European market up on record-busting Wall Street
A surge in tech titans including Apple, Amazon, Nvidia and Facebook parent Meta on Friday pushed New York's S&P 500...Business
Threat of AI-powered phishing is on the rise
"Technologies such as Generative AI presents new security challenges. The rise of automated spear phishing necessitates reevaluating our trust heuristics....Business
Aramco bags one-year contract to market Guyana’s crude oil
Aramco has bagged a one-year contract from Guyana to market the crude oil produced in the South American country.Guyana became the world's newest energy hotspot when a consortium led by Exxon Mobil Corp began producing crude off the country's coast in late 2019
It is now producing around 120,000 barrels per day
Saudi Arabia to regulate foreign investment
Looking to protect many sectors of its economy from the competition that the foreign companies will present, Saudi Arabia has...Chaired by the investment minister, the new committee will also set the limit for foreign ownership in local companies
The committee comes as more foreign entities take an interest in entering the Saudi market as part of the government’s push to modernize its economy
Saudi developer taps BMG for $266m IPO on Nomu
Bunyan United Company, the Saudi Arabia-based real estate firm, has tapped BMG Financial Group as its advisor for its upcoming...The Jeddah-based developer has real estate projects in several industries, including entertainment, medicine, and hospitality
Bunyan United Company, the Saudi Arabia-based real estate firm, has tapped BMG Financial Group as its advisor for its upcoming listing on Nomu, a parallel market in the Saudi stock
Abu Dhabi to obtain material for giant solar project from Hitachi ABB
Abu Dhabi will obtain large generator step-up (GSU) transformers, protection and telecommunication systems for the Al Dhafra PV2 Solar project...Hitachi ABB to supply GSUs for giant Abu Dhabi solar PV plant
The project is located about 35 km from Abu Dhabi city and will supply power to Emirates Water and Electricity Company
Saudi Arabia awards $95.4m contract to manage Riyadh water services
Saudi Arabia has awarded a $95.4 million contract to a consortium to manage water services and environmental treatment in Riyadh.Contract awarded to Alkhorayef Group and France's Veolia
Restructuring of Saudi water sector almost complete
GCC witnesses 5.8 percent decline in mobile phone sales in second quarter
Due to supply shortages and high levels of inventory carried over from the first quarter, smartphone shipments to the GCC...IDC predicts a 9.4 percent decline in shipments QoQ for the GCC smartphone market in Q3.
Smartphone shipments were down 5.1 percent and feature phone shipments fell 11.9 percent
US approves $500mn helicopter maintenance deal for Saudis
Under the deal, US will provide 350 contractor technicians and two government officials over two years to handle the maintenance...Before his election Biden had promised to make Saudi leaders "pay" for the murder of US-based journalist Jamal Khashoggi.
In late January Biden ordered a review of all arms contracts concluded by his predecessor Donald Trump with Saudi Arabia and other countries.
Etihad, Sabre renew partnership
Under the new pact, Etihad will leverage Sabre's IT solutions.Under the new agreement, Etihad will continue leveraging a suite of Sabre's IT solutions to aid recovery
Sabre will help Etihad in network planning and scheduling, pricing and revenue management and cargo technology
IPL to resume in UAE on Sunday after tournament suspension due to Covid
The tournament was halted in May because of a devastating surge in coronavirus deaths in India, prompting foreign players to...The eight-team tournament resumes with Delhi Capitals at the top of the table
The final will be in Dubai on October 15, just two days before the T20 World Cup begins
UAE to establish business council with Estonia
The council will aim to enhance bilateral economic and trade relations between the two countries.The MoU was signed by Abdullah Mohammed Al Mazrouei, Chairman of the Federation of UAE Chambers of Commerce and Industry
Peeter Raudsepp, CEO of Enterprise Estonia, signed the agreement on behalf of his country
