Expat remittances in Saudi Arabia fall to $2.6bn in September
RIYADH, SAUDI ARABIA - Remittances by expatriates in Saudi Arabia dropped 13 percent year-on-year (YoY) to US$2.6 billion (SAR 9.9...
Economy
Global energy meet discusses way forward to net-zero emissions
VIENNA, AUSTRIA – High-level representatives from the member states of the United Nations Industrial Development Organization (UNIDO), international organizations, experts...
Science
Business
GCC chief stresses importance of serving requirements of joint market
GCC Secretary-General Naif Falah Al-Hajraf with the chairman of the Board of Directors of the FGCCC, Samir Abdullah Nas.
- The GCC chief has stressed the importance of building a distinctive integrative trade and investment base
- The base is expected to complete the requirements of the GCC joint market and develop GCC inter-trade relations
Science
Global vaccine program COVAX seeks $5.2b in funding
COVAX's initial goal was to deliver 2 billion doses by the end of 2021, but its lack of cash when...
- COVAX's initial goal was to deliver 2 billion doses by the end of 2021, but its lack of cash when vaccine deals were made delayed its delivery
- Nearly 1 billion doses of the United Nations-backed COVAX program have been delivered since the shipments began nearly a year ago
Business
DEWA says 35% of work completed on Hatta power plant
The project is also part of DEWA’s initiative to develop the area to meet its social, economic, and environmental needs.
- The plant’s production capacity is set to reach 250 megawatts (MW) with a storage capacity of 1,500 megawatt-hours and a lifespan of up to 80 years
- This is the first of its kind in the Gulf region, with investments of around AED1.421 billion ($0.39billion)
Geostrategy
Islamic Development Bank keen to cooperate for achieving SDGs
The Islamic Development Bank (IsDB) affirmed that it would work together with all Multilateral Development Banks, International Finance Institutes, and...
- IsDB Group actively pursues counter-cyclical financing to its 57 member countries when they need it most, said its President Muhammad Al Jasser.
- To boost the economy and recovery of the member countries, the Bank has approved development programs and projects amounting to $1.6 billion.
Business
REIT signs $200m financing commitment with FAB
Masdar Green Real Estate Investment Trust (REIT) has signed a financing commitment to the tune of $200 million with First...
- The announcement was made during an official signing ceremony held at the 4th Abu Dhabi Sustainable Finance Forum during Abu Dhabi Sustainability Week
- In 2018, Masdar signed the first green revolving credit facility in the Middle East, helping to support its investments in global clean technology
Geostrategy
US agency designates three Hezbollah-linked financial facilitators
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated three Hezbollah-linked financial facilitators and their Lebanon-based...
- This action comes at a time in which the Lebanese economy faces an unprecedented economic crisis.
- OFAC designated Adel Diab, Ali Mohamad Daoun, Jihad Salem Alame, and their company, Dar Al Salam for Travel & Tourism.
Science
SEHA of Abu Dhabi kicks off cervical cancer awareness drive
Abu Dhabi Health Services Company (SEHA) has launched an awareness campaign about cervical cancer and the importance of vaccination and...
- Cervical cancer is the second most common type of cancer and a leading cause of death among women in the UAE
- Almost all cervical cancers are caused by the human papilloma virus (HPV) that spreads through sexual intercourse
Business
Saudi PIF joins tripartite pact to produce green hydrogen for export
Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, POSCO and Samsung C&T signed here today a tripartite memorandum of...
- PIF, POSCO and Samsung C&T have signed an MoU on the sidelines of the Saudi-Korean Investment Forum.
- The MoU included the implementation of feasibility studies to develop a green hydrogen production project in Saudi Arabia for export purposes.
Science
Abu Dhabi and South Korea to boost cooperation in life sciences
Abu Dhabi and South Korea have signed a partnership agreement to boost cooperation in the field of logistics and industries...
- The move is part of Abu Dhabi’s endeavors to strengthen its collaborations with partners from around the world to cement its position as a global logistics center for life sciences
- This collaboration focuses on several fields including clinical research, public health promotion, disease prevention, innovation in life sciences among many other
Business
Most UAE consumers believe natural is healthier, says a survey
UAE consumers show a growing interest in natural foods, backed by the understanding that natural produce is the healthier choice,...
- Nearly 60 percent of the participants agreed that the naturalness of the product influences their grocery choices, the highest of all markets.
- 84 percent of UAE consumers confirmed making an effort to limit their consumption of artificial additives in the last 12 months.
Expat remittances in Saudi Arabia fall to $2.6bn in September
RIYADH, SAUDI ARABIA - Remittances by expatriates in Saudi Arabia dropped 13 percent year-on-year (YoY) to US$2.6 billion (SAR 9.9...
Economy
Company News
Lazard hires Citi Saudi CEO
Business
Abdullah bin Zayed meets Benjamin Netanyahu
Geostrategy
Latest News
Amanat Holdings buys 60% stake in HDC for US$58m
HDC provides special education and care services in S Arabia.
Business
Saudi culture ministry provides training in UNESCO program
Under its recently announced Experts Program, the Saudi Ministry of Culture has provided an intensive leadership training course for Man...
Arts & Culture
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Business
Ma’aden among top 3 buyers of carbon credits
Saudi Arabian Mining Company (Ma’aden) is one of the largest purchasers of carbon credits from the first MENA Voluntary Carbon...
- The auction offered high-quality CORSIA-compliant and Verra-registered carbon credits, with 15 Saudi and regional entities participating in the sale.
- The carbon auction is the largest in the world.
Economy
PIF to deploy spending to develop innovative sectors in kingdom
Riyadh, Saudi Arabia--Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has launched a program that will leverage its...
- The Local Content Growth Program will targets Fund’s goal of increasing to 60 percent its contribution and the contribution of its affiliates towards the Saudi economy by 2025.
- The Program also includes a Local Content Policy, in which PIF’s portfolio companies will encourage and support local products and services.
Business
Multiply Group reports $2bn in net profit for Q3 2022
The Group's Q3 2022 figures showed revenue of $29 million and gross margin of $38 million.
- The Group's Q3 2022 figures showed revenue of $29 million and gross margin of $38 million
- The quarter saw continued sustainable growth across the Group's subsidiaries which grew by 67% in revenue and profitability