Business
NBQ net profit at $53m
The net profit rose 10.61% in comparison to last year.
- The cost-to-income ratio stood at 32.22 percent in the first nine months of 2021
- The Capital Adequacy Ratio improved to 41.37 percent
Business
UAE payments industry expected to reach $14 billion by 2030
The UAE's payments industry, like several other countries in the world, suffered an impact far less severe than initially anticipated...
- Like other countries, the industry in UAE suffered the Covid-19 impact less severe than anticipated, according to Boston Consulting Group.
- The national payment revenues in the UAE expected to grow by 67 percent between 2020 to 2030.
Business
Qatar and Rolls Royce set up a fund to invest in green projects
Qatar has tied up with Rolls Royce to set up a fund worth billions, investing in green engineering projects with...
- A sister campus would be built in Qatar
- The project will be one of the largest inward investments by a foreign state to the UK
Business
Jordan resolves to develop network of electricity grids
Jordanian Minister of Energy and Mineral Resources, Saleh Kharabsheh, has stressed the importance of developing the country’s electricity grids and...
- The minister said the world is witnessing a technological revolution in the energy field, especially the renewable sector, which should be taken advantage of
- The minister also stressed the importance of the Arab electric connection and efforts to increase its capacity
Business
Dubai CommerCity ties up with Khaleej Digital for e-commerce
Dubai CommerCity, the first and leading e-commerce free zone in the region, has partnered with e-commerce strategy consultant, Khaleej Digital.
- Khaleej Digital will support Dubai CommerCity in leading its customers’ digital transformation journey by designing, planning and executing an e-commerce strategy
- By exchanging knowledge and expertise, the two entities will provide the free zone’s customers with an array of exceptional services
Business
Sabic to invest $1.37bn in UK
The investment is expected to improve operations at a UK plant.
- The company said that the investment will strengthen its operations
- England’s Prime Minister Boris Johnson appreciated the decision of investment
Business
Largest Saudi gold mine to begin work in Q1 of 2022
Saudi Arabia is set to begin mining gold from one of the biggest reserves of the kingdom in the first...
- The project in the Makkah region is using renewable energy for 13 percent of its energy requirements with a plan to increase it
- The Kingdom is currently producing about 400,000 ounces from five mines that were developed in the last 10 years
Business
PIF of Saudi Arabia unveils LIV Golf Investments
Public Investment Fund of Saudi Arabia has unveiled LIV Golf Investments and hand-picked former world champion Greg Norman to lead...
- The new events will be staged from 2022 across Europe, the Middle East and Asia in a move designed to help bolster the sport
- LIV has created 10 new events to be staged annually on the Asian Tour over the next decade with $200 million of backing
Expo 2020 DUBAI
Half million visitors to Saudi pavilion at Expo 2020 Dubai
The total number of visitors to the Saudi pavilion exceeded 30 percent of Expo 2020 Dubai's total number of visitors.
- The visitors are said to have been from various Arab and foreign nationalities
- High-level diplomatic delegations from various countries also visited the pavilion
Geostrategy
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.
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Company News
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ICIEC inks deal with SNB
Business
Abu Dhabi International Airport sees 67% surge in H1 passenger traffic
Abu Dhabi, UAE - Abu Dhabi International Airport (ADIA) registers an increase of 67 percent in passenger traffic with 10,258,653...
Business
Oil prices fluid amid geopolitics, economic recovery
Geopolitical tensions, such as the Russian-Ukrainian war and the trade war between the United States and China, have sent shockwaves...
Business
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Business
AI anxiety: workers fret over uncertain future
Legal assistants, programmers, accountants and financial advisors are among those professions feeling threatened by generative AI.
- Goldman Sachs analysts see generative AI impacting, if not eliminating, some 300 million jobs, according to a study published in March.
- AI is bringing with it a level of apprehension matched by climate change and the Covid-19 pandemic, a therapist said.
Business
Americana posts $144m H1 net profit
The company reported revenues of $1.24 billion for H1.
- In the second quarter of 2023, the company delivered 13.5 percent revenue growth compared to Q2 2022.
- Net profit (attributable to shareholders of the parent company) for Q2 2023 was US$86.6 million, an increase of 16.7 percent.
Economy
Saudi Arabia posts budget deficit of US$1.41 billion in Q2 2023
RIYADH, SAUDI ARABIA - Saudi Arabia posted a budget deficit of SAR5.3 billion ($1.41 billion) in the second quarter of...
- Saudi Arabia, the world’s top oil exporter, recorded a budget surplus of almost $30 billion in 2022.
- Total revenues in Q2 stood at US$84 billion, down 15 percent from the same period last year.