Rights group slams Meta for silencing pro-Palestinian voices
"Meta's censorship of content in support of Palestine adds insult to injury at a time of unspeakable atrocities and repression...
Geostrategy
Qatar expects 11.4% revenue dip in 2024 budget on lower oil prices
Finance Minister Ali bin Ahmed Al Kuwari attributed the decrease in revenues to the adoption of an average oil price...
Economy
Business
May expat remittances in Saudi Arabia marginally down: SAMA
Dubai, UAE -- Remittances from expatriates in Saudi Arabia saw a slight decline year-on-year (YoY) to SAR 11.3 billion ($3.01...
- On a month-on-month (MoM) basis, remittances from expats in Saudi Arabia increased 14 percent, or SAR 1.35 billion, Argaam reported.
- Remittances by Saudi nationals to other countries also fell 6 percent YoY to SAR 5.84 billion in May.
Business
UN report confirms success of UAE investment endeavors: Al Marri
"The UNCTAD report for 2022 reaffirms the remarkable and unprecedented achievements resulting from the cumulative balance of FDIs flows in...
- UAE received the fourth largest number of greenfield projects (997), behind only India (1008), the UK (1230) and the US (2075), according to the UN Investment Report 2022.
- Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade said the report confirmed the UAE’s position as a "compelling destination for global capital".
Business
ADQ acquires stake in Canada’s Sagard
The wealth fund invests in Sagard alongside Bank of Montreal.
- As part of the transaction, Great-West Lifeco (GWL), an international financial services holding company, will increase its existing minority share in Sagard.
- In a statement, the entities said that BMO, ADQ and GWL agreed to invest in Sagard to boost its growth including through mergers and acquisitions.
Business
UAE FDI inflows record highest ever jump in 2022: UN report
The country received the fourth largest number of greenfield projects (997), an 84 per cent increase, behind only India (1008),...
- In West Asia, FDI fell by 14 per cent to $48 billion, despite strong activity in greenfield projects and cross-border Mergers and Acquisitions (M&S).
- Global foreign direct investment (FDI) flows in 2022 declined by 12 percent to $1.3 trillion, after nosediving in 2020 and rebounding in 2021.
Geostrategy
All voices must be heard in transition, sustainability debates: OPEC
Secretary-General of OPEC Haitham Al Ghais, speaking at the 8th OPEC International Seminar in Vienna, reiterated the organization's keenness to...
- Ghaith said the concept of sustainability relates to how we fulfil the needs of current generations without compromising the needs of future generations.
- He asserted the importance of oil in the global energy mix and the industry's primary role in reducing carbon emissions.
Business
Mubadala invests in CoolIT Systems
KKR had invested in CoolIT through its Global Impact strategy.
- Headquartered in Calgary, Canada, CoolIT specialises in scalable liquid cooling solutions for computing environments.
- Mubadala’s Impact Investing team invests in businesses providing solutions to critical environmental or social challenges.
Business
Subscription opens to Alinma EMF
The subscription is open for 60 days until Aug 31.
- The offering targets collecting SAR 187.5 million (about $50 million) in subscriptions.
- The fund will start operations on Sept. 14, or earlier if the minimum capital requirement of SAR 37.5 million is met.
Business
Saudi Catering, RSG ink pacts
The contracts are valid for 20 years, said Saudi Catering.
- The first contract includes the design, building, operation and transfer of a central laundry to serve hotels, resorts as well as other facilities.
- The second contract includes the design, building, operation and transfer of a central production unit for catering and facilities management services.
Business
Aldar, IHC, ADNEC merge joint businesses
Eltizam Asset Management Group will also join Aldar Estates platform.
- Under the agreement, IHC and ADNEC Group, a subsidiary of ADQ, will become strategic shareholders in Aldar Estates.
- Aldar Properties will retain a majority stake and maintain control over the combined platform.
Business
Dubai records $381 million in real estate transactions
Dubai, UAE -- Dubai's real estate market recorded deals worth AED1.4 billion on Monday, according to Dubai Land Department.The deals...
- The deals included 495 sales transactions worth AED1.15 billion on Friday, in addition to 79 mortgage deals totaling AED 297.58 million.
- The sales included 467 villas and apartments worth AED938.02 million, and 28 land plots worth AED208.93 million.
Rights group slams Meta for silencing pro-Palestinian voices
"Meta's censorship of content in support of Palestine adds insult to injury at a time of unspeakable atrocities and repression...
Geostrategy
Company News
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Sipchem 9M net profit down 67%
Business
200,000-year-old hand axe found in Saudi Arabia’s AlUla region
AlUla, Saudi Arabia -- The Royal Commission for AlUla (RCU) has announced that the archeological excavation teams at the Qurh...
Arts & Culture
Saudi Arabia to continue voluntary oil cut until end of Dec 2023
Riyadh, Saudi Arabia -- Saudi Arabia has announced it will continue the voluntary cut of one million barrels per day,...
Business
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Economy
Amid volatility, international reserves resilient: World Bank report
Washington, United States -- Central bank reserve management remained resilient during a historically volatile year, according to the fourth edition...
- Central banks were confronted with a particularly challenging environment in 2022, with many of them, especially in developing countries, seeing decreases in reserves.
- Central banks also faced challenges with technological advancements and systems updates, as well as hiring shortages and staffing turnovers.
Business
AMF, State Bank of Pakistan to enhance cross-border payments
Abu Dhabi, UAE -- The Arab Monetary Fund (AMF) and the State Bank of Pakistan (SBP) have signed an MoU...
- The partnership aims to create a framework for cooperation between AMF's Buna and Pakistan's Raast payment systems.
- This will eventually streamline cross-border remittances between the Arab region and Pakistan through official channels.
Business
SCC 9M net profit $73m
The company's revenues increased by 9 percent during this period.
- Gross income rose by 17.3 percent to SAR 435.30 million. Operating income increased by 11.8 percent to SAR 278.20 million.
- The surge in profits was primarily driven by higher sales revenue, resulting from increased total sales value and volumes, as well as other revenue streams.