Wednesday 21 February 2024

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SUBSCRIBER NUMBERS HIT 14m
UAE's e& records $2.8bn profit for 2023; revenue hits $14.6bn

Leading UAE telecom company e& has reported solid growth for FY 2023 with a consolidated revenue of AED53.8 billion ($14.6 billion), up 8.3% over last year, while its consolidated net profit surged by 3% to hit AED10.3 billion ($2.8 billion).

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5,700 NEW JOBS IN THREE YEARS
Bahrain EDB draws record $1.7bn investments in 2023

Bahrain Economic Development Board (EDB) has achieved a major milestone securing a record $1.7 billion in investments last year, up 55% over 2022, which is projected to generate 5,700 job opportunities over the next three years across priority sectors.

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400,000 sqm WAREHOUSING UNITS
Arcapita, Rikaz to build top-class logistics park in Riyadh

Arcapita Group, the global alternative asset manager, has joined forces with Rikaz, a large-scale real estate developer in Saudi Arabia, for the development of a top-class logistics park 'The Node' on a 3-million-sq-m area in the eastern part of Riyadh.

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3

SPOTLIGHT
Human-like tech 'to usher unprecedented productivity, creativity'

The world is in the midst of a huge technology shift, as AI and other disruptions become ‘Human by Design’, much more human-like and intuitive for people to use, and usher in an era of unprecedented productivity and creativity, says a report.

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4

SPOTLIGHT
Majority of UAE employees ‘prefer to work with an AI colleague’

More than half of UAE employees (52%) say they would prefer working with an AI colleague over a human one, indicating that staff could respond well to a significant increase in the use of AI in the workplace.

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Top Trade News

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Industry Sectors

Construction & Real Estate

Parsons wins PMC contract for Saudi mountain tourism project

Soudah, a real estate development firm powered by Saudi wealth fund PIF, has signed up Parsons Corp to provide project management consultancy for its luxury mountain tourism destination - Soudah Peaks - set 3,015m above sea level on KSA's highest peak.

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Retail & Wholesale

Orkla India launches wholly-owned subsidiary in Dubai

Orkla India has expanded its regional presence through the launch of its subsidiary, Orkla India – Mideast & Africa (Orkla IMEA) in Dubai. With this move, the company aims to deliver ethnic Indian and Indian-inspired culinary experiences to the region.

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Energy, Oil & Gas

Work starts on $6.4bn Sabic petchem complex in China

Saudi group Sabic has announced the ground breaking of its petrochemical complex in the Fujian Province, China being set up at an investment of RMB44.8 billion ($6.4 billion). The Sino-Saudi Gulei Ethylene Complex Project will be operational from 2026.

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Finance & Capital Market

Saudi Arabia’s GDP hits $1.07trn in nominal terms: Minister

Saudi Arabia’s GDP has risen from SR2.6 trillion ($690 billion) in nominal terms to over SR4 trillion ($1.07 trillion), and its standing among G20 countries has leapfrogged to number 16, said Khalid Al-Falih, Saudi Minister of Investment.

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Analysis, Interviews, Opinions

Human-like tech 'to usher unprecedented productivity, creativity'

The world is in the midst of a huge technology shift, as AI and other disruptions become ‘Human by Design’, much more human-like and intuitive for people to use, and usher in an era of unprecedented productivity and creativity, says a report.

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Industry, Logistics & Shipping

Italian multinational Mapei buys top Saudi waterproofing company

Mapei Group, a leading manufacturer of chemical products for use in the building industry, has announced the successful acquisition of Bitumat, a major manufacturer of waterproofing solutions in the Kingdom of Saudi Arabia (KSA).

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Travel, Tourism & Hospitality

IHG to open 466-key resort on World Islands Dubai in 2026

The Heart of Europe, the flagship project of Kleindienst Group, has signed an agreement with IHG Hotels & Resorts, for the launch of the InterContinental Resort Portofino, on The World Islands, Dubai. The 466-key property is set to open in early 2026.

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Lifestyle

Arte Museum Dubai is opening its doors in Dubai Mall

Arte Museum, the internationally acclaimed immersive digital art venue produced by the world-class Korean digital design company d’strict, has officially opened its doors for the first time in the Middle East, in Dubai Mall.

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Motoring

MG among top five best-selling car manufacturers in GCC

MG Motor continued its successful upwards trajectory in the rankings of the Middle East’s top car manufacturers, moving up another place in 2023 to secure fifth position with yet another record-breaking year – a sales of 63,691 units over the 12 months.

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Health & Environment

Emirates Float Glass wins Green Eco Label Award

Emirates Float Glass (EFG), a global leader in the float glass industry, has been awarded the prestigious "Green Eco Label Award" in recognition of its outstanding contributions to improving the environment in the industrial sector.

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Media & Promotion

Bercetche enters Bloomberg TV with new morning show

Bloomberg has announced that Joumanna Bercetche will be the new anchor of its flagship prime time show - Daybreak Middle East and Africa - starting from April. Bercetche joins Bloomberg from CNBC where she was a London-based anchor and journalist.

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Education, HR & Training

IWG targets over 500 locations in Mena

IWG, a flex and office space provider, has announced plans to rapidly scale up its network of locations in the Middle East and North Africa (Mena) to meet the growing demand for innovative hybrid working solutions in the region.

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Miscellaneous

Hana Al Rostamani tops Forbes influential female leaders list

Hana Al Rostamani, Group CEO of the First Abu Dhabi Bank (FAB), leads the Forbes Middle East signature annual list of the region’s most powerful businesswomen for 2024, for the second consecutive year.

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