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
Saudi Arabia says no Israel normalization without Palestinian state
Riyadh, Saudi Arabia - Saudi Arabia said Wednesday it will not formalize ties with Israel unless a Palestinian state is established,...
Geostrategy
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
Business
DIB logs 15% net profit growth
The bank recorded a total income of $2.53 billion.
- The bank's net financing and sukuk investments have reached $68 billion
- Total income rose to $2.53 billion, reflecting a 49 percent YoY increase
Business
EasyLease revenue grows by 37.5%
The company logged a net profit of $4.4m.
- The company registered a net profit of $4.4 million, compared to $6 million in the previous corresponding period
- A subsidiary of Abu Dhabi-based International Holdings Company (IHC), Easylease has recently reaffirmed its 2023 guidance
Business
DIB H1 2023 net profit $844m
Profit driven by core revenues, effective cost management.
- Gross new underwriting and sukuk investments during H1 2023 reached US$12 billion compared to US$8.9 billion in H1 2022.
- Total income reached to US$2.5 billion compared to US$1.6 billion, a solid expansion of 49 percent year on year.
Business
L&T Construction secures orders in Saudi Arabia, Malaysia, India
Dubai, UAE - L&T Construction, part of Larsen & Toubro, has secured new orders in Saudi Arabia, Malaysia, and India....
- The company will construct a ±525kV High Voltage Direct Current (HVDC) transmission segment in Saudi Arabia
- In the Sarawak region of Malaysia, L&T Construction has won an order to establish a 275kV Substation
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
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
Company News
Latest News
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...
Economy
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...
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...
Business
Most Read
Economy
Saudi Arabia’s trade surplus remains stable at $26bn
Riyadh, Saudi Arabia - Saudi Arabia's trade surplus remained stable at SR97 billion ($25.8 billion) in the fourth quarter of...
- The report indicates a 14.4 percent decline in merchandise exports during the fourth quarter compared to the same period in 2022
- Non-oil exports experienced a 1.2 percent decrease, with the chemical industry products, constituting a third of non-oil exports, witnessing an 18 percent decline
Business
Over 6,000 F&B companies join Dubai Chamber of Commerce in 2023
DUBAI, UAE – President and CEO of Dubai Chambers Mohammad Ali Rashed Lootah has revealed that 6,478 new Food and...
- The total number of F&B companies registered with Dubai Chamber of Commerce stood at 22,585 at the end of 2023.
- Dubai Chamber of Commerce launched 11 business groups dedicated to the industry, eight of which were set up in 2023.
MENA print media revenues fell 30% from 2018 to 2022: survey
The report stresses the urgent need for MENA news organizations to overhaul business models, adopt digital strategies, and diversify content...
- The analysis also forecasts a compound annual growth rate (CAGR) of -4% up to 2027, which could cause total MENA revenues to fall even further to US$1.2 billion
- The figures also show that while digital advertising revenues are slowly increasing at a rate of 1% per year, print advertising revenues are set to slump by 11.3% by 2027