WEF25: Saudi delegation calls for nations to put “greater good” first
The international community must prioritize cooperation and dialogue to overcome the challenges of a fragmented world, the Saudi delegation to...
Economy
UAE leads solar energy growth with strategic projects
Abu Dhabi, UAE - A new report highlighted the UAE's leadership in the regional solar energy sector, driven by initiatives...
Business
Stable oil price achieved by OPEC, OPEC+ to benefit member states: Saudi oil chief
Baghdad, Iraq - The Organization of the Petroleum Exporting Countries (OPEC) and OPEC+ alliance have succeeded in achieving stable oil...
- The Saudi minister made the statement during a celebration hosted in the Iraqi capital, Baghdad on Friday marking the Diamond Anniversary of the OPEC's founding
- Both the OPEC and the OPEC+ have succeeded in achieving stability in markets, thanks to consensus among all OPEC member states, Al-Saud said
Science
Saudi astronauts Rayana Bernawi, Ali Al-Qarni, Mariam Fardous, Ali Al-Ghamdi return home
Riyadh, Saudi Arabia – The Saudi astronauts Rayana Bernawi, Ali Al-Qarni, Mariam Fardous, and Ali Al-Ghamdi arrived in Riyadh today...
- Saudi astronauts Rayana Bernawi and Ali Al-Qarni returned to earth on May 31 from the ISS, where they conducted 14 research experiments on microgravity
- Al Qarni undertook an experiment on cloud seeding, wherein he combined salt crystals with moist air within a controlled environment
Business
Dubai International Chamber opens Europe’s first representative office in UK
DUBAI, UAE - Dubai International Chamber (DIC), one of the three chambers operating under Dubai Chambers, inaugurated on Friday a...
- The new office will focus its efforts on strengthening relationships with key public and private sector stakeholders.
- The office will support UK firms seeking to relocate to expand in Dubai and grow their business through the emirate.
Business
Saudi Arabia’s SVC invests $30m in Bedaya Fund II
RIYADH, SAUDI ARABIA - Saudi Venture Capital (SVC) announced its investment of US$30 million in Bedaya Fund II, which is...
- SVC is a government investment company and is a subsidiary of the SME Bank, one of the development banks affiliated to the National Development Fund.
- SVC aims to stimulate and sustain financing for startups and SMEs from pre-Seed to pre-IPO by investing $1.6 billion in funds and co-financing in startups.
Saudi Public Investment Fund owned KAFD to sponsor Al Nassr Football Club
Riyadh, Saudi Arabia -- The King Abdullah Financial District Development and Management Company (KAFD DMC), a company wholly-owned by Public...
- Last year, Al Nassr FC attracted one of football’s greatest talents to the team with the acquisition of Portuguese superstar, Cristiano Ronaldo
- Set in the heart of the Saudi capital Riyadh, KAFD is home to 1.6 million square meters of office space, world-class venues and iconic luxury residences
Business
Dubai logs over $678m in realty transactions on Thursday
Dubai, UAE - Dubai witnessed 604 sales transactions totaling AED2.1 billion ($567.8 million) on Thursday in addition to 106 mortgage...
- The sales transactions consisted of 557 villas and apartments worth $449.6 million and 47 land plots worth $117.7 million
- As for the mortgage deals, 94 villas and apartments were involved, with a value of $67.8 million, along with 12 land plots valued at $23.7 million
Business
Audi Middle East achieves 33% sales growth in first 5 months of 2023
DUBAI, UAE : In the first five months of 2023, Audi Middle East achieved a 33 percent growth compared to...
- This success is bolstered by Audi's strategic partnerships and investments in electric vehicle infrastructure across the Middle East.
- Audi's EV portfolio now features an extensive range of models, spanning sports cars, sedans, hatchbacks, and the SUVs.
Saudi foreign minister to visit Iran on Saturday
Riyadh, Saudi Arabia - Saudi Arabia's Foreign Minister, Prince Faisal bin Farhan Al-Saud, is scheduled to visit Tehran on Saturday,...
- This visit follows the agreement reached in March, facilitated by China, which aimed to end the prolonged hostility between the two countries
- Earlier in June, the foreign ministers of the two countries met in South Africa to discuss plans for the full restoration of relations
Business
Here are Dubai’s top 3 locations for profitable rental investments
Dubai, UAE – Realiste, proptech company in the UAE, has made a list of the most profitable areas for short-term...
- The company has recommended adherence to a short-term strategy for investments in Jumeirah Beach Resorts (JBR)
- Jumeirah Lakes Towers is great for both long-term and short-term strategies as rental is 30% cheaper than JBR
Business
Private sector share in UAE GDP rise to over 70%
Geneva, UAE - The private sector has increased its contribution to the UAE GDP to more than 70 percent, making...
- The UAE economy grew by 7.6 percent in 2022 and the total economic licences registered in the country reached over 1,014,000 licences
- The country will discuss enhancing the resilience of the global economy to face crises and climate change at this COP28 later this year
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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
WEF25: Saudi delegation calls for nations to put “greater good” first
The international community must prioritize cooperation and dialogue to overcome the challenges of a fragmented world, the Saudi delegation to...
Economy
Company News
Latest News
Abu Dhabi Airports appoints Elena Sorlini as Managing Director and CEO
Abu Dhabi, UAE - Abu Dhabi Airports, the operator of Abu Dhabi's five commercial airports, has announced the appointment of...
Business
Jeddah Central Development Company signs 4 contracts worth $3bn
Jeddah, Saudi Arabia - The Jeddah Central Development Company, a company owned by the Public Investment Fund (PIF), signed four...
Business
Saudi Arabia, Swiss Fund unveil billion-euro initiative for zero-emissions investments
Riyadh, Saudi Arabia - Saudi Arabia and Swiss Fund have decided to initiate financing initiatives in the debt market in...
Economy
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Geostrategy
Russian foreign minister to speak at Valdai Middle East Conference
MOSCOW, RUSSIA - Russian Foreign Minister Sergey Lavrov will take part in the 13th Middle East Conference of the Valdai...
- The 13th conference is taking place at a time when the region is under the microscope amid the escalating Palestinian-Israeli conflict.
- Experts are likely to discuss ways to come to a comprehensive settlement in the Middle East, the legacy of colonial policy.
Business
QatarEnergy, Mitsui ink pact
The agreement provide for a rise in condensate volumes.
- The 10-year supply agreement stipulates the supply of up to 11 million barrels of condensates per annum, starting from April 2024.
- The agreement highlights QatarEnergy's strategy of establishing longer-term strategic business relationship and cooperation.
Business
Total M&A market drops to US$3.2trn in 2023, says report
DUBAI, UAE - The total M&A market dropped 15 percent, to US$3.2 trillion, the lowest level in a decade, as...
- Many of the assets that did not come to market last year will fuel active dealmaking in 2024.
- The collapse of technology M&A has been the biggest drag on strategic mergers and acquisitions.