Saudi Arabia’s inflation rate 2 percent in Jan, rental prices main driver
Riyadh, Saudi Arabia -- Saudi Arabia's annual inflation rate in Jan 2025 reached 2 percent compared to January 2024, the...Business Economy
TAQA net income $1.93bn in 2024
The company's revenues increased 6.7 percent year-on-year.Company News Business
TotalEnergies reports record annual profit
Net profit came in at $21.4 bn, an increase of 4% over 2022.Net profit came in at $21.4 billion, an increase of four percent over 2022, with the the energy giant proposing a 7.1 percent increase in its annual dividend
After adjusting for non-recurring items, net profit stood at $23.2 billion, a fall of 36 percent from 2022 when the company withdrew from Russia
Qatar and Egypt discuss ways to boost economic, trade ties
Doha, Qatar-- Qatar and Egypt are looking to boost trade and economic ties between the two countries, besides exploring ways...The Qatar Chamber first vice-chairman said Egypt offers abundant opportunities, which are attractive to Qatari investors
The Egyptian official said that his country has brought in a host of reforms relating to investment for foreign investors
ADNOC Drilling to expand fleet
The company aims to reach 142 operational rigs this year.The company's CEO said that it was looking to support ADNOC's 5 million-barrels-per-day-capacity target
It has assembled one of the largest multi-disciplined fleets in the world, backed by the latest innovations
‘Bond market acts as a mirror to economic realities’
"(US Federal Reserve Chair Jerome) Powell's focus on verifying inflation's trajectory is in line with the central bank's dual mandate...Bond market's selling pressure illustrates its role in reflecting economic realities, says Nigel Green
A 27 basis points surge in 10-year yields marks notable market movement since June 2022, he adds.
Innovation, expansion spur Gulf retail after pandemic
GCC retail sector evolves dynamically, blending innovation with tradition to woo investment, says Khalifa Bin Braik of Majid Al Futtaim...GCC retail sector evolves dynamically, blending innovation with tradition to woo investment, says Khalifa Bin Braik of Majid Al Futtaim Asset Management.
Investing in the GCC retail market offers strategic benefits like a prime location, wealthy population, and luxury demand, bolstered by government support.
Saudi more than doubles tourism target by 2030, says minister
Riyadh, Saudi Arabia - Saudi Arabia drew 27 million foreign tourists in 2023 and has more than doubled its goal for..."We have reached 100 million tourists this year, 77 million from home, 27 million from abroad, over 100 million," Tourism Minister Ahmed Al Khateeb said.
Saudi hopes 150 million tourists by 2030, up from an earlier goal of 100 million, with 70 million of those coming from abroad, up from an earlier goal of 30 million.
Iran agricultural, food exports hit US$4.8bn in 10 months
TEHRAN, IRAN – The country has exported more than 6.7 million tons of agricultural and food products worth US$4.8 billion...Of this amount, 4,944,481 tons worth $2,930,585,728 were dedicated to the export of agricultural products.
While 1,133,710 tons worth US$931,961,158 were dedicated to the export of food products.
Saudi Arabia’s air defense commander examines Russia’s S-350, S-400 systems
RIYADH, SAUDI ARABIA – The Commander of the Royal Saudi Air Defense Force Lieutenant-General Mazyad bin Suleiman Al-Amr has inspected...The Royal Saudi Air Defense Force Commander saw various radars from the Almaz-Antey air defense concern.
The commander visited the stands of Russian defense industry companies and paid special attention to the air defense systems.
Novartis to buy MorphoSys
The deal gives Novartis access to new blood cancer treatment.The all-cash deal will see Novartis offer 68 euros per share for the company, whose stock has soared in recent days amid speculation a deal was looming
"With the planned acquisition of MorphoSys, we aim to further strengthen our leading pipeline and portfolio in oncology," said Shreeram Aradhye, Novartis' CMO.
UBS to reward shareholders
Losses from costs of absorbing Credit Suisse narrow.The bank reported a net loss of $279 million in the final three months of 2023 -- far less than the nearly $500 million analysts had been bracing for
The result followed a bigger, $785 million loss in the third quarter but for the full year, UBS bagged a net profit of $29 billion in 2023
