Alpha Dhabi acquires interest in NCTH
The deal increases NCTH's portfolio to 8 hotels with 1,500 keys.
Business
18 Palestinians killed in Israeli strikes on northern, southern Gaza
Palestinian news agency (WAFA) reported that eight Palestinians were killed, and others were injured in an airstrike by the Israeli...
Geostrategy
Business
E-marketing reduce prices of poultry products by up to 20% in Saudi
Riyadh, Saudi Arabia--Saudi Poultry Producers Committee has said that use of some applications in marketing has helped consumers obtain products...
- Saudi Poultry Producers Committee recommends farmers to benefit from modern marketing technologies.
- Saudi Ministry of Environment, Water and Agriculture recently set up a company to market Saudi agricultural products in cooperation with the Federation of Saudi Chambers.
Business
Al Sagr to cut capital
It has sought shareholders' nod for 65% capital reduction.
- According to a bourse filing, the Saudi insurer aims to reduce its capital from $106 million to $37.33 million.
- The company is restructuring its capital in order to write off accumulated losses of $69.33 million
Business
Almarai posts profit in Q3
The Saudi firm's net profit rose 10% to $372m.
- However, the company's stock took a dip, falling 4.15 percent to end the session at SR53.10
- The company said positive revenue growth was also witnessed across all categories after the removal of COVID-19 movement restrictions and the re-opening of educational institutions
Economy
Jordan fixes bread prices until 2023 amid global grain price hike
According to the cabinet decision, the price of large-sized white pitta bread will remain at 320 fils, while small-sized white...
- According to the cabinet decision, the price of large-sized white pitta bread will remain at 320 fils, while small-sized white pitta bread will remain at 400 fils
- The decision also included continuing to provide $6 in cash support to non-mechanical bakeries, specifically those that use one tonne or less of flour daily
Business
e& forays into the metaverse
The move marks a significant achievement for the Group
- The move marks a significant achievement in the Group’s transformation journey to a global technology and investment conglomerate
- Metaverse technology is in the early incubation stages, given that it needs high-bandwidth and low-latency communications to work at scale
Business
French energy giant offers pay talks in bid to end fuel strike
Vehicle owners have faced increasingly long waits to fill up after two weeks of strikes by workers demanding higher wages...
- It runs a network of around 3,500 filling stations in France, nearly a third of the total, and most of them are low on fuel or even empty for some types.
- Currently three of Total's refineries are blocked, including its largest, in Normandy, as well as a fuel depot near Flandres in the north.
Geostrategy
Germany investigates ‘sabotage’ on its rail framework
Rail operator Deutsche Bahn blamed the travel disruptions on "sabotage", while Transport Minister Volker Wissing spoke of "a targeted and...
- Important communications cables were cut at two sites on Saturday, forcing rail services in the north to be halted for three hours.
- Police have said the investigation into Saturday's incident is still wide open and they have not publicly mentioned any suspects.
Economy
Remittances from expatriates in Saudi fell 13 percent in Aug
Riyadh, Saudi Arabia - Remittances from expatriates in Saudi Arabia saw a 13 percent year-on-year (YoY) decline to SAR 11.92...
- On a month-on-month (MoM) basis, remittances from expats in Saudi Arabia rose 3 percent, or SAR 323 million ($85.47m).
- Remittances by Saudi nationals to other countries grew 10 percent YoY to SAR 6.33 billion ($1.68bn) in August.
Business
Dubai Airport Free Zone non-oil trade up 36 percent in 2021
Dubai, UAE--- Non-oil trade of Dubai Airport Free Zone (DAFZ), part of the Dubai Integrated Economic Zones Authority (DIEZ), rose...
- DAFZ contributed 10.7 percent to Dubai’s non-oil trade in 2021, exceeding expectations across all sectors.
- Machinery, equipment, and appliances were the main contributor to DAFZ’s trade in 2021, making up 74.6 percent of exports.
Geostrategy
Qatar to hike Jordanian food imports during World Cup
Qatar plans to hike its imports of Jordanian food products during FIFA World Cup Qatar 2022 as demand is expected...
- Qatar relies heavily on Jordanian market for vegetables and fruits.
- Volume of Jordan-Qatar trade during the past 10 years amounted to over US$3.17 billion.
Most Read
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
Alpha Dhabi acquires interest in NCTH
The deal increases NCTH's portfolio to 8 hotels with 1,500 keys.
Business
Company News
ADNOC L&S gets new VLCC
Business
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Dubai’s top 10 land deals in 2023 is worth US$2.3bn
DUBAI, UAE – A real estate brokerage based here has compiled the 10 largest land deals in the Emirate since...
Business
Mawani, SGP ink US$266m pact
The aim is to establish multiple logistics zones in the Kingdom.
Business
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Business
Air Arabia launches non-stop flights between UAE’s Sharjah, Egypt’s Giza
SHARJAH/ ABU DHABI, UAE - Air Arabia announced the launch of a new route operating between Sharjah and Giza city...
- The non-stop flights will connect Sharjah International Airport with Giza and will have a frequency of five weekly flights.
- British Airways announced that it will launch daily flights from London to Abu Dhabi next year.
Business
PIF announces pricing of inaugural $3.5bn global sukuk issue
RIYADH, SAUDI ARABIA - The Public Investment Fund (PIF) on Thursday successfully priced its first dollar-denominated Shariah-compliant trust certificates (sukuk)....
- The issuance will be listed on the London Stock Exchange’s International Securities Market (ISM).
- The sukuk issuance was more than seven times oversubscribed, with orders exceeding $25 billion,
Geostrategy
Russia ready to discuss Turkey’s idea about guarantors for Israel, Palestine, says Lavrov
PYONGYANG, NORTH KOREA - Russia is ready to discuss and consider Turkey’s initiative to establish a guarantor system in the...
- According to the Russian foreign minister, the initiative is driven by the intention to de-escalate things and bring the situation back to normal.
- He said that the Turkish initiative is rooted in the desire to ensure a balance of interests, rather than favoring one party.