Saudi AZM gets independent director
Omar bin Fahd Al-Sunaidi's term will extend until Jun 2026.
Business
Cornerstone laid for $40 million logistics park at King Abdulaziz Port
Riyadh, Saudi Arabia -- The cornerstone was laid for an integrated SAR150 million ($39.99 million) Logistics Park at Dammam's King...
Business
AlUla signs pact with Six Senses
Business
Mulk, Ajman Holding form JV
Business
Borouge Q3 net profit up 22%
Business
Elm net profit up 43%
Business
Business
Burjeel to operate Al Dhannah Hospital
Al Dhannah Hospital in Al Dhafra region is owned by ADNOC.
- The contract is aimed to enhance the quality and accessibility of healthcare services to ADNOC employees, their families, and the community in Al Dhafra region.
- Al Dhannah has the capacity of 122 beds, accredited by the Joint Commission International (JCI) offering multi-specialty services.
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Strong growth key to GCC’s FDI appeal
Saudi Arabia has reentered into this year's Kearney FDI Confidence Index, which ranks the markets likely to attract the most...
- The optimism stems from strong economic growth, which is expected by IMF to reach 3.6% in 2023, higher than the global average of 3.3%.
- The GCC region is especially ripe for FDI, as the high demand for oil and gas is expected to continue to spur the growth of economies in the region.
Business
PIF establishes company for developing Ajwa dates products
Riyadh, Saudi Arabia -- Saudi Arabia's sovereign wealth fund, the Public Investment Fund, announced Sunday it has established Al Madinah...
- MHC will focus on promoting and distributing Ajwa dates both locally and internationally in addition to other date varieties to meet growing global demand.
- The company will also contribute to the wider development of sustainable agriculture in the Madinah region through the adoption of the latest agricultural technologies.
Business
ANB profit up 51 percent in H1
The growth was backed by net special commission income.
- The bank reported an increase in the net provisions for expected credit losses and other provisions.
- The second-quarter net profit jumped 39 percent to SAR 986 million from SAR 707.69 million in Q2 2022.
Business
Saudi Fund for Development commits $10m to boost tourism in Bahamas
Riyadh, Saudi Arabia -- The Saudi Fund for Development (SFD) and Bahamas have signed a $10 million agreement to build...
- Nassau Island set to accommodate 50 small businesses, Exuma Island to house 25 small businesses, and Grand Bahama Island to host an additional 25 small businesses.
- This is SFD's inaugural foray into The Bahamas, making it the 89th country to receive funding for a development project from SFD.
Business
IHG to open Hotel Indigo in Oxagon
Oxagon is a coastal industrial city in Saudi Arabia's NEOM.
- The 250-key Hotel Indigo property will be situated in the Oxagon’s first residential community and will open its doors in 2026.
- IHG currently operates 37 hotels across five brands in Saudi Arabia, including InterContinental, Crowne Plaza and Holiday Inn.
Business
FAB second quarter net profit $1.14bn
The rise attributed to increase in net interest and non-interest income.
- For the first six months of 2023, the net profit was $2.19 billion, up 7 percent from $2.08 billion.
- The company said the operating income was $1.82 billion, up 37 percent from 2022.
Geostrategy
Security, trust: Tech titans promise watermarks on AI creations
Representatives from Amazon, Anthropic, Google, Inflection, Meta, Microsoft, and OpenAI were to join US President Joe Biden later Friday to...
- Worry that imagery or audio created by AI will be used for fraud and misinformation has ramped up as the technology improves and the 2024 US presidential election gets closer.
- Commitments by the companies include independent testing of AI systems for risks when it comes to biosecurity, cybersecurity, or "societal effects," according to the White House.
Business
AD Ports Group, CMEC ink MoU
The two companies will explore opportunities globally.
- The two companies will cooperate in various fields including global industry and infrastructure development, financing, building.
- The agreement will be valid for three years and will focus on achieving complementary advantages, sharing resources.
Business
Turkey, UAE sign agreements worth over $50bn
Earlier this year, the two countries signed a Comprehensive Economic Partnership Agreement with the aim of boosting trade to $40...
- The non-oil intra-trade between the two nations amounts to over US$103 billion from 2013 to 2022.
- This includes imports valued at US$56 billion, exports exceeding US$35 billion, and re-exports totaling over US$12 billion.
Saudi AZM gets independent director
Omar bin Fahd Al-Sunaidi's term will extend until Jun 2026.
Business
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Bupa Arabia’s 9M 2023 up 27%
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AlUla signs pact with Six Senses
Business
Mulk, Ajman Holding form JV
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Borouge Q3 net profit up 22%
Business
Global Media Congress opportunity for showcasing AI advances: Expert
Abu Dhabi, UAE -- Rapid advances in AI technologies have created a major challenge for the media sector: the difficulty...
Business
COP28 priorities: From climate action progress to energy transition
Dubai, UAE -- As world leaders and climate experts gear up for the COP28 climate summit scheduled to take place...
Business
Emirates to build advanced $950m engineering facility at DWC
Dubai, UAE -- Emirates has unveiled a plans to build a $950 million cutting-edge engineering facility at Dubai World Central...
Business
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Business
ACWA Power, SEC sign PPAs
The agreements signed with SPPC are valued at $3.9 billion.
- The agreement, signed on November 13, pertains to the development, financing, construction, ownership, and operation of two expansive combined cycle gas turbines power plants.
- Named Taiba 1 and Qassim 1, these mega-projects are strategically situated in Madinah and Qassim, with a production capacity of 1,800 megawatts (MW) each.
Business
PIF to invest in Alkhorayef Petroleum, secure 25% shareholding
Riyadh, Saudi Arabia — The Public Investment Fund (PIF) has formally announced the signing of a share subscription agreement to...
- PIF secures a 25 percent shareholding in the oil and gas production optimization solutions provider, with Alkhorayef Group retaining the majority stake of 75 percent.
- Alkhorayef Petroleum specializes in artificial lift, wireline services and equipment, as well as early production facilities.
Business
Salik records $138m in Q3 revenue
This is the toll operator's highest Q3 revenue since 2007.
- The 14.6 percent year-on-year revenue growth was supported by a strong growth in tourism and residency.
- Salik reported a net profit of AED255 million during the third quarter of 2023, up 5.3 percent against the prior year.