Saudi, Egypt, UAE drive strategic moves across sectors and borders
Saudi Arabia records the lowest Hajj attendance in three decades—outside the pandemic years—triggered by tighter visa restrictions; Special Envoy Zhai...
Geostrategy
Emaar to pay $2.39bn dividend
Business
Aramco acquires stake in BHIG
Business
ADNOC L&S okays $273m dividend
Business
Business
Saudi Industrial Production Index increases by 3.4 percent in Nov 2024
Riyadh, Saudi Arabia -- Saudi Arabia's Industrial Production Index (IPI) increased by 3.4 percent in November 2024, compared to Nov...
- This increase is driven by growth in mining and quarrying, manufacturing, water supply, sewerage, and waste management and remediation activities.
- The sub-index of mining and quarrying activity increased by 1.2 percent, and the sub-index of manufacturing activity increased by 7.2 percent.
Business
Saudi Arabia retains first rank in MENA Venture Capital funding in 2024
Riyadh, Saudi Arabia -- Saudi Arabia maintained its first rank across MENA in terms of Venture Capital (VC) funding in...
- The Kingdom secured the highest, 40 percent, share of total VC funding in the MENA region in 2024.
- The report also revealed that Saudi Arabia set a new record with 178 VC deals in the same year.
Business
ADNOC L&S buys stake in Navig8
The company will acquire the remaining stake in mid-2027.
- Navig8 is an international shipping pool operator and commercial management company with a modern-owned fleet of 32 tankers and a presence in 15 cities across five continents.
- This value-accretive acquisition is expected to boost ADNOC L&S’ earnings per share by at least 20 percent in 2025 compared to 2024.
Business
DAE to acquire Nordic Aviation Capital
The terms of the transaction have not been disclosed.
- As of September 2024, NAC’s fleet comprised of 252 owned and committed assets on lease to approximately 60 airline customers in approximately 40 countries.
- On a pro forma basis, DAE Capital’s fleet will comprise of approximately 750 owned, managed and committed aircraft.
Business
PIF completes $7 billion inaugural murabaha credit facility
Riyadh, Saudi Arabia -- Saudi Arabia's Public Investment Fund (PIF) on Monday announced its first murabaha credit facility for the...
- The financing structure is supported by a diverse syndicate of 20 international and regional financial institutions, PIF said in a statement.
- PIF has four main sources of funding: capital injections from government, government asset transfers, retained earnings from investments, and loans and debt instruments.
Business
UAE aviation sector’s 2024 milestone: 1 million air traffic movements
Abu Dhabi, UAE -- The United Arab Emirates (UAE) achieved a milestone in the aviation industry as it surpassed 1...
- On 22nd December 2024, the one-millionth annual air traffic movement was recorded with the arrival of Emirates Flight305 from Shanghai.
- UAE recorded over 20 percent growth in air traffic over the past two years, among the highest globally.
All six lines of Riyadh Metro are now operational
The Royal Commission for Riyadh City (RCRC) announced that the phased rollout of Riyadh Metro culminated as of Sunday, Jan....
- The Royal commission announced the operation of three new stations on the Blue Line
- Riyadh Metro users will be received from 6:00 am until 12:00 midnight
Business
Saudi PMI falls to 58.4 in Dec as non-oil private sector improves
Riyadh, Saudi Arabia -- The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia...
- The index has remained above the neutral level (50.0 points) since September 2020.
- Business conditions experienced a marked improvement, propelled by a substantial surge in new orders.
Business
Desert truffles: Saudi Arabia’s buried treasure
The 10-day Qassim Truffle Festival, currently in its fourth year, features 18 booths showcasing truffles, a dedicated auction area and...
- Fertile soil, untouched land, access to fresh water, a suitable climate, and the presence of the Helianthemum plant contribute to growth of desert truffles.
- The Qassim Truffle Festival, currently in its fourth year, is a testament to the region's truffle production.
Geostrategy
Israeli invasion destroys 90% of Gaza livestock, poultry farms
Gaza, Palestinian Territories - The Israeli forces have decimated 90 percent of 2,500 poultry and cattle farms in Gaza during...
- A million turkeys distributed across 150 farms, were culled, in addition to 80 percent of the total domestic poultry population, estimated to be 300,000 birds.
- Israeli forces destroyed 90 percent of the 100 cattle farms, which were breeding 50,000 calves annually, and culled 2,200 cows in 400 farms.
Saudi, Egypt, UAE drive strategic moves across sectors and borders
Saudi Arabia records the lowest Hajj attendance in three decades—outside the pandemic years—triggered by tighter visa restrictions; Special Envoy Zhai...
Geostrategy
Company News
Emaar to pay $2.39bn dividend
Business
Aramco acquires stake in BHIG
Business
ADNOC L&S okays $273m dividend
Business
Latest News
Dar Alarkan 2024 profit up 32%
Business
DEWA okays $843m in H2 2024 dividend
DEWA had posted a net profit after tax of $1.96 billion for the full year 2024.
Business
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
Dar Alarkan 2024 profit up 32%
The company's net profit increased by 81.5 percent in Q4 2024.
Business
Most Read
Geostrategy
Ukraine to propose sky, sea truce at US talks in Saudi: official
The talks on Tuesday will be the first Ukraine-US meeting since a White House blow-up between Zelensky and US President...
- In Jeddah, the port city close to Islam's holiest sites in Makkah and Madinah, dozens of Ukrainian and Saudi flags flew on a main roundabout near the airport and on thoroughfares.
- US Middle East envoy Steve Witkoff said Washington wanted to use the talks "to get down a framework for a peace agreement and an initial ceasefire as well".
Economy
UAE’s real GDP increases by 3.8% during first nine months of 2024
Dubai, UAE -- The UAE’s real GDP increased by 3.8 percent during the first nine months of 2024 compared to...
- This growth was driven by a strong expansion in non-oil sectors, which grew by 4.5 percent to AED 987 billion.
- The contribution of non-oil activities to real GDP reached 74.6 percent, highlighting the increasing role of these sectors in supporting economic growth.
Science
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...
- Shimadzu is aiming to sell 10 of its clocks over the next three years and hopes its customers will use them to advance scientific research.
- Known as a "strontium optical lattice clock", it is 100 times more accurate than caesium atomic clocks, the current standard for defining seconds.