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SIB’s 2024 profit $272m

The profit surpassed AED 1 billion for the first time in bank's history.

AD Ports to invest in Kazakh port

Under the deal, AD Ports Group owns 51% stake.

PIF acquires stake in Saudi Re

The acquisition was made by way of a capital increase.

ADNOC Gas awards contracts

The $2.1bn contracts are aimed at enhancing LNG supply infrastructure.

ADNOC L&S buys stake in Navig8

The company will acquire the remaining stake in mid-2027.

  • Mawani gets 79.01 points in UNCTAD’s Liner Shipping Connectivity Index for Q4 2023

    RIYADH, SAUDI ARABIA – The Saudi Ports Authority (Mawani) attained its highest improvement in the UNCTAD's Liner Shipping Connectivity Index...

    This development aligns with the objectives of the National Transport and Logistics Strategy (NTLS).

    This achievement adds to the recent major records, including a score of 77.66 during Q3.

  • MBC IPO retail subscription begins

    MBC Group runs a group of TV and radio channels.

    The subscription process for the retail tranche of MBC Group will run for five days until December 18.

    The Capital Market Authority approved, on November 21, the company's request to float 33.25 million shares in an IPO.

  • OPEC+ cartel’s grip on oil market loosening as demand slows: IEA

    Slowing demand growth and rising US crude production will make it more difficult for OPEC+ to continue to prop up...

    The Paris-based IEA, which advises oil-consuming nations, noted that prices had fallen by around $25 per barrel since September highs.

    Efficiency improvements and a booming electric vehicle fleet have also been lowering oil demand, it added.

  • Arab Union for International Exhibitions & Conferences approves 2024 plan

    Sharjah, UAE--The board of directors of the Arab Union for International Exhibitions Conferences (AUIEC), operating under the Council of Arab...

    AUIEC plan for next year focuses on attracting new memberships in order to expand its network and active participation in union members' activities and events

    The union is set to organise prominent events like the Arab Industries Exhibition in the UAE and Iraq and the Conference of the Exhibition Industry in the Arab World

  • Tesla files recall on 2m vehicles to fix autopilot software

    Tesla's Autopilot program has spurred numerous government investigations as well as media exposes focusing on misuse or vulnerabilities. The system...

    The recall affects models across Tesla's portfolio and will be addressed by an "over-the-air software remedy" typically performed remotely

    The recall covers 2.03 million Tesla vehicles and includes Models S, X, Y and 3. Authorities in Canada said they were recalling 193,000 vehicles there

  • NEOM unveils Utamo, a $500bn project to showcase world’s mega artists

    NEOM, Saudi Arabia - Saudi Arabia's $500 billion mega project, has introduced Utamo, a new art and entertainment destination set...

    Described by NEOM as "an innovative and multipurpose event and performance space," Utamo features VIP lounges and signature restaurants

    NEOM envisions Utamo as a venue where "reality and the digital realm converge," aiming to redefine entertainment benchmarks

  • Somalia to get US$4.5bn in debt relief from creditors: IMF

    The IMF said the debt relief will facilitate access to additional financial resources that will help it strengthen economy, reduce...

    Its external debt has fallen from 64% of GDP in 2018 to less than six percent of GDP by the end of 2023

    The IMF said that Somalia has implemented a poverty reduction strategy for at least a year

  • ADX signs MoU with SZSE

    The agreement will bolster cross-border ETF cooperation.

    ADX is looking to enhance ties with with leading global financial institutions, including the recent agreement with the New York Stock Exchange

    The agreement between the two bourses is set to provide a robust platform for financial growth and connectivity between the UAE and China

  • Andalusia Labs secures $48m funding

    The company deals in risk management infrastructure for digital assets.

    Silicon Valley venture capital firm Lightspeed Venture Partners led the round with participation from Mubadala Capital

    Andalusia Labs is a collection of leading technology solutions addressing the security challenges prevalent in the blockchain industry

  • GCC media outlets think outside the box to stay afloat

    Reeling from a calamitous drop in advertisement revenues and public trust, news media organizations are reworking strategies to create "niche"...

    Many believe news media outlets have been distracted from their role to safeguard space for informed debate on public issues

    Several well trusted media outlets with deep pockets are battling against thinning revenues and being forced to think differently