West Bank eviction film ‘No Other Land’ wins best documentary Oscar
Jerusalem -- No Other Land, a documentary about Israeli settlement in the occupied West Bank, has won the best documentary award...
Arts & Culture
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
Business
Cruise Saudi partners with leading firms to outfit premium AROYA
Jeddah, Saudi Arabia -- Cruise Saudi, a wholly owned subsidiary of the Public Investment Fund that specializes in developing the...
- MJM Marine, a leading specialist in cruise ship refurbishment, will upgrade existing cabins and suites of the AROYA Cruise.
- DE Wave Group, a global contractor for cruise ship and yacht interior outfitting, will outfit the upper deck areas of the AROYA Cruise.
Business
Saudi capital market institutions employ 5,524 by second quarter end: CMA
Dubai, UAE -- The number of employees at capital market institutions rose by 103 quarter-on-quarter (QoQ) to 5,524 by the...
- Males accounted for 80 percent of the employees at capital market institutions, with 4,400 employees, while the number of females stood at 1,124.
- Meanwhile, the Saudization rate at these institutions reached 75 percent by the end of Q2, from 77 percent in Q1, according to the Capital Market Institutions Report.
Business
Investcorp sells stake in Safari
This was Investcorp's fourth exit in India in just a few years.
- In India, Investcorp is an active investor in mid-market companies across consumption-linked sectors and in the real estate business.
- In the private equity space, Investcorp targets opportunities across the consumer tech, healthcare, financial services, and retail.
Business
Mubadala commits $1bn Blue Owl
The $1bn was committed to Blue Owl's credit platform.
- The partnership will initially focus on its Technology Lending strategy, which provides financing solutions for a broad range of technology and software companies.
- Since 2009, Mubadala’s Credit Investments unit has been investing in private debt opportunities, with a focus on direct lending to middle market and large cap companies.
Economy
Saudi Industrial Production Index falls third month in a row
Riyadh, Saudi Arabia -- Saudi Arabia’s Industrial Production Index (IPI) fell for the third month in a row, declining by...
- Saudi IPI retreated to 122.03 points in July, according to the base year 2010, compared to 135.23 points in the year-ago period.
- The decline in IPI is the largest since April 2021, when it recorded a drop of 24 percent.
Arts & Culture
Riyadh to host 45th session of UNESCO’s World Heritage Committee
Riyadh, Saudi Arabia -- Saudi Arabia is hosting the extended 45th session of UNESCO's World Heritage Committee from September 10...
- This session anticipates the participation of 3,000 individuals representing 21 member states of the World Heritage Committee.
- Minister of Culture and Chairman of the Saudi National Commission for Education, Culture, and Science, Prince Badr bin Abdullah bin Farhan will attend the meeting.
Business
$17.32bn projects launched on first day of Cityscape Riyadh
Riyadh, Saudi Arabia -- The Cityscape Global Exhibition, which kicked off Sunday in Riyadh, witnessed the launch of real estate...
- ROSHN Group will have four strategic partnerships of over SAR 9 billion in the fields of construction and infrastructure, Argaam reported.
- National Housing Co. (NHC) also unveiled three luxury projects in Al Forsan and Khuzam suburbs, which provide 86,000 housing units with a value exceeding SAR 42 billion.
Business
Care secures $93.3m Murabaha facility
The long-term facility was obtained from Gulf International Bank.
- Care said the facility comprises SAR 100m revolving loan to be renewed periodically, and a SAR 250m long-term loan for a period of 10 years with a grace period of one year.
- The facility will be used to finance the company’s working capital requirements and support its strategy via expansion and acquisitions.
Business
ADES prices IPO $3.33-$3.60 per share
The book-building process starts Sunday and run through Sept. 14.
- ADES International Holding, an oil and gas driller backed by Saudi Arabia’s sovereign wealth fund, PIF, expects to raise more than $1 billion.
- The offer will comprise 338.7 million ordinary shares-- 101.62 million shares by ADES, the PIF and Zamil Investment Company, and 237.10 million new shares through capital hike.
Geostrategy
Gaza exports to Israel resume as crossing reopens: Palestinian official
The Kerem Shalom crossing, the only point of entry for goods between Gaza and Israel, was closed last week after...
- Impoverished Gaza, home to around 2.3 million Palestinians, is under a tight land, air and sea blockade imposed by Israel, whose defense ministry controls all crossings.
- The closure of the Kerem Shalom crossing came amid rising violence in the Israeli-Palestinian conflict which has seen at least 227 Palestinians killed so far this year.
West Bank eviction film ‘No Other Land’ wins best documentary Oscar
Jerusalem -- No Other Land, a documentary about Israeli settlement in the occupied West Bank, has won the best documentary award...
Arts & Culture
Company News
Latest News
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,...
Economy
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...
Business
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COP28 UAE
$272 billion sustainable finance pledge by UAE financial sector at COP28
Abu Dhabi, UAE -- The financial sector of the United Arab Emirates commits to mobilizing more than AED 1 trillion...
- The commitment to mobilize AED 1 trillion was made by the UAE Banks Federation at an event held on Finance Day at COP28.
- Financial sector's engagement is critical to realize our collective climate ambitions, ensuring that the 1.5°C target remains within reach, said COP28 President Sultan Al Jaber.
Business
Masdar, Taaleri acquire 8 energy projects
The hybrid renewable energy projects in Poland have 1Gw capacity.
- Masdar and Taaleria have purchased the projects from Domrel Biuro Usług Inwestycyjnych, a prominent player in Poland's renewable energy sector.
- These projects incorporate solar photovoltaic (PV) and onshore wind technologies and are projected to power approximately 223,000 households.
Business
ADNOC-Tabreed G2COOl opens
G2COOL is the first geothermal energy cooling plant in the Gulf region.
- The G2COOL plant produces naturally occurring hot water found underground through two geothermal wells.
- The hot water is fed into absorption cooling technology to produce the chilled water needed by Tabreed for its district cooling activities.