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Category: Business
RIYADH: MAGRABi Retail Group, a prominent eyewear company, has signed a deal to acquire Kuwait’s optical chain, Kefan Optics. This strategic move aims to broaden MAGRABi’s presence in the Gulf market, particularly within Kuwait’s competitive optical retail sector. Kefan Optics is known for its professional eye care services and a loyal customer base. The acquisition...
Dubai has firmly established itself as a significant player in the global diamond trade, with recent statistics confirming that more than 1.06 billion carats of rough and polished diamonds were traded through the city over the past five years. In 2024 alone, 179 million carats were traded. These figures were announced by Ahmed Bin Sulayem,...
Mira Aerospace has officially opened the first High Altitude Platform Stations (HAPS) manufacturing center in the MENA region, located in Abu Dhabi. This new facility aims to enhance the UAE’s sovereign aerospace capabilities and strengthen its leadership in the global HAPS market. The state-of-the-art center spans 4 500 square meters and is expected to produce...
Dubai’s Roads and Transport Authority (RTA) is set to conduct its 79th online auction featuring 350 distinctive license plates. These plates consist of three, four, and five-digit combinations, and are available for private vehicles, classic vehicles, and motorcycles. The online auction will take place on May 26. The auction includes plates that bear codes ranging...
Dubai recently hosted the launch of K 2025, the world’s largest trade fair dedicated to the plastics, rubber, and recycling industries. This significant event is scheduled to take place in Düsseldorf, Germany, from October 8 to 15, 2025. K 2025 will feature over 3 000 exhibitors from around the globe, including more than 10 specialized...
The Syrian government has entered into a memorandum of understanding with DP World to develop the port of Tartous, with the deal valued at $800 million. This agreement was reported by the Syrian state news agency SANA and follows the recent lifting of U.S. sanctions, which had previously hindered such developments. The agreement encompasses the...
Dubai Electricity and Water Authority (DEWA) PJSC has been officially added to the MSCI Emerging Markets Index, according to an announcement from MSCI Inc., a key provider of decision support tools for the global investment community. This addition is expected to enhance the visibility of DEWA among international investors, marking a significant milestone for the...
Abu Dhabi’s state-owned energy giant Adnoc has received key unconditional antitrust approval from the European Commission for its proposed €14.7 billion ($16.3 billion) acquisition of the German chemicals group Covestro. This decision, granted late Tuesday, eliminates a significant regulatory hurdle, clearing the path for the largest international deal in Adnoc’s history. The European Union concluded...
Trendyol, a rapidly growing e-commerce marketplace, has partnered with Zid, a leading e-commerce enablement platform in Saudi Arabia, to enhance growth opportunities for local merchants in the Kingdom and the UAE. This collaboration allows Zid merchants to integrate their stores with Trendyol, granting them immediate access to over three million customers on the platform. Mohamad...
Saudi Arabia has signed agreements with the United States worth more than $300 billion, as confirmed by Crown Prince Mohammed bin Salman during the Saudi-US Investment Forum held in Riyadh. This significant move underscores the Kingdom’s ongoing efforts to enhance its economic partnerships and investments. Credit: Fortune At the forum, Uber CEO Dara Khosrowshahi highlighted...