Central & Southern Asia and Oceania region leads the world in cryptocurrency adoption
The fifth annual Chainalysis Global Crypto Adoption Index looks at both on- and off-chain data to determine which countries are...
Economy
Anthropic hit with class-action lawsuit over copyright infringement
Anthropic, the Amazon-backed artificial intelligence startup, on Monday, was hit with a class-action lawsuit in California federal court over alleged...
Business
Business
Tadawul market cap vaults
Its value is $2.8trn in the first nine months of the year.
- The boost in the value of the exchange is despite the total value of shares traded during the first nine months falling by 21.5 percent from the previous year to $373.33 billion
- The highest close level for the index during the period was 13,820.35 points on May 8
Business
SAFEEN, Amaan Baghdad sign MoU
The agreement relates to fuel oil transport and storage.
- SAFEEN Feeders, a subsidiary of SAFEEN Group, will manage the entire project, providing three Very Large Crude Carriers (VLCCs) and one Medium Range (MR) tanker.
- SAFEEN Feeders will transport fuel oil from terminals in Port of Khor Al Zubair and Umm Qasr South Port to Iraqi territorial waters using the MR tanker.
Geostrategy
GCC renews pledge to deepen partnership with China
The Gulf Cooperation Council (GCC) has renewed its commitment to continue having a strong partnership with China in order to...
- The sentiment was echoed in a meeting between Secretary General of the GCC, Dr. Nayef Falah Mubarak Al-Hajraf, and China's Ambassador to Saudi Arabia, Chen Weiqing
- The two sides discussed all issues and topics of common interest, and reviewed the cooperation relations between the GCC and China to achieve common interests
Economy
Saudi Arabia holds GCC meeting to boost economic ties
Saudi Arabia hosted a meeting of the GCC Financial and Economic Cooperation Committee to broaden economic cooperation among the GCC...
- The meeting was held under the chairmanship of Minister of Finance Mohammed bin Abdullah Al-Jadaan
- It reviewed a host of issues related to enhancing financial and economic cooperation among the GCC countries besides discussing the impact of the world economic crisis
Economy
IMF likely to open regional office in Saudi Arabia
IMF expects the Kingdom to become one of the world's fastest-growing economies, recording a growth of 7.6% this year
- IMF expects the Kingdom to become one of the world's fastest-growing economies, recording a growth of 7.6% this year
- Credit rating agency S&P has already affirmed Saudi Arabia’s rating at “A-/A-2” with a positive outlook citing higher oil revenues
Business
UAE and Italy to widen trade and economic ties
The UAE and Italy are looking to widen trade ties between the two countries, and in this regard an Italian...
- The talks touched on the customs services and facilities that Dubai Customs provides to facilitate trade
- The meeting is part of Ertibat Initiative, which seeks to develop relations with foreign diplomatic missions and business sectors
Business
US Gecko Robotics set to establish international HQ in UAE
The Pittsburgh-based company is looking to establish a state-of-the-art manufacturing plant in Khalifa Industrial Zone Abu Dhabi.
- The Pittsburgh-based company is looking to establish a state-of-the-art manufacturing plant in Khalifa Industrial Zone Abu Dhabi
- Gecko Robotics is the latest to set up base in the UAE, joining UK tech company Gödel and food app development company Krush
Economy
Saudi banks provide $630 billion loans till August 2022
Riyadh, Saudi Arabia - Saudi bank loans granted to public and private sectors grew 15 percent by the end of...
- Private-sector lending also increased by 15 percent year-on-year to SAR 2.241 trillion ($600 billion).
- Loans granted to public non-financial institutions increased 26 percent YoY to SAR 117.1 billion ($31.14 billion).
Arts & Culture
Cultural policy vital for diversified economy, says UAE Minister
UAE Ministry of Culture and Youth participated in the UNESCO World Conference on Cultural Policies and Sustainable Development – MONDIACULT...
- UAE Minister of Culture and Youth Noura bint Mohammed Al Kaabi participated in a UNESCO world conference in Mexico via video conference.
- A delegation headed by Salem Al Qasimi, Permanent Delegate of the UAE to UNESCO, was present on the occasion.
Business
UAE-China non-oil trade exceeds $470bn in past decade
Abu Dhabi, UAE - The non-oil trade between the UAE and China increased by 78.5 percent from 2012 to 2021,...
- The trade increased by 78.5 percent from 2012 to 2021 to $60.85 billion by the end of 2021 compared to $34 billion in 2012.
- FCSC also showed that the non-oil trade exchange between the two in the first half of 2022 totaled AED118.4 billion $32.24 billion.
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Central & Southern Asia and Oceania region leads the world in cryptocurrency adoption
The fifth annual Chainalysis Global Crypto Adoption Index looks at both on- and off-chain data to determine which countries are...
Economy
Company News
Latest News
Aramco’s Luberef resumes bitumen exports after 20 years
RIYADH, SAUDI ARABIA - King Fahad Industrial Port has successfully shipped 5,500 tons of bitumen to South Africa onboard bulk...
Business
Tadawul’s sukuk, bonds market sees $3.4bn negotiated deals in first 9 months of 2023
RIYADH, SAUDI ARABIA – The Saudi Exchange's (Tadawul) sukuk and bonds market witnessed 74 negotiated deals worth nearly SAR 12.77...
Market Report
ADNOC, Fertiglobe to pilot cost-effective modular carbon capture technology
ABU DHABI, UAE – ADNOC and Fertiglobe on Tuesday announced the pilot deployment of the world’s first cost-effective modular CycloneCC...
Business
Most Read
Geostrategy
Saudi Arabia, Pakistan ink pact on digital transformation, innovation
RIYADH, SAUDI ARABIA - The Kingdom of Saudi Arabia signed a memorandum of understanding (MoU) with Pakistan here on Sunday...
- Under the terms of the MoU, Saudi Arabia and Pakistan will strengthen their SME and start-up ecosystems.
- They will cooperate on policies, regulations and legislation in the digitization and electronic manufacturing sectors.
Business
ROSHN group opens sale for SEDRA phase 3 units in Riyadh
RIYADH, SAUDI ARABIA - ROSHN Group, one of the Public Investment Fund (PIF) subsidiaries, announced on Sunday the opening of...
- SEDRA phase three will add 3,438 more houses to ROSHN’s first integrated development; 1,904 units are for sale in this initial sales tranche.
- SEDRA 3 offers prospective residents eight options of floor plans and eleven facades, in single- or multi-family configurations,
Economy
ADB capital reforms unlock $100bn to support Asia and the Pacific region
MANILA, PHILIPPINES - The Asian Development Bank (ADB) approved capital management reforms that unlock US$100 billion in new funding capacity...
- The expansion of available funds will be further leveraged by mobilizing private and domestic capital required to tackle the climate crisis.
- The reforms also create a Countercyclical Lending Buffer to support ADB developing member countries facing unexpected crises.