Samsung TV pioneer Han Jong-hee dies of heart attack at 63
Samsung Electronics co-CEO Han Jong-hee, credited with boosting the South Korean tech giant's television business on the global stage, died...Business
Al Ansari approves $85m dividend
This is approx 78% of the company's net profit after tax.Company News Business
Positive trial for Pfizer-BioNTech Covid-flu jab
Berlin, Germany - Germany's BioNTech and US pharmaceutical giant Pfizer on Thursday announced "positive" results from initial trials of their combined...The messenger RNA method made its debut with the Pfizer-BioNTech coronavirus vaccine, which was the first jab against Covid to be approved in the West in late 2020
Pfizer and BioNTech first announced in November 2022 that they were planning to use the same technology to develop a combined Covid and flu vaccine
Saudi Arabia’s Ministry of Investment inks 3 MoUs at FII7
RIYADH, SAUDI ARABIA – The Kingdom’s Ministry of Investment signed three memoranda of understanding (MoU) in the fields of biotechnology,...The MoUs related to the biotechnology and pharmaceutical sectors aim to explore, develop, manufacture and market a range of potential new medicines.
The MoU of the financial services sector aims to provide an opportunity for investors to invest directly in key projects in line with the Saudi Vision 2030.
TotalEnergies Q3 profit up 1.5%
The French energy firm earned a net profit of $6.7 billion.Oil and gas prices surged last year following Russia's invasion of Ukraine, leading to windfall profits at energy firms.
While oil prices are still high in historical terms, the main crude oil contract was down 14 percent last quarter compared to the same period last year.
PIF, Pirelli establish a JV
The JV will set up a facility to make tires in Saudi Arabia.PIF will hold a 75 percent stake in the new JV with Pirelli holding the remaining 25 percent.
The JV will manufacture high-quality tires for passenger vehicles, under the Pirelli brand, in the Kingdom.
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
