Thursday 21 September 2023

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HUGE BOOST TO SAUDI TOURISM
Red Sea Global celebrates first flight to new airport

The first flight to the new Red Sea International Airport (RSI) in Saudi Arabia touched down on the runway on Thursday, marking a huge milestone for The Red Sea project.

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1

OFFER PRICE FIXED AT SAR13.5
Driller ADES IPO draws huge institutional demand

ADES Holding Company, a leading oil and gas drilling and production services provider, has set the final offer price for its IPO at SR13.5 ($3.6) per share, implying a market capitalisation of SR15.24 billion ($4.07 billion) at listing.

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2

142,000 UNITS UNDER CONSTRUCTION
60,000 homes likely to be delivered in Dubai this year

More than 142,600 residential units are under construction in Dubai and a total of 60,000 units are expected to be delivered in 2023, with about 20,000 of these already completed, according to a report.

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3

INSIGHT
Offshore wind industry needs ‘responsible development’

The offshore wind industry is poised for growth, but economic pressures and technological innovation need to be managed, says Allianz Commercial in its new report.

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4

INSIGHT
Sustainable tourism journey: Much more to be done

Bain & Company recently launched a report highlighting the increasing demand for sustainable tourism among leisure travellers across the globe. However, it says the travel and tourism sector must make more efforts to protect the environment.

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Top Trade News

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Industry Sectors

Construction & Real Estate

Enowa pioneers helicopter-aided construction in NEOM

Enowa, NEOM’s energy and water company, has piloted helicopter-aided construction for the installation of high-voltage transmission line towers in the mountains of the futuristic city.

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Retail & Wholesale
Analysis, Interviews, Opinions

The best Sharia-compliant investment products for UAE residents in 2023

The UAE is a growing market for Sharia-compliant investment products. Holding the 4th position in the Islamic Finance market, the UAE sees much projected growth. What are some of the best Sharia-compliant investment products for UAE residents in 2023?

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Industry, Logistics & Shipping

ABB, Porsche Consulting drive future of analyser manufacturing

ABB has partnered with Porsche Consulting, a leading management consultancy and a subsidiary of the sports car maker, to reshape analyser manufacturing, solidifying ABB’s position at the forefront of the analyser market.

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Travel, Tourism & Hospitality

Mideast tourism arrivals 20% above pre-Covid figures

The Middle East reported the best results globally for tourism during January to July 2023, with arrivals 20% above pre-pandemic levels, says a UNWTO report. The region continues to be the only one to exceed 2019 levels so far.

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Lifestyle

Saudi Arabia’s first fashion week to showcase 30 brands

Thirty Saudi brands will rule the ramp at the inaugural “Riyadh Fashion Week” that will be held in the capital October 20-23. It will gather important members of the global fashion community to explore the kingdom's rapidly emerging fashion market.

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Motoring

Jiad Modern Motors is MG Motor’s new distributor in KSA

MG Motor has appointed Jiad Modern Motors, a Mohamed Yousuf Naghi company, as the brand’s official distributor in Saudi Arabia. Effective immediately, the appointment is in line with the British-born brand’s regional retail network expansion strategy.

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Health & Environment

Burjeel Holdings awards Oracle Health $34m EMR contract

Burjeel Holdings, a leading Healthcare Services Provider in the UAE, has awarded a AED125 million ($34 million) to Oracle Health to implement a state-of-the-art electronic medical record (EMR) ecosystem.

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Media & Promotion

ADC to acquire UAE's United Printing & Publishing

ADC Acquisition Corporation (ADC), the UAE’s first special purpose acquisition company (SPAC), has entered into an agreement with ADQ Developmental Holding to acquire Abu Dhabi-based United Printing & Publishing Sole Proprietorship (UPP).

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Education, HR & Training

Bahrain Bourse kicks off Smart Investor Programme

Bahrain Bourse (BHB), an exchange licensed by the Central Bank of Bahrain, in partnership with Injaz Bahrain, has announced the launch of the 6th Edition of the Smart Investor Programme.

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Miscellaneous

UAE space sector spending increases

The total spending in the UAE's space sector witnessed a 6.61% increase in 2021 compared to the previous year and government spending accounted for 55.7% of it, said the UAE’s Space Economic Survey.

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