Saudi business sector’s operating revenues at US$1.36trn in 2022, says GASTAT
RIYADH, SAUDI ARABIA - The business sector in the Kingdom reported a 24 percent rise year-on-year (YoY) in operating revenues...
Business
Oil prices spike as Hamas attack on Israel fuels supply fears
The attack and Israel's declaration of war in response to it have raised concerns that a potential broadening of the...
Economy
Business
Aramco taps L&T for Saudi facility
Spread over 120,000 square meters of area, the facility which is to construed by L&T aims to create crucial equipment...
- L&T is to build the region’s first Heavy Wall Pressure Vessels facility at Jubail Industrial City
- More than 20 MoUs were signed under the Namaat program of Aramco in September 2021
Business
Tecom to be listed on DFM
It is part of a strategy to help DFM reach the AED3-trillion mark
- Tecom is said to have 10 business communities that offer infrastructure, regulations, and a support network to help businesses set up operations
- These business communities include Dubai Internet City, Dubai Media City, Dubai Design District, and Dubai Industrial Park
Geostrategy
US imposes sanctions on Iran
The sanctions announced by the US Treasury and State Department targeted government officials and organizations.
- The US treasury hit sanctions on Iran, Uganda and Syria for increasing political repression and execution of its own citizens
- Iran agreed to sign nuclear accord in 2015 with the US, UK, France, China, Russia and Germany
Geostrategy
Saudi Arabia, UAE discuss ways to boost relations
UAE President Sheikh Khalifa bin Zayed Al Nahyan conferred the “Order of Zayed” on Saudi crown prince Mohammed bin Salman...
- Abu Dhabi crown prince Sheikh Mohamed welcomed and Saudi crown prince Mohammed bin Salman to the UAE
- Saudi crown prince is in Abu Dhabi as part of his tour of the GCC countries
Business
Aramco lands $15.5bn Blackrock deal
The deal creates the Aramco Gas Pipelines Company.
- The subsidiary Aramco Gas Pipelines Company will lease usage rights in Aramco’s gas pipelines and lease them back to Aramco for 20 years
- In return, it will receive a tariff payable by Aramco for the gas products that will flow through the network
Business
50% of top 10 automotive OEMs will design their own chips by 2025
“Automotive semiconductor supply chains are complex,” said Gaurav Gupta, research vice president at Gartner. “In most cases, chip makers are...
- The on-going chip shortage is primarily with mature semiconductor technology node devices that are fabricated on smaller 8-inch wafers
- Semiconductor chip foundries, such as TSMC and Samsung, have provided access to cutting-edge manufacturing processes
Geostrategy
Qatar, Turkey sign 11 new agreements
The signing is to take place at the 7th session of the Supreme Strategic Committee between the two countries.
- The signing is to take place at the 7th session of the Supreme Strategic Committee between the two countries
- Qatar is also working alongside Turkey and the interim government of Afghanistan to reach an agreement to restart the normal operation of Kabul Airport
Business
Moody’s forecasts stable outlook for GCC banks
Moody’s has forecast a stable outlook for GCC banks during the next 12 to 18 months, primarily due to economic...
- “Banks’ asset quality will remain high, even as non-performing loans rise slightly as repayment holidays expire”
- GCC governments have ample capacity to support banks in a crisis remains very high, thanks to large sovereign wealth funds
Arts & Culture
UAE launches AED50 banknote to mark Golden Jubilee
The new issue is the first banknote made of polymer material to be circulated in the UAE. Polymer banknotes are...
- The initiative comes in honor of the founding father Sheikh Zayed bin Sultan Al Nahyan
- It also honors the first generation of rulers of the emirates, as well as their role in uniting the country
Economy
UAE first to have 4.5-day workweek in the world
Official sources said the country would, from January 1, ‘transition to a four and a half day working week,’ with...
- From January 1, all government entities may have eight working hours a day from Monday to Thursday, from 7:30 am to 3:30 pm
- Fridays will apparently have 4.5 working hours: from 7:30 am to noon, with Friday sermons and prayers held after 1:15 pm
Saudi business sector’s operating revenues at US$1.36trn in 2022, says GASTAT
RIYADH, SAUDI ARABIA - The business sector in the Kingdom reported a 24 percent rise year-on-year (YoY) in operating revenues...
Business
Company News
Dubai to host international museums conference in 2025
Arts & Culture
Latest News
Alhokair trims H1 loss by 49%
Business
Camel Club, Riyadh Chamber to promote camel culture as Saudi heritage
Riyadh, Saudi Arabia---The Saudi Arabia's Camel Club and Riyadh Chamber of Commerce have signed an MoU to develop and create...
Business
Oman & Emirates Co. Q3 net profit $5.6m
The profit for the same period in 2021 was 538,832 OR.
Business
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Science
Dubai’s Museum of the Future to house Global Futurist Society
The Global Futurist Society headquarter at the MOTF creates a physical center for international and cross-border dialogue.
- The Global Futurist Society headquarter at the MOTF creates a physical center for international and cross-border dialogue
- It will harness the knowledge and expertise of local and global networks and members of the constituent parties to shape practices in future
Business
Video highlights: Futuristic TOP CEO 2022 discusses economic opportunities
The TOP CEO Conference, held in Dubai in Q2, discussed several burning global and regional issues of the time. It...
- The TOP CEO Conference in Dubai in the second quarter of 2022 discussed several burning global and regional issues of the time
- It brought together Arab and international business leaders and experts to discuss several topics under the theme of The Great Business Reset
Economy
Saudi Arabia dismisses statements critical of OPEC+ quota cut
A few days after US President Joe Biden said that there would be consequences for Saudi Arabia on its decision...
- The United States accused Saudi Arabia of kowtowing to Moscow, which objects to a Western cap on the price of Russian oil in response to its invasion of Ukraine
- The Saudi foreign ministry statement stressed the “purely economic context” of the oil cut