Waldorf Astoria to open in Madinah by 2028
With more than 300 luxury rooms, three dining concepts, and various facilities, the hotel will merge global luxury with Madinah’s...Business
No peak oil demand ‘on the horizon’, phaseout a ‘fantasy’: OPEC
Paris, France - OPEC said Tuesday that phasing out oil was a "fantasy", as the Saudi-led cartel forecast that demand would...Business
ASPACE to set up Saudi’s first satellite manufacturing unit
Riyadh, Saudi Arabia -- Saudi Arabia announced Thursday the completion of SAR 1 billion investment procedures by ASPACE, a Hong...The Hong Kong based company completed procedures for the investment of SAR 1 billion ($266 million) for the manufacturing facility.
The manufacturing company expects growth throughout the project phases, for the manufacturing of components, subsystems, and satellites.
How Saudi PIF is trying to build a post-oil economy
Riyadh, Saudi Arabia -- As global banking elites attend the Future Investment Initiative forum in Riyadh, a focal point of Saudi...The PIF now boasts assets under management exceeding $700 billion and says it has created more than 560,000 "direct and indirect" jobs.
The PIF's high-profile investments in foreign firms include stakes in Uber, electric car maker Lucid and video game company Activision Blizzard.
Ghitha Holding Q3 profit of $33m
The company gained from regional food processing.Driven by strong results and business momentum, Ghitha reported revenue of US$898 million in the third quarter.
Revenues grew 120 percent year-over-year, driven by broad-based growth across categories and geographies.
Bank Albilad posts net profit
The bank’s January-September 2023 profit was $469 million.The bank reported a 3 percent year-on-year increase in gross operating income during January-September 2023 period.
The rise in gross operating income was mainly due to higher net income from investing and financing assets.
Elon Musk teases audio and video calls at X
"Early version of video and audio calling on X," Musk wrote in a post that contained a screen capture showing...Musk announced in August that voice and video calls were in the works at X in what was seen as a step towards turning the former Twitter into an "everything app"
The calling features of X, previously known as Twitter, would work on iOS, Android, Mac and PC systems, and no phone number would be needed, he said at the time
Volvo Cars posts profit
Its operating profit shot up to US$400m for the third quarter.The car maker reported an operating profit of 4.5 billion kronor ($400 million) for the third quarter -- up from two billion kronor a year earlier
Volvo Cars saw a more than fourfold increase in net income for the period, reaching 3.2 billion kronor, compared to 665 million for the same period a year before
Mercedes-Benz profit slumps
The carmaker's net profit plunged 7% to US$3.9bn in Q3.The company's revenue dropped 1.4% to $39.21bn , partly because passenger car sales were around five percent lower in the quarter
The German automaker left its outlook for 2023 unchanged, with revenue and operating profit seen at the same level as last year
Meta quarterly profit jumps but it sees volatility in ad market
The number of people using Facebook monthly rose slightly to 3.05 billion in a year-over-year comparison while monthly active users...Meta made a profit of $11.6 billion as ad revenue climbed 23 percent to $34 billion when compared to the same period a year earlier
Meta shares, which closed the formal trading day down, fell more than three percent further in after-hours trades to $289.50
The Arab Open Banking market to grow by 25% annually over next 5 years: report
Dubai, UAE - The Arab Open Banking is expected to experience 25% annual growth over the next five years, a...The Arab Monetary Fund will support Arab central banks in adopting effective frameworks for Open Banking and Finance initiatives
The report covers aspects such as data sharing, consent mechanisms, data security, identification of regulated Third Party Providers
ADCB profit up 22 percent
The bank's operating income rose 23% to US$3.32 billion.The bank said that net interest income rose 8% to $865 million QoQ and 24% YoY while non-interest income of $285 million declined 7% QoQ
Its CEO said the bank delivered strong growth in the first nine months of the year, with net loan climbing by10% i and sound growth in CASA deposits
