ESG 2023 net profit at US$187m
The firm posted a year-on-year net profit rise of 316 percent.Company News Business
At 10% growth, Saudi banking sector shows resilience
With Vision 2030 steering the economic diversification, Saudi banks face challenges and opportunities in liquidity, asset quality, and navigating geopolitical...Business Banking & Finance
Oman, Iran sign deals on oil field, two gas pipelines along maritime border
The two countries signed deals to develop two gas pipelines and an oil field along their maritime border, Oman's energy...The two sides have signed memoranda of understanding concerning oil and gas, but did not provide details
A deal was reached about two decades ago to allow Iran to supply Oman with gas, but the project never materialised
Saudi stocks lead declines among Gulf bourses
Saudi Arabia's benchmark index finished 1.3% lower, hurt by a 2.1% fall in oil giant Saudi Aramco and a 1.2%...Saudi Arabia's benchmark index finishes 1.3% lower, hurt by a 2.1% fall in oil giant Saudi Aramco and a 1.2% decline in country's biggest Islamic lender Al Rajhi Bank
Abu Dhabi Stock Exchange witnesses a 0.5% drop in equities with the United Arab Emirates' largest lender First Abu Dhabi Bank losing 1.3%
Qatar’s Ministry of Labor launches package of electronic services
Qatar's Ministry of Labor says the new electronic services will streamline procedures and ensure better quality of servicesQatar's Labor Ministry unveils electronic services for enhancing digital transformation and automation
The electronic services will speed up transactions and streamline procedures, says Labor Ministry
Food prices fall in May after hitting record high in March, cereal production may drop
World food prices dipped in May for a second consecutive month after hitting a record high in March, although the...FAO says world food prices dipped in May for a second consecutive month although the cost of cereals and meat rose
Global cereal production would drop in the 2022-23 season for the first time in four years, says FAO
KSA teams up with Novartis to ramp up pharmaceutical capacity
Saudi Arabia has partnered with Novartis, the Swiss pharmaceutical company, to ramp up the kingdom's bio pharmaceutical capacity.Novartis’ contribution to the kingdom’s gross domestic product is expected to reach $857 million by 2024
The parties aim to build local talent and capabilities as they aspire to reach 75 percent Saudization
A campaign in US to stop Musk buying Twitter
Twitter said that the deal for Musk to acquire the company was a step closer to being sealed with the...Twitter said that the deal for Musk to acquire the company was a step closer to being sealed with the passing of a deadline
Musk became a major Twitter stockholder following his purchase of 73.5 million shares in early April
Ukrainian envoy to Turkey accuses Russia of stealing grain
Ankara has also offered to help secure maritime corridors for the export of Ukrainian grain therefore Russian Foreign Minister Sergei...Ukraine's envoy to Ankara accused Russia of "stealing" grain and exporting abroad and said "we asked Turkey to resolve the issue"
Ankara has maintained a delicate balancing act with Kyiv and Moscow, acted as mediator in the conflict
UAE-based Grubtech ramps up international expansion
Grubtech’s entry into Egypt’s $22 billion food service industry highlights its rapid growth since being established less than three years...Grubtech’s entry into Egypt’s $22 billion food service industry highlights its rapid growth since being established less than three years ago
The company recently secured $13 million in Series A funding to support its aspirations to become the platform of choice for restaurants and cloud kitchens
Dubai police arrest British national over $1.7bn tax fraud
A 52-year-old Briton has been arrested in Dubai over a $1.7 billion dividend-tax fraud case in Denmark, the Gulf emirate's...They said the arrest was carried out in close cooperation with Emirati authorities and under a bilateral extradition treaty signed in March 2022
Danish authorities welcomed the arrest and said the Danish public has been defrauded a staggering amount and should not be possible for perpetrators to hide in the Middle East
ENEC, KEPCO discuss cooperation in nuclear sector, ways to curb carbon emission
The Barakah Plant will help in the decarbonization of the power sector in the UAE and the Arab WorldENEC, KEPCO discussed prospects for future cooperation and exploring the opportunities available in the nuclear energy sector
The overall completion rate of the Barakah Plant is now over 97 percent and the first and second units are producing electricity
