BCCI yet to hear officially about Saudi interest for stakes in IPL
NEW DELHI, INDIA - Recent reports of Saudi Arabia expressing an interest in buying a stake in the Indian Premier League...
Business
Saudi Arabia’s Industrial Production Index falls 11.2% in September
RIYADH, SAUDI ARABIA – The Kingdom of Saudi Arabia’s Industrial Production Index (IPI) fell by 11.2 percent year-on-year (YoY) in...
Economy
Geostrategy
Kuwaiti defense minister discusses ties with Turkish, Indian envoys
While not verified, the claims by Russia provided some much-needed relief for investors, who had grown increasingly fearful of a...
- While not verified, the claims by Russia provided some much-needed relief for investors, who had grown increasingly fearful of a conflict in Eastern Europe
- Separately, the defense minister received Indian Ambassador to Kuwait Sibi George. The two addressed issues of common interest
Economy
Sharjah Police returns around AED500m to owners in 2021
A number of beneficiaries of the initiative are said to have expressed their happiness as they were able to recover...
- Colonel Youssef Obaid bin Harmoul, Director of the SP’s Comprehensive Police Stations Department, said this happened due to the Al Solh Khair initiative
- It resulted in 12,798 reconciliations out of 27,408 criminal reports in 2021, which included 8,523 financial reports, and the return of AED500m
Business
UAE, Philippines ink deal to bolster trade ties
The UAE is already the Philippines’ biggest export partner in the Middle East.
- The UAE and the Philippines are said to be headed towards unprecedented economic relations
- The two countries have concluded negotiations for the Investment Promotion and Protection Agreement
Business
UAE’s Dragon Oil announces first oil find in Egypt’s Gulf of Suez
The discovery is one of the largest in the area in the past 20 years, and the field could contain...
- The discovery is one of the largest in the area in the past 20 years, and the field could contain around 100 million barrels in reserves
- The announcement was made on the sidelines of the ongoing Egypt Petroleum Show (EGYPS) 2022
Business
Air Arabia profits up 476%
Its profit stood at AED720 million ($196.05 million) in 2021.
- The Sharjah-based carrier said its profit stood at AED720 million ($196.05 million) over the previous year
- This was compared to a net loss of AED192 million ($52.28 million) registered for the full year 2020
Business
Zain Group to sell tower infrastructure
PIF-led consortium to buy 80 percent stake in 8,069 towers.
- PIF will acquire a 60 percent stake, Sultan Holding Company acquiring 10 percent and Prince Saud bin Fahd bin Abdulaziz acquiring 10 percent.
- Zain KSA will own the remaining 20 percent stake, with the PIF having a call option to buy this remaining 20 percent for a specified amount.
Elm to list on TASI
The final offer price was set at SR128 ($34.1) per share, the top end of an indicative range.
- The listing comes amid a boom in the Saudi initial public offering market in a bid to enhance liquidity.
- Owned by the Public Investment Fund, the company had earlier raised $820 mil in proceeds from an IPO.
Economy
Saudi inflation hovers at 1.2% despite spike in food prices
In spite of an increase in transport and food costs, inflation in Saudi hovered at 1.2 percent in January, according...
- GASTAT said the 1.2 percent growth in the general consumer price index, or CPI, “resulted from higher prices of transport and food and beverages prices
- In the food and beverages group – which has a 19 percent weighting in the general CPI — growth in food prices accelerated to 2.1 percent from 1.1 percent in December
Business
Intel to acquire Tower Semiconductor
The acquisition for around $5.4bn part of Intel's IDM 2.0 strategy.
- As a key part of its IDM 2.0 strategy, Intel established Intel Foundry Services (IFS) in March 2021 to help meet the growing global demand.
- Tower operates a geographically complementary foundry presence with facilities in the U.S. and Asia.
Business
Trade between Brazil and Arab countries grew by 44 percent in 2021
Trade between Brazil and Arab countries grew by 44 percent during 2021, with food exports alone reaching an estimating $14...
- Food exports alone reached an estimating $14 billion, said Tamer Mansour, CEO of the Brazilian Chamber of Commerce.
- January reports revealed that trading between Brazil and Arab countries could increase further, by 2 to 4 percent in 2022, he added.
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BCCI yet to hear officially about Saudi interest for stakes in IPL
NEW DELHI, INDIA - Recent reports of Saudi Arabia expressing an interest in buying a stake in the Indian Premier League...
Business
Company News
Latest News
China’s current account surplus up 56% in Jan-Sep 2022
The surplus under trade in goods increased 37 percent year-on-year to hit a record US$521.6 billion.
Economy
Temporary employment contracts between countries need enhancements to boost efficiency, production
Sixteen member countries of the Abu Dhabi Dialogue that send and receive laborers discuss problems and welfare of the workers...
Economy
UAE’s FNC members discuss cooperation with German Parliament
Members of the UAE-EU Parliamentary Friendship Group of the Federal National Council (FNC), headed by Sarah Mohammed Falkinaz, Chairperson of...
Geostrategy
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Geostrategy
Saudi-Finnish business forum discusses enhancing trade ties
HELSINKI, FINLAND - Heading a high-level delegation to Finland, Saudi Arabia's Minister of Commerce and Chairman of the Board of...
- The Saudi delegation was in Finland to participate in a forum organized by Business Finland in cooperation with the Federation of Saudi Chambers.
- The forum was attended by around 120 officials from the public and private sectors in the two countries.
Economy
Saudi real GDP grows by 8.6 percent in Q3: Ministry of Economy
An economic report issued by the MEP---the ministry will publish such reports quarterly on domestic and global economic updates---real non-oil...
- Manufacturing, wholesale, retail trade, restaurants and hotels, construction and transport were among the key contributors to the kingdom’s non-oil GDP growth in Q3.
- The ministry said that “despite persistent supply-chain bottlenecks clogging up global trade”, the kingdom’s trade balance climbed by 87 percent to SAR 72 billion ($19.15 billion)
Geostrategy
Jordan’s King meets Russian minister, urges stability in southern Syria
AMMAN, JORDAN - Jordan's King Abdullah received Russian Foreign Minister Sergey Lavrov in Amman on Thursday and stressed the importance...
- King Abdullah stressed on the need to activate efforts to reach a political solution to the crisis in Syria.
- The King emphasized on safeguarding Syria's unity and territorial integrity.