ATM 2025 to showcase 2,800 firms, 17 percent from Middle East
Dubai, UAE: The Arabian Travel Market, which will take place from Apr 28 to May 1 at the Dubai World...
Business
‘Diriyah Tan’ unveiled to celebrate Saudi tourism hub’s rich heritage
Riyadh, Saudi Arabia -- Diriyah Company has collaborated with Pantone to produce "Diriyah Tan," a color that embodies the essence...
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.
Business
ACWA Power signs clean energy agreements with Chinese partners
Riyadh, Saudi Arabia -- Saudi-listed ACWA Power has signed seven cooperation agreements with Chinese firms for solar, green hydrogen and...
- The agreements were signed with entities including State Power Investment Corporation, one of the largest state-owned power generators in China.
- The agreements, which include green hydrogen and water desalination projects, the third Belt and Road Forum held in Beijing on October 17-18.
Business
Presight AI, TOTM form joint venture
The JV will develop and deploy their combined proprietary technologies.
- The joint venture agreement will establish an entity that will leverage Presight’s Big Data AI and Data Analytics capabilities.
- This will allow governments and enterprises to transform mission-critical infrastructure with intelligent new solutions that are data-driven.
Business
Sipchem 9M net profit down 67%
There was a 70% QoQ drop in net profit for the third quarter of 2023.
- The lower profit was due to a decline in revenues on lower product prices, as well as a fall in sales.
- In addition, the company's share of profits from investments in a joint venture and associates decreased, Argaam said.
ATM 2025 to showcase 2,800 firms, 17 percent from Middle East
Dubai, UAE: The Arabian Travel Market, which will take place from Apr 28 to May 1 at the Dubai World...
Business
Company News
UAB concludes $200m term loan
Business
Latest News
Saudi Arabia’s holdings of US Treasuries up $399 million in Oct 2023
Riyadh, Saudi Arabia -- Saudi Arabia’s holdings of US Treasuries reached $117.5 billion in October 2023, up $399 million month-on-month...
Business
ADIB, Aldar close $272m financing deal
Aldar's total ESG financing facilities reach $1.30 billion.
Business
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Business
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...
- Public funds focus on local money markets, while private funds favor equity and real estate.
- The value of assets held by equity and real estate funds made up 84 percent of the private funds’ total assets.
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...
- In 2023, the program also saw a record-breaking number of participants with over 700 applicants for a single cohort, out of which 19 start-ups graduated.
- DIFC Innovation Hub is home to the first and largest financial technology accelerator in the Middle East, Africa and South Asia (MEASA) region.
Business
ENEC announces completion of Unit 4 of Barakah Nuclear Energy Plant
The Federal Authority for Nuclear Regulation (FANR), the UAE's independent nuclear regulator, recently issued the Operating License for Unit 4...
- The three current commercially operating Units at Barakah, delivered in three consecutive years, are already generating more than 30TWh of zero-emission electricity every year.
- The Barakah Plant, a pivotal player in the international nuclear energy sector, boasts four APR-1400 units, marking it as one of the largest nuclear energy facilities globally.