ATP and Saudi Arabia’s PIF launch new tennis tech platform
NEW YORK and RIYADH — The ATP Tour, in a landmark partnership with the Public Investment Fund (PIF), has unveiled...
Geostrategy
Business
Masdar to buy stake in Terra-Gen
Masdar to buy 50 percent stake in Terra-Gen from ECP.
- Masdar’s US portfolio of utility-scale wind, solar and storage assets has a generating capacity of over 1.4 GW.
- The US market will play a vital role as Masdar plans to build a renewable energy portfolio of 100 GW capacity by 2030
UAE announces monthly allowance of 50% of basic salary for imams, muezzins
Abu Dhabi, UAE - United Arab Emirates has announced a provision of a monthly financial allowance equivalent to 50 percent...
- Dr. Omar Habtoor Al Darei, Chairman of GAIAE, noted that this initiative is a gesture of appreciation from the President
- Imams and muezzins, he added, diligently uphold a conducive environment of worship and serenity
Business
Sovcomflot 2023 net profit $900m
In 2023, the firm demonstrated strong financial results.
- The company's revenue increased by 22.6 percent in 2023
- Sovcomflot’s operating profit in 2023 doubled to $1.16 billion.
Economy
Non-oil sectors contribute 50% to Saudi Arabia’s real GDP in 2023
RIYADH, SAUDI ARABIA – Non-oil activities in the Kingdom have achieved a historic milestone, reaching a 50 percent share of...
- This translates to a non-oil economy valued at US$$453 billion (SAR1.7 trillion) at constant prices.
- Non-oil economy is valued at $$453 billion at constant prices, fueled by growth in investment, consumer spending and exports.
Geostrategy
UAE, Hungary ink pact to enhance trade, investment ties
ABU DHABI, UAE – The United Arab Emirates and Hungary have signed an economic cooperation agreement aimed at stimulating trade...
- The UAE-Hungary economic cooperation agreement aims to deepen bilateral ties between the two nations and drive growth.
- The agreement between the two countries also aims to boost non-oil trade, which has seen a significant increase in recent years.
Business
Parkin record-breaking IPO raises $428m
The offer was oversubscribed 165 times for all tranches combined.
- Dubai Investment Fund (selling shareholder) had announced 749 million shares, or 24.99% of Parkin's total issued share capital, for the IPO.
- Parkin is expected to commence trading on the DFM on 21st March 2024. At listing, the company will have a market capitalization of AED 6.30 billion ($1.72 billion).
Business
Mubadala to anchor US-based Blue Opal’s second venture capital fund
MIC will be an anchor investor in their second venture capital fund.
- Blue Opal Capital recently launched a Fund-of-Fund platform that focuses on identifying and investing in exceptional entrepreneurial venture capitalists.
- Blue Opal Capital invests in emerging venture capital funds and co-investment opportunities that maximize investment returns for their partners.
Business
Qatar real estate trading volume amounts to US$382m in February 2024
DOHA, QATAR – The volume of real estate trading in sale contracts registered with the Real Estate Registration Department at...
- The data of the real estate analytical bulletin revealed that 350 real estate transactions were recorded during the month.
- The real estate transactions value index recorded a decline of 27 percent. The traded area index recorded a decrease of 18 percent.
Business
Potential investors value Telegram at $30bn, says co-founder Pavel Durov
MOSCOW, RUSSIA – The Telegram is valued by potential investors at more than US$30 billion, the co-founder of the social...
- The US$30 billion valuation was made by global technology funds in particular, Durov said.
- The Telegram will consider the sale of a portion of shares to its standing users, the businessman added.
Economy
Situation in Red Sea has a limited impact on food exports so far, says FAO
ROME, ITALY – The situation in the Red Sea has not yet been reflected in the pace of prices for...
- The decline in the Food Price Index in February 2024 was led by a decrease in the price for cereals and vegetable oils.
- The route via the Red Sea accounts for slightly more than 10 percent of the global maritime trade volume.
ATP and Saudi Arabia’s PIF launch new tennis tech platform
NEW YORK and RIYADH — The ATP Tour, in a landmark partnership with the Public Investment Fund (PIF), has unveiled...
Geostrategy
Company News
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Key MENA trends: M&A surge to five-year high, Saudi port activity rises in May
Qatar's foreign reserves rise 3.6 percent year-on-year despite a dip in bonds and treasury holdings, Iraq releases Australian and Egyptian...
Economy
MENA Outlook: Diversification, AI, and economic integration take centre stage
As the region pivots toward a post-oil future, recent developments across the Middle East and North Africa suggest an accelerating...
Economy
IMF upgrades Saudi real GDP growth forecast to 6% in 2025, up from
Riyadh, Saudi Arabia -- The International Monetary Fund (IMF) has revised upwards its forecast for Saudi Arabia's economic growth to...
Economy
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Business
Cross-border deals fuel M&A surge in MENA region in Q1 2025
Dubai, UAE -- The Middle East and North Africa (MENA) region has kicked off 2025 with a remarkable surge in...
- Cross-border deals were the primary engine behind this growth, accounting for 52 percent of the total deal volume (117 deals) and 81% of the total deal value ($37.3bn).
- The UAE cemented its position as the top target country for M&A activity in Q1 2025, attracting 63 deals totaling a substantial $20.3 billion.
Geostrategy
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...
- Saudi Arabia's hajj minister Tawfiq al-Rabiah told AFP on Thursday that efforts to mitigate the searing desert heat remained a top focus among authorities.
- This year, Rabiah said authorities have mobilized more than 40 government agencies and 250,000 officials and doubled their efforts to mitigate heat-related risks.
Business
Dubai Airport tops air connectivity ranking for Asia-Pacific and Middle East
Dubai, UAE - Dubai International Airport (DXB) has once again secured the top spot in the Airports Council International’s (ACI)...
- Paul Griffiths, CEO of Dubai Airports, hailed the recognition as a testament to the airport’s strategic importance in global aviation
- Griffiths highlighted that DXB’s strength lies not only in the scale of its operations but also in the reliability and quality of its services