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...
Economy
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...
Business
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.
Business
Air Arabia H1 profit $122.8m
More than 2.7 million passengers flew with Air Arabia from Mar-June.
- More than 5.2 million passengers flew with Air Arabia between January and June 2022 across the carrier’s five hubs.
- The company’s turnover for the second quarter of 2022 increased by 125 percent as demand for air travel increased.
Business
Saudi finance ministry partners with Al-Ahly to develop savings bonds
Saudi’s Ministry of Finance and the National Center for Debt Management has partnered with Al-Ahly Financial Company to develop and...
- Saudi Finance Ministry and National Center for Debt Management partner with Al-Ahly Financial Company.
- The deal between the two entities is aimed at promoting the culture of saving in the Kingdom.
Business
ADDED, EWEC sign MoU to improve sustainability, clean energy adoption
The Emirates Water and Electricity Company (EWEC) and the Abu Dhabi Department of Economic Development (ADDED) today signed a Memorandum...
- EWEC will collaborate with ADDED through the Industrial Development Bureau (IDB) to develop new solutions that will support the innovation of energy products.
- They will also lead the drafting of proposals to ensure ongoing improvements to the ecosystem, attract new investments and enable sustainable firms to thrive in Abu Dhabi.
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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...
Economy
Company News
Musabbeh Al Kaabi to join ADNOC
Business
Latest News
DMCC to open office in Mumbai for Indian firms to expand through Dubai
Leveraging DMCC’s strong regulatory framework and reputation within Indian business circles, the office will provide a one-stop solution for Indian...
Business
India Jewelry Exposition Center launches in Dubai
DUBAI, UAE - The Gem and Jewelry Export Promotion Council (GJEPC) has launched a first-of-its-kind India Jewelry Exposition Center (IJEX)...
Business
WEF meet to shed light on global economic transformation
Geneva, Switzerland - The 14th World Economic Forum (WEF) Annual Meeting of the New Champions is scheduled to take place...
Economy
Most Read
Science
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...
- The main objective of the project is to establish a global baseline for renewable energy.
- The project will also highlight the challenges faced by different regions in meeting their renewable energy ambitions.
Geostrategy
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,...
- Even before the beginning of the fighting, 3.7 million people were registered as internally displaced in Sudan.
- Another 150,000 people have fled Sudan since the beginning of the conflict, as per numbers released by the UN refugee agency.
Business
Fertiglobe Q1 net profit $135m
The company posted Q1 revenue of US$694 million.
- Fertiglobe reported free cash flow of $271 million in the first quarter.
- The firm continues to have a strong order book for the coming months.