Red Sea Global opens Shura island with three world-class resorts accessible to all
Tabuk, Saudi Arabia - Red Sea Global announced the opening of the first resorts and attractions on Shura Island, which...
Economy
Global passenger demand grows 4% in July: IATA
GENEVA, 31st August 2025 (WAM) -- The International Air Transport Association (IATA) said Sunday that global passenger demand grew by...
Business
Business
Saudi Arabia at 16 position in Lloyd’s List 2023 rankings
RIYADH, SAUDI ARABIA - The Kingdom of Saudi Arabia was ranked 16 in annual container throughput by the 2023 edition...
- As per the industry report, container volumes across the Kingdom’s ports during 2022 were estimated at 10,439,620 TEUs.
- The Kingdom’s groundbreaking strides in the global logistics landscape boils down to a host of critical catalysts,
Business
Proton says will analyze VPN sign-ups to identify attacks on democracy
GENEVA, SWITZERLAND - Internet privacy company Proton announced Wednesday a new VPN Observatory, tracking demand for its services to detect attacks...
- Switzerland-based Proton said its new observatory would document spikes in sign-ups to its virtual private networks.
- VPNs provide a secure, encrypted connection over the internet between a user and a server, giving users greater anonymity.
Business
Arab-Indian Chamber of Commerce to be unveiled soon
NEW DELHI, INDIA - A Joint Arab-Indian Chamber of Commerce is to be “activated” soon. This was announced in the...
- This was announced in the “Delhi Declaration” at the conclusion of the sixth India-Arab Partnership Conference in New Delhi
- Setting up of the Chamber was decided during an earlier session of the India-Arab Partnership Conference held in Muscat
Business
Saudi Arabia’s PIF sets up Sawani Company for camel dairy industry
RIYADH, SAUDI ARABIA - The Public Investment Fund (PIF) announced the establishment of Sawani Company to enable the growth of...
- The company aims to be a leading producer of camel dairy products, supporting Saudi Arabia’s wider food and agriculture sector.
- Sawani will work in partnership with the private sector to boost the production capacity of the camel dairy industry.
Business
FAB H1 2023 net profit $2.2bn
It is highest ever profit achieved by FAB in a half-year.
- Return on Tangible Equity (ROTE) increased substantially to 18.6 percent as of June-end 2023.
- Strong capital accretion lifted group Common Equity Tier 1 to 13.6 percent as of June-end 2023.
Business
SALIC buys 10.7% stake in BRF
The deal is worth US$266 million (SAR1.27 billion).
- SALIC is fully owned by the Public Investment Fund.
- Brazilian firm BRF is a global leader in the poultry sector.
Geostrategy
Japanese PM discusses clean energy cooperation with UAE ahead of COP28
As the UAE prepares to host COP28, Japan aims to offer its green and renewable energy technologies to support the...
- Japan aims to offer green and renewable energy technologies to assist Gulf states' decarbonisation efforts
- The UAE-Japan Business Forum witnesses signing of 23 cooperation agreements and MoUs in various sectors
Business
ADNOC L&S buys VLCC
Firm has committed $2 billion for more such carriers.
- The very large crude carrier is a four dual-fuel engine ship – which can also run on liquefied natural gas.
- The carriers, which can carry up to 2 million barrels of crude per voyage, were built in South Korea.
Geostrategy
Saudi Arabia, Japan issue joint statement on Lighthouse Initiative for Clean Energy Cooperation
RIYADH, SAUDI ARABIA – Saudi Arabia and Japan issued a joint statement on Lighthouse Initiative for Clean Energy Cooperation. The...
- Recognizing net-zero and clean energy ambitions, both sides decided to establish the KSA-Japan Lighthouse Initiative for Clean Energy Cooperation.
- The initiative will serve as a beacon for other countries and regions as they develop their strategies and roadmaps toward their net zero ambitions.
Economy
Commercial transport sector added $4.38bn to Dubai economy, says RTA
DUBAI, UAE - Commercial transport sector contributed AED16.1 billion ($4.38bn) to Dubai's economy in 2022, said Mattar Al Tayer, Director-General,...
- The commercial transport activities sector has experienced consistent economic growth over the last two years fueled by e-commerce, said an official
- The number of registered commercial vehicles operated by these companies exceeds 300,000, reflecting a 16 percent growth rate compared to 2021, he noted
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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
Red Sea Global opens Shura island with three world-class resorts accessible to all
Tabuk, Saudi Arabia - Red Sea Global announced the opening of the first resorts and attractions on Shura Island, which...
Economy
Company News
Burjeel Holdings net profit up
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Zain KSA net profit $335m
Business
Anthropic hit with class-action lawsuit over copyright infringement
Anthropic, the Amazon-backed artificial intelligence startup, on Monday, was hit with a class-action lawsuit in California federal court over alleged...
Business
Saudi bid to host 2034 World Cup positions Kingdom as global center for top sports events
Saudi Crown Prince Mohammed bin Salman announced the Kingdom’s bid to host the 2034 FIFA World Cup. He said this...
Dubai welcomes record 9.31m international overnight visitors in H1
Dubai, UAE -- Dubai welcomed 9.31 million international overnight visitors from January to June 2024, a 9 percent increase over...
Business
Most Read
GCC tourism’s contribution to GDP expected to surge by 2030: Fitch
GCC tourism's GDP contribution will rise from $130 billion in 2023 to over $340 billion by 2030, driven by aviation...
- The GCC countries have set ambitious targets for their tourism sectors to diversify their economies away from oil dependence
- The aviation industry is anticipated to play a critical role in this expansion, with air passenger traffic projected to grow substantially
Business
Boeing to plead guilty to criminal fraud charge stemming from 737 Max crashes
Boeing agreed to plead guilty to a criminal fraud charge tied to the fatal 737 Max crashes, the Justice Department...
- Boeing agreed to pay a $243.6 million fine
- .The guilty plea would brand the planemaker a felon and could complicate its ability to sell products to the U.S. government
Economy
UK’s Labor Party wins enough seats to form majority government
The Labor Party has officially won enough seats in the UK’s 2024 general election to have a majority in parliament,...
- 61-year-old Keir Starmer led Labor to victory over Rishi Sunak’s Conservative Party in Thursday’s election
- With more than half of all 650 seats counted, Labor looks set to secure one of its biggest-ever majorities in the House of Commons