Bahrain and Slovakia to ramp up cooperation in urban planning
Manama, Bahrain-- Bahrain and Slovakia are looking to ramp up the ongoing cooperation in urban planning and sustainable development.In this...Business Economy
Cinema ticket prices in Saudi Arabia decline by 16% in 2023
Riyadh, Saudi Arabia - The average cinema ticket prices decreased by over 16% in 2023 compared to the previous year,...Business Economy
$1.59 bn worth of deals signed on Day 3 of Global Entrepreneurship Conference
On the third day of the Global Entrepreneurship Congress (GEC) in Riyadh, SAR 6 billion ($1.59 bn) worth of agreements...The Small and Medium Enterprises Financing Guarantee Program “Kafalah" signed a number of agreements with a number of ministries as well as public and private sector institutions.
Monsha'at) also signed various cooperation agreements and launched National Industrial Development and Logistics Program “Thousand Mile” Initiative.
Hackers steal over $600m in major crypto heist
Sky Mavis, maker of battle and trading game Axie Infinity, discovered the security breach on Tuesday, March 23, after a...Ronin Network, investigating the hack, said the attack targeted its blockchain and netted 173,600 ether and $25.5 million worth of stablecoin
The digital cash heist was initially valued at $545 million, but reached the value of $615 million based on prices on Tuesday, March 30
Dubai summit highlights future to governments
This year’s summit has brought together 190 countries, over 500 speakers, and 4,000 participants worldwide to discuss the future of...The summit’s topics focused on policies that drive progress and government development, sustainability, and future technology
The Investopia Summit was launched as part of the WGS 2022 to improve global economic and investment sectors
Ericsson board censured for graft
Shareholders sanctioned it for alleged payments to terror groups.Ericsson has been under scrutiny after a media investigation coordinated revealed that an internal probe from 2019 was never made public
The internal probe had identified possible corruption in 2011-2019 in the group's Iraqi operations, including the potential payment of bribes
Artificial intelligence will add $10 trillion to global economy: IBM CEO
Greater adoption of AI in the UAE could also add up to $200 billion in productivity gains by 2030, he...Arvind Krishna, Chairman and CEO of IBM, was speaking at the World Government Summit 2022
He warned that the planet lacks skilled people to keep up with the pandemic-induced disruptions
Qatar to invest $5bn in Egypt, with an eye on offshore gas
The move is being seen as another sign of a growing rapprochement between the two countries following last year's restoration...A Cairo statement said Qatar was to plough $5 billion in ‘investments and partnerships’ in Egypt, but did not give specifics
However, QatarEnergy announced an agreement with ExxonMobil to acquire a 40% interest in a gas exploration block off Egypt
DFM, DME to jointly explore financial products opportunities
The Dubai Financial Market (DFM) and Dubai Mercantile Exchange (DME) will jointly explore financial products opportunities following the signing of...The two exchanges are planning to create a working group, following Dubai’s strategy to further develop financial markets.
DFM plans to launch a new retail product derived from the Oman Crude Oil Futures, DME’s flagship contract that provides investors an opportunity to access this asset class.
Nahdi shares fall 1.26 percent
The firm made a strong debut on the Saudi stock exchange on Mar 22.Nahdi's initial public offering price was SR131, raising $1.36 billion in the biggest Saudi IPO since oil giant Aramco.
Its profits dropped to SR813 million ($216.63 m) from SR849 million ($226.22 m) a year earlier, according to a bourse filing.
Global Entrepreneurship Conference records $7.71bn in deals on Day 2
The Global Entrepreneurship Conference (GEC) recorded 28.9 billion ($7.71 billion) worth of agreements and launches on the second day. The...Monsha’at signed a memorandum of understanding with Amazon to enable local companies to sell their products to millions of customers across the Kingdom on the Amazon Saudi store.
On Day 2, a total value of innovative financing banking programs, amounting to more than SAR 7.3 billion ($2 billion) for the next five years was announced.
Amak of KSA sees 30% jump in shares on first trading day
Shares of Saudi mining firm Amak surged 30 percent on its debut on the kingdom's main stock exchange.The company saw its share price surge to a closing price of SR81.9 ($22), against an initial public offering price of SR63
In its IPO, the firm saw strong demand from institutional and retail investors, generating SR95.8 billion worth of orders collectively
