SAMA seeks public feedback on financial governance amendments
Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) has invited interested parties and specialists concerned with “Key Principles of...
Business
Aramco, Intel to set up Saudi Arabia’s first open RAN center
Riyadh, Saudi Arabia -- Aramco Digital Co. and Intel have unveiled plans to establish Saudi Arabia’s first open radio access...
Business
Business
AD Ports Group acquires 10 offshore vessels for $200 million
Abu Dhabi, UAE -- AD Ports Group (ADPORTS) has purchased 10 offshore vessels for $200 million that will bolster offshore...
- The investment in the diversified fleet with an average age of around nine years is significantly less than the industry average.
- All ten vessels are expected to be delivered in Q4 2023, with financial consolidation taking place from Q1 2024 onwards.
Business
Saudi Real Estate Market records transactions worth $14.92bn
Riyadh, Saudi Arabia -- More than 70,000 transactions worth SAR 56 billion ($14.92 billion) have been conducted on Saudi Arabia's...
- The traded real estate areas amounted to about 550 million square meters (sqm), Argaam reported. Real Estate Market provides its services around the clock.
- Launched two months ago, It allows easy buying and selling of properties, in addition to helping beneficiaries to leverage mortgage services electronically.
Infographics
10,000 deaths raise specter of genocide in Gaza
Some world leaders like Turkey's President Erdogan use the term genocide to describe Israeli actions in Gaza. Israel has also...
- The President of Turkey, Recep Tayyip Erdoğan, has used the term "genocide" to describe Israeli actions in Gaza.
- Pronouncements of several Israeli politicians, who openly called for extermination of Palestinians, have added to the fears of a genocide in Gaza.
Business
First SAF-powered Emirates flights cleared for take-off from Dubai
Dubai, UAE -- The first Emirates flights operating with sustainable aviation fuel (SAF) provided by Shell Aviation have taken off...
- Emirates’ flight EK 412 bound for Sydney on 24th October was among the first to operate with SAF.
- Shell has supplied 315,000 gallons of blended SAF for use at the airline’s hub in Dubai.
Business
Over 60% of employment lost in Gaza since start of current conflict
Beirut, Lebanon -- At least 61 per cent of employment, equivalent to 182,000 jobs, has been lost in the Gaza...
- The total estimated 390,000 job losses in the two areas that comprise the Occupied Palestinian Territory translate into daily labor income losses of $16 million.
- Gazans have long grappled with persistently high rates of poverty, vulnerability and one of the highest unemployment rates in the world, which stood at 46.4 per cent in Q2.
Business
GASCO 9M 2023 profit up 16%
Operating expenses and financing cost edged lower.
- GASCO noted an increase in revenue and financing income, along with higher share of results from associates.
- In Q3 2023, net profit rose slightly by 0.4 percent to SAR 57.2 million from SAR 56.98 million in Q3 2022.
Arts & Culture
200,000-year-old hand axe found in Saudi Arabia’s AlUla region
AlUla, Saudi Arabia -- The Royal Commission for AlUla (RCU) has announced that the archeological excavation teams at the Qurh...
- It is a strong tool, made of soft basalt stone 51.3 cm long, that could have been used for cutting or chopping. Studies are still conducted to identify the purpose of its use.
- The ancient tool was discovered by a team of archeologists from the heritage consultancy TEOS Heritage, which is exploring the area around Qurh, south of AlUla.
Business
Saudi Arabia to continue voluntary oil cut until end of Dec 2023
Riyadh, Saudi Arabia -- Saudi Arabia has announced it will continue the voluntary cut of one million barrels per day,...
- Riyadh, the world's biggest crude exporter, first announced its cut after a June meeting of the 23-nation OPEC+ alliance, which also includes Russia.
- That decision riled the United States, which at the time accused Saudi Arabia, a security partner, of siding with Russia in the war in Ukraine.
Business
American defense companies firm on attending Dubai Airshow
Washington DC, United States -- In spite of escalating instability in the Middle East, several American defense firms have reaffirmed...
- The Dubai Airshow, to be held at Maktoum International Airport in the United Arab Emirates, is a biennial event and ranks among the world's most significant aerospace exhibitions.
- L3Harris told Breaking Defense, "We're monitoring current events like all our industry peers and have not scaled back our planned attendance."
Economy
Amid volatility, international reserves resilient: World Bank report
Washington, United States -- Central bank reserve management remained resilient during a historically volatile year, according to the fourth edition...
- Central banks were confronted with a particularly challenging environment in 2022, with many of them, especially in developing countries, seeing decreases in reserves.
- Central banks also faced challenges with technological advancements and systems updates, as well as hiring shortages and staffing turnovers.
SAMA seeks public feedback on financial governance amendments
Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) has invited interested parties and specialists concerned with “Key Principles of...
Business
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GCC region’s non-hydrocarbon growth momentum strong: IMF
Riyadh, Saudi Arabia -- The GCC region’s non-hydrocarbon growth momentum remains strong, driven by higher domestic demand, increased gross capital...
Business
UAB concludes $200m term loan
Proceeds of the facility will be used for general corporate purposes.
Business
Saudi Arabia’s inflation rises to 1.7 percent in November: GASTAT
Riyadh, Saudi Arabia -- Saudi Arabia’s inflation rose to 1.7 percent in November compared with the previous month, according to recent data...
Economy
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Business
Saudi investors witness 40% fall in US equities trading in Q3 2023
Riyadh, Saudi Arabia -- In the third quarter of 2023, Saudi investors engaged in sell and buy transactions on US...
- This reflects a substantial year-on-year (YoY) fall of SAR 9.15 billion, equivalent to a 40 percent decrease.
- According to a report from the Capital Market Authority (CMA), this decline in trading activity by Saudi investors represents the lowest point since Q4 2019.
Business
stc’s Tawal secures $999m financing
Tawal signed Murabaha pacts with SNB and SA
- The 18-month financing is covered by a promissory note by TAWAL for the full amount, stc said in a statement to Tadawul, according to Argaam.
- The credit is intended to go towards refinancing the shareholders loan extended by stc to TAWAL.
Business
Aramco to acquire 40% stake in GO
Gas & Oil is one of the largest retail and storage firms in Pakistan.
- This is Aramco's first entry into the Pakistani fuels retail market, advancing the company’s strategy to strengthen its downstream value chain internationally, the company said.
- This transaction would enable Aramco to secure additional outlets for its refined products and further provide new market opportunities for Valvoline-branded lubricants