Global maritime trade sails into geopolitical storm
Most large international shipping companies have decided to reroute trading to avoid the Red Sea and Suez Canal through which...Business Economy
PIF completes investment in MEPCO
The sovereign wealth fund acquired 23% stake in the firm.Company News Business
Saudi submits bid to host World Expo 2030 in Riyadh
Russia, the Republic of Korea, Italy and Ukraine are other four countries that have submitted bids for the event in...Crown Prince Mohammed Bin Salman proposes “The Era of Change: Leading the Planet to a Foresighted Tomorrow” as the theme for the event.
The Expo 2030 in Riyadh would coincide with the culmination of the Saudi Vision 2030, the Crown Prince's letter said.
Oil giant Saudi Arabia sees opportunity in climate crisis
Not only is the kingdom ramping up oil production, it is also making a major play for the trillion-dollar emerging...Saudi Arabia has promised to go carbon-neutral by 2060 and pledged more than $1 billion for circular carbon economy initiatives.
Experts say Saudi Arabia has a strong stake in blue and green hydrogen production, solar production and in solutions in carbon capture and storage.
Damac board okays Maple buy
Maple is wholly owned by Damac ex-chairman Hussain Sajwani.Damac said its board of directors, other than Sofyan Al Khatib, had reviewed the expert advice on the deal
It had appointed KPMG as an independent valuer, Arqaam Securities LLC as financial advisor, and Al Tamimi & Company as its legal advisor
Saudi index ends week down 0.4%, Qatar up 1.2%
In the UAE, the Abu Dhabi index added 0.2% with the International Holding Company gaining 0.7%. Dubai index ended the...Dubai’s main index fell on Wednesday by 0.1%, affected by a 4.2% drop in the stock of logistics company Aramex.
Aramco's share price rose 0.8 percent to US$ 10.05, its highest close since December 2019.
Saudi Arabia, Spain agree to build sustainable tourism
Saudi Arabia’s efforts to redesign the future of tourism accelerated this week with a string of major initiatives in Riyadh...Saudi Arabia’s efforts to redesign the future of tourism accelerated this week with a string of major initiatives in Riyadh this week
Saudi puts tourism on the global stage for the first time at FII 2021, launching the Principles for Redesigning Tourism
Dubai saw $1.33bn real-estate transactions over the week
The Business Bay came on top in terms of volume and value, recording 155 transactions worth AED170 million ($46.29 million).A total of 174 plots were sold for AED920.4 million ($250.51 million) this week
The week also saw 1,080 apartments and villas sold for AED2.18 billion ($590.60 million)
Amazon quarterly profit slips
The company said its sales climbed to $110.8 billionThe e-commerce colossus said its sales climbed to $110.8 billion, but its profit was about half of its net income from the same quarter last year
Microsoft, Google parent Alphabet and scandal-hit Facebook have posted whopping profits this week
GlobalFoundries makes its market debut on Nasdaq
The IPO comes at a time when demand for semiconductors and microchips is red hot due to the ongoing global...Earning a valuation of $26 billion, the GlobalFoundries IPO is one of the biggest stock market debuts of the year in the US
The chipmaker had earlier announced the pricing of its initial public offering of 55,000,000 ordinary shares
Facebook renames its company ‘Meta’
The new handle comes as the social media giant tries to fend off one of its worst crises yet and...The new handle comes as the social media giant tries to fend off one of its worst crises yet and pivot to its ambitions for the "metaverse" virtual reality version of the internet
Facebook has just announced plans to hire 10,000 people in the European Union to build the "metaverse," with Zuckerberg emerging as a leading promoter of the concept
UK and Saudi Arabia sign pact to promote direct investment
Saudi Arabia and the United Kingdom signed a Memorandum of Understanding, which is aimed at the promotion of direct investment...British and Saudi companies will be established and expanded in both countries.
Exchange of visits and expertise as well as sharing of rules and regulations in direct investment opportunities part of the MoU
