Economy
Saudi sukuk issuance in 2021 reaches $36.9 billion: S&P Ratings
Saudi companies and government raised $36.9 billion sukuk in 2021, compared to $27 billion in 2020, an increase of 37...
- In 2021, the global sukuk issuance reached $147.4 billion compared with $148.4 billion in 2020.
- Foreign-currency denominated sukuk issuance increased by 10 percent; jumbo issuances in Saudi have contributed to this increase.
Business
Protests erupt in Lebanon against harsh economic policies
A group of engineers in Lebanon held a sit-in protest outside the Central Bank branch in Sidon, in conjunction with...
- The headline of the protest was, “Until rights are restored” & “For the right to hospitalization and a decent retirement
- They deemed that “the banks are seizing the funds and savings of engineers and depositors in general, and imposing controls
Business
Fitness Time posts $54.9m net profit
The operator of the largest Saudi gym chain also sees growth in revenues.
- This was buoyed by a growth in revenues of SR223 million, a SR9.75 million decrease in the cost of revenue, and a fall in other costs by SR32.3 million
- The income from personal training was up SR20.5 million and rental income surged due to new rental contracts during the year.
Business
Saudi sovereign wealth fund PIF has $1.2 bn stakes in two Japan gaming firms
RIYADH: Saudi Arabia’s biggest sovereign wealth fund, Public Investment Fund, has stakes of more than 5 percent in two Japan-listed...
- The PIF has stake of more than 5 percent in Capcom Co., the maker of the Street Fighter and Resident Evil franchises, and online games provider Nexon Co.
- PIF’s stake in Capcom is worth about $332 million based on Friday’s share price, according to Bloomberg.
Science
IAEA unveils new plan to bolster cancer care
The International Atomic Energy Agency (IAEA) has launched a plan to tackle a chronic shortage of cancer care capacity in...
- The total number of cancer deaths worldwide is forecast to rise by 60 percent in the coming two decades, to 16 million people every year
- Rays of Hope builds on the IAEA’s six decades of experience and expertise in nuclear science to diagnose and treat different types of tumors
Business
Saudi Arabia’s Nomu to see two listings
Gas Arabian Services and Obeikan Glass will make debut on the parallel market.
- Gas Arabian Services, having been run by the family for 30 years, aims to spend an average of 2 years on Nomu before moving to the main market
- Riyadh-based Obeikan Glass was founded in 2007 and specializes in glass manufacturing and retail
Business
3,000 new rooms added to Egypt’s total hotel capacity, says tourism ministry
Egypt has added 3,000 new hotel rooms to its total hotel capacity with the opening of 19 new hotel facilities,...
- Construction of 19 new hotel facilities in several governorates has led to the creation of these rooms.
- According to tourism ministry officials, the new facilities have created 2,500 job opportunities.
Economy
Dubai Supreme Council of Energy approves 2030 carbon strategy
The approval came at a meeting chaired by the council’s chairman Sheikh Ahmed bin Saeed Al Maktoum.
- The council approved the updated plans and objectives to reduce carbon emissions by 30 percent by the end of 2030
- This move is expected to, among other things, support the UAE’s efforts to achieve carbon neutrality by 2050
Science
UAE cooperation could help Rwanda launch own satellites: Minister
Rwanda is keen to have the UAE’s cooperation to utilize geospatial data in developmental projects in key sectors.
- Geospatial data is globally being leveraged and utilized in policy decisions and program implementation
- A Rwandan minister said her country knows UAE is advanced in this area, would like to learn from it
Geostrategy
Iran wants better relation with neighbors, says official
Since connecting with neighbors is of utmost importance in Iran’s foreign policy, the current administration has set a transparent framework...
- President Ebrahim Raisi has time and again emphasized the development of mutual ties with neighboring countries, said the official
- The country's Ministry of Foreign Affairs has put on agenda several programs regarding its neighbors nations
Company News
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Saudi, Turkish media leaders discuss cooperation
The meeting discussed news exchange, news agencies, radio, Television, media regulation and international media relations.
Business
ACWA Power to build 10 gigawatts wind project in Egypt
Riyadh, Saudi Arabia— ACWA Power Company of Saudi Arabia has signed an agreement with Egypt to build a 10 gigawatts...
Business
GCC states raise interest rates after Federal Reserve’s hike
Most of the GCC states have raised their key interest rates in the wake of the Federal Reserve's decision to...
Economy
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Business
ADNOC and Siemens Energy to develop low-carbon energy certificates
Abu Dhabi, UAE---Abu Dhabi National Oil Company (ADNOC) and Siemens Energy AG today announced plans to pilot blockchain technology to...
- The the pilot will show how much CO2 was used to make products such as Murban crude, ammonia, and aviation fuels.
- This information will be automatically recorded onto a decentralized blockchain ledger.
Business
Americana to sell 30% stake in IPO
The company will list on ADX and Saudi Tadawul by Dec. 6.
- The company said it will sell 2.5 billion of its existing shares in the IPO, which expected to run from 14-21 Nov. for retail investors in the UAE and Saudi.
- The final offering prices will be determined after the book-building process.
Business
ADNOC Drilling awards $1.6 bn agreement
The award is aimed at upping lower-carbon-intensive production capacity.
- The award covers ADNOC’s onshore and offshore fields and will see an additional $750 million above guidance added to Oilfield Services (OFS) revenue, or $150 million per year.
- The contract award brings the total value of awards confirmed by ADNOC Drilling in 2022 to $8.85 billion.