Saudi Arabia, China sign MoU to develop air transport cooperation
Beijing, China - Saudi Arabia and China on Thursday signed a memorandum of understanding (MoU) to develop air transport cooperation. The...
Business
Vietjet to buy 20 A330-900 planes
The company signed MoU with Airbus for the widebody aircraft.
Business
Mubadala Petroleum, Eni partner for energy transition
The scope of the cooperation covers potential joint opportunities in Mena, South East Asia, Europe, and other regions of mutual...
- The MoU aligns with Mubadala Petroleum’s approach to Environmental, Social & Governance ESG considerations and its energy transition goals
- This includes pursuing a gas-weighted portfolio strategy that has seen the company’s asset base reach almost two-thirds natural gas
Business
UAE-led consortium gets $250m for gas plant in deal with DFC
The consortium, called Pearl Petroleum Company Limited, is led by Dana Gas and Crescent Petroleum, both of which are from...
- Pearl Petroleum’s financing from DFC is expected to boost its work at the Khor Mor gas plant in the Kurdistan Region of Iraq
- Proceeds from the seven-year financing are expected to support an increase in gas production capacity at the plant by 50 percent
Economy
Belt and Road Initiative in GCC: A deep dive
The relations between the Arab world and China have touched new highs particularly after China launched the Belt & Road...
- Bilateral trade between China and GCC increased 180 percent from US$68bn in 2009 to US$190bn in 2019
- Gulf imports from China totaled US$10 bn in clothing, textiles, and fabrics, accounting for 66 percent of Arab trade with China
Science
Aramco to partner with Aveva for sustainability
Aramco, with this partnership, will focus on driving sustainability in the region through digital transformation.
- The partnership will help Aveva establish its largest digital hub, with R&D capability, in the Middle East
- It will also enrich Saudi Arabia’s knowledge economy by incorporating research from prominent universities across the kingdom
Empower cools Uptown tower
Empower is servicing 3,850 RT at the skyscraper.
- DMCC was keen to build the Uptown project according to the Leadership in Energy and Environmental Design gold standards
- As a result, it is now supplied with environmentally friendly cooling services of sustainable global standards
Chapman Taylor designs Jeddah park
The airport City Central Park is designed as a botanical garden.
- The Airport City in Jeddah is coming up adjacent to King Abdulaziz International Airport
- It is being projected as an upcoming destination for visitors from across Saudi Arabia and the GCC region
Economy
Iran spends $620m to mechanize agriculture
That amount reportedly equals 87 percent of the total budget allocated to a credit line for agricultural mechanization.
- The money has been used to supply agricultural machinery, tools, and equipment
- These have been supplied in fields like horticulture, livestock, poultry, and aquaculture
Business
Donkey milk soap soaking up fans in Jordan
Although other regions around the Mediterranean produce soap from donkey milk, this is the first for Jordan
- Although other regions around the Mediterranean produce soap from donkey milk, this is the first for Jordan
- Donkey's milk is said to be rich in minerals and proteins that can help moisturise the skin
Bahrain’s digital transactions touch $3.62bn in H1
Bahrain’s central bank has revealed that cashless transactions in the country has surged 50 percent to $744 million in August, after...
- The total number of payments made online and through point-of-sale (POS) machines reached 11.3 million during the month
- The first half of the year saw a total of 53 million cashless payments valued at $3.62 billion, posting a 45.6 percent growth rate
Hyundai speeds up auto roll-out
Hyundai is stepping up the pace of developing hydrogen technology and plans to offer engines powered by the fuel on...
- From 2023, Hyundai's third generation of fuel cells will be half the price, much smaller and more powerful than their predecessors
- "We aim to help foster a worldwide hydrogen society by 2040"
Saudi Arabia, China sign MoU to develop air transport cooperation
Beijing, China - Saudi Arabia and China on Thursday signed a memorandum of understanding (MoU) to develop air transport cooperation. The...
Business
Company News
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HSBC posts bumper profits
Business
National Leasing’s profits hit $2.37m
A jump of 28 percent in net profit vis-a- -vis H1 2022.
Business
PIF-owned SEVEN starts construction of $346m Almadinah project
Riyadh, Saudi Arabia – Saudi Entertainment Ventures (SEVEN), a wholly owned subsidiary of the Kingdom's sovereign wealth fund, the Public...
Business
QGIRC net profit down
The first half 2023 profit of $9.64m was 25% less than that of H1 2022.
Business
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Business
KPC posts bumper profits
The oil firm and its subsidiaries posted a net profit of US$8.4bn.
- The oil company's CEO Sheikh Nawaf Saud Al-Sabah said that the profits were the highest in the past ten years
- He added that results were driven by the country's success in running new projects that raised output of crude oil
Business
Boursa Kuwait profit declines
It fell to US$25.6 million in H1 of 2023, a 21.4 percent drop.
- The stock exchange in a statement said that lower trading activity was responsible for the decline in the net profit
- Its Chairman Hamad Al-Humaidhi said that the bourse showed "remarkable resilience in adapting to market fluctuations"
Business
Ooredoo posts 20% profit rise
The net profit surged to US$493 million in the first half of 2023.
- It attributed the results to strong revenue growth, free cash flow, increased customer base and a lower CAPEX spend
- The company's earnings per share amounted to QR 0.56 as of June 30, 2023 versus earnings per share (EPS) QR 0.47 last year