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Aseer awards main contract for $266m multi-use Saudi project
Aseer Development Authority has awarded the main contract for 'The Point', a SAR1 billion ($266 million) multi-use project being set up in Abha city. It features a mix of retail, F&B and leisure elements in addition to luxury Hilton Hotel apartments.
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SAP and Chalhoub Group sign strategic partnership deal
SAP and Chalhoub Group, a leading luxury retailer in the Middle East, have signed a deal to adopt RISE with SAP, hosted on Microsoft Azure, as part of a broad digital transformation initiative named Transform Chalhoub.
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Adnoc L&S reports revenue up 38pc, net profit up 27pc
Adnoc Logistics and Services reported a 38 per cent increase in Q3 and first nine months of 2024, with revenue of $2,668 million, EBITDA of $376 million, and net profit of $576 million, a 27 per cent increase from Q3.
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NBB reports 11% increase in 9-month net profit
National Bank of Bahrain (NBB) has reported a 5% increase in net profit attributable to shareholders reaching BD19.1 million ($50.7 million) for the third quarter ended 30 September 2024, compared to BD18.2 million in the same period of 2023.
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US-centric market shift to ‘impact UAE purchasing power’
The immediate drop in gold prices and the EUR/USD rate soon after the US election reflects market anticipation of a US-centric policy shift, which could adjust global capital flows and impact the UAE’s purchasing power and inflation.
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Adani enters metals business with mega $5bn investment plan
Adani Group, one of India’s leading conglomerates, is expanding its footprint in aluminium, steel and copper production with a $5 billion investment plan. This aims to leverage synergies with its existing infrastructure, energy and logistics operations.
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Saudi TDF to build $372m multi-use resort in Eastern Region
Saudi Tourism Development Fund has announced plans to develop a multi-use resort in the Eastern Region at an investment of SAR1.4 billion ($372 million). The project, to be operated under Rixos brand, will boast 400 hotel rooms and 41 residential villas.
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Beyon launches region's first green mobile site in Bahrain
Bahrain's leading telecom and technology group Beyon has announced the launch of the first off-grid mobile site in the region, powered entirely by renewable solar and wind energy. This comes as part of Beyon's group-wide sustainability drive.
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Iconic Porsche 911 launched on the Jeddah Corniche Circuit
Samaco Motors, the exclusive importer for Porsche Saudi Arabia, launched the iconic new Porsche 911 on November 1 at the Jeddah Corniche Circuit.
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Global Partnership unveils $1bn innovation package for farmers
At the COP29 summit in Baku, the Agriculture Innovation Mechanism for Scale (AIM for Scale) unveiled its Innovation Package worth over $1 billion for farmers to help tackle the interconnected challenges of climate change, food security and agriculture.
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Danish beauty Victoria is the new Miss Universe
Victoria Kjær Theilvig of Denmark has been crowned Miss Universe 2024, becoming the first Dane to ever win the competition. The 21-year-old, a competitive dancer, entrepreneur and aspiring lawyer, beat over 120 other contestants to win the coveted title.
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51pc of luxury retail employees plan to leave their jobs: study
A staggering 51% of luxury retail employees plan to leave their jobs amid a talent crisis gripping the industry, said a landmark report titled “The Advisor Effect: Driving Retail Success by Re-imagining the Role of the Client Advisor”.
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Joby begins work on first Dubai Vertiport
Joby Aviation, a company developing electric air taxis for commercial passenger service, has announced that construction has begun on the first vertiport in its planned Dubai air taxi network.
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