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SERVICES, GOODS SECTOR BOOST
Global trade witnesses record expansion to $33 trillion in 2024
The international trade hit a record $33 trillion in 2024, expanding 3.7% over the previous year, according to UN Trade and Development (UNCTAD). This growth was mainly driven by the services and goods sector which surged by 9% and 2% respectively.
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CAPACITY HITS 100m TEUs
DP World posts record revenue of $20bn
DP World, a global logisitics and shipping leader, reported a revenue growth of 9.7% to $20 billion in 2024 and adjusted EBITDA of $5.5 billion, an increase of 6.7% with an adjusted EBITDA margin of 27.2%.
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PROJECT FOR PROFESSIONALS
Dubai to build 17,080 affordable homes
Dubai has approved the allocation of 1.46 million sq m of land for affordable housing, enabling the development of 17,080 residential units in line with the emirate's Affordable Housing Policy.
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FOCUS
The factory reset that global manufacturing needs
As manufacturers contend with onshoring policies and the impact of extreme weather events, industrial AI applications will be essential to maintaining costs, unlocking production efficiencies, says Jim Chappell, Global Head of AI, AVEVA
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SPOTLIGHT
AI key for manufacturers, but data gaps hinder potential: study
While an overwhelming majority of manufacturing leaders agree AI automation is important to improve efficiency and deliver an improved digital experience, manufacturers need to overcome data gaps to leverage AI to its full potential, a study says.
Top Trade News
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Bahrain announces record $2bn housing budget for 2025-2026
In a landmark move, Bahrain has allocated BD800 million ($2 billion) for housing projects in 2025-26 budget, the largest in history. By streamlining service delivery and working closely with developers, it aims to offer speedy solutions to those in need.
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PIF launches first Saudi-owned duty-free retailer
Saudi Arabia's sovereign wealth fund PIF has announced the establishment of Al Waha Duty-Free Company, a premium travel retailer. The first Saudi-owned duty-free operator, Al Waha will develop luxury retail outlets in select locations across the country.
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Norwegian oil major DNO to buy Sval Energi for $1.6bn
DNO ASA, the Norwegian oil and gas operator, has announced it has reached an agreement with HitecVision to acquire 100 percent of the shares of Sval Energi Group AS from HitecVision for a cash consideration of $450 million based on an enterprise value of
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Ras Al Khaimah completes $1bn sukuk issuance
Ras Al Khaimah has successfully closed its offering of a 10-year senior unsecured sukuk worth $1 billion at a profit rate of 5.01%. The sukuk was issued under the Programme by RAK Capital, a special purpose vehicle affiliated with the RAK government.
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AI key for manufacturers, but data gaps hinder potential: study
While an overwhelming majority of manufacturing leaders agree AI automation is important to improve efficiency and deliver an improved digital experience, manufacturers need to overcome data gaps to leverage AI to its full potential, a study says.
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Metal Park launches first phase of its Abu Dhabi storage hub
UAE-based Metal Park has announced the launch of the first phase of its premium storage hub in Khalifa Economic Zones Abu Dhabi (Kezad). With a combined storage capacity of 350,000 metric tonne, it is the first independent warehouse for metal storage.
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Kuwait moves toward issuing ‘transit’ visas to boost tourism
Kuwait is implementing tourist "transit" visas for those entering the country for a specific number of days before continuing their travels, following the success of the "Khaleeji Zain 26" Championship and its significant impact on the national economy.
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Ericsson, Qualcomm and Thales create history with 5G NTN call
Ericsson said it has achieved an industry milestone in collaboration with Qualcomm Tech and Thales Alenia Space with the trio successfully demonstrating a 5G non-terrestrial network call, bringing the world a step closer to seamless global connectivity.
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Meraas awards $544m contract for Dubai Design District project
Meraas, a unit of Dubai Holding Real Estate, has awarded a AED2 billion ($544 million) contract to Arabian Construction Co for its prime project - Design Quarter at d3 - which includes the first residential community within the Dubai Design District.
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RTA, Keolis MHI develop new integrated system for Dubai metro passengers
Roads and Transport Authority has collaborated with Keolis MHI, the company responsible for operation of Dubai Metro and Dubai Tram, has developed an integrated system to drive innovation and enhance the passenger experience at metro and tram stations.
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Aster launches advanced cancer care centre in Muscat
Aster Royal Al Raffah Hospital, Muscat, Oman, part of GCC’s leading integrated healthcare provider Aster DM Healthcare, has launched Aster Al Raffah International Comprehensive Cancer Care Center, a key milestone in advancing cancer care services in Oman.
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Jennifer Lopez to headline Saudi Grand Prix entertainment
Pop icon Jennifer Lopez has been announced as one of the international headliners of this year’s evening entertainment programme of the Formula 1 STC Saudi Arabian Grand Prix.
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Koda unveils design for GCC's first Harrow school
UAE-based architectural design practice Koda has unraveled the designs of its latest landmark project - Harrow International School Abu Dhabi. Set for mid-2026 opening, the K-12 school will be built on a prime 70,000 sqm plot on the Saadiyat Island.
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MDLBEAST launches new ‘A Thousand And One’ festival
MDLBEAST, a premier music entertainment company born and based in Saudi Arabia, has announced its latest festival concept, A Thousand And One.
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