medical care in terrains too harsh for regular ambulances. Additionally, its innovative design protects passengers on operations in high-risk…

The Minister of State for Defence Affairs, Mohammed bin Ahmed Al Bowardi, led a delegation of senior officials and officers from the Ministry of Defence to the first edition of the World Defence Show, held in Riyadh. Saudi Arabia’s General Authority for Military Industries (GAMI) organizes the World Defence Show every two years, showcasing the latest technological advances from across the globe, demonstrating defence interoperability across all major domains – air, land, sea, space, and security. Al Bowardi toured the exhibition and visited the pavilions of the United Arab Emirates and Saudi Arabia. A briefing on the latest exhibits was…

Chairman of the Capital Market Authority (CMA), Shaikh Abdullah Salem al Salmi, approved on Thursday the licensing of the first crowdfunding platform operator in the Sultanate of Oman, Ethis Investment Platform LLC. It is the first Islamic global crowdfunding platform to operate in Oman. A nod from the Authority is the first since the new Crowdfunding Platform Rules were issued on November 21, 2021. CMA has attracted overwhelming interest from international as well as local crowdfunding fintech players since it has been made very facilitative and allows cross-border investing. As part of the new regulation, the CMA will be regulating…

The leading real estate developer in Sharjah, Alef Group, has launched its new project, Hayyan under the theme Making Homes Human. With an estimated value of AED3.5 billion, the project covers 8.7 million square feet, embodying the spirit of Sharjah, with a total of 1,836 villa units spread out over three distinct zones. The project should be completed by the second half of 2025. The first area of the project is divided into three different phases. The project’s first phase will see the delivery of 268 villas in the vibrant Aryam neighborhood designed to the highest standards, which includes a…