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
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
Saudi securities disputes compensation $586 million in four years
Saudi Arabia's Capital Market Authority (CMA) has revealed a staggering 4275 percent surge in the value of compensation for individuals...
- In 2022 alone, the compensation value amounted to 1.75 billion riyals, compared to 40 million riyals in 2019, 93 million riyals in 2020, and 367 million riyals in 2021.
- The number of compensators has also witnessed a significant rise, with a total of 2,352 individuals seeking compensation in the past four years.
Business
Finding private sector jobs difficult for 62% percent Emirati graduates
Despite this pessimistic view, however, 61 percent of the surveyed graduates expressed interest in joining the private sector, said PwC's...
- Despite this pessimistic view, however, 61 percent of the surveyed graduates expressed interest in joining the private sector, said PwC's Emiratization Survey 2023.
- The survey sheds light on the efforts made by the UAE to enhance Emirati participation in the private-sector workforce, in line with the country’s national vision mandate.
Business
Qatar bid for Man Utd awaiting clarity after reports of exclusivity offer
London, United Kingdom -- A source close to Sheikh Jassim Bin Hamad Al Thani said Thursday that the Qatari bidders...
- United announced in November that the board was exploring "strategic alternatives to enhance the club's growth", with a full sale one of the options.
- Sheikh Jassim made a final bid for the club and it is understood that his offer is viewed more favorably by the owners than a rival bid from British billionaire Jim Ratcliffe.
Economy
Saudi inflation in May rises slightly to 2.8% on higher rents
Dubai, UAE -- Saudi Arabia’s inflation increased by 2.8%, compared to May 2022, slightly higher than April 2023 (2.7 percent),...
- The main driver of CPI inflation in May was the higher prices of housing, water, electricity, gas, and other fuels by 8.4 percent, and food and beverages by 0.9 percent.
- The cost-of-living index for May rose to 109.37 points, according to the base year 2018, from 106.42 points in the same month a year earlier.
Business
Tecom secures $2.06bn loan
This facility replaces an existing partially utilized term loan of the same amount.
- The loan is split into a term loan of AED 4.4 billion, equivalent to the drawn-down amount from the previous agreement, and a revolving credit facility of AED 3.2 billion.
- The company said the new loan facility offers greater financial flexibility and more favorable terms, resulting in immediate interest expense savings over the five-year period.
Business
Mawani to set up $533m petroleum products storage center
Riyadh, Saudi Arabia -- Saudi Arabia's General Authority of Ports, known as Mawani, has joined forces with Albanova International Company,...
- This initiative is part of a project aimed at developing a leading center for bunkering ships at King Fahd Industrial Port in Yanbu.
- The 393,000-square-meter center aims to accommodate storage tanks for trading, blending, and storing petroleum materials, meeting the logistical demands of the petroleum industry.
Business
SABIC okays $1.43bn H1 dividend
SABIC's board cleared an 18 percent cash dividend at $0.48 per share.
- SABIC had reported a 90 percent decline in net income to SAR 0.66 billion ($177 million) in the first quarter, compared to SAR 6.47 billion ($1.77 billion) in Q1 2022.
- SABIC paid a total cash dividend of SAR 12.75 billion for 2022, or 42.5 percent of its net income, in two instalments.
Business
UAE to see second biggest migration of millionaires in 2023: Report
Dubai, UAE -- The United Arab Emirates will see the second biggest migration of high-net-worth individuals (HNWIs) in 2023 with...
- Other countries in the top 10 include Singapore, the US, Switzerland, Canada, Greece, France, Portugal, and New Zealand.
- The countries that are predicted to lose the most millionaires in 2023 include China (13,500), India (8,000), UK (3,200) and Russia (3,000).
Business
Mubadala-Proprium joint venture formed
The joint venture will invest in Japanese multifamily property.
- The $600 million venture will focus on acquiring and managing high-quality, stabilized rental properties in Tokyo and Osaka.
- The joint venture will also target sustainability initiatives, such as reducing the carbon footprint of its properties, Mubadala said in a statement.
Videos
GCC banking’s tech shift saves time, money
GCC banks started adopting online and mobile banking, and ATMs, in the 1990s and 2000s. More recently, they've integrated advanced...
- As of 2019, there were over 5,000 bank branches in the GCC region, catering to a population exceeding 50 million.
- On average, customers spent about 30 minutes in these branches to avail themselves of banking services.
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
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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.