NEOM launches ‘Topian’ to ensure climate-proof agriculture in Saudi
NEOM, Saudi Arabia: NEOM, a mega-city project in Saudi Arabia characterized by futuristic urban planning and advanced technologies, Sunday announced the...
Business
Real estate deals in Bahrain decline marginally in third quarter: CBRE
Manama, Bahrain - Real estate transactions in Bahrain recorded a marginal 2.5 percent decline in Q3 2023, totaling 5,145 compared to the...
Business
Mawani and Bahri launch Europe-Asia cargo service via Jeddah port
Riyadh, Saudi Arabia -- The Saudi Ports Authority (Mawani) and Saudi shipping giant Bahri have jointly announced the addition of...
- The service will increase Bahri’s shipping network coverage and bolster international supply chains.
- Vessels on the new service will set sail from the ports of Bremerhaven, Antwerp, and Montoir, in Europe, before calling at Jeddah.
Business
DMCC reports 17 percent diamond trade growth in 2022
Dubai, UAE--- Dubai Multi Commodities Centre has reported a 17 percent year-on-year increase in the value of diamond trade in...
- The UAE has witnessed soaring growth over the past three years, with rough diamond trade rising by a total value of 72 percent and polished by 50 percent, DMCC said.
- DMCC reported a 42 percent rise in the polished category and a 7 percent rise in rough.
Business
Company launched to develop world’s largest modern downtown in Riyadh
Launched by Saudi Crown Prince Mohammad bin Salman, the New Murabba project will offer more than 25 million sqm of...
- The project will offer a unique living, working and entertainment experience within a 15-minute walking radius and will have its own internal transport system.
- Mukaab, a tech landmark, will be one of the largest built structures in the world, standing 400m high, 400m wide, and 400m long.
Business
ADNOC delivers first Middle East LNG cargo to Germany
Abu Dhabi, UAE-- ADNOC and RWE Aktiengesellschaft (RWE) Wednesday announced the successful delivery of the first shipment of Liquefied Natural...
- The shipment of 137,000 cubic meters of LNG is the commissioning cargo for the new floating LNG terminal in Brunsbüttel in Germany.
- The cargo is sufficient to produce approximately 900 million kilowatt hours of electricity, enough to supply approximately a quarter million German homes for a year.
Geostrategy
Saudi Binladin Group fined $5.33m in Makkah crane crash
Dubai, UAE---A court in Makkah has fined Saudi Binladin Group SR20 million ($5.33 million) after the Group was convicted of...
- A total of 111 people were killed and 394 others injured in the crane crash on Sept 11, 2015 during the Haram expansion project.
- The court found seven defendants guilty of negligence and violation of safety rules, the reports said, adding three of the defendants were sentenced to six months in prison.
Business
Saudi authority signs aviation safety pact with British CAA
Riyadh, Saudi Arabia-- The General Authority of Civil Aviation (GACA) has signed an agreement with the British Civil Aviation Authority...
- The agreement will help GACA keep up to date with the constant developments in the aviation sector, including issues related to safety.
- The agreement shows GACA’s keenness to ensure the transfer of knowledge and train national professionals in the field, SPA reported.
Business
AD Ports Group 2022 net profit
The Group's revenue grew by 41 percent to AED5.5 billion.
- EBITDA (Earnings before interest, taxes, depreciation and amortization) increased to AED2.2 billion in 2022, up 37 percent YoY.
- Operationally, in the Ports Cluster, container throughput grew to 4.33 million TEUs (twenty-foot equivalent units) in 2022.
Business
PIF to invest $1.3 billion in four Saudi construction companies
Riyadh, Saudi Arabia--- Saudi Arabia's sovereign wealth fund, the Public Investment Fund, has announced an investment of $1.3 billion by...
- The companies are Nesma & Partners Contracting Company, ElSeif Engineering Contracting Company, AlBawani Holding Company, and Almabani General Contractors Company.
- The four companies have built a successful track record in executing and managing complex large-scale projects.
Infographics
Egypt ranks globally fifth in remittances
Although the remittances grew by an estimated 5 percent in 2022, they were lower than the 10.2 percent increase in...
- Remittances to low- and middle-income countries withstood global headwinds in 2022, growing an estimated 5 percent to $626 billion.
- The growth was, however, lower than the 10.2 percent increase in 2021, World Bank Migration and Development Brief said in a report in Nov 2022.
Business
Saudi ministry signs investment MoU with Spain’s Orbas
Riyadh, Saudi Arabia-- Saudi Arabia's Ministry of Municipal, Rural Affairs and Housing has signed an MoU with the Spanish company...
- The MoU aims to raise the level of coordination in endeavors that support and promote the development, marketing and implementation of investments.
- The Ministries of Municipal and Rural Affairs and Housing and Investment will work to support the investing company in exploring opportunities.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
NEOM launches ‘Topian’ to ensure climate-proof agriculture in Saudi
NEOM, Saudi Arabia: NEOM, a mega-city project in Saudi Arabia characterized by futuristic urban planning and advanced technologies, Sunday announced the...
Business
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Borouge to pay $650m H1 dividend
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EGA H1 net profit $533 million
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Saudi Central Bank’s assets drop $6.39 billion in August
Riyadh, Saudi Arabia -- Assets held by the Saudi Central Bank (SAMA) declined by SAR 24 billion ($6.39 billion) month-on-month...
Business
EDGE acquires 50% stake in SIATT
SIATT is Brazilian smart weapons and high-tech systems specialist.
Business
UAE markets top Arab stock exchanges in trading, says AMF
ABU DHABI, UAE - The financial markets of the United Arab Emirates topped the Arab stock exchanges during last week's...
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Business
Saudi EXIM Bank, Trafigura sign pact
The bank will extend three-year credit facility of $500 million.
- The agreement is aimed at facilitating the purchase of domestically produced commodities from Saudi Arabia
- It will also enable Trafigura to connect Saudi producers to more than 156 markets worldwide, the bank said.
EDGE, Brazil Marine Corps sign pact
A technical cooperation agreement will follow the signing.
- EDGE recently announced a strategic partnership with the Brazilian Navy to co-develop a long-range anti-ship missile.
- The signing ceremony took place in the city of Rio de Janeiro as part of an ongoing EDGE leadership visit to key local government offices.
Business
AMEA reaches financial closure on PV plant
The $86m project will be AMEA's first operational asset in Tunisia.
- The solar plant is being implemented by Kairouan Solar Plant, a project company registered in Tunisia and wholly owned by AMEA Power.
- The project is being financed by IFC, a member of the World Bank Group, and the African Development Bank (AfDB).