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
Yanbu Cement to pay $62.93m in dividends
The cash dividend of SAR1.50 per share will be paid for H1 2023.
- In a Tadawul filing, the firm said the eligibility and distribution dates for the cash dividends will be 31 May and 20 June 2023, respectively.
- The company had posted a net profit of SAR51 million for the first quarter of 2023, a 31 percent increase from SAR 39 million in Q1 2022.
Business
Saudi SEZs attract $12bn in investments since launch in April
An additional $31 billion in investments are in progress, the Special Economic Zones Investment Forum in Riyadh was told Tuesday....
- Saudi Arabia's Minister of Investment Khalid Al-Falih said kingdom closed deals worth SAR 285 billion ($76 billion) in 2022 across sectors ranging from agriculture to aerospace.
- The Special Economic Zones Investment Forum in Riyadh was told Tuesday that an additional $31 billion in investments in the SEZs are in progress.
Business
Advanced secures $586m loan
The five-year financing was secured by promissory notes.
- The Sharia-compliant financing from Alawwal Bank will be used to pay back the existing credit facilities and for financing general corporate purposes.
- Advanced Petrochemical saw its first quarter net profit drop by nearly 74 percent year on year, from 164 million riyals in Q1 2022 to 43 million riyals in Q1 2023.
Business
Sharjah’s Waste-to-Energy Project promotes renewable energy
SHARJAH, UAE - The Sharjah Waste-to-Energy Project, the first of its kind in the Middle East, has strengthened its efforts...
- Since its launch one year ago, the plant has increased its waste diversion rate from 76 percent to 90 percent.
- The move aligns with the UAE's goal of achieving climate neutrality by 2050 and diversifying the energy mix.
Business
Saudi Arabia’s Alinma Bank posts highest first quarter asset growth
Dubai, UAE -- Saudi Arabian Alinma Bank posted the first quarter asset growth of 19.1 percent, leading other Saudi-listed banks,...
- Al Rajhi Bank came second with an asset growth of 18.1 percent growth. The sector’s average growth rate stood at 11.2 percent.
- In terms of deposit growth, Alinma Bank again led the way with 24.9 percent, while Bank Albilad came second with 22.5 percent.
Business
Ajman Chamber and Turkiye look to expand business networks
Ajman, UAE - The Ajman Chamber of Commerce and Industry (ACCI) has discussed expanding the trade and joint investment with...
- The two parties focused on exchanging experiences, expanding business networks and developing partnerships.
- The non-oil trade exchange between the UAE and Türkiye reached $18.95 billion by the end of the year 2022.
Business
Dubai launches strategy to achieve zero emissions in public transport
This aligns with UAE's preparations for COP28 and the UAE Net Zero by 2050 Strategic Initiative, and is a part...
- This makes it the first Middle Eastern agency to develop a long-term strategy for migrating towards Net-Zero Emission Public Transport by 2050.
- The primary objectives of the strategy include the decarbonization of all taxis, limousines, and public buses and designing buildings.
Arts & Culture
Abu Dhabi event transforms global falconry
The exhibition has become a popular platform for falconers to purchase elite captive-bred falcons from local and international farms.
- Last year's exhibition saw the sale of the most expensive falcon in its history, the American-bred "Pure Gyre - Ultra White" for $275,000.
- The breeding of falcons in captivity represented a real revolution in falconry and sustainability and the revival of this heritage.
Geostrategy
Energy minister leads UAE delegation to development road conference in Iraq
ABU DHABI, UAE - Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei headed the UAE delegation to the...
- The one-day conference brought together transport ministers and officials from the Gulf Cooperation Council, Iran, Turkey, Syria and Jordan.
- The huge infrastructure project will link southern Iraq to the border with Turkey from where it will connect to rail and road networks in Europe.
Business
Bupa Arabia Q1 net profit $50.28m
Compared to the last quarter of 2022, net profit fell by 1.4 percent
- Net investment income rose by 24.2 percent year on year and net other revenue doubled YoY.
- Other operating expenses rose 20.4 percent YoY and gross written premiums increased 28.1 percent YoY.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
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
eXtra net profit down 17%
Business
Latest News
Sulaiman Al Habib 9M profit $405m
The Group reported a nearly 16% year-on-year rise in revenues.
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...
Business
Most Read
Business
Qatar records real estate sales contracts worth $84m in five days
Doha, Qatar -- Qatar recorded real estate trading volume in sales contracts worth QR 308 million ($84.59 million) for the...
- Total sales contracts for residential units for the same period was QR 1.09 billion.
- Sales were concentrated in AL Rayyan, Doha, Al Wakrah, Al Daayen, Umm Salal, Al Khor and Al Dakhira municipalities.
Business
PIF to reveal complementary auto projects soon, says top official
Riyadh, Saudi Arabia -- The Public Investment Fund will soon announce complementary projects for the automobile industry, mainly batteries, said...
- PIF is currently focusing on attracting industries related to the automobile system, such as tires, glass, and plastics to Saudi Arabia.
- The PIF has established three factories, Ceer, Lucid and Hyundai, finalizing the first phase of its mega project related to attracting the car manufacturing industry.
Business
ASPACE to set up Saudi’s first satellite manufacturing unit
Riyadh, Saudi Arabia -- Saudi Arabia announced Thursday the completion of SAR 1 billion investment procedures by ASPACE, a Hong...
- The Hong Kong based company completed procedures for the investment of SAR 1 billion ($266 million) for the manufacturing facility.
- The manufacturing company expects growth throughout the project phases, for the manufacturing of components, subsystems, and satellites.