How cyber criminals steal cryptocurrency
Hackers from North Korea have become notorious for their sophisticated and relentless tradecraft, according to Chainalysis. Nearly 60 percent of...
Business
China’s new tariffs policy to hasten industrial transformation
Beijing, China -- China's import and export tariff adjustments on some goods took effect on Monday, including implementing provisional import...
Economy
EDGE, Brazil Marine Corps sign pact
A technical cooperation agreement will follow the signing.
- EDGE recently announced a strategic partnership with the Brazilian Navy to co-develop a long-range anti-ship missile.
- The signing ceremony took place in the city of Rio de Janeiro as part of an ongoing EDGE leadership visit to key local government offices.
Business
AMEA reaches financial closure on PV plant
The $86m project will be AMEA's first operational asset in Tunisia.
- The solar plant is being implemented by Kairouan Solar Plant, a project company registered in Tunisia and wholly owned by AMEA Power.
- The project is being financed by IFC, a member of the World Bank Group, and the African Development Bank (AfDB).
Economy
Non-oil sector to drive UAE economic growth to 3% in 2023: S&P
S&P analysts anticipate continued growth within the UAE's robust tourism sector. The country's ability to host major international events is...
- Analysts expect the UAE banking sector to remain robust, with profitability improving beyond pre-pandemic levels due to rising interest rates.
- Banking sector's profitability is expected to improve and exceed pre-pandemic levels due to rising interest rates and technological advancements.
Business
Iraq’s oil revenues hit nearly $9bn in Aug: Ministry of Oil
Baghdad, Iraq -- Iraq's oil revenues in August hit nearly $9 billion, according to the data issued by the Iraqi...
- The $8.99 billion revenue came from crude oil exports of more than 106 million barrels, the country's Ministry of Oil said in a statement, according to the Iraqi News Agency.
- The total quantities of crude oil exported for August from the oil fields in central and southern Iraq amounted to 105.236 million barrels.
Business
Masdar, PLN NP sign expansion pact
They will develop Phase II of Indonesia's Cirata project by up to 500MW
- The initial 145MW phase of the innovative floating PV project, located in the picturesque Cirata reservoir in West Java, Indonesia, is expected to come online later this year.
- Masdar opened an office in Jakarta, Indonesia, in 2021, to further strengthen links with key players within the region.
Business
NEOM inks deal with Marriott International
Under the deal, two luxury hotels will be built in Trojena.
- The agreement includes Saudi Arabia’s first W Hotel, and a JW Marriott chain-branded hotel, NEOM said in a statement.
- Trojena, a flagship development within NEOM, is being crafted and positioned as a year-round adventure sports haven.
Arts & Culture
Broadway musical ‘The Phantom of the Opera’ to Debut in Riyadh
Riyadh, Saudi Arabia -- The iconic Broadway musical 'The Phantom of the Opera' will be performed in Riyadh from Oct...
- The musical will be performed 59 time at The Arena Riyadh. It consists of 100 cast, crew and orchestra members, and more than 230 intricately designed costumes.
- The show is part of the Royal Commission for Riyadh City's Riyadh Life sector to provide entertainment options, in line with the objectives of Vision 2030 Quality of Life program.
Business
Al Akaria signs $610m infra contracts
The Public Investment Fund is a related party to the contracts.
- The contracts pertain to development of the main infrastructure networks and bridges for the Qiddiya project.
- The contracts also include the design, construction, testing and commissioning of a sewage treatment plant.
Business
Investcorp portfolio firm listed
The firm, PT Multitrend Indo, was listed on the Indonesian stock exchange.
- This is Investcorp's first IPO on the Indonesian stock exchange and the 26th IPO in the Firm's 40-year history.
- Investcorp currently has five offices spread across Asia with over US$1.2 billion invested in 40 portfolio companies.
Business
Alpha Dhabi acquires stake in Metito
With this deal, Alpha Dhabi marks entry into water and wastewater domain.
- The acquisition sees Alpha Dhabi purchasing the majority stake from selling shareholders Mitsubishi Corporation, Mitsubishi Heavy Industries, and Gulf Capital.
- The Ghandour family, Metito's founding shareholders, will retain their leadership roles.
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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
How cyber criminals steal cryptocurrency
Hackers from North Korea have become notorious for their sophisticated and relentless tradecraft, according to Chainalysis. Nearly 60 percent of...
Business
Company News
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Beltone 9M net profit at $2.7m
Business
Over-confidence leaves UAE consumers prone to online frauds: Visa study
Dubai, United Arab Emirates – Over-confidence is leaving consumers in UAE open to becoming victims of fraud, according to Visa’s...
Business
Saudi Crown Prince launches urban plan of Qiddiya city
Riyadh, Saudi Arabia -- Crown Prince Mohammad bin Salman, Prime Minister and Chairman of the board of directors of the...
Business
North-South Corridor, Palestine key agenda of Raisi-Putin talks in Moscow
Dubai, UAE – Iranian President Ebrahim Raisi, ahead of his visit to Moscow, has emphasized the importance of the North-South...
Geostrategy
Most Read
Real estate deals in Bahrain decline marginally in third quarter: CBRE
Manama, Bahrain - Real estate transactions in Bahrain recorded a marginal 2.5 percent decline in Q3 2023, totaling 5,145 compared to the...
- Quoted apartment sales experienced a slight decrease of 1.7 percent, while apartment rents rose by 3.2 percent.
- Villa rents and sales, on the other hand, saw significant increases of 4.3 percent and 1.2 percent, respectively
Geostrategy
Ambitious agreements mark Saudi Crown Prince’s Qatar visit
Doha, Qatar – Following a landmark visit by Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud to Qatar,...
- The two countries expressed deep concern about the humanitarian situation in Gaza and the need for a comprehensive and just resolution to the Palestinian question.
- Economic and trade discussions focused on enhancing economic partnerships, diversifying trade, and investing in opportunities within the framework of their transformative visions.
Economy
Saudi Arabia expects budget deficits in 2023 and 2024 as spending rises
The announcement comes one year after the Gulf kingdom, the world's biggest crude exporter and the Middle East's largest economy,...
- The deficit for 2023 is expected to amount to 82 billion Saudi riyals (roughly $21.8 billion), while in 2024 it is expected to total 79 billion Saudi riyals (roughly $21 billion)
- The projections broadly align with a pre-budget statement issued in October that indicated deficits would last through 2026.