Saudi Arabia to launch 35 renewable energy projects in 2024: Minister
Riyadh, Saudi Arabia -- Saudi Ministry of Industry and Mineral Resources is set to launch nearly 35 renewable energy projects...
Business
Amlak Q3 net profit AED $73m
Business
Rabigh 9M net loss $879m
Business
Regional players welcome ceasefire and political process in Yemen
Riyad, Saudi Arabia -- Key regional players have welcomed the agreement – involving a comprehensive set of measures aimed at...
Geostrategy
Business
Generative AI likely to supplement than destroy jobs: ILO
Geneva, Switzerland -- Generative Artificial Intelligence (AI) is more likely to augment than destroy jobs by automating some tasks rather...
- An International Labour Organization (ILO) study has found most jobs and industries are only partly exposed to automation and are more likely to be complemented by Generative AI.
- It suggests this new wave of technological transformation could offer important benefits for developing countries.
Business
Iran not holding direct talks with US on sidelines of UN meet
"Reports that a meeting between Iranian and American officials will be held on the sidelines of the UN General Assembly...
- Kanaani said the two countries have held only indirect talks to discuss a prisoner exchange and unblocking Iranian assets.
- The New York Times reported on August 10 that the United States and Iran had reached an agreement on a prisoner swap.
Business
ACWA Power announces financial close on $2.4bn Saudi solar projects
Riyadh, Saudi Arabia -- A consortium of ACWA Power and subsidiaries of Saudi sovereign wealth fund, Public Investment Fund, and...
- The projects will generate an aggregate capacity of over 2.6GW of clean electricity for Saudi Arabia.
- The new projects will be jointly owned by PIF subsidiary Badeel (34.99 percent) and ACWA Power (35.01 percent) and SAPCO (30%).
Business
SAB sees $26m negotiated deal
The deal does not directly impact the last deal price.
- A negotiated deal involves a stock purchase based on a bargain between buyers and sellers, apart from the market price, Argaam reported.
- Saudi Awwal Bank reported a net profit of SAR 3.314 billion ($883 million) for the first half of 2023.
Business
NDF helps in financing of US$2.2bn renewable energy project
RIYADH, SAUDI ARABIA - The National Development Fund (NDF) on Sunday said it will contribute US$453 million (SAR1.7 billion) to...
- This is one of the world’s largest renewable energy projects, developed through joint venture by Saudi Aramco, Badeel and ACWA Power.
- NDF's US$453 million financing commitment has attracted local and global banking groups in the Kingdom’s high-growth infrastructure market.
Business
Iran-European Union trade reaches $2.5 billion in first half of 2023
Tehran, Iran -- Trade between Iran and the European Union member states reached 2.3 billion euros ($2.5 billion) in the...
- Iran-EU trade exchanges declined by 10 percent compared to the last year’s corresponding period.
- Germany, Italy and the Netherlands accounted for most of the export of products to Iran from January to June 2023.
Geostrategy
Japan prepares to hold foreign ministers meet with GCC nations in Sept
Tokyo, Japan -- Japan is preparing to hold a foreign ministers' meeting with the six member states of the Gulf...
- Japan relies on the six countries that make up the GCC -- Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates -- for over 90 percent of its crude oil.
- Foreign Minister Yoshimasa Hayashi is expected to attend the meeting, with visits to Egypt and Jordan also under consideration, Kyodo News said.
Arts & Culture
25 teams attending Afro-Arab Esports League 2023 in Saudi Arabia
Riyadh, Saudi Arabia -- The Afro-Arab Esports League, which opened Saturday in Saudi Arabia, will see participation from over 25...
- These teams will compete for three days in a variety of tournaments tailored for both men and women, covering popular games such as eFootball and Valorant.
- Prince Faisal bin Bandar bin Sultan said the arrangement of the Afro-Arab Esports League demonstrated of the sector's importance in both the Arab and African realms.
Business
Brazilian exports to Arab countries up 8% in seven months
Dubai, UAE -- The Arab Brazilian Chamber of Commerce (ABCC) recorded a surge of 8 percent in Brazilian exports to...
- Brazilian exports to the the kingdom totaled to $1.873 billion in the first seven months of 2023, while exports to exports to the United Arab Emirates amounted to $1.646 billion.
- Kuwait also witnessed an increase in the Brazilian exports, which amounted to $157.78 million during this period.
Geostrategy
Hungarian companies want to expand work in Russia, says PM Orban
BUDAPEST, HUNGARY – Hungarian Prime Minister Viktor Orban said that companies from his country plan to expand their activities in...
- Hungarian Prime Minister Viktor Orban made the statement at a meeting with the head of Russia’s Tatarstan region Rustam Minnikhanov in Budapest.
- The head of Tatarstan came to Budapest at the invitation of Orban in connection with the Hungarian national holiday, St. Stephen's Day.
Saudi Arabia to launch 35 renewable energy projects in 2024: Minister
Riyadh, Saudi Arabia -- Saudi Ministry of Industry and Mineral Resources is set to launch nearly 35 renewable energy projects...
Business
Company News
Dana Gas 9M net profit $126m
Business
Amlak Q3 net profit AED $73m
Business
Rabigh 9M net loss $879m
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IHC 9M net profit $4.13bn
Business
Amanat net profit up 73%
Business
UAE defense conglomerate EDGE signed nearly $2bn in deals
Dubai, UAE -- UAE defense conglomerate EDGE Group has inked deals worth at least $1.8 billion during the Dubai Airshow,...
Business
SAMA, Central Bank of China sign $7bn currency swap agreement
Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) has signed a three-year currency swap agreement with the Central Bank...
Business
48% of people in UAE expect cross-border payments surge in 2024
Dubai, UAE -- Nearly 48 percent of individuals in the UAE anticipate an uptick in cross-border payments over the next...
Business
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Business
First internationally recognized renewable ammonia shipment made
Dubai, UAE -- Abu Dhabi-based Fertiglobe, a strategic partnership between ADNOC and OCI Global, has completed the maiden shipment of...
- The renewable ammonia was generated at Fertiglobe's facilities in Egypt utilizing renewable hydrogen from its Egypt Green Hydrogen electrolyzer pilot.
- This eco-friendly ammonia will play a crucial role in producing near-zero emissions synthetic soda ash, a vital component in laundry powder, for consumer goods giant Unilever.
Business
AJEX, MODON sign partnership
AJEX will have rights to operate warehousing facilities at Modon.
- These facilities will be utilized for the storage of a diverse range of goods, including hazardous materials, food and beverage products, and general items.
- The newly secured warehousing space aligns with Dammam's pivotal role in the Kingdom's oil, gas, and industrial sectors, AJEX said in a statement.
Geostrategy
FMs from Palestinian Authority, Muslim nations to visit China
Officials will include the foreign ministers of the Palestinian Authority in the West Bank, Saudi Arabia, Jordan, Egypt and Indonesia,...
- Following the outbreak of war last month, Chinese officials including Foreign Minister Wang Yi have called for an immediate ceasefire and a "cooling down" of the situation.
- China has historically been sympathetic to the Palestinians and supported a two-state solution to the Israeli-Palestinian conflict.