With AI and more shade, Saudi Arabia set for a searing hajj
Riyadh, Saudi Arabia -- With artificial intelligence, more shade and misting machines, Saudi authorities are preparing to welcome more than...
Geostrategy
ADNOC’s listed companies post over $2.3 billion net profit in first quarter
Abu Dhabi, UAE -- ADNOC Group's publicly traded portfolio companies combined to deliver over $2.3 billion (AED8.4 billion) in first...
Business
Geostrategy
G20 health, finance ministers agree to launch US$1.4bn pandemic fund
The G20 health ministers have agreed to establish a pandemic fund.
- The fund will be commonly used to fix the health system and close the budget gap for the following five years.
- Up to 20 donor countries and three philanthropists have expressed willingness to contribute to the effort to raise "pandemic fund" totaling US$1.4 billion.
Science
COP27 focuses on ways and means to feed 8 billion people
The adaptation and agriculture thematic day at COP27 focused on how the world will feed eight billion people.
- A series of sessions and initiatives shed light on pathways forward on adaptation and climate resilient agriculture.
- The focus comes at a particularly challenging year for food security.
Business
Invictus 9M net profit $105m
The firm reported a 125 percent increase in its revenues.
- The company attributed the results to “a continual focus on geographical location expansion, and a sustained rise in trade volume and revenues across all product lines”.
- This year, the company introduced fertilizers which added over AED 140 million to revenues.
Arts & Culture
Saudi Arabia to host Under-21 World Snooker Championship in 2023
Riyadh, Saudi Arabia- --Saudi Arabia will host the World Under-21 Snooker Championship for men and women in July 2023, SPA...
- International Billiards and Snooker Federation has also agreed in principle to host the World Cup for Billiard and Snooker for men and women in Oct. 2024 for six balls and masters.
- Hosting the championship is the kingdom's one more step towards the development and promotion of the sports sector in its pursuit to achieve the Saudi Vision 2030 goals.
Business
PIF sells 10 percent stake in Tadawul Group at $51 per share
The offering size was SAR 2.3 billion ($611 million), making it the second largest Accelerated Bookbuild Offering to ever take...
- Last year, the PIF, which is led by the Crown Prince and Prime Minister Mohammed bin Salman, sold a 30 percent stake in Tadawul in a $1 billion IPO.
- This transaction is in line with PIF’s strategy to recycle the Fund’s capital and invest in emerging and promising sectors in the local economy, PIF said.
Geostrategy
Bahrain sees record voter turnout in general elections
Manama, Bahrain—At least 73 percent of voters have turned out to cast ballots in the 2022 Bahrain general election, the...
- The elections, according to Bahrain News Agency, went smoothly across the kingdom and the eligible voters used the right of franchise
- The minister said that the success of the record turnout was a culmination of the democratic progress led by His Majesty King Hamad bin Isa Al Khalifa since 2002
Geostrategy
Jordan King and UK PM meet to discuss strategic relations
London, UK— King Abdullah of Jordan and UK Prime Minister Rishi Sunak have met in London to discuss the development...
- The king expressed Jordan’s keenness to advance its friendly ties with the UK and bolster cooperation in the political, economic and defense fields
- He told the British PM that Jordan would continue to safeguard Islamic and Christian holy sites in Jerusalem under the Hashemite Custodianship
Economy
Saudi Arabia raising phosphate fertilisers production
The kingdom is among the world’s leading phosphate exporters, along with China, the US, Russia and Morocco.
- The kingdom is among the world’s leading phosphate exporters, along with China, the US, Russia and Morocco
- The oil-rich country plans to increase capacity by 50 percent to produce 9mn tonnes of phosphate fertilisers a year
Economy
Qatar and Kuwait renew pledge to help Afghanistan with aid
United Nations, US—Reiterating their pledge to continue providing aid to Afghanistan, Qatar and Kuwait have said they will continue to...
- Sheikha Alia Ahmed said that Qatar has made peace and development a priority of its post-war engagement in Afghanistan, particularly the issue of empowering women and girls
- Bader Al-Daihani said that Kuwait has provided $92 million in humanitarian aid to Afghans
Shamma bint Sultan becomes first person from Middle East to join CEMUNE
The CEMUNE works to foster deeper cooperation on key global challenges and has been recognised for contributing to regional and...
- The CEMUNE works to foster deeper cooperation on key global challenges and has been recognised for contributing to regional and international achievements in sustainability
- The UAE Special Envoy for Climate Change Dr Sultan bin Ahmed Al Jaber welcomed the collaboration between CEMUNE and UAE Independent Climate Change Accelerators
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
With AI and more shade, Saudi Arabia set for a searing hajj
Riyadh, Saudi Arabia -- With artificial intelligence, more shade and misting machines, Saudi authorities are preparing to welcome more than...
Geostrategy
Company News
Ghitha Holding Q3 profit of $33m
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Bank Albilad posts net profit
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NHC, NAVER Cloud ink pact
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Aramco, ENOWA ink pact
Business
RSG, KHC set up joint venture
Business
Tabreed gets US$163m Green Revolving Credit Facility
ABU DHABI, UAE - Tabreed on Thursday announced the successful closure of its inaugural US$163 million (AED600 million) Green Revolving...
Business
Mawani gets 79.01 points in UNCTAD’s Liner Shipping Connectivity Index for Q4 2023
RIYADH, SAUDI ARABIA – The Saudi Ports Authority (Mawani) attained its highest improvement in the UNCTAD's Liner Shipping Connectivity Index...
Economy
Most Read
COP28 UAE
World Bank to expand climate funding in MENA by $10 billion
Brhane said the World Bank integrated climate into all its work across the MENA region and is on track to...
- The funding supports both reducing net emissions and resilience projects, said Meskerem Brhane, the bank's Regional Director for Sustainable Development, MENA.
- She added that by embracing green growth strategies, the region's GDP could potentially grow to over $13 trillion by 2050.
Business
UAE, Korean firms ink pact
The partnership will utilize low-cost indoor farming solution.
- The facility will be co-located within livestock farms to localize animal feed in Al Ain, UAE.
- The facility will be using 95 percent less water per kilogram versus traditional farming means.
Business
PM issues law forming Dubai Investment Fund to oversee government investments
DUBAI, UAE – Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum has issued Law...
- The law endows the Fund with the financial and administrative independence to pursue its objectives along with the legal mandate to do so.
- Dubai Investment Fund will be responsible for investing Dubai Government funds, surpluses and the general reserve locally and internationally.