WHO countries strike landmark agreement on tackling future pandemics
Geneva, Switzerland -- Years of negotiations culminated early Wednesday with countries agreeing the text of a landmark accord on how...
Geostrategy
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.
Business
Emirates’ first A350 takes flight
The airline operated the inaugural flight from Dubai to Edinburgh.
- The aircraft, featuring Emirates' latest cabin products, is the first of 65 A350s joining the airline's fleet over the coming years.
- Emirates has configured its A350 to provide three cabin classes, accommodating 312 passengers in 32 next-generation Business Class lie-flat seat.
Geostrategy
Winter rains, flooding and limited aid worsen Gaza tragedy: IOM
"Vulnerable people, including at least seven infants, have died from hypothermia, and these tragic deaths underscore the urgent need for...
- As of mid-Dec, the Shelter Cluster, a coordination group of UN, international and local humanitarian, estimates at least 945,000 still urgently need winterization assistance.
- IOM has delivered nearly 180,000 emergency shelter items to partners inside Gaza since mid-November and has over 1.5 million more winter supplies.
Business
Oil extends gains on hopes of policy support for economic growth
Singapore - Oil prices extended gains on Friday after closing at their highest in more than two months in the...
- Brent crude futures rose 16 cents, or 0.2 percent, to $76.09 a barrel after settling at its highest since Oct. 25 on Thursday.
- Lower interest rates should spur more economic growth which would lead to higher fuel consumption.
Company News
ADNOC L&S okays $273m dividend
Business
Dar Alarkan 2024 profit up 32%
Business
Latest News
How do GCC-Arab leaders look at the region’s future?
The bigger your vision, the bigger your achievement will be. Will you stumble on the way? Perhaps, but we cannot...
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...
Geostrategy
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...
Economy
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Business
ADNIC okays 45% dividend for 2024
The company achieved its highest ever revenue and net profit.
- As a result of strong underwriting and investment performance, ADNIC's net profit before tax grew by 16.3 percent year on year to AED 466.4 million.
- Its total assets grew by 52.9 percent year on year to reach AED 11.8 billion and total shareholders equity grew by 20.6 percent for year on year to reach AED 3.5 billion.
Business
stc net profit for 2024 $6.58bn
This is an increase of 85.7 percent over the previous year.
- Revenues for 2024 rose 5.7 percent over the previous year to reach SAR 75.893 billion, and gross profit reached SAR 37.30 billion.
- Operating profit increased 9.6 percent over the previous year to reach SAR 14.426 billion.
Business
Maaden raises $1.25bn in sukuk offering
The Sukuk were offered in a five-year and a 10-year tranche.
- The five-year tranche of $750 million consists of 3,750 Sukuk based on the minimum denomination and total issue size.
- Maaden said the annual return on the five-year tranche is 5.25 percent and 5.50 percent for the 10-year tranche.