Saudi inflation rises to 1.8% in February
RIYADH, SAUDI ARABIA – Saudi Arabia’s inflation accelerated to 1.8 percent in February compared to January 2024, according to data by the General...Business Economy
DP World 2023 profit is $1.5bn
The company's revenue grew 6.6 percent to $18.25 billion.Company News Business
Govt investments play key role as gaming revolution sweeps MENA with 60% population embracing esports
MENA region boasts one of the highest shares of gaming mobile app downloads, accounting for 50 percent compared to the...MENA region boasts one of the highest shares of gaming mobile app downloads, accounting for 50 percent compared to the global average of 40 percent, says a latest BCG report.
Game streaming is projected to touch 200 million users by 2025 as mergers and acquisitions fuel gaming industry growth with 650+ deals in the first half of the year 2022
Dubai records US$3.4bn in weekly real estate transactions
DUBAI, UAE - A total of 3,625 real estate and properties transactions valued at US$3.4 billion (AED12.5 billion) were conducted...The DLD report showed that 189 plots were sold for US$620 million.
The report showed 2,753 apartments and villas were sold for US$1.9 billion.
Mubadala invests $200m in Bicycle Capital
Bicycle Capital is a growth equity firm focusing on startups.Bicycle Capital has received $440 million commitments so far.
Mubadala's $284 billion portfolio is spread across the globe.
ADDED partners with Valeo to set up electric cars technology hub
Dubai, UAE -- Abu Dhabi's Department of Economic Development (ADDED) has joined forces with Valeo, a global automotive technology company,...The partnership aims to accelerate the growth of the automotive industry in the emirate and provide support to local electric car startups.
Valeo, known for its advanced technologies and sustainability vision in green cities, plans to explore new areas of development through the integration of its expertise in the hub.
Micron to invest $600m in China plant
Beijing had banned its chips from critical infrastructure projects.China's cybersecurity watchdog last month said Micron had failed a national security review, telling operators of "critical information infrastructure" to stop buying its products.
About 10 percent of Micron's $30.8 billion annual revenue last year came from China, according to company data.
Dubai International Chamber opens Europe’s first representative office in UK
DUBAI, UAE - Dubai International Chamber (DIC), one of the three chambers operating under Dubai Chambers, inaugurated on Friday a...The new office will focus its efforts on strengthening relationships with key public and private sector stakeholders.
The office will support UK firms seeking to relocate to expand in Dubai and grow their business through the emirate.
Saudi securities disputes compensation $586 million in four years
Saudi Arabia's Capital Market Authority (CMA) has revealed a staggering 4275 percent surge in the value of compensation for individuals...In 2022 alone, the compensation value amounted to 1.75 billion riyals, compared to 40 million riyals in 2019, 93 million riyals in 2020, and 367 million riyals in 2021.
The number of compensators has also witnessed a significant rise, with a total of 2,352 individuals seeking compensation in the past four years.
Saudi Arabia’s SVC invests $30m in Bedaya Fund II
RIYADH, SAUDI ARABIA - Saudi Venture Capital (SVC) announced its investment of US$30 million in Bedaya Fund II, which is...SVC is a government investment company and is a subsidiary of the SME Bank, one of the development banks affiliated to the National Development Fund.
SVC aims to stimulate and sustain financing for startups and SMEs from pre-Seed to pre-IPO by investing $1.6 billion in funds and co-financing in startups.
Finding private sector jobs difficult for 62% percent Emirati graduates
Despite this pessimistic view, however, 61 percent of the surveyed graduates expressed interest in joining the private sector, said PwC's...Despite this pessimistic view, however, 61 percent of the surveyed graduates expressed interest in joining the private sector, said PwC's Emiratization Survey 2023.
The survey sheds light on the efforts made by the UAE to enhance Emirati participation in the private-sector workforce, in line with the country’s national vision mandate.
Musk heads to France to discuss investment with Macron
After talking to Macron, Musk will appear before an audience of thousands at VivaTech for what is billed as an...Macron confirmed during a visit to France's technology trade fair VivaTech earlier this week that he would meet the businessman to "tout the attractiveness of France and Europe"
After talking to Macron, Musk will appear before an audience of thousands at VivaTech for what is billed as an hour-long "conversation" with the event's French founder Maurice Levy
