International Military Forum Army-2023 opens in Moscow
MOSCOW, RUSSIA - The international military-technical forum Army-2023 opens at the Patriot Congress and Exhibition Center here. About 1,500 prominent...
Geostrategy
ADFD finances $105.4m energy security project in Tanzania
ABU DHABI, UAE - The Abu Dhabi Fund for Development (ADFD) has signed a loan agreement with the Government of...
Geostrategy
Business
UK and Saudi Arabia sign pact to promote direct investment
Saudi Arabia and the United Kingdom signed a Memorandum of Understanding, which is aimed at the promotion of direct investment...
- British and Saudi companies will be established and expanded in both countries.
- Exchange of visits and expertise as well as sharing of rules and regulations in direct investment opportunities part of the MoU
Arts & Culture
US, Bahrain vow to fight illicit cultural property trade
Bahrain enjoys a prominent role in the art world, serving as the host of the Arab Regional Centre for World...
- The two countries issue joint statement after a key forum on antiquities, art crime.
- Information sharing, strengthening legal frameworks among key areas of future cooperation.
Business
Al Seer Marine expands fleet
The IHC subsidiary has entered commercial shipping segment.
- Founded in 2002, Al Seer Marine's total assets are AED3.98 billion as of the end of June 2021.
- After a fall of 3.4 percent in 2020, world seaborne trade rose 4 percent in 2021.
Business
Saudi British Bank posts 157% jump in net profit to $750m
The Saudi British Bank (SABB) has posted a 157 percent increase in net profit to $750 million for the first...
- “We are investing considerably across the business front-to-back, to ensure that we remain relevant and can create a sustainable banking organization”
- The chairman reiterated the bank’s efforts to support Saudi’s Vision 2030 plan and unlock the opportunities brought by the economic transformation plans
Business
ADNEC launches expansion plans in Abu Dhabi, London
The Abu Dhabi National Exhibitions Company (ADNEC) has announced plans to expand its facilities and infrastructure in Abu Dhabi and...
- Building the largest exhibition hall in the Middle East and North Africa region is part of the expansion plans.
- The company said the expansion plans boost its competitiveness and ability to attract and hold major international events.
Business
UAE and Blue Origin to explore space economy and space tourism opportunities
The UAE will explore investment opportunities in the space economy and space tourism services besides other related ventures with Blue...
- The two sides also discussed expanding the scope of R&D in space to develop emerging space technology in the UAE.
- Space sector provides more than 3,200 jobs, and over 57 space firms are currently operating in the UAE.
Business
Dallah buys 8.2% stake in IMC
Dallah Healthcare of Saudi Arabia has picked up an 8.2 percent stake in International Medical Company for $77 million in...
- Dallah Healthcare said that it had acquired the SAR 289 million ($77 million) stake as part of a plan to eventually acquire 25 percent as well as to expand its presence to Jeddah
- International Medical Co posted a revenue of SAR 1.2 billion annually for the last three years
Business
SABIC records 412% spike in net profit to $1.5bn in Q3
Saudi Basic Industries Corp. (SABIC) has posted a nearly 400 percent spike in net profit to $1.5 billion for the...
- Sales jumped by 49 percent year on year to 43.7 billion riyals, while operational profit climbed 266 percent to 7.7 billion riyals
- The company also noted that sales volumes in the third quarter were slightly down by 2 percent when compared with the second quarter of 2021
Business
Middle East to see boost in tourism in 2021 and beyond
The tourism and travel sector in the Middle East is expected to grow 27.1 percent in 2021, a little behind...
- According to the World Travel and Tourism Council (WTTC) the region’s local economy has benefited from a rise in its domestic tourism spend of 38.6 percent in 2021
- Employment in the sector could approach pre-pandemic levels in 2022, rising by 8.2 percent to 6.6 million, following a loss of 1.2 million jobs in 2020
Business
Saudi Arabia picks HSBC to spot “investment opportunities”
Saudi Arabia has roped in HSBC to “identify and promote” sustainable investment opportunities. The agreement between the two was signed...
- It covers identification and promotion of sustainable investments in the Kingdom for domestic and international investors
- “I welcome today’s agreement, which is further proof that the Kingdom’s ambitions to become a global sustainable investment destination is on track"
Most Read
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
International Military Forum Army-2023 opens in Moscow
MOSCOW, RUSSIA - The international military-technical forum Army-2023 opens at the Patriot Congress and Exhibition Center here. About 1,500 prominent...
Geostrategy
Company News
SAR passenger numbers rise
Business
Barwa records rise in profit
Business
Vodafone Qatar profit up 61%
Business
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DIFC unveils wealth center
Business
GHD, Fraunhofer–Gesellschaft to help develop UAE hydrogen policy
The Ministry of Energy and Infrastructure (MoEI) of UAE announced that it had signed an agreement with GHD Group, in...
Business
Freed Moroccan prisoner of war speaks of Ukraine struggle
A Moroccan prisoner of war released as part of an exchange between Moscow and Kyiv said he wanted to draw...
Geostrategy
UAE to provide Germany gas, diesel under ‘energy security’ deal
As part of the deal, the UAE will provide "an LNG cargo for delivery in late 2022, to be used...
Geostrategy
Most Read
Business
AlBabtain launches IPO
The company has set a price range of $18 to $21 per share.
- The Riyadh-based firm will conduct a three-day offering period beginning Sunday, Sept. 25, and concluding on Wednesday, Sept. 28
- The company is offering 544,000 ordinary shares, 16 percent of its capital, for subscription as it seeks to join the kingdom’s parallel Nomu market
Business
Bayt survey says 71% of professionals may quit jobs in 2023
When asked why professionals may change their careers entirely, “to find their real passion” ranked first (37%) followed by opportunities...
- More than half (51%) of the respondents deem it necessary to work in the same field as their educational background but 49% are open to working in different fields
- 16% of respondents believe that they should stay in their current role for at least a year before they switch to another one
Business
WETEX and Dubai Solar Show hosts 1,750 global companies
DEWA CEO said that the exhibition will introduce the world to the UAE’s achievements in the renewable and clean energy...
- Dubai Electricity and Water Authority (DEWA) will organize the exhibition from September 27 to 29 at the Dubai World Trade Center
- The summit will bring together officials and decision-makers from around the world