‘AI saved 1.5 billion liters of water, cut carbon emissions equivalent to 1 million trees in Saudi Arabia’
Riyadh, Saudi Arabia – Artificial intelligence (AI) has contributed to saving 150 million sheets of paper and conserving 1.5 billion...
Iran FM in Saudi for talks on Gaza and Lebanon
Iranian Foreign Minister Abbas Araghchi's arrival in Saudi Arabia aims to address Israeli military aggression in Gaza and Lebanon, seeking...
Geostrategy
Geostrategy
Reform of multilateral financial institutions must for climate action, says Dr Al Jaber
PARIS, FRANCE - COP28 President-Designate Dr. Sultan Al Jaber met French President Emmanuel Macron and outlined his vision on the...
- The UAE minister stressed on the need to deploy all necessary resources to transform the global energy systems.
- Dr. Al Jaber emphasized the need for ambitious reforms across international financial institutions and multilateral development banks.
Geostrategy
Jordan Chamber of Commerce, Hungarian envoy discuss economic ties
AMMAN, JORDAN - Vice President of the Jordan Chamber of Commerce (JCC) Jamal Rifai discussed with Hungarian Ambassador to Jordan...
- The joint Jordanian-Hungarian committee aims to present investment opportunities in the two countries.
- In 2022, Jordan's exports to Hungary was worth US$1.15 million and imports were US$34 million, as per official data.
Economy
S&P, Moody’s revise Saudi Arabia’s outlook to ‘positive’
Riyadh, Saudi Arabia -- The global credit rating agency S&P Global Ratings updated its credit report for Saudi Arabia, raising...
- The agency highlighted the kingdom's strong real GDP growth of 8.7 percent in 2022, the highest among the G-20 economies
- It forecasts the non-oil sector to remain strong through 2026 due to service sector growth supported by the ongoing social reforms
Business
UAE banks provide $23bn in financial facilities to SMEs in 2022
Abu Dhabi, UAE – The UAE banks provided AED 83.3 billion ($23 billion) in financial facilities to small and medium-sized...
- Loans to SMEs accounted for 10.4 percent of the total accumulated balance of financial facilities for the trade and industrial sector
- The SMEs sector represents more than 95 percent of the total number of companies operating in the country, according to Ministry of Economy
Business
Major Abu Dhabi Securities Exchange deals total $4bn since start of 2023
Abu Dhabi, UAE - The Abu Dhabi Securities Exchange (ADX) has reported the execution of 10 significant deals with a...
- The deals were carried out through 321.14 million shares of three listed companies
- Five major deals were signed by Al Alamiya Holding, the largest share among the three
Geostrategy
UAE, Georgia sign Comprehensive Economic Partnership Agreement
The UAE and Georgia signed a joint statement confirming the successful conclusion of negotiations towards the UAE-Georgia Comprehensive Economic Partnership...
- Comprehensive Economic Partnership Agreement (CEPA) signing took place in Georgia’s capital Tblisi during a UAE delegation's visit to the country.
- The free trade agreement or CEPA will lay the foundation for deeper, stronger and more integrated economic relations between the UAE and Georgia.
Geostrategy
Iran-US nuclear talks dead for now, says acclaimed scholar
The degree of anger and sympathy for the protesters, particularly among the American and European public, makes it near impossible...
- Iran’s relations with the Arab countries are better than they were a year or two ago
- Unsure of the US help, Gulf states are following their own strategy on managing danger in their region
Business
DIB declares 30% dividend
The bank’s net profit in 2022 surged 26 percent.
- The bank’s net profit in 2022 surged 26%, the highest ever in its history with a balance sheet of $78 billion, culminating in a five-year CAGR of 7%
- According to Moody's Investors Service's most recent assessment on the GCC banking industry, large GCC lenders are trying to consolidate their market share
Economy
UAE, Russia to enhance cooperation in economic, technology sectors
Moscow, Russia - The UAE and Russia have agreed to enhance cooperation in the fields of innovation, environment, and education...
- The two countries are also looking forward to enhancing cooperation in renewable energy and food security
- Shifting of Russian oil trade away from the west has made the UAE the focus of Moscow's ongoing pivot to Asia
Business
India’s Bharat Dynamics Limited picks EDGE’s GradeOne as partner
ABU DHABI, UAE - Bharat Dynamics Limited (BDL), a Defense Public Sector Undertaking under India's Ministry of Defense appointed EDGE's...
- Established in 2004, GradeOne specializes in defense trading and services and providing various solutions to the military and defense sectors
- It is part of the Trading & Mission Support cluster within EDGE, one of the world’s leading advanced technology groups.
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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
‘AI saved 1.5 billion liters of water, cut carbon emissions equivalent to 1 million trees in Saudi Arabia’
Riyadh, Saudi Arabia – Artificial intelligence (AI) has contributed to saving 150 million sheets of paper and conserving 1.5 billion...
Company News
Latest News
ADNIC reports $82m profit
Business
King Abdulaziz International Airport serves 42.7m passengers in 2023, a 36% growth
Jeddah, Saudi Arabia — King Abdulaziz International Airport served over 42.7 million passengers in 2023, reflecting a remarkable growth rate...
Business
ROSHN recognized as best place to work in Saudi Arabia for 2023
Riyadh, Saudi Arabia -- ROSHN Group has been recently recognized as "The Best Place to Work in Saudi Arabia" for...
Noatum buys APM Terminals Castellón
Noatum Terminals is the terminals ops business of Noatum Group.
Business
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Geostrategy
Illegal Israeli settlers block Palestinian farmers from farming lands
Tubas, Palestine - Colonial Israeli settlers backed by the Israeli military prevented Palestinian farmers from plowing their lands today in...
- Eyewitnesses and local activist Ayman Ghrayeb revealed that a group of settlers hindered several farmers from cultivating their fields in the vicinity of the village.
- He added that the soldiers accompanying the settlers confiscated personal identification cards from the farmers and detained them for several hours.
Business
IHC announces formation of 2PointZero – a next generation holding company
ABU DHABI, UAE - The International Holding Company (IHC) announced the initiation of the transfer of 2PointZero, a next generation...
- 2PointZero is more than a holding company - it embodies a vision of progress across a variety of industry verticals.
- Spanning multiple sectors, business combinations of entities under common control, have been combined to form 2PointZero.
Business
Halliburton, Hamriyah Free Zone in pact
Halliburton has been operating in the UAE for five decades.
- Under the agreement, Halliburton will expand its footprint within the UAE by establishing a cutting-edge facility for calibrating drilling tools used in the oil industry
- The state-of-the-art facility is set to occupy a substantial area of more than one million square feet within the Hamriyah Free Zone