Investments rise in data, AI, outpacing physical assets: UN
Geneva, Switzerland - The purchase of physical assets was eclipsed last year by a surge in investment in intangible items...Business
Saudi chocolate industry booms with over 3,500 commercial records
Riyadh, Saudi Arabia -- On the World Chocolate Day, Saudi Arabia's Ministry of Commerce announced that the total number of...Business
Saudi, Turkish firms ink 8 deals to boost Riyadh-Ankara business
Istanbul, Turkey - Saudi and Turkish companies, part of the Saudi-Turkish Business Council, signed eight trade agreements to strengthen trade...The firms discussed investment opportunities in the two countries, especially those envisaged in the Saudi Vision 2030 and Turkish economy.
The volume of trade between Saudi Arabia and Türkiye reached SAR22 billion ($5,864,813,240) in 2022, recording a growth rate of 32.6 percent.
Turkish Airlines, Riyadh Air ink MoU
The pact will benefit customers of both the airlines.The establishment of Riyadh Air is in line with PIF’s mandate to unlock the capabilities of key sectors locally to drive the diversification of Saudi Arabia’s economy.
The airline will support the Saudi Aviation Strategy's broader vision, and enable the National Tourism Strategy, unlocking Saudi Arabia's cultural and natural attractions.
Spotify cuts 17% jobs
Spotify has invested over $1 billion into podcasts alone.Spotify in October posted a rare quarterly operating profit of 32 million euros ($34.60m), compared to a loss of 228 million ($246.54m) for the same period a year earlier
Spotify has invested heavily since its launch to fuel growth with expansions into new markets and, in later years, exclusive content such as podcasts
HPDC, HDC ink agreement
The aim is to stimulate the growth of the halal industry.The two companies will exchange information on industry-leading practices and successful models of halal ecosystems.
The agreement will broaden the scope of collaboration by facilitating engagement with halal exporters and investors.
Gold strikes fresh record high as rate cut bets surge
Hong Kong, China - Gold prices soared to a record high above $2,100 on Monday as traders grow increasingly confident the...The precious metal struck $2,135.39 in early Asian trade, topping the previous all-time high set in 2020, during the pandemic
Bets on a drop in rates have weighed on the dollar, which has in turn made gold cheaper for international buyers
$272 billion sustainable finance pledge by UAE financial sector at COP28
Abu Dhabi, UAE -- The financial sector of the United Arab Emirates commits to mobilizing more than AED 1 trillion...The commitment to mobilize AED 1 trillion was made by the UAE Banks Federation at an event held on Finance Day at COP28.
Financial sector's engagement is critical to realize our collective climate ambitions, ensuring that the 1.5°C target remains within reach, said COP28 President Sultan Al Jaber.
Masdar, Taaleri acquire 8 energy projects
The hybrid renewable energy projects in Poland have 1Gw capacity.Masdar and Taaleria have purchased the projects from Domrel Biuro Usług Inwestycyjnych, a prominent player in Poland's renewable energy sector.
These projects incorporate solar photovoltaic (PV) and onshore wind technologies and are projected to power approximately 223,000 households.
ENEC, Kazatomprom ink pact
The move will ensure a secure supply of nuclear fuel.ENEC's global partnerships will support the continued rapid decarbonisation of the country's heavy and energy-intensive industries.
This will create further clean energy sources while using the latest technologies and helping to deliver Net Zero by 2050.
ADNOC-Tabreed G2COOl opens
G2COOL is the first geothermal energy cooling plant in the Gulf region.The G2COOL plant produces naturally occurring hot water found underground through two geothermal wells.
The hot water is fed into absorption cooling technology to produce the chilled water needed by Tabreed for its district cooling activities.
PwC to set up blocks preventing exam cheating after $7 mn fine
The Public Company Accounting Oversight Board (PCAOB) imposed the penalty on the China and Hong Kong offices of the "Big...The risk was that around 200 Chinese companies such as e-commerce giant Alibaba could be ousted from US stock exchanges if they did not comply with American standards
PCAOB chair Erica Williams said the board was on track to inspect all Hong Kong and mainland China firms that audited US-listed companies by the end of 2024
