Saudi Industrial Production Index climbs up in January 2024
Riyadh, Saudi Arabia--The Saudi Industrial Production Index (IPI) recorded 103.3 points in January 2024, compared to 103 points in December...
Economy
UAE banking sector looks poised for continued growth in 2024
Abu Dhabi, UAE--The UAE banking sector continued its growth momentum last year and is poised for further growth and recovery...
Economy
Geostrategy
Iran and Saudi ties effective in solving regional issues: Raisi
Tehran, Iran--Iran's President Ebrahim Raisi believes the expansion of ties between Tehran and Riyadh will be effective in strengthening regional...
- He made the comments during a meeting with Abdullah bin Saud Al-Anzi, the newly appointed Saudi ambassador to Iran
- The new ambassador said the relations between Saudi Arabia and Iran are very strong because of commonalities between them
Business
Investcorp to float IPO
The listing of shares on ADX is set for November 17.
- According to the company, the subscription will be open from November 2 to November 9, 2023
- It plans to offer 321,500,000 new shares while 321,500,000 shares will be sold by selling shareholder, Investcorp S.A
Business
UAE-Zimbabwe trade touches US$2bn, poised to expand more
Abu Dhabi, UAE-- Trade between the UAE and Zimbabwe touched $2 billion last year as the bilateral relations between the...
- The UAE is Zimbabwe's second-largest trading partner and the relations between the two countries are poised to grow further
- Zimbabwe's ambassador to the UAE said that both countries are working to develop a number of sectors, like mining, and energy
Business
NMDC posts bumper profits
Its revenues for the first nine months stood at US$3bn.
- The company's net profits increased 115 percent to $411 million in the first nine months of 2023
- It attributed growth in revenues and net profits to progress of the major projects underway
Geostrategy
Treaty on strategic partnership between Russia and Iran 85% ready: Lavrov
Tehran, Iran--A treaty on comprehensive strategic partnership between Russia and Iran is about 85 percent ready, Russian Foreign Minister Sergey...
- Lavrov said the work on the treaty is at an advanced stage with several issues yet to be agreed upon, and that negotiations are going on
- Iran hosted the meeting on the South Caucasus in Tehran, attended by foreign ministers of Russia, Turkey, Azerbaijan, Iran, and Armenia
Geostrategy
UAE and Canada review bilateral ties at first joint-committee meeting
Abu Dhabi, UAE-- The UAE and Canada have reviewed bilateral ties at the first joint committee meeting in Abu Dhabi...
- Both sides highlighted the importance of the inaugural joint committee meeting for ramping up collaboration between the two countries to achieve shared goals
- The two sides discussed cooperation across a range of fields, including defense and security, climate change, food security, trade and investment, innovation, and education
Business
Knowledge E and HBMSU sign agreement to ‘reshape future of education’
Dubai, UAE-- Hamdan Bin Mohammed Smart University (HBMSU) and Knowledge E have signed a memorandum of understanding to reshape the...
- Vice Chancellor of HBMSU said the MOU is a step in the university's march toward transforming education in a way that brings smart learning innovation into the sector
- As per the terms of the agreement, both sides will collaborate in several key areas - including content digitisation and self-paced courses, management of HBMSU's journal system
Business
PIF and Hyundai to set up JV vehicle-manufacturing plant in Saudi Arabia
Riyadh, Saudi Arabia--The Public Investment Fund (PIF) and Hyundai Motor Company (Hyundai) have signed a joint-venture agreement to establish an...
- The investment in the joint-venture project is expected to exceed $500 million with PIF to hold 70 percent stake and Hyundai the remaining 30 percent
- The JV project will speed up Saudi Arabia's automotive industry in addition to creating thousands of jobs and allowing for the transfer of knowledge and expertise
Business
EHS and Burjeel Hospital for Advanced Surgery sign MoU
Dubai, UAE--Emirates Health Services (EHS) and Burjeel Hospital for Advanced Surgery have signed a memorandum of understanding (MoU) to bolster...
- The MoU is designed to improve the delivery of health services in government schools in accordance with sustainable development goals in public health
- Both the sides maintained that the objective is to strengthen cooperation between the EHS and Burjeel Hospital for Advanced Surgery in healthcare and continuous development
Business
New CEO appointed in SRC
Majeed Al Abduljabbar will be the CEO from January 1, 2024.
- Al Abduljabbar has been working in the banking sector for over 15 years, including in the HSBC Bank in London.
- He also contributed to establishing the Department of Innovative Investment Solutions at SABB (now SAB).
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Saudi Industrial Production Index climbs up in January 2024
Riyadh, Saudi Arabia--The Saudi Industrial Production Index (IPI) recorded 103.3 points in January 2024, compared to 103 points in December...
Economy
Company News
Latest News
Archaeological sites discovered in Southern Saudi Arabia
ABHA, SAUDI ARABIA - The Heritage Commission announced its most prominent discovery in Jurash, Asir region, as one of the...
Arts & Culture
South Korea presses for enhanced ties with UAE in high tech and AI
Dubai, UAE--South Korea has pressed for boosting cooperation with the UAE in the field of advanced technology and artificial intelligence...
Economy
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Business
Barwa Real Estate net profit up
It posted an 8% jump in net profit to US$337m for last year.
- The developer's earnings per share (EPS) amounted to QR0.316 for the year ended December 31, 2023 compared to an EPS of QR0.292 in 2022
- Its board of directors proposed the distribution of a cash dividend of 18 percent of the shares’ par value at the rate of QR0.18 per share
Business
SCCI and Oman Chamber aim to boost investment cooperation
Sharjah, UAE--The Sharjah Chamber of Commerce and Industry (SCCI) and the Oman Chamber of Commerce and Industry (OCCI) discussed ways...
- The two chambers discussed opportunities in several sectors, with a specific focus to support start-ups
- The delegation from Oman invited the private sector in Sharjah to take part in the Suhar Investment Forum
Economy
Bahrain to host ‘smart cities summit 2024’ in March
Manama, Bahrain--Bahrain will hold the seventh edition of the "Bahrain Smart Cities Summit 2024" from March 5 to 6 under...
- The two-day long summit will highlight the best global practices in AI, smart housing, sustainable architecture, and food security
- It will feature an exhibition showing the latest solutions for smart buildings, sustainable energy systems, and artificial intelligence