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...Business Geostrategy
Al Seer Marine signs VLGC deal
Al Seer Marine and BGN International sign the $134 million financial transaction.The deal was agreed and signed by ABGC DMCC, the joint-venture firm of Al Seer Marine and BGN International, an energy, trading, storage and transportation company.
ABGC has two new VLGC’s on order with Hyundai Heavy Industries in Korea.
AMEA Power awarded two projects
These solar projects in Morocco were part of a large international tender.The Moroccan Agency for Sustainable Energy (Masen) and the Ministry of Energy Transition and Sustainable Development announced the award of projects.
The sites are located in Taroudant, in the Souss-Massa region, and in El Hajeb, in the Fès-Meknès region.
Credit Suisse ‘faces’ Q1 loss
The Swiss banking giant said it has taken a hit from the Ukraine war, litigation.The bank said its results would be affected to the tune of 200 million Swiss francs ($211 million) in lost revenue and provisions for credit losses.
Credit Suisse said it was also setting an extra 600 million Swiss francs aside for litigation that dates back more than a decade.
Arriyadh posts 25% net profit
The Saudi developer reports $37m net profit in Q1.The company made SR139 million ($37 million) in profit, compared to SR111 million for the same period a year earlier
The Riyadh-based firm attributed the increase in profit mainly to the increase in its share of profits from its associate company by 34 percent
Julphar announces Strategy 2030
The strategy will see the company launch 100 new products.Maximising Revenue from Current Product Portfolio and Geographical Expansions two of the six growth pillars.
Julphar has partnered with and signed manufacturing contracts with 11 leading companies across the globe for technology transfer.
European car sales take a hit from Ukraine war
European car sales sank in March as Russia's invasion of Ukraine added more problems to a sector already struggling with...Passenger car registrations fell 20.5 percent compared to the same period last year, with 844,187 units sold
The war has led to shortages of other parts, such as the cables used in car wiring harnesses and of which Ukraine is a manufacturer
DFM engages HSBC as General Clearing Member
Dubai Financial Market (DFM) announced today that HSBC has become the first international General Clearing Member (GCM) to join the...The introduction of GCM service on DFM by HSBC is part of a wider collaboration program between the two entities
HSBC is expected to offer its GCM service on DFM Equity Market starting in May
Saudi Fashion Commission, Chalhoub Group to explore opportunities
The agreement is said to align with the objectives of the Fashion Commission to enhance collaboration and empower the sector...The MoU sets out a framework for the creation of leadership roles furthering nationalization in the fashion retail sector
It is also to secure commercial spaces for the display of work by Saudi designers, and provide training courses in the field
Italy looks to Africa for gas to end Russia dependence
Meanwhile, Italy is also looking into buying or renting two floating storage and regasification units (FSRU) to allow it to...Italy is one of Europe's biggest guzzlers of gas, which currently represents 42 percent of its energy consumption, and it imports 95 percent of the gas it uses
The government hopes to reduce those imports by accelerating the investment in renewables and has vowed to cut red tape on wind and solar farms
Netflix reports subscriber drop
It ended Q1 2022 with fewer subscribers than Q4 2021.Factors hampering Netflix’s growth include subscribers sharing accounts with people not living in their homes
Another factor crimping Netflix’s growth is the intense competition from titans such as Apple and Disney
