Israel endorses plan to extend Gaza truce as first phase draws to close, Hamas wants permanent peace
The first phase of a ceasefire deal between Israel and Palestinian militant group Hamas was set to expire over the...
Geostrategy
Geostrategy
Turkiye will accelerate ongoing defense projects: Erdogan
Istanbul, Turkiye - Turkiye will accelerate ongoing defense projects and find solutions for the sector's requirements, Turkish President Recep Tayyip...
- Speaking at International Defense Industry Fair in Istanbul, Erdogan said the prototypes will be tested for domestic use and exports
- Turkish president said the country's advanced fighter jet Kaan,will make its maiden flight by the end of this year
Business
Aramco, 5 local firms to jointly work on project in Pakistan
ISLAMABAD, PAKISTAN - Five Pakistani state-owned companies are set to collaborate with Saudi Arabia’s Aramco to execute a $10 billion...
- The proposed joint venture will establish a mega refinery in Gwadar with a capacity of 400,000 barrels per day.
- The government of Pakistan has already approved a refinery policy for new projects in the country.
Business
PIF sets up tourism firm Asfar
Firm Saudi Tourism Investment Company has been set up.
- The company will invest in new tourism projects and develop attractive destinations with hospitality, tourist attractions.
- The company will leverage Saudi Arabia’s unique strategic location between the three continents of Asia, Africa and Europe
Business
Tabreed H1 23 net profit $105m
New customers and projects were added in H1 2023.
- In the first half of the year, Tabreed's revenue increased by 9.4 percent YoY to US$290 million, from US$265 million in H1 2022.
- Earlier this month, Tabreed started operating the cooling infrastructure, officially commencing its first operations in India.
Geostrategy
Biden pursuing Middle East peace deal anchored in Saudi-Israel normalization: report
As part of this potential deal, Saudi Arabia would normalize relations with Israel, contingent on Israel making concessions to the...
- As part of this potential deal, Saudi Arabia would normalize relations with Israel, contingent on Israel making concessions to the Palestinians
- Biden has dispatched his national security adviser, Jake Sullivan, and Middle East policy official, Brett McGurk, to Saudi Arabia to engage in exploratory talks
Geostrategy
Trade between Russia and Africa totaled $18 bn in 2022: Putin
Moscow, Russia - Trade turnover between Russia and Africa reached $18 billion in 2022, which is one of the results...
- Last year Russia’s trade with African countries in agricultural products increased by 10 percent to $6.7 billion
- Russia exported 11.5mt of grain to Africa in 2022, and almost 10mt in the first six months of 2023
Business
Iran carmaker Saipa supplies 2nd batch of cars to Venezuela
Tehran, Iran – Iran's second-largest carmaker, Saipa, has successfully delivered another batch of cars to Venezuela as part of an...
- The shipment consisted of 1,000 completely build-up (CBU) cars, which were sent to Venezuela during the Iranian calendar month ending in late June
- Iran will supply a total of 200,000 cars to customers in Venezuela over the next five years as per the agreement between the two countries
Economy
Saudi Arabia poised to become global biotech hub with $3.9bn R&D investment
Riyadh, Saudi Arabia - Saudi Arabia has positioned itself as a potential world-leading hub for biotech research, development, and pharmaceutical...
- The country's strategic move aligns with its ambitious goals of economic diversification and addressing crucial healthcare and food security challenges
- With initiatives like the Saudi Human Genome Program and the Saudi Network for Clinical Trials, Saudi Arabia could establish a biotech cluster over the next decade
Saudi PIF signs MoU with Oman Investment Authority to expand investment in Oman
Riyadh, Saudi Arabia - The Public Investment Fund (PIF) announced on Thursday that it has signed a Memorandum of Understanding...
- The MoU builds on the Saudi Omani Investment Company (SOIC), a PIF-wholly owned company, which intends to invest up to $5 billion in Oman
- The SOIC recently closed its first investment in Oman as a 20 percent anchor investor in Abraj Energy Services’ IPO
Business
DEWA commissions 676 11 kV distribution substations in H1 2023
Dubai, UAE - Dubai Electricity and Water Authority (DEWA) commissioned 676 11kV distribution substations across Dubai in the first half...
- The construction of the substations and associated tasks for new customers required a combined effort of 505,684 man-hours
- Last week, DEWA and Sungrow, decided to collaborate to accelerate clean energy adoption in the UAE
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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
Israel endorses plan to extend Gaza truce as first phase draws to close, Hamas wants permanent peace
The first phase of a ceasefire deal between Israel and Palestinian militant group Hamas was set to expire over the...
Geostrategy
Company News
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UAE allocates $5m to WTO’s Women Exporters In Digital Economy Fund
Dubai, UAE – United Arab Emirates on Sunday allocated $5 million to a $50 million fund launched Sunday ahead of...
Economy
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...
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...
Arts & Culture
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Economy
Saudi Arabia pursues AI hub future: PIF Governor
Riyadh, Saudi Arabia - Governor of Saudi Public Investment Fund (PIF) Governor Yasir Al-Rumayyan on Thursday positioned Saudi Arabia as...
- Yasir Al-Rumayyan, speaking at the FII PRIORITY summit in Miami, highlighted the fund's focus on sectors like education, healthcare, artificial intelligence
- By investing in technological advancements, the PIF aims to propel the Kingdom towards a more diversified and resilient future
Business
Saudi Arabia, China sign MoU to develop air transport cooperation
Beijing, China - Saudi Arabia and China on Thursday signed a memorandum of understanding (MoU) to develop air transport cooperation. The...
- The MoU was signed during the visit to China of Saudi civil-aviation officials
- The areas of cooperation outlined in the MoU include expanding the number of air transportation stops
Business
Saudi media ministry and Google join forces for digital transformation
Riyadh, Saudi Arabia - Saudi Ministry of Media and Google have joined forces in a strategic collaboration aimed at driving...
- The collaborative effort intends to introduce specialized programs to enhance the skills of local media professionals, journalists, and content creators
- The partnership seeks to share global best practices in the media sector, with a particular emphasis on leveraging artificial intelligence tools, especially within newsrooms