Salik 2024 net profit before taxes $348m
The toll operator's revenue increased by 6% to $626 million.
Business
IMF projects 3.3% global growth for 2025, MENA to rebound to 3.6%
Dubai, UAE -- The International Monterey Fund (IMF) has projected global growth to remain at 3.3 percent this year and...
Economy
Business
Riyadh Chamber hosts Saudi-Russian business meeting
The Riyadh Chamber hosted a meeting in which 23 Russian companies and representatives of the Saudi Arabian business sector participated.
- The meeting stressed the importance of commercial relations between Saudi Arabia and Russia.
- Businesses can benefit from investment opportunities and partnerships in the two countries.
Business
Mawani, Globe Group to set up logistics zone at Jeddah port
Riyadh, Saudi Arabia--Saudi Arabia's General Authority of Ports (Mawani) has signed a contract with Globe Group, a marine services company,...
- The integrated logistics zone and a re-export zone in Jeddah Islamic Port will be constructed on an area of ​​135,000 square meters.
- Mawani said the logistics zone will enhance the port’s competitive advantage and support national companies specialized in the logistics sector.
Business
Multiply Group buys 80% of IEH
Firm aims to expand its utilities, energy investments.
- Multiply Group had recently invested US$2.7 billion in a 7.3 percent stake in the Abu Dhabi National Energy Company.
- Other investments include 100 percent ownership of PAL Cooling Holding, one of the top players in the UAE’s district cooling industry.
Business
Arada awards two contracts
Under the $123m project, nine apartment blocks will be built.
- Consisting of 740 homes in total, the buildings include the five Sokoon blocks, two new apartment blocks located close to Aljada’s museum and the two Gate buildings.
- Valued at AED377 million, the contract to build the five Sokoon apartment buildings and the two apartment blocks located next to the museum was won by Airolink Building.
Business
Anaam to raise US$42m
The capital will be raised through a rights issue.
- According to a bourse filing, the capital increase is aimed at boosting the working capital, lowering the loan rates, and supporting the business growth of the company
- The capital hike is subject to the approval of the relevant official authorities and the company’s shareholders
Economy
Saudi Arabia, China sign agreement on air transport
The agreement was signed between the President of the Civil Aviation Authority of Saudi Arabia Abdulaziz bin Abdullah Al-Dialej and...
- The pact was signed between the Saudi Arabia’s President of the Civil Aviation Authority Saudi Arabia Abdulaziz bin Abdullah Al-Dialej and his Chinese counterpart
- It aims at increasing the number of air flights and stations and achieving further cooperation in the air transport sectors of the two countries.
Business
PIF’s green bonds to shore up market, says LSE official
The fund has hired a large group of banks including Citi and JPMorgan to arrange a debut issuance of multi-tranche...
- According to Shrey Kohli, the PIF targets those sectors for investment that are in line with the framework of green bonds and the fund offers complete transparency to investors
- The fund currently manages assets of over $600 billion
Economy
OIC new mechanism to settle investment disputes
The OIC, a 57 member body, has been working on a mechanism for the investment dispute redressal among member states...
- The OIC, a 57 member body, has been working on a mechanism for the investment dispute redressal among member states for years now
- The four-day meeting in Casablanca is set to establish the permanent mechanism to encourage, protect and guarantee investment of member states
Geostrategy
US to impose ‘further costs’ on Iran over protests crackdown
Widespread street demonstrations sparked by the death of Mahsa Amini, 22, who died following her detention by morality police for...
- Iran has been under crippling US economic sanctions largely related to its controversial nuclear program which Tehran insists has only civilian purposes
- Biden said that he was concerned about reports of the violent crackdown on peaceful protestors in Iran, including students and women
Economy
World Bank okays $400m project to help Egypt decarbonise freight railway
The project will support Egypt's integration into global value chains and its efforts to become a regional trading hub.
- The project will support Egypt's integration into global value chains and its efforts to become a regional trading hub
- It will significantly contribute to Egypt's 2050 Climate Change plan, given the expected reductions in greenhouse gas emissions
Salik 2024 net profit before taxes $348m
The toll operator's revenue increased by 6% to $626 million.
Business
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ECI, KazakhExport ink MoU
Business
Ground operation likely in Gaza Strip, says Israeli envoy to Russia
MOSCOW, RUSSIA - The probability that the Israel Defense Forces (IDF) will launch a ground operation against Palestinian group Hamas...
Geostrategy
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...
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)....
Business
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Business
Saudi Metrology Organization, Enterprise Singapore ink MoU on standardization
RIYADH, SAUDI ARABIA – The Saudi Standards, Metrology and Quality Organization (SASO) and Enterprise Singapore signed an MoU here, focusing...
- The pact encompasses cooperation and the exchange of best practices and experiences in metrology, calibration and safety of consumer products.
- The MoU includes provisions for training, capacity building and collaboration in the development of infrastructure for standards and quality.
Geostrategy
Neighboring nations fear repercussions of Gaza conflict
As Israel advises around 1.1 million residents of northern Gaza Strip to evacuate, concerns grow about the potential ripple effects...
- With Israel advising a significant portion of Gaza's population to evacuate, the potential repercussions on neighboring Lebanon, Jordan and Egypt are being gauged
- As the situation unfolds amid the Middle Eastern conflict, the strategies and stances of key players, including Lebanese Hizbollah and Hamas, come to the forefront
Business
Emirati investments in Turkey reach $5.6 billion in 2022
ABU DHABI, UAE – Ahmet Burak Daglioglu, Head of the Investment Office of the Turkish Presidency, said that the cumulative...
- UAE currently stands as Turkey's 13th largest trade partner for exports and the 15th largest for imports.
- From 2014 to 2022, the total foreign direct investment from Turkey to the UAE amounted to approximately $1.1 billion