Energy transition led Saudi Arabia to halt oil expansion, says official
RIYADH, SAUDI ARABIA – The Kingdom's surprise decision to halt a planned expansion of its oil production capacity reflects ambitions to...Business Economy Geostrategy Global
WEF24: AI-generated drugs promise cost reduction
AI is playing a critical role across the biomedical spectrum, from accelerating drug discovery to improving care delivery systems, says...Business Health
Europe could face gas shortage next year, says IEA
Europe must act immediately to prevent a shortage of natural gas next year as Russia slashes deliveries in the wake...IEA Executive Director Fatih Birol said he would hold talks on Friday with several European governments.
He said that Europe needs to take immediate action to avoid risks of natural gas shortage next year.
UAE, Indonesia to cooperate in energy sector
UAE and Indonesia have signed a Declaration of Intent to boost economic and social development between the two countries and...The declaration was signed between the UAE Ministry of Energy and Infrastructure and the Indonesian Ministry of Energy and Mineral Resources.
It was signed during a joint meeting between the two countries at the Abu Dhabi International Petroleum Exhibition Conference ‘ADIPEC 2022.
ING Q3 profit at US$958m
Bank announced a share buyback of US$1.4 billion.The bank said its Polish unit took a US$334 million hit from new regulations allowing borrowers to suspend mortgage loan payments.
ING said that it benefited from higher interest rates, which central banks have been hiking aggressively in efforts to tame inflation.
BMW Q3 net profit US$3.1bn
Profit was due to high demand for pricier luxury models.Car deliveries were down nearly one percent over the period as the industry continues to grapple with supply chain disruptions.
BMW said higher prices for its premium vehicles had helped deliver a solid third quarter.
AD Ports Group acquires 80% stake in GFS
The Group will look to integrate GFS into its Maritime Cluster.The equity stake was bought for AED2.9 billion ($800 million) implyin 100 percent Enterprise Value of AED3.7 billion.
Aligning GFS services with AD Ports Group companies SAFEEN Feeders and Transmar will make AD Ports Group the world's largest independent feeder company by vessels owned.
Smugglers devise novel ways in Middle East to traffic captagon
Fastening weapons or drugs to livestock to cross borders is an age-old smuggling trick. Latin American cartels took this a...The creativity of smugglers continues to astound the authorities, with seizures more often the result of tip-offs than the technological prowess of customs checks
More than 5.3 million pills were found by the Saudi authorities in a large shipment of pomegranates in April 2021, with the drugs stuffed inside some of the fruit
Six grain ships depart Ukraine ports after Russia rejoins deal
Moscow had said on Saturday that it was temporarily pulling out of the grain deal, accusing Ukraine of using a...Turkey and the United Nations engaged in intense diplomacy to save the agreement designed to ease global food crisis caused by the Russian war in Ukraine
Russia's defense ministry said on Wednesday it had received sufficient guarantees from Kyiv that it would not use the maritime corridor to carry out attacks
Arriyadh posts 20% profit drop
Its profit declined to $69.6m in the first nine months of 2022.According to a bourse filing, the developer had posted $87 million profit in the corresponding period the year earlier
The decline in profit is mainly due to the 17 percent reduction in income from the associate company’s business, resulting from lower land sales volume
Saudi, Turkish media leaders discuss cooperation
The meeting discussed news exchange, news agencies, radio, Television, media regulation and international media relations.The meeting discussed news exchange, news agencies, radio, Television, media regulation and international media relations
The Turkish Ambassador to the Kingdom Fatih Ulusoy was also part of the meeting besides President of the Saudi Press Agency Dr. Fahd bin Hassan Al Aqran
ACWA Power to build 10 gigawatts wind project in Egypt
Riyadh, Saudi Arabia— ACWA Power Company of Saudi Arabia has signed an agreement with Egypt to build a 10 gigawatts...According to the Saudi Ministry of Energy, the agreement has been reached with Egypt’s New & Renewable Energy Authority and Egyptian Electricity Transmission Co
Saudi Arabia’s ACWA Power has invested $1.5 billion in a wind power plant in Egypt as the company expands its horizons in renewable energy
