Qatar’s ‘Hit Show’ wins $12 million Dubai World Cup
Dubai, UAE -- Qatar's 'Hit Show' triumphed in the 2025 Dubai World Cup's main event at Meydan, the pinnacle of...
Arts & Culture
Abu Dhabi real estate transactions reach $4.69bn in Jan, Feb 2025
Abu Dhabi, UAE -- Real estate transactions in Abu Dhabi reached AED17.24 billion ($4.69 billion) in the first two months...
Business
Business
ASPACE to set up Saudi’s first satellite manufacturing unit
Riyadh, Saudi Arabia -- Saudi Arabia announced Thursday the completion of SAR 1 billion investment procedures by ASPACE, a Hong...
- The Hong Kong based company completed procedures for the investment of SAR 1 billion ($266 million) for the manufacturing facility.
- The manufacturing company expects growth throughout the project phases, for the manufacturing of components, subsystems, and satellites.
Business
How Saudi PIF is trying to build a post-oil economy
Riyadh, Saudi Arabia -- As global banking elites attend the Future Investment Initiative forum in Riyadh, a focal point of Saudi...
- The PIF now boasts assets under management exceeding $700 billion and says it has created more than 560,000 "direct and indirect" jobs.
- The PIF's high-profile investments in foreign firms include stakes in Uber, electric car maker Lucid and video game company Activision Blizzard.
Geostrategy
FII7 concludes, WAVE launched on Day 3 to boost ocean regeneration
Riyadh, Saudi Arabia -- The seventh Future Investment Initiative Institute forum, which concluded in Riyadh on Thursday, saw the attendance...
- WAVE will serve as a platform, connecting diverse stakeholders across geographies, industries, and sectors, to amplify their collective efforts.
- It will launch a set of programs to raise awareness, establish a digital information hub, accelerate innovations, support scientific efforts.
Geostrategy
Dubai among top 25 global cities for third consecutive year
Dubai, UAE -- Dubai has retained its leading position in the MENA region on Kearney's Global Cities Index, ranking 23rd...
- Average GCI scores have remained steady following several years of decline, with cities in the Middle East and Africa improving markedly.
- Riyadh, Muscat and Doha improving their overall rankings by nine, eight, and seven, respectively.
Business
UAE banks’ investments hit record high in Aug to reach $159bn
Abu Dhabi, UAE -- UAE banks' investments surpassed AED 580 billion, hitting a record high in August 2023, according to...
- Banks investments also increased by AED 58 billion or 11 percent year-to-date compared to AED 527.4 billion at the end of 2022.
- Bonds held until maturity accounted for the largest share of bank investments at 47 percent, reaching AED 276 billion at the end of August 2023.
Business
Thuraya, nybl sign MoU
They will deploy AI in Thuraya and Yahsat satellites
- nybl provides various AI and ML sector-specific modules, including Oil and Gas, Security and Surveillance, with robust support for ESG.
- Under the MoU, both parties will focus on testing, certifying, and enabling the nybl platform over Thuraya and Yahsat satellites.
Business
Geopolitical conflicts pose biggest risk to global economy: Ajay Banga
The World Bank President expressed deep concern over the widening wealth gap, while calling for more action on gender equality...
- Countries around the world need to do more in terms of gender equality and women's rights, he said.
- Saudi Arabia has done very well when it comes to creating jobs for women and working toward women's rights.
Business
DEWA okays H1 dividend of $843m
The company had reported a net profit of $540 million for Q2.
- The Board of Directors of DEWA authorized the payment of H1 2023 dividend on 10th August 2023.
- On 26th October 2023, the dividend will be paid to all shareholders via Dubai CSD.
Business
Saudi Electricity Company signs $3 billion financing agreement
Riyadh, Saudi Arabia -- The Saudi Electricity Company (SEC) announced today signing a $3 billion (SAR 11.25 billion) international syndicated...
- The financing agreement has a tenure of five years and requires no guarantees from the SEC.
- Participating banks include Dubai Islamic Bank, Kuwait Finance House, Mashreq Bank and Saudi National Bank.
Business
Saudi exports, services grow by 135% in Q2: Economy Minister at FII7
Riyadh, Saudi Arabia -- Saudi Arabia's Minister of Economy and Planning, Faisal F Alibrahim said Tuesday the Kingdom saw a...
- Speaking at the seventh Future Investment Initiative forum in Riyadh, Alibrahim said Saudi Arabia is seeing a diverse range of sectors fueling non-oil activity growth.
- He said the Kingdom provided one of the most investment-friendly environments in the form of cost-effective and clean energy, legislations and manpower.
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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
Qatar’s ‘Hit Show’ wins $12 million Dubai World Cup
Dubai, UAE -- Qatar's 'Hit Show' triumphed in the 2025 Dubai World Cup's main event at Meydan, the pinnacle of...
Arts & Culture
Company News
UAB concludes $200m term loan
Business
Latest News
Qatar expects 11.4% revenue dip in 2024 budget on lower oil prices
Finance Minister Ali bin Ahmed Al Kuwari attributed the decrease in revenues to the adoption of an average oil price...
Economy
Saudi fund assets dip slightly in Q3 but subscribers surge
Riyadh, Saudi Arabia -- The total value of assets held by public and private investment funds in Saudi Arabia decreased...
Business
DIFC Innovation Hub 2023 graduates raise $600 million in funding
Dubai, UAE -- More than 200 start-ups graduating from the programs of DIFC Innovation Hub in 2023 have collectively raised...
Business
Most Read
Business
Mubadala Energy makes gas discovery
This is the company's second successful well in the Andaman area.
- The latest discovery comies after the success of Timpan-1 in Andaman-II, which itself came after the success of Cengkih-1 in our SK320 in Malaysia.
- The well encountered an extensive gas column with a thickness of over 230 meters in an Oligocene sandstone reservoir.
Geostrategy
UAE issues federal decree on regulating electronic, digital media
ABU DHABI, UAE - The UAE Government has issued a federal decree which aims to regulate and organize media in...
- The decree aims to promote the UAE as a global media hub and establish an enabling environment for the growth and prosperity of the sector.
- The provisions of the decree apply to individuals, organizations, media outlets, and free zones dedicated to the media in the UAE.
Business
AviLease, SDH Wings Sign MoU
The MoU will expand SDH Wings' portfolio of aircraft.
- AviLease acquired a 10 percent share of SDH Wings as part of the recently completed acquisition of the aircraft leasing platform of Standard Chartered.
- AviLease and SDH Wings have already identified the first five new technology narrowbody aircraft from AviLease’s owned portfolio that are now under LOI.