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...
Economy
Saudi Tourism Authority, Trip.com Group sign global agreement
BERLIN, GERMANY – Saudi Tourism Authority (STA) and Trip.com Group have announced a significant global partnership, which will drive greater...
Business
Business
Savola sells KEC stake for $122m
Savola wants to focus on core food and retail businesses.
- The company said it wants to focus on investing in its main operations in the food and retail sectors, while ending investments in non-core businesses
- Knowledge Economic City’s shares ended Wednesday’s trading session 6.12 percent higher at SR14.56
Jordan, Canada talk cooperation, regional developments
Safadi lauded Canada's efforts to support the Kingdom's development process and help Jordan face economic challenges
- Safadi lauded Canada's efforts to support the Kingdom's development process and help Jordan face economic challenges.
- The two ministers reviewed a number of regional and international issues of common interest and efforts to resolve the region's crises
Business
Aramex H1 profit is $0.75 bn
The company sustains a very healthy liquidity profile.
- On a group level, GP margins remained stable over six-month period, driven by accelerated growth in the Logistics and Freight-Forwarding business
- Aramex's strong balance sheet will support the company's growth strategy, including investments in digital and technological infrastructure
Business
Dana Gas posts $110m profit
The better results were driven by high hydrocarbon prices.
- The company said that its profitability was driven by elevated hydrocarbon prices, in addition to the company's commitment to maintaining a low-cost base in Kurdistan
- The company's board expects to maintain its semi-annual dividend payment in keeping with its dividend policy
Business
SAMI revenue vaults to $605m
The Saudi firm says weapons business fueled growth.
- The firm has made it to the list of the 100 largest defense companies for the year 2022
- The kingdom has been consolidating companies within SAMI to achieve a 50 percent technology transfer target
Business
14 UAE businesses to pitch on Beban 2 for investment
The shortlisted entrepreneurs will receive training through a customised bootcamp delivered by international venture capital startup accelerator "Brinc MENA."
- The shortlisted entrepreneurs will receive training through a customised bootcamp delivered by international venture capital startup accelerator "Brinc MENA."
- UAE-based entrepreneurs will further develop their businesses before getting to pitch for equity investment and strategic business development opportunities on Beban
Geostrategy
Iran dismisses claims Russia-launched satellite for ‘spying’
Iran's Space Agency said the Khayyam satellite is entirely designed and built to meet the needs of the country in...
- Hassan Salarieh, the head of Iran’s Space Agency, told reporters that the spying allegation was 'basically childish'
- Iran maintains that he purpose of Khayyam is to monitor the country’s borders, boost agricultural productivity and monitor water resources and natural disasters
Business
SEIC buys stakes in Egypt firms
The Saudi Egyptian company bought stakes worth $1.3bn.
- The SEIC will own shares in Abu Qir Fertilizers and Chemicals Industries Co., Misr Fertilizers Production Co., Alexandria Container and Cargo Handling Co.
- The companies operate in sectors such as fintech, logistics, and fertilizer
Economy
Central Bank of Kuwait raises discount rate by 2.75%
CBK Governor said the decision was taken in light of the recent international economic and geopolitical developments.
- CBK Governor said the decision was taken in light of the recent international economic and geopolitical developments
- The Governor added that the rate hike was to keep up with the major international interest rates, and to reinforce a favourable environment for economic growth
Geostrategy
Saudi delegation discuss energy, climate action at Tokyo conference
A delegation from Saudi Arabia’s King Abdullah Petroleum Studies and Research Center (KAPSARC), participated in Tokyo’s 43rd International Association for...
- The discussions included the future role of fossil fuels, decarbonization risks and opportunities, renewables, energy economics.
- Titled “Mapping the Energy Future, Voyage in Uncharted Territory,” the conference functioned from July 31 to August 4, 2022.
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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...
Economy
Company News
Latest News
Masdar, IRENA ink pact on tripling global renewable energy capacity by 2030
ABU DHABI, UAE - Masdar has signed an agreement with the International Renewable Energy Agency (IRENA) to cooperate on a...
Science
UN says over 700,000 displaced within Sudan since beginning of conflict
Heavy fighting in Sudan has displaced 700,000 people within the country since the middle of April, the United Nations said,...
Geostrategy
Most Read
Economy
UAE Federal Treasury Sukuk Program appoints ADIB as primary dealer
ABU DHABI, UAE - Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, has been appointed as a primary...
- This new program has been launched by the federal government of the UAE, through the Ministry of Finance (MOF).
- The program aims to issue Sukuk through Shariah-compliant structures as approved by the Higher Shari’ah Authority.
Geostrategy
Iraqi PM, Lebanese minister discuss economic cooperation
BAGHDAD, IRAQ - Iraq Prime Minister Muhammad Shia'a Al-Sudani said that the country is continuing regional economic communication. A statement...
- Iraq Prime Minister said that the country is continuing regional economic communication.
- Iraq supports stability and economic growth for itself and other friendly nations
Geostrategy
UAE minister calls for using digital tech in building peace
New York, USA - Omar Sultan AlOlama, UAE's Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications,...
- The UAE minister said it is important to address hate speech, racism, intolerance and other forms of extremism.
- He said issues like climate change, extremism, health emergencies could be solved by boosting peacebuilding architecture.