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stc Group Q1 net profit up 11.05%

The Group reported a revenue of $5.12 billion.

SAIB reports $139 million Q1 net profit

its assets increased by 20.08 percent to $43.65bn.

Nissan forecasts $5.3bn annual net loss

Last year, it announced 9,000 job cuts worldwide.

Saudia to acquire 20 wide-body aircraft

10 of these being acquired for its flydaeal low-cost airline

ADIB’s Q1 net profit $517 million

Q1 2025 net profit before tax increased 18% YoY.

  • Musk’s AI startup to raise $1bn

    He hopes it will compete with ChatGPT's Open AI.

    An official filing to US Securities and Exchange Commission said xAI artificial intelligence company had already gathered $134.7 million and plans to raise $1 billion overall

    The filing added that there was a firm agreement to raise the full funds needed to meet the target, indicating that Musk may have deals in place for the full billion

  • FAB partners with Engie

    They will advance solutions in financial decarbonization.

    The partnership entails both to focus on derivatives or financing solutions related to energy, carbon, renewables, battery energy storage systems, and green products

    Engie is a global leader in low-carbon energy and services, including renewables, committed to accelerate the transition towards a carbon-neutral world

  • Russian oil price cap partially successful

    LONDON, UK - A Western price cap imposed a year ago on Russia's oil has had limited success with Moscow increasingly...

    The cap was jointly imposed on December 5, 2022 by the European Union, Australia and the Group of Seven rich countries.

    Initially successful, it lost its impact once President Vladimir Putin's Russia found new buyers for its oil and new tankers to deliver it.

  • Tawzea, NWC ink pacts

    The companies have signed two agreements.

    Tawzea is a 50:50 joint venture between Saudi Arabian Amiantit Co and Sustained Infrastructure Holding Co.

    Under the first contract, Tawzea will operate and maintain the water network in Makkah and its governorates.

  • Mubadala invests in Zenobē

    The investment is aimed at powering 4,000 electric vehicles.

    The collective investment aims to power 4,000 electric buses, trucks, and commercial vehicles, contributing to the global transition to cleaner transportation by 2026.

    London-based Zenobē, established in 2017, specializes in electric vehicle (EV) fleet solutions and large-scale battery storage.

  • Crypto markets witness dynamic asset allocation amid volatility, says study

    DUBAI, UAE – Institutional traders (INS) in the crypto markets maintain a conservative approach, with 50 percent of their portfolio...

    In September 2023, institutional traders allocated half of their portfolios to Bitcoin, the report said.

    Retail traders showed a lower percentage of Bitcoin holdings, which could be linked to their higher leverage levels.

  • KSA offers 30-year tax holiday for global corporations as regional HQ program fuels investment boom

    The approaching 1 Jan deadline has seen investments on headquarters hit $242m in the first nine months of 2023 alone,...

    In 2023, 46.7 percent of newly established headquarters operate in the Software & IT services sector.

    The Regional Headquarters (RHQ) Program is an initiative jointly developed by the Ministry of Investment (MISA) and the Royal Commission for Riyadh City.

  • Riyad Bank Saudi PMI down to 57.5 points in November

    Riyadh, Saudi Arabia -- The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Manager's Index (PMI), formerly S&P Global Saudi Arabia PMI,...

    The index continued to signal a rapid expansion in the non-oil private sector in November,

    Higher raw material prices led to a continuous increase in corporate sales prices, but demand remained strong.

  • Putin to visit UAE, Saudi Arabia for talks amid OPEC output cuts

    Russian President Vladimir Putin, according to his aide Yuriy Ushakov, will first arrive in the UAE this week and then...

    The announcement of the visit follows the recent OPEC decision to cut oil production by 2.2m bpd in Q1 of 2024

    Saudi Arabia, as the world's largest exporter, will see a reduction of 1 million barrels per day

  • ADQ and Qazaqstan Investment Corporation set up ‘investment platform’

    Abu Dhabi, UAE--ADQ and Qazaqstan Investment Corporation have established a co-investment platform focused on high-growth sectors such as food and...

    The investment platform will seek to explore and leverage investment opportunities in Kazakhstan as well as other countries in the Central Asia and Caucasus region

    As part of the initiative, ADQ and Qazaqstan Investment Corporation will be committed to making equal financial and operational contributions to each investment