81 percent of Saudi population attends cultural events, activities in 2024: GASTAT
Riyadh, Saudi Arabia -- Nearly 81.6 percent of Saudi individuals visited at least one cultural event or activity in 2024, according...
Arts & Culture
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...
Business
Dubai ranks fifth globally on key shipping development Index
Dubai, UAE -- Dubai has maintained its ranking among the top five global maritime centres on the 2023 International Shipping...
- The city also ranked first in the Arab world for sea freight and logistics services on the 2023 International Shipping Centre Development (ISCD) Index.
- Dubai is the only Arab city on the list. Singapore, London, Shanghai and Hong Kong secured the top four ranks on the Index.
Business
ADIB completes $750m sukuk redemption
The sukuk, issued on Sept 20, 2018, carried profit rate of 7.125%.
- ADIB redeemed them at the trustee call amount, equivalent to the prevailing face value of the certificates along with any outstanding payments as of September 20, 2023.
- Earlier in July 2023, ADIB had successfully raised an additional $750 million through the issuance of new additional tier-one (AT1) perpetual sukuk.
Geostrategy
Agriculture deals worth $471m inked at China-Arab States Expo
Beijing, China -- A total of 34 deals worth approximately AED1.73 billion ($471 million) were signed at the conference on...
- Last year, trade value of agricultural products between China and Arab countries reached US$5 billion (AED18.36 billion).
- China has held nearly 500 training sessions for nearly 10,000 agricultural officials and technical staff from 22 Arab League member countries.
Business
Aramco, Cenomi see 4 negotiated deals
The $32.81 million deals were registered by Tadawul.
- A negotiated deal involves a stock purchase based on a bargain between buyers and sellers, apart from the market price.
- The negotiated deal does not directly impact the last deal price, highest/lowest stock price and opening/closing price.
Arts & Culture
Saudi Arabia’s natural reserve makes it to UNESCO heritage list
Riyadh, Saudi Arabia -- The Uruq Bani Ma'arid Reserve in Saudi Arabia has been inscribed on the UNESCO World Heritage...
- Uruq Bani Ma'arid Reserve occupies an area of over 12,750 km2 and is the only major sand desert in tropical Asia.
- It provides vital natural habitats for the survival of more than 120 indigenous plant species.
Geostrategy
GCC ministers call upon Iraq to respect Kuwait sovereignty
New York, United States -- At a meeting on the sidelines of the 78th session of the UN General Assembly,...
- The foreign ministers asked Baghdad to adhere to UN resolutions, particularly Resolution 833, which pertains to the demarcation of the Kuwait-Iraq borders.
- Expressing hope for continued cooperation from Iraq, the ministers urged both Iraq and the UN to make every effort to resolve the related issues.
Economy
GCC countries hold interest rates following US Fed decision
Abu Dhabi, UAE -- In the wake of the US Federal Reserve's decision to maintain its interest rates, GCC countries,...
- The US Federal Reserve, on Wednesday, voted to keep interest rates at a 22-year peak, suggesting that these rates might need to persist at these highs to tame inflation.
- The CBUAE will continue to set the rate for short-term liquidity borrowing at 50 basis points above the Base Rate.
Business
Sharjah Chamber to host two-day Gulf-Iraq Business event
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) said it is likely to host the first Gulf-Iraq...
- The theme of the event is “Partnership for a Promising Economic Future”, and is expected to present multiple investment opportunities.
- The Chamber hopes the event starts new wave of economic, trade, and industrial relations between the GCC countries and Iraq.
Business
stc’s acquisition of Telefonica stake okayed
Spain's Securities Market Regulatory Authority cleared the deal.
- Morgan Stanley, which advises on the deal from the buyer's side, accumulated a little less than 3 percent of Telefonica’s capital during an unspecified period of time.
- Media reports said that stc announced recently it acquired a 9.9 percent stake in Telefonica for SAR 8.5 billion (2.1 billion euros).
Business
ZATCA, Korea Customs Service sign MoU to recognize AEO
Riyadh, Saudi Arabia -- Saudi Arabia's Zakat, Tax and Customs Authority (ZATCA) and Korea Customs Service have signed a memorandum...
- The move will accelerate the clearance of goods at customs points, enhance trade, and support their economies, SPA reported.
- ZATCA also showcased the “Clearance within Two Hours” initiative, which aims to unify the efforts of customs clearance authorities.
Most Read
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
81 percent of Saudi population attends cultural events, activities in 2024: GASTAT
Riyadh, Saudi Arabia -- Nearly 81.6 percent of Saudi individuals visited at least one cultural event or activity in 2024, according...
Arts & Culture
Company News
Beltone 9M net profit at $2.7m
Business
Latest News
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...
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,...
Geostrategy
Most Read
Business
People-positive approach needed in clean power transition: WEF paper
Dubai, UAE -- Building massive infrastructure for clean power projects in pursuit of climate goals will need nearly $4.5 trillion in...
- The white paper calls for a dialogue between the industry and community groups and NGOs to define common standards for a people-positive energy transition.
- It also urges governments to not only focus on the lowest price but also the wider societal value creation in their transition plans.
Business
Mubadala invests in Zenobē
The investment is aimed at powering 4,000 electric vehicles.
- The collective investment aims to power 4,000 electric buses, trucks, and commercial vehicles, contributing to the global transition to cleaner transportation by 2026.
- London-based Zenobē, established in 2017, specializes in electric vehicle (EV) fleet solutions and large-scale battery storage.
Business
Riyad Bank Saudi PMI down to 57.5 points in November
Riyadh, Saudi Arabia -- The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Manager's Index (PMI), formerly S&P Global Saudi Arabia PMI,...
- The index continued to signal a rapid expansion in the non-oil private sector in November,
- Higher raw material prices led to a continuous increase in corporate sales prices, but demand remained strong.