Saudi Crown Prince launches urban plan of Qiddiya city
Riyadh, Saudi Arabia -- Crown Prince Mohammad bin Salman, Prime Minister and Chairman of the board of directors of the...
Business
Saudi Arabia expects budget deficits in 2023 and 2024 as spending rises
The announcement comes one year after the Gulf kingdom, the world's biggest crude exporter and the Middle East's largest economy,...
Economy
Business
ADNOC Distribution 2022 net profit $748m
The EBITDA grew by 15 percent to reach AED3.52 billion.
- Total fuel volumes continued to increase during the year, recording an 8 percent year-on-year growth through 2022 – with commercial fuel volumes up by 19 percent.
- The Company’s Board of Directors has recommended distributing a cash dividend of AED1.285 billion (10.285 fils per share), for the second half of 2022.
Economy
Saudi Industrial Production Index rises by 7.3 percent in Dec 2022
Riyadh, Saudi Arabia-- Saudi Arabia's industrial production index (IPI) for December 2022 witnessed a 7.3 percent increase compared to the...
- A surge in mining, quarrying, and manufacturing activity helped the growth in IPI.
- Manufacturing activity also increased by 18.5 percent in December 2022 compared to the same period last year.
Business
$580m investment, 2 tech skills academies pledged at LEAP 23
Riyadh, Saudi Arabia--Investment and funding programs worth $580 million were announced on the third day of LEAP 23 Tech Conference,...
- WIRPO which specializes in technology services and consulting subsequently announced $110 million investment to expand the service of their cloud studios.
- Damac Company announced the expansion of its investments in the Kingdom's big data centers with a total capacity of more than 55 Mega Watts.
Business
Dana Gas 2022 net profit $182m
The rise in adjusted net profit driven by high energy prices.
- Excluding other income and impairments, the company reported an adjusted net profit of $196 million as compared to $128 million in 2021, an increase of 53 percent.
- The increase in revenues is due to higher realized prices and production output in the Kurdistan Region of Iraq.
Business
Saudi Arabia center, Yokogawa to advance 4IR in kingdom’s industry
Riyadh, Saudi Arabia--The Center for the Fourth Industrial Revolution in Saudi Arabia (C4IR KSA), affiliated with the World Economic Forum...
- Signed on the sidelines of LEAP 23, the MoU aims to develop frameworks and policies for the governance of the fourth industrial revolution technologies in the industrial sector.
- The two sides undertake to supervise the pilot studies of the projects and assess the participation of other entities in the kingdom.
Business
Etihad Cargo, Astral sign MoU
They will share up to 50 percent of all available capacity on flights.
- Via Etihad Cargo’s Abu Dhabi hub, the carrier’s global network will offer connectivity to destinations around the world.
- Etihad Cargo will utilize its road feeder service network to transport cargo arriving in Abu Dhabi from Nairobi to destinations throughout the UAE.
Business
Merak launches credit fund
The $53-million direct lending fund is Shariah compliant.
- The fund is Merak's first credit fund under the Capital Market Authority new regulation for direct financing investment funds.
- The fund aims to underwrite loans between 5 to 20 million SAR, targeting a portfolio of 20 borrowers, Merak said.
Business
UAE tops globally in tertiary education
For the 12th year in a row, Switzerland leads the ranks on the Global Innovation Index. South Korea was the...
- The 2022 GII says it tracks the most recent global innovation trends against the background of the pandemic, slowing productivity growth and other evolving challenges.
- It looks at whether stagnation and low productivity growth are here to stay, or whether we are about to enter a new era, where new innovation spurts.
Business
Invictus 2022 net profit $123.62m
The profit increased by 62 percent compared to 2021.
- The company's revenue grew by 103 percent from AED 2.94 billion in 2021 to AED 5.98 billion in 2022.
- In a bourse disclosure, the company said the rise in revenue and net profit was driven by volume growth and entry into new markets and categories.
Business
By 2022 end, Saudi mining complexes in 13 provinces reach 377
Riyadh, Saudi Arabia---Saudi Arabia's Ministry of Industry and Mineral Resources said Sunday that the number of mining complexes in the...
- The Makkah region had the highest number (76) complexes, followed by the Riyadh region with 60 complexes.
- More than 20 different minerals, including gravel, gold, iron, copper, granite and marble, are found in these complexes.
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Saudi Crown Prince launches urban plan of Qiddiya city
Riyadh, Saudi Arabia -- Crown Prince Mohammad bin Salman, Prime Minister and Chairman of the board of directors of the...
Business
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AMEA reaches financial closure on PV plant
The $86m project will be AMEA's first operational asset in Tunisia.
Business
Non-oil sector to drive UAE economic growth to 3% in 2023: S&P
S&P analysts anticipate continued growth within the UAE's robust tourism sector. The country's ability to host major international events is...
Economy
Iraq’s oil revenues hit nearly $9bn in Aug: Ministry of Oil
Baghdad, Iraq -- Iraq's oil revenues in August hit nearly $9 billion, according to the data issued by the Iraqi...
Business
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Business
NEOM inks deal with Marriott International
Under the deal, two luxury hotels will be built in Trojena.
- The agreement includes Saudi Arabia’s first W Hotel, and a JW Marriott chain-branded hotel, NEOM said in a statement.
- Trojena, a flagship development within NEOM, is being crafted and positioned as a year-round adventure sports haven.
Arts & Culture
Broadway musical ‘The Phantom of the Opera’ to Debut in Riyadh
Riyadh, Saudi Arabia -- The iconic Broadway musical 'The Phantom of the Opera' will be performed in Riyadh from Oct...
- The musical will be performed 59 time at The Arena Riyadh. It consists of 100 cast, crew and orchestra members, and more than 230 intricately designed costumes.
- The show is part of the Royal Commission for Riyadh City's Riyadh Life sector to provide entertainment options, in line with the objectives of Vision 2030 Quality of Life program.
Business
Al Akaria signs $610m infra contracts
The Public Investment Fund is a related party to the contracts.
- The contracts pertain to development of the main infrastructure networks and bridges for the Qiddiya project.
- The contracts also include the design, construction, testing and commissioning of a sewage treatment plant.