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TikTok’s US future uncertain

It must find non-Chinese owner to avoid ban.

Tesla Q1 sales sink 13 percent

The dip occurred amid lower production during factory upgrades.

AD Ports Group 2024 revenue $4.70bn

The Group's EBITDA increased by 69 percent YOY.

Tesla sales tumble in Europe in Q1

The company suffered from boycotts against the policies of Elon Musk.

Ford’s US Q1 auto sales dip

But its Q1 figures exceed a forecast by Edmunds

TAQA, GS Inima and EWEC seal deal

Abu Dhabi's Shuweihat 4 desalination project secures $444 million.
  • The S4 RO project is primarily funded 71 percent through debt financing from both local and international banks.
  • The financial closing comes after TAQA and GS Inima signed the water purchase agreement with EWEC in August 2023.

UN adopts Qatar-sponsored resolution on human rights training center

New York, USA - The UN General Assembly (UNGA) adopted a resolution by 185 votes on 'The UN Human Rights...
  • Qatar sponsored and facilitated negotiations every two years since its establishment in 2008, with its headquarters in Doha
  • In its resolution, the General Assembly reaffirms the role of regional cooperation in promoting and protecting human rights

Sharjah’s ‘Mleiha’ and ‘Al Dhaid’ added to Islamic World Heritage

Sharjah, UAE - The Islamic World Heritage Committee of the Islamic World Educational, Scientific and Cultural Organization (ISESCO) added the...
  • The Sharjah Archaeology Authority (SAA) has completed the nomination dossier of the Mleiha archaeological site titled "Mleiha: The Pre-Islamic Period in Southeast Arabia"
  • The nomination highlights the historical and archaeological value of Mleiha and its archaeological and architectural elements that were unearthed during continuous excavations

Bayanat, Yahsat to merge           

It will benefit from revenue synergies, economies of scale.
  • The merger will create an AI-powered space technology champion in the MENA region with an implied market capitalization of over US$4 billion.
  • The combined entity will be vertically integrated and optimally positioned to capture regional, global opportunities in geospatial and mobility solutions.

BCI’s subsidiary secures US$100m loan from SIDF

RIYADH, SAUDI ARABIA - Basic Chemical Industries Co.'s (BCI) subsidiary Chemical Marketing and Distribution Co. Ltd. secured a loan from the Saudi...
  • The US$100 million loan has a duration of seven years and three months starting from October 8, 2025.
  • BCI mortgaged all fixed assets of the project as guarantees for financing, in addition to a corporate guarantee.

UAE, Kazakhstan sign MoU to combat financial crimes

ASTANA, KAZAKHSTAN – UAE and the Republic of Kazakhstan signed an agreement to enhance bilateral cooperation in the combating of...
  • The MoU aims to increase cooperation in combating money laundering, terrorism financing and proliferation financing.
  • It will focus on four key areas: virtual assets, public-private partnership, education and capacity building, and asset recovery.

NCSC seeks to regulate Jordan’s cybersecurity market

AMMAN, JORDAN - National Cyber Security Center (NCSC) seeks to regulate the Kingdom's cybersecurity market by outlining and endorsing the...
  • One of the NCSC's key measures focuses on issuing Cybersecurity Services Licensing System, its director said.
  • This would "effectively" contribute to strengthening and supporting Jordanian companies to enter the cybersecurity market.

Hyundai Motor, Mubadala ink MoU

The two firms will seek to unlock investment opportunities.
  • The agreement between the two firms will allow both parties to jointly invest and share expertize.
  • Hyundai Motor and Mubadala will seek to unlock potential investment opportunities.

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...
  • This financing agreement, spanning five years, aligns with Tabreed's overarching sustainability strategy.
  • The facility will introduce efficient cooling solutions, meeting the regional demand for sustainable innovative technologies.

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...
  • This development aligns with the objectives of the National Transport and Logistics Strategy (NTLS).
  • This achievement adds to the recent major records, including a score of 77.66 during Q3.

Alpha Dhabi acquires interest in NCTH

The deal increases NCTH's portfolio to 8 hotels with 1,500 keys.

Latest News

GASTAT issues FDI statistics of Saudi Arabia for Q4 2023

RIYADH, SAUDI ARABIA – The General Authority for Statistics (GASTAT) issued on Friday the Foreign Direct Investment (FDI) statistics for...

Gulf nations embark on defense industry localization

Saudi Arabia leads GCC efforts towards defense self-reliance by creating the first military industries committee, aiming to reduce foreign imports...

flydubai adds two Saudi destinations

Flights to Al Jouf Airport and Red Sea Airport to start from April 18.

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ESA, SAP ink agreement

ESA will consolidate operations under a single ERP solution
  • ESA will benefit from a streamlined and integrated system, improving visibility and control over all of its operations.
  • ESA will be using an integrated supply chain model that eliminates process silos, predicts disruptions.

CATRION 2023 profit up 10%

The company said that net profit, however, dropped 35% in Q4.
  • The company' board has announced a cash dividend of SAR90 million for the second half of 2023.
  • The company's revenue increased from SAR 1.818 billion in 2022 to SAR 2.133 billion in 2023, due to the inflight catering segment as well as non-aviation catering services.

Middle East oil policies not dictated by US, says Russia

MOSCOW, RUSSIA – US will no longer be able to dictate oil prices in the Middle East, Director of the...
  • The US cannot dictate prices, although they would like to as the world is becoming a multipolar one, a Russian official said.
  • "This multipolarity is expressed in particular in the existence of the group of countries known as OPEC+," he added.