UN chief slams ‘distressing’ spending on arms over climate
Without action, "the situation will deteriorate," he warned. "Conflicts are multiplying. The climate crisis is set to spiral, as emissions...
Makeen, Rolls-Royce forge partnership
They will manufacture, test, sell and service mtu engines in Saudi.
Business
Business
Manufacturers struggle to meet AI-related goals, says new white paper
DUBAI, UAE -- Despite many manufacturers integrating AI into their operations, a significant number of them face challenges in meeting...
- A global Boston Consulting Group study from 2023 revealed that AI technologies could enhance productivity by over 20 percent.
- While 90 percent of companies across various industries aim to incorporate AI, only one in six have met their AI-related objectives.
Business
UAE and Saudi Arabia lead MENA venture capital fundraising
Dubai, UAE -- MENA venture capital funding in the third quarter saw $250 million raised across 78 deals, a 32...
- MENA venture capital funding in the third quarter saw $250 million raised across 78 deals, a 32 percent increase compared to Q2 of 2023.
- Saudi Arabia and the UAE led the region in capital raised, with the Kingdom reporting a 172 percent QoQ increase.
Business
OERC and Arkan partner to transport raw limestone to UAE
Abu Dhabi, UAE -- Oman and Etihad Rail Company (OERC), the developer and operator of the UAE-Oman Rail Network, signed...
- Oman and Etihad Rail will provide logistics solutions for Emirates Steel Arkan through annual transportation of 4 to 6 million tons of high-quality raw materials to Al Ain.
- This ensures Emirates Steel Arkan can produce and export 2-3 million tons of finished goods to regional markets each year.
Geostrategy
Saudi Crown Prince launches Ardara company to develop AlWadi
Riyadh, Saudi Arabia -- Saudi Arabia's Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud Monday announced the launch of...
- This will be Ardara’s first development and will become a vibrant urban center and tourist destination for both local and international visitors, PIF said.
- AlWadi in Aseer region – meaning, the valley – will span 2.5 million square meters and will be developed with sustainability at its core.
Business
Funds raised by startups within TECOM Group’s in5 hub up 20%
Dubai, UAE -- in5, part of TECOM Group and an innovation and entrepreneurship hub in the region, has witnessed a...
- In the first nine months of 2023, a total of 120 new ventures joined in5's portfolio, which amounts to a new start-up almost every other day between January and September 2023.
- Since its establishment in 2013, in5 has nurtured more than 850 start-ups, with representation from over 50 nationalities, including Canada, China, France, India and Russia.
Business
Merger of Saudi Enaya and UCA okayed
The merger remains subject to regulatory approvals.
- The two companies had signed a binding merger agreement through a share swap deal, under which UCA will issue a 0.837 common share for each issued share in Saudi Enaya.
- On 29 April 2021, Saudi Enaya Cooperative and Amana Cooperative Insurance signed a merger agreement.
Geostrategy
Israeli bombardment kills 2,670 in Gaza: Health ministry
Israel's strikes on the Gaza Strip have led to an "unprecedented human catastrophe" in the Palestinian territory, the United Nations...
- UN Security Council members hold difficult talks Sunday on a possible resolution over the war between Israel and Hamas, with two drafts on the negotiating table.
- Egypt, which controls the only passage in and out of Gaza not controlled by Israel, has said it plans to host a summit on the future of the Palestinian cause.
Business
Early economic measures tame Saudi inflation at 1.7% in Sept: GASTAT
Riyadh, Saudi Arabia -- Saudi Arabia's Consumer Price Index (CPI) increased by 1.7 percent in September 2023, compared to September...
- CPI measures the prices paid by consumers for a fixed basket of goods and services consisting of 490 items. The prices are collected through field visits to points of sale.
- Saudi Arabia's economy is in a state of prosperity and growth, and that the kingdom's fiscal position is strong, the IMF said recently.
Business
Marakeb first firm to develop maritime applications in SAVI cluster
Abu Dhabi, UAE -- The Abu Dhabi Investment Office (ADIO) announced that Marakeb Technologies will become the first anchor company...
- Marakeb is a technology provider for aerial, ground, and marine applications that has developed and manufactured solutions in the UAE for the past 15 years.
- Marakeb will be able to test new technologies at the cluster’s sea testing zone in Mussafah Port, which houses a port and the Abu Dhabi Maritime Academy.
Business
Dubai records weeklong real estate deals worth $3.51 billion
Dubai, UAE -- A total of 1,659 real estate transactions worth over AED 12.9 billion ($3.51 billion) were conducted during...
- The DLD report showed that 297 plots were sold for AED 5.08 billion, while 1,362 apartments and villas were purchased for AED 4.57 billion.
- The total value of mortgaged properties for the week reached AED 2.37 billion.
UN chief slams ‘distressing’ spending on arms over climate
Without action, "the situation will deteriorate," he warned. "Conflicts are multiplying. The climate crisis is set to spiral, as emissions...
Company News
Mubadala invests in Zenobē
Business
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ADNOC-Tabreed G2COOl opens
Business
Qatar records real estate transactions worth $400 million in Nov
Doha, Qatar -- Qatar reported a total of 321 real estate transactions worth QR 1.46 billion ($400 million) in November...
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...
Business
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Business
SABIC announces 16% H2 cash dividend
The dividend of $1.27 billion is payable on Mar 4, 2024.
- SABIC has announced full-year dividend of SAR 10.2 billion or 34 percent (SAR 3.4 a share) of its current capital of SAR 30 billion.
- The company had posted a net loss of SAR 1.04 billion ($277 million) in the first nine months of 2023, against a net profit of SAR 16.24 billion a year earlier.
Business
PureHealth offer price $0.89 per share
The IPO witnesses demand of over AED 265bn ($72.15bn).
- The offering will generate gross proceeds of AED 3.62 billion for the company. On listing, the company’s market capitalization is expected to reach AED 36.2 billion.
- Listing and trading commencement of PureHealth’s shares on ADX are expected to take place on 20 December 2023.
Geostrategy
Arab meet calls for more investments in renewable energy
Speaking at the 12th Arab Energy Conference organized by the Organization of Arab Petroleum Exporting Countries (OAPEC), Qatar's Energy Minister...
- OAPEC Secretary General Eng. Jamal Issa Al Loughani emphasized the conference's focus on international energy market developments and their local and global implications.
- He called for a careful balance between emission reduction, energy availability and affordability, while underscoring challenges in building sustainable energy systems.