SEC, Emaar Economic City sign agreements
RIYADH, SAUDI ARABIA - The Saudi Electricity Company (SEC) and its subsidiary National Electricity Transmission (NET) have signed here two...Business Energy
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
Sharjah-Sao Paulo Business Forum explores economic cooperation
A forum organized by the Sharjah Chamber of Commerce and Industry (SCCI) brought together more than 100 businesspersons from the...More than 100 businesspersons from the two countries attended the forum organized by the Sharjah Chamber.
Sau Paulo state accounts for 30 percent of the entire Brazilian economy and has the largest manufacturers of sugar, juices, coffee, and fruits.
Al Seer Marine expands fleet
The IHC subsidiary has entered commercial shipping segment.Founded in 2002, Al Seer Marine's total assets are AED3.98 billion as of the end of June 2021.
After a fall of 3.4 percent in 2020, world seaborne trade rose 4 percent in 2021.
Saudi British Bank posts 157% jump in net profit to $750m
The Saudi British Bank (SABB) has posted a 157 percent increase in net profit to $750 million for the first...“We are investing considerably across the business front-to-back, to ensure that we remain relevant and can create a sustainable banking organization”
The chairman reiterated the bank’s efforts to support Saudi’s Vision 2030 plan and unlock the opportunities brought by the economic transformation plans
ADNEC launches expansion plans in Abu Dhabi, London
The Abu Dhabi National Exhibitions Company (ADNEC) has announced plans to expand its facilities and infrastructure in Abu Dhabi and...Building the largest exhibition hall in the Middle East and North Africa region is part of the expansion plans.
The company said the expansion plans boost its competitiveness and ability to attract and hold major international events.
UAE and Blue Origin to explore space economy and space tourism opportunities
The UAE will explore investment opportunities in the space economy and space tourism services besides other related ventures with Blue...The two sides also discussed expanding the scope of R&D in space to develop emerging space technology in the UAE.
Space sector provides more than 3,200 jobs, and over 57 space firms are currently operating in the UAE.
First Abu Dhabi records 26% rise in net profit to AED9.2bn
First Abu Dhabi Bank has recorded a 26 percent rise in net profit to AED9.2 billion in the first nine...The bank's revenue was up 17 percent supported by business growth, solid fee generation and strong trading performance, helping to offset headwinds from low-interest rates
The Group’s foundation remains robust across liquidity, capital and asset quality metrics
Dallah buys 8.2% stake in IMC
Dallah Healthcare of Saudi Arabia has picked up an 8.2 percent stake in International Medical Company for $77 million in...Dallah Healthcare said that it had acquired the SAR 289 million ($77 million) stake as part of a plan to eventually acquire 25 percent as well as to expand its presence to Jeddah
International Medical Co posted a revenue of SAR 1.2 billion annually for the last three years
