DIFC Innovation Hub 2023 graduates raise $600 million in funding
Dubai, UAE -- More than 200 start-ups graduating from the programs of DIFC Innovation Hub in 2023 have collectively raised...
Business
Saudi Arabia’s Noor Riyadh festival sets 6 Guinness World Records
Riyadh, Saudi Arabia -- Noor Riyadh Festival 2023 has secured six new Guinness World Records, making it its third consecutive...
Arts & Culture
Business
solutions signs $118m contract
The contract's impact will show in the firm's Q3 financials.
- The company that under the 42-month contract, awarded on April 26, it will support and operate an information technology management program for NCGR.
- The company reported a revenue of SAR 2.7 billion in the first quarter of 2023, an increase of 19 percent from the same quarter last year.
Geostrategy
Kuwait urges Europe to facilitate Schengen visas for its citizens
Kuwait-- Kuwait has urged European states to facilitate the granting of Schengen visas for Kuwaiti citizens.The call was made by...
- The call was made by Foreign Minister Sheikh Salem Abdullah Al-Jaber Al-Sabah who received at a luncheon several European ambassadors and heads of diplomatic missions.
- The Schengen area is a group of European countries that have agreed to allow passport-holders from one country to travel freely within the area without border controls.
Business
Saudi SME Bank signs $266m deals with fintech firms, investment funds
Riyadh, Saudi Arabia – The SMEs Bank system of the National Development Fund has signed 20 agreements valued at more...
- These deals include 10 agreements and MoU by the SMEs Bank worth SAR 500 million and three agreements signed by the Saudi Venture Capital Company SVC worth SAR 232 million.
- A total of seven MoUs were signed by the Small and Medium Enterprises Financing Guarantee Program "Kafalah" worth SAR 300 million with a leverage of up to five times.
Business
Kuwait Oil Company’s five-year digital strategy to reduce expenses
Kuwait -- Kuwait Oil Company announced on Saturday that it has upgraded its five-year digitalization strategy, which will contribute to...
- The upgrading of the strategy will also enhance safety and security, and help manage risks in a better way, Deputy CEO for gas and innovation at KOC Bader Ahmad Al-Munaifi said.
- "KOC will announce a roadmap for digitalization and launch a massive database during a conference on June 18," he said.
Business
Dubai records $2.45 billion in weekly real estate transactions
Dubai, UAE -- A total of 3,397 real estate and properties transactions valued at AED 9 billion ($2.45 billion) were...
- The DLD data showed that 204 plots were sold for AED 1.52 billion, 2,562 apartments and villas were sold for AED 5.69 billion.
- A total of 134 properties were granted between first-degree relatives worth AED 340 million and the sum of mortgaged properties was AED 1.52 billion.
Business
Middle East rich looking for alternative investments: EY report
Dubai, UAE -- High net-worth individuals (HNWIs) in the Middle East are increasingly looking for alternative investments, such as private...
- The EY report also noted that the HNWIs, who are expected to grow by 10 percent to 225,000 in 2023, are increasingly adopting digital channels to manage their wealth.
- According to the report, private equity is the most popular alternative investment among HNWIs in the region, followed by real estate and hedge funds.
Business
Al-Futtaim leads $15m start-up funding
The firm led the funding in River, which manufactures electric two-wheelers.
- River is a Bengaluru-based company that was founded in 2020. The company has developed a range of electric two-wheelers, including scooters and motorcycles.
- The investment from Al-Futtaim Automotive will be used to help River scale up its manufacturing and distribution operations.
Business
Saudi Arabia to import 1.5 million head of cattle this Hajj season
Riyadh, Saudi Arabia -- Saudi Arabia's livestock imports during the current Hijri year increased by 40 percent compared to the...
- Since the beginning of this month, a total of 700,000 imported head of livestock have been cleared by the ministry at Jeddah Islamic Port.
- The ministry said it expects half a million more head to arrive in the coming days, in preparation for this year's Hajj season.
Business
Barakah Plant’s final unit begins operational readiness preparations, says ENEC
ABU DHABI, UAE - The Emirates Nuclear Energy Corporation (ENEC) has announced that Unit 4, the fourth and final unit...
- Barakah Plant has had a transformational impact on the UAE, spearheading the rapid decarbonization of the UAE’s power sector.
- Unit 4 will raise the Barakah Plant’s total clean electricity generation capacity to 5.6GW, equivalent to 25 percent of UAE’s electricity needs.
Business
Dubai International Chamber attracts 5 MNCs, 20 SMEs in Q1
Dubai, UAE -- Dubai International Chamber, one of the three chambers operating under Dubai Chambers, has attracted five Multinational Corporations...
- The chamber also supported the expansion of seven local and national companies into foreign markets by helping them increase their exports or establish a presence abroad.
- The Chamber also opened a new representative office in Hong Kong, bringing the total number of its international offices to 16 by the end of Q1 2023.
DIFC Innovation Hub 2023 graduates raise $600 million in funding
Dubai, UAE -- More than 200 start-ups graduating from the programs of DIFC Innovation Hub in 2023 have collectively raised...
Business
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SIRC and Edama sign partnership
Business
Silal acquires stake in SAFCO
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Business
Sulaiman Al Habib 9M profit $405m
The Group reported a nearly 16% year-on-year rise in revenues.
- The higher revenues were driven the hospital and pharmacy segments, due to the increase in the number of patients and inpatients occupancy.
- In Q3 2023, the net profit climbed 30 percent to SAR 544.8 million from SAR 420.6 million in Q3 2022.
Business
UAE, Saudi stock exchanges surpass Arab peers with $167bn in gains
Abu Dhabi, UAE -- The financial markets of the United Arab Emirates and Saudi Arabia topped the Arab stock exchanges...
- UAE achieved market gains of about $32.5 billion: $20.7 billion for the Abu Dhabi Securities Exchange (ADX) and $11.8 billion for the Dubai Financial Market (DFM).
- The Saudi Financial Market achieved market gains of about $134.1 billion with a rise in its market capitalization from $2.908 trillion to $3.04 trillion.
Geostrategy
Saudi Arabia selected as member of UN’s AI Advisory Body
New York, United States-- United Nations Secretary-General António Guterres Friday announced the selection of Saudi Arabia to the UN Advisory...
- UN Advisory Body on Artificial Intelligence (AI) consists of 39 members representing government and private and civil-society organizations.
- Shura Council member Dr. Latifa bint Mohammad Al-Abdulkareem will represent the Kingdom at the UN AI Advisory Body.