Saudi table egg production crosses 8 billion, achieves 100% self-sufficiency
Riyadh, Saudi Arabia -- Saudi Arabia's poultry sector has reached complete self-sufficiency in table egg production, with output surpassing 8...
Business
Geostrategy
Arab meet calls for more investments in renewable energy
Speaking at the 12th Arab Energy Conference organized by the Organization of Arab Petroleum Exporting Countries (OAPEC), Qatar's Energy Minister...
- OAPEC Secretary General Eng. Jamal Issa Al Loughani emphasized the conference's focus on international energy market developments and their local and global implications.
- He called for a careful balance between emission reduction, energy availability and affordability, while underscoring challenges in building sustainable energy systems.
Economy
Oman’s revenues drop by 17 percent in nine months of 2023
Muscat, Oman -- Oman's revenues for the nine-month period of 2023 declined 17 percent to 9.8 billion riyals ($25.45 billion),...
- During the nine-month period, the budget recorded a financial surplus of about RO 830 million, compared to a surplus of RO 208 million in the same period of 2022.
- Net gas revenues until the end of last October decreased by 43 per cent to reach RO 734 million compared to RO 3 billion and 51 million.
Business
NDMC secures syndicated international loan worth $11bn
Riyadh, Saudi Arabia -- The National Debt Management Center (NDMC) completed the arrangement of a syndicated international loan worth $11...
- A total of 14 international financial institutions from Asia, the Middle East, Europe, and the US participated in the 10-year loan.
- The success of this loan arrangement proves the Kingdom’s proactive trends to provide financing resources that achieve economic growth and diversification, NDMC said.
Business
NEOM launches ‘Topian’ to ensure climate-proof agriculture in Saudi
NEOM, Saudi Arabia: NEOM, a mega-city project in Saudi Arabia characterized by futuristic urban planning and advanced technologies, Sunday announced the...
- Topian has been launched with the support of the Saudi Ministry of Environment, Water and Agriculture (MEWA).
- Topian has signed numerous local and international strategic partnership agreements with organizations that share Topian’s commitment to reshaping the future of food.
Business
Over-confidence leaves UAE consumers prone to online frauds: Visa study
Dubai, United Arab Emirates – Over-confidence is leaving consumers in UAE open to becoming victims of fraud, according to Visa’s...
- Ninety-percent respondents likely to disregard the warning signs that suggest online criminal activity even though 61% claim to be savvy enough to sidestep scams.
- Just over one in two people (54 percent) in the UAE has been a victim of a scam at least once compared to the global average of 52 percent.
Business
Saudi Crown Prince launches urban plan of Qiddiya city
Riyadh, Saudi Arabia -- Crown Prince Mohammad bin Salman, Prime Minister and Chairman of the board of directors of the...
- Qiddiya city will become, in the near future, the foremost global destination in the fields of entertainment, sports, and culture, Argaam reported.
- Work on the project has already begun by pumping about SAR 10 billion into the construction projects. The first assets are expected to be inaugurated in the next two years.
Geostrategy
North-South Corridor, Palestine key agenda of Raisi-Putin talks in Moscow
Dubai, UAE – Iranian President Ebrahim Raisi, ahead of his visit to Moscow, has emphasized the importance of the North-South...
- Speaking at Tehran’s Mehrabad airport before departing for Russia, Raisi indicated that both Iran and Russia are eager to accelerate the construction of this transport project.
- The Kremlin press service confirmed that the discussions between Putin and Raisi will cover various subjects, including trade and economic cooperation
Business
ROSHN, Retal sign $99m deal
363 single-family villas will be constructed in Riyadh.
- SEDRA, spanning eight phases over 35 million square meters, integrates nature and local heritage, creating a unique living experience.
- The latest agreement with Retal underscores the commitment to delivering a modern, upscale, and sustainable urban community, ROSHN said.
Real estate deals in Bahrain decline marginally in third quarter: CBRE
Manama, Bahrain - Real estate transactions in Bahrain recorded a marginal 2.5 percent decline in Q3 2023, totaling 5,145 compared to the...
- Quoted apartment sales experienced a slight decrease of 1.7 percent, while apartment rents rose by 3.2 percent.
- Villa rents and sales, on the other hand, saw significant increases of 4.3 percent and 1.2 percent, respectively
Geostrategy
Ambitious agreements mark Saudi Crown Prince’s Qatar visit
Doha, Qatar – Following a landmark visit by Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud to Qatar,...
- The two countries expressed deep concern about the humanitarian situation in Gaza and the need for a comprehensive and just resolution to the Palestinian question.
- Economic and trade discussions focused on enhancing economic partnerships, diversifying trade, and investing in opportunities within the framework of their transformative visions.
Company News
ESG buys 60% stake in AFKAR
Business
Latest News
Saudi AZM gets independent director
Omar bin Fahd Al-Sunaidi's term will extend until Jun 2026.
Business
QatarEnergy, Shell sign agreement
QatarEnergy will supply 18m barrels of crude oil per year to Shell.
Business
Palestinian Monetary Authority condemns Israeli raids on exchange firms
Ramallah, Palestinian Territories -- The Palestinian Monetary Authority (PMA) said Thursday that the Israeli occupation army’s storming of six exchange...
Geostrategy
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Business
AD Ports, RSPA to develop and operate terminal in Egypt’s Safaga Port
Cairo, Egypt -- AD Ports Group (AD Ports) has signed a concession agreement with the Red Sea Ports Authority (RSPA)...
- The Safaga Port definitive agreement, sanctioned under the Law on the Granting of Commitment Contract issued on 1st November 2023, will see an investment of US$200 million.
- The terminal, spanning approximately 810,000 square meters, will feature a 1,000-metre quay wall and will handle diverse cargo types.
Business
Cornerstone laid for $40 million logistics park at King Abdulaziz Port
Riyadh, Saudi Arabia -- The cornerstone was laid for an integrated SAR150 million ($39.99 million) Logistics Park at Dammam's King...
- The area of the new park is 100,000 sq. meters, with capacity of 300,000 TEUs annually.
- It aims to facilitate the growth of shipping connectivity, and global logistics services, and to raise the quality and efficiency of services.
Business
SAMA seeks public feedback on financial governance amendments
Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) has invited interested parties and specialists concerned with “Key Principles of...
- The amended key principles aim to keep alignment with the latest regulatory changes and updates in the new Companies Law and its Implementing Regulations.
- Suggestions and observations on the draft will be received within (15) days of this announcement for assessing their relevance in finalizing the draft, SAMA added.