DUBAI: Oman may be rowing back on an austerity plan to fix its shaky finances in the face of protests over unemployment but investors are cutting the Gulf state’s new ruler some slack for now. Sultan Haitham, who acceded to the throne in January 2020, promised last week on the third day of rare demonstrations in several towns and cities to create 32,000 jobs and subsidise
RIYADH: Lebanon’s Middle East Airlines (MEA) will start selling tickets in dollars or the equivalent black market rate in Lebanese pounds to ensure the continuity of its business, said Chairman Mohamad El Hout. The company has recorded losses of more than $200 million after supporting ticket prices throughout the pandemic, he told Asharq Business. MEA no longer has the ability
RIYADH: The entrepreneurship arm of Saudi Aramco has invested a further $500,000 in a Saudi drone operator to help scale its operations to expand overseas, it was announced on Wednesday.
Wa’ed’s first investment in FalconViz came in 2016, and the new funding will help the company grow in Europe, the US, and Africa.
The firm, based at King Abdullah University of Science and Technology (KAUST), north of Jeddah, offers a range of drone services, including 3-D surveying and mapping, inspections, construction monitoring, and data visualization.
Its drones have multiple uses including for land surveying, mining, urban development, and cultural heritage assessments. FalconViz’s clients include BCG, HSBC, Neom, and the Saudi Ministry of Culture. Its drones were also used by the city of Jeddah to survey 250,000 square meters of the historic Al-Balad Old Town neighborhood to support the city’s UNESCO World Heritage Site application.