Accenture, AWS sign six-year Middle East cloud, AI, data deal
Accenture has signed a six-year strategic collaboration agreement with Amazon Web Services (AWS) to help organizations across the Middle East...
Business
Dubai airport expects stronger H2 as airline capacity and demand recover
Dubai Airports CEO Paul Griffiths said the return of airline capacity was being matched by recovering demand, particularly important for...
Business
Business
Mubadala Capital, Woori sign partnership
The two firms will explore mutually beneficial investment opportunities.
- They will establish a dedicated working committee to facilitate cooperation and dialogue between both organizations.
- Chang Kyu Kim, CEO of Woori Venture Partners emphasized the potential for mutual growth and affirmed his commitment to strengthening cooperation among group entities in the future.
Geostrategy
Palestinians reduced to antagonists in someone else’s story: Queen Rania
In a powerful speech at the first-ever Web Summit Qatar conference, while calling for an immediate end to the war...
- Palestinian story has been obscured, allowing Palestinians to be dehumanized, discredited, and “turned into a people unto whom anything can be done, without consequence.”
- Their many attempts at non-violent resistance – from historic strikes and civil disobedience, to Gaza’s Great March of Return – have been crushed, even criminalized,” she said.
Business
Luberef net profit falls 24%
Decline attributed to lower prices for base oils, secondary products.
- The company also reported a decrease in base oils and secondary products’ cracking margins, despite higher sales volumes.
- The fourth-quarter net profit dropped 65 percent to SAR 268.7 million from SAR 763.19 million in Q4 2022.
Business
Pakistan-Iran gas pipeline recommences after 10-year delay
Tehran, Iran -- In a significant step towards enhancing energy cooperation between Pakistan and Iran, Islamabad has given the green...
- The approval comes as Pakistan has scrambled to avoid a staggering $18 billion fine. Analysts say the project will improve Pakistan's energy security.
- Iran has extended the project deadline by 180 days until September 2024 so as to avoid a legal dispute with Pakistan at international tribunals.
Geostrategy
Russia in contact with OIC on upcoming presidential vote
Moscow, Russia -- Moscow is maintaining close contact with officials from the Arab League and the Organization of Islamic Cooperation...
- "We are always in contact on all issues, including election cycles in our countries, and we coordinate our approaches," said Russian Deputy Foreign Minister Mikhail Bogdanov.
- The senior diplomat pointed out in this regard that he "himself attended Palestine’s elections as an observer in the past."
Business
Saudi Arabia surpasses 2030 tourism target of 100 million visitors
The Kingdom drew praise for this achievement from UN Tourism and the World Travel & Tourism Council. Motivated by this...
- International tourists numbered 27.4 million, a substantial 56 percent increase over 2019 and an impressive 65 percent rise compared to 2022.
- Tourism has proved to be a significant contributor to the nation’s economy, with domestic and international tourists spending over SAR 250 billion ($66.65 billion) in 2023
Business
Aramco signs $6bn purchase agreements with local suppliers
Dhahran, Saudi Arabia -- Energy giant Saudi Aramco Tuesday announced that it has signed 40 corporate purchase agreements worth $6...
- The new purchase agreements cover companies in multiple sectors and include the supply of a variety of products, including strategic goods.
- In the same context, Saudi Aramco signed two memorandums of understanding with strategic partners to cooperate in the field of localization and supply chain development.
Business
Mashreq closes $88m loan
The one-year syndicated term facility was closed for Agrobank.
- Mashreq acted as sole coordinator, initial mandated lead arranger, bookrunner, and facility agent for the deal.
- Marking a debut transaction for an Uzbekistan state-owned bank in the MENA region, the facility was oversubscribed by 75 percent.
Business
Maaden net profit falls 83%
The company's fourth-quarter net profit declined 12% YoY.
- The net profit decreased due to a decline in sales (by 27% YoY from SAR 40.27bn to 29.27bn) on the back of lower commodity market prices of all products except gold.
- Net profit was also impacted by higher finance cost due to increased borrowing rates and lower share of profit from joint ventures on the back of lower commodity market prices.
Business
SABIC AN profit falls 64%
The company had posted a profit of $2.67 billion in 2022.
- The company attributed the profit decline to lower revenue, which fell by 42 percent year-on-year (YoY) due to a 43 percent drop in average selling prices.
- The fourth-quarter net profit slumped 55 percent to SAR 977.91 million from SAR 2.16 billion in the prior-year period.
Accenture, AWS sign six-year Middle East cloud, AI, data deal
Accenture has signed a six-year strategic collaboration agreement with Amazon Web Services (AWS) to help organizations across the Middle East...
Business
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China’s LNG ambitions take shape
Business
Funeral procession for Khamenei begins, mourners carry anti-US and anti-Israel messages
Organizers said the procession is expected to last between 10 and 12 hours along a roughly 10-kilometre route passing through...
Geostrategy
OPEC+ agrees fresh August output hike as Gulf oil production slowly recovers
The producer group approved another increase of 188,000 barrels per day for August, signaling confidence that Gulf oil output can...
Geostrategy
EMEA megadeals surge as AI reshapes global dealmaking strategy: Report
The report warns that companies now face a new challenge: pursuing large acquisitions while simultaneously funding and executing AI transformations.
Business
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Geostrategy
Mourners stream into Tehran for Khamenei farewell amid calls for ‘revenge’
The funeral of Iran's assassinated supreme leader has drawn mourners and foreign delegations from more than 100 countries, with Tehran...
- Red flags symbolising demands for revenge were prominently displayed during the funeral ceremony.
- More than 5,000 schools have been opened to accommodate pilgrims travelling to Tehran for the funeral.
Business
Adani, Abu Dhabi’s IRH to invest $11.5bn in Odisha aluminum project
Dubai, UAE -- Adani Enterprises and Abu Dhabi-based International Resources Holding (IRH), an IHC Group company, have agreed to establish...
- The integrated complex will include an alumina refinery, aluminium smelter, captive power plant and downstream manufacturing park.
- The investment is expected to create 53,500 jobs and become India's largest foreign investment in the metallurgy sector.
Geostrategy
Iran begins funeral ceremonies for Khamenei as Tehran prepares for massive show of unity
Millions are expected to gather in the Iranian capital over the coming days, with senior regional leaders attending ceremonies that...
- New IRGC chief Ahmad Vahidi makes his first public appearance since before the war.
- Officials estimate that between 15 million and 20 million people could participate in the ceremonies across Tehran.