Alpha Dhabi acquires interest in NCTH
The deal increases NCTH's portfolio to 8 hotels with 1,500 keys.
Business
18 Palestinians killed in Israeli strikes on northern, southern Gaza
Palestinian news agency (WAFA) reported that eight Palestinians were killed, and others were injured in an airstrike by the Israeli...
Geostrategy
Business
stc Group posts 9-month revenue
stc's revenue was $14.5 billion in January-September 2023.
- Gross Profit for the period of 2023 reached US$7.7 billion (SAR28,875 million) with an increase of 1.8 percent compared to the same period last year.
- Earnings before Interest, taxes, zakat, depreciation and amortization for the period reached $5 billion with a decrease of 2.35 percent compared to Jan-Sept 2023.
Geostrategy
Over 8,000 Palestinian fatalities, including 2,062 women, says UN report
UNITED NATIONS – More than 8,000 Palestinian fatalities were reported as of October 29, 2023, including 2,062 women, 3,324 children,...
- Significant damage has been inflicted on critical infrastructure, affecting people's ability to maintain basic living standards, the report said.
- At least 45 percent of Gaza's housing units have been destroyed or damaged, with 16,441 units destroyed, 11,340 severely damaged and uninhabitable.
Business
Arab Bank posts net profit
It posted a profit of $630 million in January-September 2023.
- The Group maintained its strong capital base with a total equity of $10.8 billion.
- Excluding the impact of devaluation of several currencies against the US dollar, loans grew by 4 percent.
Geostrategy
Iran, Russia to invest $38bn in developing INSTC
TEHRAN, IRAN – The Iranian head of Solyanka Port in Russia said that the International North-South Transport Corridor (INSTC) is a...
- The Iranian head of Solyanka Port spoke of the measures taken by the Islamic Republic of Iran Shipping Line (IRISL ) to develop the INSTC route.
- The IRISL group purchased 30 rail wagons, 5,400 containers and ordered the construction of 21 equipped vessels for strengthening maritime routes.
Business
Saudi Arabia’s Ministry of Investment inks 3 MoUs at FII7
RIYADH, SAUDI ARABIA – The Kingdom’s Ministry of Investment signed three memoranda of understanding (MoU) in the fields of biotechnology,...
- The MoUs related to the biotechnology and pharmaceutical sectors aim to explore, develop, manufacture and market a range of potential new medicines.
- The MoU of the financial services sector aims to provide an opportunity for investors to invest directly in key projects in line with the Saudi Vision 2030.
Business
PIF, Pirelli establish a JV
The JV will set up a facility to make tires in Saudi Arabia.
- PIF will hold a 75 percent stake in the new JV with Pirelli holding the remaining 25 percent.
- The JV will manufacture high-quality tires for passenger vehicles, under the Pirelli brand, in the Kingdom.
Business
Ghitha Holding Q3 profit of $33m
The company gained from regional food processing.
- Driven by strong results and business momentum, Ghitha reported revenue of US$898 million in the third quarter.
- Revenues grew 120 percent year-over-year, driven by broad-based growth across categories and geographies.
Business
Bank Albilad posts net profit
The bank’s January-September 2023 profit was $469 million.
- The bank reported a 3 percent year-on-year increase in gross operating income during January-September 2023 period.
- The rise in gross operating income was mainly due to higher net income from investing and financing assets.
Business
RCU inks pact with Artefact, Dassault Systèmes for AI, digital solutions
ALULA, SAUDI ARABIA – The Royal Commission for AlUla (RCU) has reinforced its commitment to technology innovation and cutting-edge digital...
- The pacts are focused on the seamless integration of the latest and emerging digital products within AlUla's maturing technology eco-system.
- The agreement will cover pivotal areas of development, from AI consulting and transformation to establishing a dedicated school of data & AI.
Business
NHC, NAVER Cloud ink pact
The pact aims at establishing advanced digital solutions.
- The agreement aims to boost cooperation, achieve common goals, exchange experience in the application of the innovative solutions.
- The pact will help achieve the strategic visions of the municipal and housing sectors by adopting the best technologies for a sustainable future.
Alpha Dhabi acquires interest in NCTH
The deal increases NCTH's portfolio to 8 hotels with 1,500 keys.
Business
Company News
stc 2023 revenues is $19.28bn
Business
Latest News
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
UAE launches first legally established financial ombudsman unit
Abu Dhabi, UAE – Sanadak, UAE's and MENA region's first legally established independent Ombudsman Unit catering to consumers of financial...
Business
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Economy
Saudi Arabia’s Purchasing Manager’s Index rises to 57.2 points in Feb
RIYADH, SAUDI ARABIA - The seasonally adjusted Riyadh Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia...
- The PMI is a weighted average of five indices – new orders, output, employment, suppliers’ delivery times, stocks of purchases.
- In January, the index reached its lowest level in two years, indicating a strong but weaker improvement in Saudi non-oil private sector.
Geostrategy
Saudi Arabia to imprison, fine people for helping, employing illegal immigrants
RIYADH, SAUDI ARABIA – The Directorate of Public Security stressed that anyone who facilitates the entry, transfer or employment of...
- The means of transportation used for bringing illegal immigrants will be confiscated.
- The housing unit used to shelter illegal immigrants will be confiscated, as per the law.
Business
Zain KSA net profit $335m
The company's fourth-quarter net profit was $78 million.
- The telecom services provider said its revenue rose 8.9 percent year-on-year (YoY) to an all-time high of SAR 9.9 billion in 2023.
- Gross profit increased 10 percent YoY. Earnings before interest, taxes, depreciation, and amortization (EBITDA) reached SAR 2.97 billion.