Hyperloop progress: Racing ahead or falling behind?
Over a decade after Elon Musk's hyperloop proposal, no commercial operations have begun, and Virgin Hyperloop shut down in 2023...Business
Saudi Arabia announces major gas discovery in Jafurah
Riyadh, Saudi Arabia--Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz revealed on Sunday that an additional 15 trillion...Business Economy
Giga projects attract more foreign banks to KSA
At least six banks, seeking to open branches in Saudi Arabia, have obtained licenses from the Saudi Central Bank to...At least six banks, seeking to open branches in Saudi Arabia, have obtained licenses from the Saudi Central Bank to conduct operations in the Kingdom in the coming months.
New banks are expected to add value to the Saudi economy by strengthening the services sector, expanding financing options and boosting public confidence in financial system
Saudi reports add to Manchester United takeover intrigue
London, United Kingdom--Saudi Arabia has joined the race to buy Manchester United ahead of Friday's bid deadline, according to a report...Saudi joined the race to buy Manchester United, according to a report in Britain's Daily Telegraph, raising the stakes in what could be the most lucrative deal in sports history.
There have been suggestions of a possible Qatar bid, with The Guardian reporting the state's ruler, Sheikh Tamim bin Hamad Al-Thani, was interested in buying United.
UAB 2022 net profit at US$42m
Total operating income rose 11% in 2022 compared to 2021.UAB is focused on positioning itself as the partner of choice among major corporate clientele segments.
The bank's CEO said that their focus will remain on the delivery of an enhanced customer experience.
Islamic insurance gross subscriptions reach $1.18 billion in 2021: CBUAE
Abu Dhabi, UAE— The gross subscriptions written by all Takaful insurance companies in the UAE reached AED4.35 billion in 2021,...These subscriptions accounted for 9.82 percent of the gross premiums written in the insurance sector in 2021.
The health Takaful insurance activity represented the largest share, accounting for 43.6 percent of the gross subscriptions.
Hermes 2022 net profit $3.6bn
Fashion house posted huge earnings despite inflation.Sales rose 29 percent to US$12.3 billion at current exchange rates.
Hermes said its sales rose by 30.7 percent in the Asia-Pacific region, excluding Japan, in the last three months of 2022.
Saudi transport authority signs largest bus transport project
Riyadh, Saudi Arabia---Saudi Arabia's Transport General Authority has signed the largest project for transporting passengers by buses through a network...The network, which involved major global alliances, will cover more than 200 cities and governorates.
The network is expected to serve more than 6 million passengers annually through 76 routes, with a new fleet of buses equipped with the latest technologies.
DEWA,  France’s satellite operator Eutelsat discuss cooperation
DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer spoke of the...DEWA CEO highlighted organization’s key initiatives and projects to promote sustainability, renewable and clean energy, and energy efficiency.
These include DEWA’s space program (Space D) which supports the National Space Strategy 2030.
ADNOC to float 4% minority stake in ADNOC Gas on ADX
ADNOC Gas, formed in January 2023 through the consolidation of ADNOC’s gas processing and LNG businesses, is a large-scale integrated...ADNOC Gas, formed in January 2023 through the consolidation of ADNOC’s gas processing and LNG businesses, is a large-scale integrated business operating across the gas value chain
The company’s twelve-month adjusted revenues to October 2022 totaled $24.9 billion, with the company delivering adjusted EBITDA of $8.7 billion and net income of $4.8 billion
Mercedes profits jump in 2022
The group sold over two million cars in 2022Net profit jumped by 34 percent to 14.8 billion euros ($15.7 billion) last year, the Stuttgart-based group said, while revenues were up 12 percent year-on-year to 150 billion euros
The group sold more than two million cars in 2022, a five-percent increase on the year before, driven by strong demand for the S-Class model and the all-electric EQS
Dubai records over $544 million in realty transactions
Dubai, UAE-- Dubai real estate market has recorded deals worth AED2 billion ($544 million) on Thursday, according to Dubai Land...The deals included 475 sales transactions worth AED1.38 billion.
The sales included 412 villas and apartments worth AED1.06 billion.
