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
Hamriyah, Deira ports report $3.30bn in customs declaration
Dubai, UAE -- Hamriyah and Deira ports have reported 62,454 customs declarations, totaling AED 12.133 billion ($3.30 billion), with 19...
Business
Science
UAE to expand relations with Singapore in vital sectors: Sheikh Zayed
Abu Dhabi, UAE -- UAE President Sheikh Mohamed bin Zayed Al Nahyan and Singapore Prime Minister Lee Hsien Loong Sunday...
- Sheikh Zayed noted that the UAE is Singapore’s top trading partner in the Middle East and North Africa.
- The two leaders reviewed cooperation and opportunities to develop relations, especially in the fields of economy, investment, education and tourism.
Business
Mobily 9M 2023 profit up 41%
Revenues for the period grew by 7.5 percent year-on-year.
- Higher top line pushed gross profit up 3.4 percent YoY to SAR 7.1 billion. Operating profit jumped 31.6 percent YoY to SAR 1.97 billion.
- Reflecting the increase in interest rate, finance charges for the current period increased by 22 percent YoY to SAR 510 million.
Business
Emaar EC and Orascom to develop tourism destination
Dubai, UAE -- Emaar, The Economic City, the master-developer of King Abdullah Economic City (KAEC), has signed a strategic agreement...
- Orascom will be the main investor to develop a world-class mix-use tourism city across a mega-parcel of 9.5 million square meters.
- The project will feature a marina, a fully-fledged downtown along with resorts, high-end residential developments.
Geostrategy
Mahmoud Abbas turns down call from Joe Biden: Israeli radio
Tel Aviv, Israel -- Palestinian President Mahmoud Abbas declined to take a telephone call from US President Joe Biden during...
- Representatives from the Biden administration tried to set up a phone conversation between the two leaders on October 18, but Abbas turned the request down.
- state-run Kan Radio, however, clarified that the sides nevertheless remain in contact. Biden intended to hold phone conversations with Egyptian President Abdel Fattah El-and Abbas.
Business
DCT signs MoU with Microsoft to transform Abu Dhabi tourism
Dubai, UAE -- The Department of Culture and Tourism - Abu Dhabi (DCT Abu Dhabi) and Microsoft have signed an...
- Activities under the MoU will also drive growth, foster innovation and enhance knowledge among DCT Abu Dhabi employees.
- The MoU spans across the optimization, automation, and modernization of IT and security infrastructure and will be enabled by Microsoft’s cloud computing platform Azure.
Business
MAWANI and SGP sign $266m contract
They will establish a logistics zone in King Abdulaziz
- The zone will provide major logistics services, unique solutions, integrated services, and environmental systems, including warehouses and yards.
- It will also include a warehouse and re-export area to provide sorting, regional distribution, and value-added operations.
Business
Kadi Pay okayed for BNPL solutions
The company was approved by the Saudi Central Bank.
- With Kadi Pay, six authorized companies are now offering BNPL solutions in Saudi Arabia, bringing the total number of licensed/ permitted finance companies to 56.
- The BNPL solutions provide finance to customers wishing to buy products and services without incurring financing costs.
Business
Israel-Gaza conflict won’t impact Riyadh FII summit outcome: CEO
Riyadh, Saudi Arabia -- The tragic developments in Gaza won't have a huge impact on the overall outcome of the...
- Richard Attias. brushed aside the fears of slowdown in investment in the region due to the ongoing Israel-Palestinian conflict.
- He said that most investors take a long-term view, so the ongoing war won't have big impact on the overall investment climate.
Business
Turkey’s Atis Yapi opens Dubai office
This is the real estate giant's first office in the UAE.
- This follows signing of agreements and MoUs worth $50.7 billion between UAE President Sheikh Mohammed bin Zayed Al Nahyan and his Turkish counterpart Recep Tayyip Erdoğan in July.
- Atış Yapı said it is set to develop a modern and competitive portfolio of residential and commercial projects in the UAE.
Economy
Saudi Arabia’s economy to grow 3.2% from 2023-2026: Moody’s
Riyadh, Saudi Arabia -- Saudi Arabia’s economy is expected to grow by 3.2 percent on average between 2023 and 2026,...
- The National Debt Management Center quoted the agency's forecasts that the non-oil sector will be strong in the coming year.
- The Saudi government, according to Moody's, is making progress in implementing its comprehensive reform program.
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
Company News
Pure Health announces IPO
Business
Latest News
North-South Corridor, Palestine key agenda of Raisi-Putin talks in Moscow
Dubai, UAE – Iranian President Ebrahim Raisi, ahead of his visit to Moscow, has emphasized the importance of the North-South...
Geostrategy
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...
Most Read
Economy
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,...
- The deficit for 2023 is expected to amount to 82 billion Saudi riyals (roughly $21.8 billion), while in 2024 it is expected to total 79 billion Saudi riyals (roughly $21 billion)
- The projections broadly align with a pre-budget statement issued in October that indicated deficits would last through 2026.
Business
People-positive approach needed in clean power transition: WEF paper
Dubai, UAE -- Building massive infrastructure for clean power projects in pursuit of climate goals will need nearly $4.5 trillion in...
- The white paper calls for a dialogue between the industry and community groups and NGOs to define common standards for a people-positive energy transition.
- It also urges governments to not only focus on the lowest price but also the wider societal value creation in their transition plans.
Business
Mubadala invests in Zenobē
The investment is aimed at powering 4,000 electric vehicles.
- The collective investment aims to power 4,000 electric buses, trucks, and commercial vehicles, contributing to the global transition to cleaner transportation by 2026.
- London-based Zenobē, established in 2017, specializes in electric vehicle (EV) fleet solutions and large-scale battery storage.