Israeli forces detain 4,695 Palestinians in West Bank since Oct 7
The Palestinian Prisoners Society (PPS) and the Detainees and Ex-Detainees Affairs Authority say the tally includes the Palestinians detained at...
Geostrategy
Angola departure a blow for OPEC+ as cartel tensions rise
Despite slashing oil production for months on end and announcing new cuts in late November, the Organization of the Petroleum...
Geostrategy
Business
SAMI, Safran sign helicopter pact
Paris, France -- SAMI, a PIF-owned national defense and security organization of Saudi Arabia, has signed an agreement with Safran...
- The agreement includes technical assistance and qualification, development of technical infrastructure, and technical training for Saudi talents.
- Safran Helicopter Engines is the world's leading manufacturer of helicopter engines, with more than 75,000 produced since being founded.
Business
Dubai records over $680 million in real estate transactions
Dubai, UAE -- Dubai real estate market recorded real estate transactions worth AED 2.5 billion ($680 million) on Thursday, Dubai...
- The transactions included 744 sales worth AED2 billion, in addition to 153 mortgage deals of AED542.55 million, and 27 gift deals amounting to AED31.3 million.
- The sales included 688 villas and apartments worth AED1.56 billion, and 56land plots worth AED435.15 million.
Business
Sipchem to pay 12.5% H1 dividend
The total dividend of $241.63 million will be paid on July 19.
- During the past three financial years, the company has paid cash dividends at SAR 5.99 per share.
- Sipchem's net profit for the first quarter of 2023 fell by 56 percent to SAR 470.3 million from SAR 1.07 billion in the same period of 2022.
Business
Emirati, Iraqi private sectors to benefit from Ma’an initiative
Sharjah, UAE -- The Federation of UAE Chambers of Commerce and Industry (FCCI) and the International Development Bank (IDB)-UAE have...
- It was launched by the Federation of UAE Chambers of Commerce and Industry (FCCI) and the International Development Bank (IDB)-UAE have launched Ma'an (Together).
- The name "Ma’an" signifies the deep historical ties between the UAE and Iraq, especially in trade and business, the Chambers said.
Business
Rulebook to ease access to UAE central bank’s reference system
Abu Dhabi, UAE -- The Central Bank of the UAE (CBUAE) has launched the Rulebook, a dedicated platform on its...
- Rulebook is a dedicated platform on its website that hosts the CBUAE’s regulations, standards, guidelines, relevant laws and other regulatory publications.
- The new Rulebook provides financial sector stakeholders with further access to the CBUAE’s regulatory publications from any device, in Arabic and English.
Business
Three UAE lenders among top five GCC banks
Both countries attract a high level of foreign investment, which provides capital for their banking sectors. The UAE is the...
- In 2022, the UAE's banking sector had assets of over $1.5 trillion, and Saudi Arabia's banking sector had assets of over $1 trillion.
- The UAE and Saudi Arabia dominate the Gulf Cooperation Council banking sector as both have large and growing domestic markets.
Business
NEOM and Volocopter conduct successful flight trials of air taxis
Riyadh, Saudi Arabia -- NEOM and Volocopter have announced a series of successful flight trials of electric vertical vehicles (eVTOL),...
- The project is the result of an 18-month partnership between NEOM, the General Civil Aviation Authority (GCAA), and Volocopter.
- The flight trials mark the first ever testing of an electric and zero-emission urban air mobility (UAM) system in Kingdom's futuristic city.
Business
Sanad expands MRO services
Signs agreement with GE Aerospace and Safran Aircraft.
- With this agreement, Sanad becomes the first certified LEAP MRO service provider in the SAMENA region, supporting the global LEAP MRO supply chain from its facility in Abu Dhabi.
- LEAP-1A and LEAP-1B engines are effectively designed to meet the challenge of decarbonizing air transport with enhanced performance in terms of improved fuel consumption.
Geostrategy
Riyadh faces Rome and Busan in race to host World Expo 2030
Paris. France -- The candidature of Saudi Arabia (for Riyadh), South Korea (Busan) and Italy (Rome) for World Expo 2030...
- At the 172nd General Assembly of the BIE, Member States were presented with the findings of Enquiry Missions carried out by the BIE to assess the candidature projects for Expo2030.
- Riyadh's bid for Expo between 1 October 2030 and 31 March 2031 is under the theme “The Era of Change: Together for a Foresighted Tomorrow”.
Economy
Remittances to MENA may rise by 1.7% after drop in 2022: World Bank
Dubai, UAE -- Remittance flows to the Middle East and North Africa (MENA) are expected to increase marginally in 2023...
- The remittances are likely to increase by 1.7 percent in 2023 and by 1.8 percent the following year, the World Bank said in its Migration and Development report.
- The 3.8 percent drop in the flows in 2022 was driven mainly by a drop in flows to Egypt and downturns in flows to Algeria and Jordan.
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Israeli forces detain 4,695 Palestinians in West Bank since Oct 7
The Palestinian Prisoners Society (PPS) and the Detainees and Ex-Detainees Affairs Authority say the tally includes the Palestinians detained at...
Geostrategy
Company News
Sipchem 9M net profit down 67%
Business
Latest News
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
American defense companies firm on attending Dubai Airshow
Washington DC, United States -- In spite of escalating instability in the Middle East, several American defense firms have reaffirmed...
Business
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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.
Business
SAIC 9M net profit 38%
The third quarter net profit increased by 76 percent.
- This figure marks a leap from the SAR 80.4 million recorded in the same period the previous year.
- Revenues surged by 36.6 percent, from SAR 91.49 million in 9M 2022 to SAR 124.97 million in 9M 2023.