Saudi bid to host 2034 World Cup positions Kingdom as global center for top sports events
Saudi Crown Prince Mohammed bin Salman announced the Kingdom’s bid to host the 2034 FIFA World Cup. He said this...
KACST, ACWA Power sign pact
Business
SIB, Noqodi sign agreement
Business
UK’s Labor Party wins enough seats to form majority government
The Labor Party has officially won enough seats in the UK’s 2024 general election to have a majority in parliament,...
Economy
Business
Dubai’s weeklong real estate transactions exceed US$2.5bn
DUBAI, UAE - A total of 1,445 real estate transactions worth over US$2.5 billion (AED 9.5 billion) were conducted during...
- The Dubai Land Department report showed that 248 plots were sold for US$476 million.
- The DLS report said 1,197 apartments and villas were purchased for US$865 million.
Business
Saudi Arabia’s Tabuk region produces over 28m roses annually
TABUK, SAUDI ARABIA - The Tabuk region's agricultural sector is making steady progress towards achieving the goals of Saudi Arabia's...
- These flowers have a market value of over US$8.5 million making the region a leader in rose production and export.
- The Kingdom’s Ministry of Environment, Water and Agriculture has developed strategies to advance the sector.
Business
Aramco’s Luberef resumes bitumen exports after 20 years
RIYADH, SAUDI ARABIA - King Fahad Industrial Port has successfully shipped 5,500 tons of bitumen to South Africa onboard bulk...
- King Fahad Industrial Port has successfully shipped 5,500 tons of bitumen to South Africa making it the first cargo of oil byproduct from Yanbu-based hub.
- This reflects Mawani’s step to position the ports sector as a vehicle to fulfil Vision 2030’s ambition of transforming the Kingdom into a logistics hub.
Market Report
Tadawul’s sukuk, bonds market sees $3.4bn negotiated deals in first 9 months of 2023
RIYADH, SAUDI ARABIA – The Saudi Exchange's (Tadawul) sukuk and bonds market witnessed 74 negotiated deals worth nearly SAR 12.77...
- March recorded the highest number and value of deals, as 18 transactions were executed at a value of $853 million
- KSA Sukuk 2021-06-10 topped the list in the first nine months of 2023 with US$821 million.
Business
ADNOC, Fertiglobe to pilot cost-effective modular carbon capture technology
ABU DHABI, UAE – ADNOC and Fertiglobe on Tuesday announced the pilot deployment of the world’s first cost-effective modular CycloneCC...
- The CycloneCC technology is designed to improve the economics of point-source carbon capture within industrial facilities.
- Traditional point source carbon capture technology relies on feeding gas through large absorption and stripping towers.
Business
DEWA commissions 200MW second unit in Al Maktoum Solar Park
Dubai, UAE - Dubai Electricity and Water Authority (DEWA) commissioned the 200MW second unit of the parabolic basin complex in...
- It is set to provide clean energy for approximately 320,000 residences and reduce carbon emissions by 1.6 million tons annually.
- This phase uses the Independent Power Producer (IPP) model with investments of up to AED 15.78 billion ($4.30bn).
Geostrategy
Saudi Arabia, Pakistan ink pact on digital transformation, innovation
RIYADH, SAUDI ARABIA - The Kingdom of Saudi Arabia signed a memorandum of understanding (MoU) with Pakistan here on Sunday...
- Under the terms of the MoU, Saudi Arabia and Pakistan will strengthen their SME and start-up ecosystems.
- They will cooperate on policies, regulations and legislation in the digitization and electronic manufacturing sectors.
Business
ROSHN group opens sale for SEDRA phase 3 units in Riyadh
RIYADH, SAUDI ARABIA - ROSHN Group, one of the Public Investment Fund (PIF) subsidiaries, announced on Sunday the opening of...
- SEDRA phase three will add 3,438 more houses to ROSHN’s first integrated development; 1,904 units are for sale in this initial sales tranche.
- SEDRA 3 offers prospective residents eight options of floor plans and eleven facades, in single- or multi-family configurations,
Economy
ADB capital reforms unlock $100bn to support Asia and the Pacific region
MANILA, PHILIPPINES - The Asian Development Bank (ADB) approved capital management reforms that unlock US$100 billion in new funding capacity...
- The expansion of available funds will be further leveraged by mobilizing private and domestic capital required to tackle the climate crisis.
- The reforms also create a Countercyclical Lending Buffer to support ADB developing member countries facing unexpected crises.
Arts & Culture
Saudi Arabia launches program to document football clubs’ chants
Riyadh, Saudi Arabia - The Saudi Commission launched Wednesday "Saudi Football Trouq", a unique initiative that is dedicated to the...
- Through "Saudi Football Trouq", the commission will create an integrated archive that includes club chants.
- This endeavor is driven by the commission's commitment to preserving the Kingdom's diverse musical and artistic heritage.
Saudi bid to host 2034 World Cup positions Kingdom as global center for top sports events
Saudi Crown Prince Mohammed bin Salman announced the Kingdom’s bid to host the 2034 FIFA World Cup. He said this...
Company News
Hamad Al Marar is EDGE CEO
Business
KACST, ACWA Power sign pact
Business
SIB, Noqodi sign agreement
Business
Latest News
Vodafone Qatar 2023 profit up
Business
SCC committee discusses issues related to Sharjah’s economy and tourism
SHARJAH, UAE - The Financial, Economic and Industrial Affairs Committee of Sharjah Consultative Council (SCC) held a meeting to discuss...
Business
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Business
Americana Restaurants posts profit.
The annual net profit in 2022 was US$470 million.
- The company demonstrated resilient performance, despite US$106 million impact of unfavorable foreign exchange movements.
- Adjusted EBITDA increased to $550.8 million, reflecting a 2.8 percent growth year-on-year with a healthy adjusted margin of 22.8 percent.
Business
QEWC 2023 net profit US$426m
QEWC market share in supply of electricity was 61 percent.
- The earnings per share amounted to US$0.38 (QR 1.41) as of December 31, 2023.
- QEWC reported revenue of $799 million in 2023 compared to $747 million in 2022.
Business
Ford Middle East sales up 63%
Growth fueled by Ford Territory, F-150 and other models.
- Ford Middle East said in a statement that the UAE recorded a 57 percent year-on-year increase in sales – more than double the industry’s average of 26 percent in this market.
- It also achieved a record year of growth in Saudi Arabia, where retail figures surged by 77 percent over 2022.