PKK declares ceasefire with Turkey after 40 years of armed struggle
Istanbul, Turkey - Outlawed Kurdish militants on Saturday declared a ceasefire with Turkey following a landmark call by jailed PKK...
Saudi Arabia, Gulf neighbours say Ramadan to start on Saturday
Observing fasting during Ramadan is one of the five pillars of Islam, requiring believers to abstain from eating, drinking, smoking...
Arts & Culture
Business
SAUDIA adds new A321neo aircraft to its fleet
Jeddah, Saudi Arabia - SAUDIA, the national flag carrier of Saudi Arabia, announced the expansion of its fleet with the...
- The A321neo aircraft is a single-aisle, narrow-body aircraft and seats 180 to 220 passengers in a typical two-class interior layout
- SAUDIA serves global route network covering around 100 destinations across four continents, including all 28 domestic airports in Saudi Arabia
Business
Alkhaleej Takaful Insurance logs 28% profit
Earnings per share amounted to QR 0.165.
- Earnings per share (EPS) amounted to QR 0.165 as of June 30, 2023 versus QR 0.129 for the same period in 2022
- The ompany was established in 1979 to provide all kinds of conventional insurance and reinsurance services
Business
Middle East will spend $3bn on Artificial Intelligence in 2023: study
Dubai, UAE - The International Data Corporation (IDC) has forecasted that the Middle East will spend $3 billion on AI...
- The Middle East could gain up to $320 billion from AI advancements with Saudi Arabia benefiting the most
- The UAE is projected to experience the largest impact, accounting for about 14 percent of its 2030 GDP
Business
STC reports record revenues in H1 2023
The company's gross profit reached $4,929 million.
- The gross profit reached $4,929 million, representing a growth of 0.90% YoY
- The net profit surged to $1,625 million, registering a growth of 4.17 percent
Economy
UAE to establish prosecution entities specialised in economic crimes, money laundering
Abu Dhabi, UAE - The UAE is establishing federal prosecution entities specialised in economic crimes and money laundering, to develop...
- The establishment of these entities also represents a first step towards investigating and cracking down on crimes such as corporate crimes
- The entities will enhance the UAE’s competitiveness as a global financial and business hub for investment and improving the quality of criminal investigations
Saudi Arabia’s mining company Ma’aden to buy 10% of Brazilian firm
Riyadh, Saudi Arabia - Saudi Arabian Mining Company, known as Ma’aden, has agreed to acquire a 10 percent stake in...
- Manara’s investment into Vale will play a key role in helping it expand the production of copper and nickel
- A binding agreement was signed by Manara, Ma’aden's joint venture, established with the Public Investment
Business
UAE is fourth biggest market for Indian spices
NEW DELHI, INDIA - The UAE ranked fourth in the world among the top 12 markets for Indian spices in...
- World Spice Congress 2023 is being organized on the sidelines of the G20 Summit to be held in New Delhi in September.
- India produces 75 spices out of the 109 varieties listed by the International Organization for Standardization (ISO).
Business
Waha Capital H1 2023 profit up 221%
The company's total operating income was $135m.
- The company recorded total operating income of $135 million in the first six months of 2023
- Its total assets under management (AUM) stood at $2.43 billion at the end of June 2023
Business
Larsen & Toubro to collaborate with banks in the Middle East
Dubai, UAE - Larsen & Toubro (L&T), a Mumbai-based Indian company, has announced plans to collaborate with banks in the...
- The primary objective of this tie-up is not to seek financing for projects, as L&T will continue to self-finance its project execution in the Middle East
- By partnering with regional banks, L&T aims to build strong relationships in the Middle East and ensure smoother project operations
Geostrategy
Qatar pledges $100m for humanitarian assistance to Ukraine
Kyiv, Ukraine - Qatar has pledged $100 million for humanitarian assistance in Ukraine. The funds were meant the rehabilitation of...
- Ukrainian prime minister Shmyhal said that the money will be used for reconstruction in the health and education sectors, and other important humanitarian projects
- Qatar prime minister Jassim Al-Thani reiterated the importance of respecting the sovereignty of Ukraine and its territorial integrity within its internationally recognized borders
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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
PKK declares ceasefire with Turkey after 40 years of armed struggle
Istanbul, Turkey - Outlawed Kurdish militants on Saturday declared a ceasefire with Turkey following a landmark call by jailed PKK...
Company News
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EDB’s contribution to UAE’s industrial GDP in 2023 rises to US$1.1bn
ABU DHABI, UAE – Emirates Development Bank (EDB) has unveiled its 2023 results, showcasing an extraordinary year of achievements and...
Business
Over 6m worshippers perform prayers at Prophet’s mosque last week
Madinah, Saudi Arabia -- Saudi General Authority for the Care of the Affairs of the Grand Mosque and the Prophet's...
Most Read
Pakistan greenlights construction of long-awaited Iran-Pakistan gas pipeline
Tehran, Iran - Pakistan has decided to link the gas pipeline from the country's Gwadar port city to the Iranian...
- According to Pakistani media, the country will expedite the project, which faced significant delays, in two phases
- Iran had previously given Pakistan a 180-day deadline until September 2024 to start completion of the pipe-laying work
Arts & Culture
Saudi Arabia cracks down on heritage site defacement with hefty fines
Riyadh, Saudi Arabia - Saudi Arabia has issued a stern warning against damaging the nation's cultural heritage sites, imposing hefty...
- The Public Prosecution declared that anyone caught defacing urban heritage,could face a penalty of one year in prison and a fine of up to $26,660
- This stern message coincides with the Kingdom's celebration of its Founding Day, which fell on February 22
Business
Saudi solar company ALUPCO partners with Mexico-based Array technologies
Riyadh, Saudi Arabia - Saudi Arabian aluminum extrusion company Aluminum Products (ALUPCO) has entered into a strategic collaboration with Array...
- ALUPCO, headquartered in Dammam, Saudi Arabia, is recognized as a leading aluminum solutions provider in the Middle East and North African region
- Array Technologies, known for manufacturing solar tracker technology for over 30 years, has operations in Arizona, Australia, Brazil, England, South Africa, and Spain