US-funded Arabic network ends broadcasts after Trump cuts
The network went on air in 2004, when US officials were complaining about coverage of the Iraq war from Qatar-backed...
Geostrategy
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
Business
eXtra net profit down 17%
The company reported a net profit of $70m for 9M period of 2023.
- The nine-month earnings were negatively impacted by higher interest rates, which led to finance cost rising by SAR 39.6 million year-on-year (YoY), Argaam reported.
- The company recognized non-recurring losses of SAR 38 million as it discontinued its expansion plans in Egypt.
Business
EV infrastructure company launched
PIF will own 75% in the Electric Vehicle Infrastructure Company.
- It plans to establish presence in more than 1,000 locations, installing over 5,000 fast chargers by 2030 in cities across Saudi Arabia.
- PIF said the new company aims to enhance Saudi Arabia’s automotive ecosystem, through collaboration with EV companies.
Economy
Minimum pension for Saudi social security beneficiaries up 20%
Riyadh, Saudi Arabia -- Saudi Arabia's King Salman bin Abdulaziz Al Saud Sunday issued directives on raising the basic minimum...
- The Citizen Account Program will remain in effect while adding certain factors to enhance support efficiency and ensure that benefits are received by the neediest groups.
- Registration will remain open for Citizen Account Program beneficiaries to get additional financial support for three months until December 2023.
Business
Saudi Arabia Railways launches hydrogen train tests
Riyadh, Saudi Arabia -- Saudi Arabia Railways (SAR) has announced the launch of hydrogen train tests in the Kingdom, following...
- The tests were launched following the signing of an agreement with the French company Alstom.
- It will conduct operational tests and studies necessary to prepare this type of train to fit the Kingdom's environment.
Geostrategy
MOCCAE and Tadweer sign MoU to launch ‘Waste to Zero’ initiative
Abu Dhabi, UAE -- UAE's Ministry of Climate Change and Environment (MOCCAE) and Abu Dhabi Waste Management Company (Tadweer) have...
- The initiative is part of the Year of Sustainability and UAE's preparations for hosting the Conference of the Parties COP28.
- The initiative aims to strengthen the UAE's role in leading global action and contribute to international efforts to achieve the 43% emission reduction target by 2030.
Business
Saudi Arabia’s cement sales fall by 8.5 percent in September
Riyadh, Saudi Arabia -- The aggregate sales of 17 Saudi cement producers decreased by 8.5 percent to 4.1 million tons...
- Locally, eight market players reported better sales, led by Al-Safwa Cement Co. with a 20 percent year-on-year (YoY) surge.
- Six companies exported 183,000 tons of cement in September. Saudi Cement led the way with around 128,000 tons of exports.
Economy
Middle East economic growth to fall in 2023, says World Bank
WASHINGTON, US - The growth of the economies in the Middle East and North Africa (MENA) is expected to fall...
- The region’s gross domestic product is expected to fall to 1.9 percent in 2023 from 6 percent in 2022, due to oil production cuts.
- The decline in growth this year is expected to be more pronounced in the oil exporting countries of the Gulf Cooperation Council.
Arts & Culture
Norwegian playwright Jon Fosse wins Nobel literature prize
Sometimes compared to Samuel Beckett, another Nobel-winning playwright, Fosse's work is minimalistic, relying on simple language which delivers its message...
- Fosse's writing is defined more by form than content, where what is not said is often more revealing than what is.
- Fosse's oeuvre, written in Nynorsk -- a written form of Norwegian used by 10 percent of the population -- spans a variety of genres.
Business
EWEC, Masdar sign purchase pact
Power to be purchased generated from UAE's Wind Programme.
- This strategic agreement will see EWEC procuring power from the UAE's utility-scale wind programme for the first time.
- Located at Sila, Sir Bani Yas Island and Delma Island, the wind power farms have a generation capacity of up to 99 megawatts.
Business
ADNOC to deploy UAE-made drones
ADNOC's partnership with EDGE Group aimed at cutting emissions.
- EDGE’s autonomous systems arm, ADASI, will repurpose its existing UAVs for ADNOC to deploy in its operations, to minimize emissions and enhance environmental performance.
- ADNOC has allocated an initial $15 billion (AED55 billion) to lower-carbon solutions, new energies and decarbonization technologies.
US-funded Arabic network ends broadcasts after Trump cuts
The network went on air in 2004, when US officials were complaining about coverage of the Iraq war from Qatar-backed...
Geostrategy
Company News
ROSHN, Retal sign $99m deal
Business
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Mubadala invests in Zenobē
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...
Business
SAMA issues rules regulating ‘buy now pay later’ companies
Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) has issued rules for regulating buy now pay later (BNPL) companies,...
Business
Finland’s Vaisala to equip Kuwait airport with observation system
Kuwait City, Kuwait -- The Directorate General of Civil Aviation (DGCA) of Kuwait has inked a KD 6.7 million ($21.7...
Business
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Business
Dubai records $3.51 billion in weeklong real estate deals
Dubai, UAE -- The real estate and properties transactions valued at 12.9 billion ($3.51 billion) in total during the week...
- A total 304 plots were sold for AED 3.53 billion, 2,744 apartments and villas were sold for AED 7.15 billion.
- The sum of the amount of mortgaged properties for the week was 1.77 billion, with the highest being a land in Trade Center Second, mortgaged for AED 364 million.
Business
GCC region’s non-hydrocarbon growth momentum strong: IMF
Riyadh, Saudi Arabia -- The GCC region’s non-hydrocarbon growth momentum remains strong, driven by higher domestic demand, increased gross capital...
- A comprehensive package of policies should be implemented to respond to near-term shocks and uncertainty and to firmly address medium- and long-term challenges.
- The IMF affirmed that structural policies should continue focusing on diversifying the economies away from hydrocarbon.
Business
UAB concludes $200m term loan
Proceeds of the facility will be used for general corporate purposes.
- The dual tranche borrowing comprises a conventional tranche and a commodity Murabaha financing facility has been concluded at competitive pricing.
- The facility also includes a green-shoe option to increase the size up to AED 1.3 billion. Proceeds of the facility will be used for general corporate purposes.