Record number of patent applications filed globally in 2022, says WIPO
GENEVA, SWITZERLAND - Global patenting activity soared to new records in 2022, fueled by Indian and Chinese innovators, but an...
Business
Geostrategy
Norway vows to increase funding for UNRWA
Norway's Minister has called on other donors as well to increase their funding for UNRWA.
- Norway has vowed to provide NOK 1.1 billion ($124 million) over a period of four years to UNRWA
- It is expected to help the organization protect children and boost initiatives to combat sexual and gender-based violence
Business
Saudi crown prince transfer 4% Aramco shares to PIF
The transfer was part of Saudi Arabia’s long-term strategy to support the restructuring of its economy, in line with Vision...
- The shares are expected to bolster the PIF’s strong financial position and high credit ratings in the medium term
- The transfer will support the PIF’s plans to grow its Assets under Management to around SAR4 trillion (around $1.07 trillion) by 2025
Business
The annual Sharjah Heritage festival to kick off in March
Armenia will be the official guest of honor this year due to its rich and diverse cultural stock, while Indonesia...
- The Sharjah Institute for Heritage (SIH) announced that the festival’s slogan will be "The Heritage and the Future"
- A total of 33 countries would participate in the event including Saudi Arabia, Oman, Kuwait and Qatar from GCC
Business
Iraq warns its citizens not to fall victim to asylum fraud
The Ministry of Migration and Displacement (MOMD) has warned the Iraqis to avoid falling victim to fraud by companies that...
- The Undersecretary of Ministry of Migration and Displacement said Iraq has taken serious measures to resist this
- He said it led to the threat of imposing sanctions on Iraq due to problems between The European Union (EU) and Belarus
Business
Saudi Tourism hires Radisson Blu to run a four-star resort
Radisson Blu has been hired to manage and operate a new four-star resort with retail stores in Al-Ahsa governorate.
- The property will be developed by the Saudi Tourism Development Fund and the Abdul Latif Al Abdul Latif Hotel Group
- The project's annual gross domestic product is expected to be as much as SR42 million ($11.2 million)
Business
Saudi hiring of foreign domestic workers leaps up 15%
Saudi Arabia has recruited more than 75,000 overseas domestic workers in December 2021, a fifteen percent jump in the hiring,...
- New contracts for workers in domestic-facing roles exceeded 76,000 in December 2021, compared to 69,000 in November and 65,000 in October
- Bangladesh topped the list of countries of workers recruited into Saudi Arabia during the month of December with more than 12,000 contracts
Business
ADNOC Distribution posts net profit of AED2.2bn for 2021
ADNOC Distribution has reported that its EBITDA stood at AED 3.1 billion, with net profit of AED2.2 billion for 2021.
- For the fourth quarter of 2021, EBITDA was AED802 million, while net profit stood at AED571 million
- ADNOC Distribution saw quarter-on-quarter growth in total fuel volumes in 2021, with an increase of 4% in the fourth quarter compared to the third
DP World to give ₤1 mn to two Earthshot Prize finalists
DP World’s has announced ₤1 million investment to two Earthshot Prize Finalists, designed to scale their work in the UAE...
- The Innovation Showcase profiled the ground-breaking solutions from the 2021 Earthshot Prize finalists
- Prince William lauded the DP World's gesture during his visit to Middle East
Geostrategy
Morocco, Finland sign MoU to fortify cooperation in energy sector
The agreement was signed on Wednesday in Rabat by Morocco's Minister of Energy Leila Benali, and Finland's Minister of Economic...
- The agreement was signed on Wednesday in Rabat by Morocco's Minister of Energy Leila Benali, and Finland's Minister of Economic Affairs, Mika Tapani Lintilä.
- The two parties will work together closely to implement cooperative actions in the sectors of renewable energy, clean technologies and energy efficiency
Economy
UN points to blue economy for global growth
Communities and businesses that rely on the ocean are hurting, as more than 3 billion people depend on marine and...
- The World Bank defines blue economy as "sustainable use of ocean resources for economic growth, improved livelihoods, and jobs” while preserving oceans
- The UN has earlier noted that a good blue economy could help the world achieve its Sustainable Development Goals, including one for life under water
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Company News
Sure Global to list on Nomu
Business
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UAE-China trade $64 bn in first eight months of 2022: Ambassador
Dubai, UAE---China-UAE bilateral trade has exceeded US$64 billion during the first eight months of 2022, which marked a 27.93 percent...
Geostrategy
German industries explore investment opportunities in UAE
Some of Germany’s leading industrial companies participated in a roundtable event hosted by the UAE Ministry of Industry and Advanced...
Economy
Saudi Arabia’s first electric vehicle brand Ceer launched by Crown Prince
Ceer will design, manufacture and sell a range of vehicles in Saudi Arabia and the MENA region, including sedans and...
Business
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Business
AD Ports Group acquires 80% stake in GFS
The Group will look to integrate GFS into its Maritime Cluster.
- The equity stake was bought for AED2.9 billion ($800 million) implyin 100 percent Enterprise Value of AED3.7 billion.
- Aligning GFS services with AD Ports Group companies SAFEEN Feeders and Transmar will make AD Ports Group the world's largest independent feeder company by vessels owned.
Business
Arriyadh posts 20% profit drop
Its profit declined to $69.6m in the first nine months of 2022.
- According to a bourse filing, the developer had posted $87 million profit in the corresponding period the year earlier
- The decline in profit is mainly due to the 17 percent reduction in income from the associate company’s business, resulting from lower land sales volume
Business
Saudi, Turkish media leaders discuss cooperation
The meeting discussed news exchange, news agencies, radio, Television, media regulation and international media relations.
- The meeting discussed news exchange, news agencies, radio, Television, media regulation and international media relations
- The Turkish Ambassador to the Kingdom Fatih Ulusoy was also part of the meeting besides President of the Saudi Press Agency Dr. Fahd bin Hassan Al Aqran