ADQ and US equity firm ECP to invest $25bn in data center energy projects
Dubai, UAE -- Abu Dhabi sovereign wealth fund ADQ has partnered with the American private equity firm Energy Capital Partners...
Business
Japan puts world’s most accurate clock on sale for $3.3 million
The "Aether clock OC 020" is so precise that it would take 10 billion years for it to deviate by...
Science
Business
50% of firms attracted to Dubai by DIC in 2023 Asian and Australian
Dubai, UAE -- Nearly 50 percent of the Multinational Corporations (MNCs) that opened businesses in Dubai during 2023 are based...
- Latin America and Europe, and the Middle East and Eurasia, accounted for 23.5 percent each of the total number of MNCs attracted during 2023.
- Companies from Africa represented 3 percent of the total number of corporations attracted by the chamber.
Business
ROSHN and Saudi cybersecurity organization partner on tech advancement
Riyadh, Saudi Arabia -- ROSHN Group, the PIF-owned giga-project and real estate developer, has signed a memorandum of understanding (MoU)...
- Both parties will develop joint initiatives aimed at enhancing the abilities of the Saudi IT and cybersecurity sectors.
- ROSHN will look to explore the use of drone technologies in its operations, and also participate in SAFSCP’s Bug Rewards Platform (Bug Bounty)
Business
SAIC net profit $39 million
The company's Board announces a dividend of $11.79 million.
- The company's fourth-quarter net profit increased 89.6 percent year-on-year (YoY) to SAR 38 million, from SAR 19.85 million in 2022.
- In a Tadawul filing, the company attributed the rise in net profit to sale of shares in associated companies and the sale of financial assets at fair value through profit or loss.
Business
UAE launches digital public consultation on tax implementation
Abu Dhabi, UAE -- UAE's Ministry of Finance (MoF) Friday launched digital public consultation to gather feedback from relevant stakeholders...
- The consultation will be open from 15th March 2024 to 10th April 2024, and accessible via the Ministry’s website or the UAE’s Government Portal.
- To familiarize stakeholders with the rules and to ensure informed feedback is received, the Ministry has issued a Global Minimum Tax briefing document alongside the consultation.
Business
Gulf Cooperation Council’s first UAE Bond ETF launched by Lunate Capital
Abu Dhabi, UAE -- The launch of Gulf Cooperation Council's first UAE bond Exchange Traded Fund (ETF), which will list...
- The Chimera JP Morgan UAE Bond UCITS ETF will track the performance of the JP Morgan MECI UAE Investment Grade Custom Index.
- The ETF will hold Investment Grade sovereign, quasi-sovereign and corporate bond issues with at least $500 million in face amount outstanding.
Business
Majid Al Futtaim net profit is $735m
The Group reported a 12% increase in EBITDA to $1.25 billion.
- MAF – Properties recorded a 20 percent YoY increase in revenue to AED 6.9 billion and 21 percent increase in EBITDA to AED 3.6 billion.
- The Group's net debt increased to AED 15 billion, primarily due to investments in working capital.
Business
Land transport of goods leads Saudi commercial registrations in Q4
Riyadh, Saudi Arabia -- Saudi Arabia witnessed a surge in commercial registrations across various business sectors in the last quarter...
- The resorts activity saw a significant 51 percent annual increase, reaching 3.37 million records by Q4 2023.
- Boutique hotels witnessed a surge of 74.4 percent, with commercial records reaching 1.91 million by Q4 2023.
Business
Walaa posts $39m net profit
The insurance provider had suffered a loss of $18.15m in 2022.
- Walaa attributed the increase in net profit to insurance revenue of SAR 28.12 million in 2023 compared to a loss of SAR 119.9 million in 2022.
- In Q4 2023, the company recorded a net profit of SAR 45.3 million, against a net loss of SAR 11.41 million in the same quarter of previous year.
Business
Yalla Group 2023 revenue $318m
The company's fourth quarter revenue soared to $80.9 million.
- In the last quarter of 2023, Yalla's net margin was 36.6 percent alongside an impressive non-GAAP net margin of 41.3 percent.
- Yalla reported a 13.3 percent year-over-year increase in average monthly active users (MAUs), reaching 36.2 million in the final quarter of 2023
Business
Dubai hotel occupancy up 3.4% to reach 90.8 percent in Feb
Dubai, UAE -- Dubai hotels achieved a 3.4 percent year-on-year growth in occupancy levels, reaching 90.8 percent, according to preliminary...
- Other key metrics also showed positive growth, with the average daily rate (ADR) increasing by 9.3 percent to AED 887.06 ($241).
- The revenue per available room (RevPAR) rising by 13.1 percent to AED 805.21, according to CoStar, a provider of global real estate information.
ADQ and US equity firm ECP to invest $25bn in data center energy projects
Dubai, UAE -- Abu Dhabi sovereign wealth fund ADQ has partnered with the American private equity firm Energy Capital Partners...
Business
Company News
PIF sets up sarcc company
Business
Latest News
Vegetable oil pushes global food prices to seven-month high in Nov
Rome, Italy -- The benchmark for world food commodity prices rose in November to its highest level since April 2023,...
Business
ADNOC signs deal with PETRONAS
Under the agreement, ADNOC will supply 1m tons of LNG per year.
Business
Saudi Arabia partners with World Bank to launch global knowledge hub in Riyadh
According to World Bank Group President Ajay Banga, “The new Knowledge Hub being created by the World Bank Group and...
Business
Most Read
Economy
UAE firms accelerate AI transformation, new report finds
The real power of AI lies in its careful deployment across diverse business functions, and the UAE is primed for...
- The AI Maturity Index shows that more than 80 percent of enterprises have a shared vision for AI within their organizations
- Only 15 percent have reached a 'transformative' level of AI maturity
Business
Saudi Arabia sets Guinness record for largest food cluster
Riyadh, Saudi Arabia -- Saudi Arabia has set a Guinness World Record for the largest food cluster in the world...
- Jeddah Food Cluster, which spans over 11 million square meters, has set a new global benchmark.
- MODON announced ambitious plans for the cluster, targeting investments of up to SAR20 billion and creating 43,000 job opportunities by 2035.
Geostrategy
Riyadh tripartite meet pledges to implement Beijing Agreement
Riyadh, Saudi Arabia -- The second meeting of the Saudi-Chinese-Iranian Joint Tripartite Committee to follow up on the Beijing Agreement...
- They also reaffirmed their continued endeavor to consolidate neighborly relations between their countries through adherence to the Charter of the United Nations.
- China has affirmed its readiness to continue to support and encourage the steps taken by Saudi Arabia and Iran to develop their relationship in various fields.