Saudi Arabia’s space economy reaches $8.7 billion in 2024
Riyadh, Saudi Arabia -- The Communications, Space, and Technology Commission (CST) has said that the Saudi space economy reached $8.7...
Mubadala Energy enters US energy market
Acquires a 24.1% interest in US firm Kimmeridge’s SoTex
Business
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.
Business
Presight, Samruk-Kazyna to form JV
Samruk-Kazyna is Kazakhstan's $70bn asset sovereign wealth fund.
- The joint venture aims to accelerate digital transformation in Kazakhstan.
- Presight will deploy its AI and big data analytics solutions and technologies.
Business
World’s biggest sustainable farm in Saudi enters Guinness Records
Riyadh, Saudi Arabia – A farm in Saudi Arabia has entered the Guinness World Records as the world's largest sustainable...
- The farm is one of the extension farms of the rejuvenated water farming research unit of the Bin Heshbal Valley in the Asir Region.
- The total area of the farm is 3.2 million square meters, divided into two sections, each with a concrete tank with a capacity of 500 cubic meters.
Business
Dollar sukuk activity for 2023 on course to outpace 2022: Fitch
Dubai, UAE:Â US dollar sukuk issuance for 2023 is on course to outpace 2022 due to funding needs and diversification strategies,...
- The third quarter sukuk issuance in all currencies ($51.7 billion equivalent) issued in core markets was 12.3 percent lower YoY, while bond issuance fell by 17 percent YoY.
- Global outstanding sukuk expanded by 9.8 percent YoY to $823.4 billion at the end of third quarter, with the largest shares in Malaysia (40 percent).
Geostrategy
US to place second aircraft carrier in Mediterranean: White House
Washington, United States -- The second American aircraft carrier, the Dwight Eisenhower, will be placed in the Mediterranean Sea, coordinator...
- "We’re sending a loud and clear message: The US is ready to take action should any actor hostile to Israel consider trying to escalate this war," said John Kirby.
- Tensions flared up again in the Middle East on October 7 when Hamas attacked Israeli territory from the Gaza Strip.
Geostrategy
Qatar signs joint cooperation agreements with IMF on SDRs
Dubai, UAE - Qatar has signed two agreements with the International Monetary Fund (IMF) on its contributions towards IMF's poverty...
- Under one of the agreements, Qatar's contribution will be a loan from the special drawing rights account, a soft loan (an implicit contribution to the aid).
- Under the Resilience and Sustainability Trust fund agreement, contributions will be in the form of subscription packages consisting of loans, deposits and reserves.
Business
Jarir’s 9M profit down marginally
The fall was attributed to an increase in non-operating expenses.
- The third-quarter net profit rose by 8 percent to SAR 296.3 million, from SAR 273.72 million in Q3 2022, driven by a 4.8 percent rise YoY in sales.
- Total shareholders’ equity, no minority interest, stood at SAR 1.79 billion as of Sept. 30, 2023, down from SAR 1.80 billion a year earlier.
Business
Aramco looks to invest in Shangong Yulong Petrochemical
Dhahran, Saudi Arabia -- Aramco has signed an MoU that paves the way for Aramco's potential acquisition of a 10...
- Aramco signed an MoU with Nanshan Group, Shandong Energy Group, and Shandong Yulong Petrochemical to pave way for the acquisition.
- Shandong Yulong is presently in the final stages of constructing a significant refining and petrochemical complex with the capacity to process approximately 400,000 barrels per day
Saudi Arabia’s space economy reaches $8.7 billion in 2024
Riyadh, Saudi Arabia -- The Communications, Space, and Technology Commission (CST) has said that the Saudi space economy reached $8.7...
Company News
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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...
Business
Mubadala Energy makes gas discovery
This is the company's second successful well in the Andaman area.
Business
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...
Geostrategy
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Arts & Culture
Saudi Arabia’s Noor Riyadh festival sets 6 Guinness World Records
Riyadh, Saudi Arabia -- Noor Riyadh Festival 2023 has secured six new Guinness World Records, making it its third consecutive...
- The records were set during the closing presentation of an art installation, after the 17 days of celebration, held from November 30 to December 16, 2023.
- Artist Christopher Bauder's artwork titled "Dialogue" set a record for "the most lights used in a temporary light and sound show".
Business
ACWA Power signs $800m agreement for South Africa renewable project
Dubai, UAE --Â Saudi-listed renewable energy giant ACWA Power has signed a $800 million power purchase agreement for ACWA Power Project...
- The project will reach around 50% local content in procurement during the construction and create more than 1,000 construction jobs at peak.
- Commencement of operations is scheduled by Q2 2026, adding significant dispatchable capacity onto the grid.
Business
King Abdulaziz International Airport top Saudi performer in November
Riyadh, Saudi Arabia -- King Abdulaziz International Airport in Jeddah, King Fahd International Airport, Abha International Airport, Al-Ahsa International Airport...
- Among international airports with more than 15 million passengers annually, King Khalid International Airport in Riyadh bagged the second place with 82% compliance rate.
- For domestic airports, Gurayat Airport topped with a 100 percent compliance rate, surpassing peers in terms of total average waiting time for flights departing and arriving.