Saudi tech firm Alat to ally with Softbank, Carrier Corp, Tahakoum, Dahua Tech
Riyadh, Saudi Arabia - Alat Company, a subsidiary of the Saudi Public Investment Fund (PIF), has announced four global partnerships...
Business
Saudi National Bank launches US dollar-denominated sukuk
RIYADH, SAUDI ARABIA - Saudi National Bank (SNB) commenced the US dollar-denominated senior unsecured sukuk issuance through a special-purpose vehicle. The sukuk are offered to qualified...
Business
Business
Mubadala Capital closes fund after raising $1.6 billion
The Fund III is focused on direct investments in North America and Europe in media, sports and entertainment, consumer and...
- Capital commitments raised from a diverse set of new and existing investors.
- Mubadala Capital said it opened offices in New York and London to better capitalize on investment opportunities.
Business
Saudi Arabia leads GCC AI healthcare race
Experts predict AI will contribute $320 billion to the Middle East economy by 2030 and virtual care, remote patient monitoring...
- Saudi Arabia is predicted to benefit the most from the shift to AI among the six GCC countries
- AI is expected to contribute $15.7 trillion to the global economy by 2030.
Business
Pizza Inn to open 5 stores in Qatar
Founded in 1958, Pizza Inn is an international pizza chain featuring traditional and specialty pizzas
- Founded in 1958, Pizza Inn is an international pizza chain featuring traditional and specialty pizzas
- International deal paves way to open more locations
Business
Aramco plans $20m stock swap with Reliance Industries
Saudi Aramco chairman Yasir Al-Rumayyan was inducted into the RIL board in June in the run-up to this deal.
- This is expected to be an all-stock deal, where Aramco will get a 20% share of RIL for about $20-25 billion worth of its own shares
- Based on Aramco’s valuation of $1.9 trillion, the transaction would give RIL a 1 percent stake in Aramco
Business
PIF ups Activision Blizzard holding in second quarter
The sovereign wealth fund is at the center of the kingdom's plans to transform the economy by creating new sectors...
- During Q4 2020, PIF acquired 14.9 million shares of US video-game maker Activision.
- Its other purchases last year included 7.4 million Electronic Arts shares and 3.9 million Take-Two shares worth about $1.1 billion and $826 million.
Business
Tabreed plans to divest its $113.5m stake in Qatar Cool
Tabreed, the Dubai-listed National Central Cooling Company, will divest nearly 44 percent of its stake in Qatar District Cooling Company (Qatar...
- Assets located in non-core market for the firm
- The transaction is estimated to be around 417 million dirhams ($113.5 million) and will not have any “material impact” on the firm,
Business
ADNOC Invests $187m to raise Al Nouf oilfield’s capacity
The investment is a step towards achieving the 5 million barrels per day oil production capacity target by 2030, the...
- The company will add 20 wells to the Al Nouf field and expand the use of water and gas injection to enhance oil recovery.
- It has awarded the 39-month engineering, procurement and construction contract of the Nouf development to Robt Stone.
Economy
Bahrain eServices revenue up 257% to $532m in H1
The number of financial transactions in H1 2021 exceeded 1.6 million, double the number in the same period last year.
- More than 1.1 million financial transactions were carried out on the national portal alone
- This an increase of 76 percent compared to the same period of last year
Business
UAE halts all flights to Kabul after Taliban takeover
The United Arab Emirates has cancelled all flights to Afghanistan, after Hamid Karzai International Airport in Kabul was overrun by...
- Dubai carriers Emirates and flydubai earlier halted flights to Kabul until further noti
- Military flights evacuating diplomats and civilians were taking off from Kabul on early Tuesday morning
Analysis
GCC airlines may continue to fly into losses
In 2020, airlines lost around $370 billion globally, while airports and air navigation services providers lost $115 billion and $13...
- The regional carriers will benefit from rapid vaccination rates on home markets
- Net losses of the airlines in all regions are expected to come down in 2021
Saudi tech firm Alat to ally with Softbank, Carrier Corp, Tahakoum, Dahua Tech
Riyadh, Saudi Arabia - Alat Company, a subsidiary of the Saudi Public Investment Fund (PIF), has announced four global partnerships...
Business
Company News
Spotify users top 515m
Business
Sahara Q1 net profit $125m
Business
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Novartis Q1 profit at $2.3bn
Business
KEZAD Group, Al Jazeera Steel Products to establish $68m rolling steel mill
Abu Dhabi, UAE - Khalifa Economic Zones Abu Dhabi or KEZAD Group, and Al Jazeera Steel Products Co, held the...
Business
Sharjah Sustainable City sales surge
The sales in H1 of 2023 climbed on the back of high demand.
Business
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Business
Sharjah posts $149 million in first half realty transactions
Sharjah, UAE -- Sharjah real estate sector recorded deals worth AED549.4 million ($149.5 million) for the first half of 2023,...
- The transactions were facilitated through the department's branches located in the Central region and the cities of Khorfakkan, Dibba Al-Hisn, and Kalba.
- The cash trading volume in the central region accounted for AED231 million, with Khorfakkan reaching AED185.4 million.
Economy
200 digital companies participate in Dubai Chamber’s China roadshow
Dubai, China - The roadshow of Dubai Chamber of Digital Economy across five cities of China saw the participation of...
- The delegation held more than 55 business meetings in cities such as Shanghai, Shenzhen, Hainan, Jinan, and Beijing
- These meetings served to introduce Chinese companies to Dubai's thriving digital ecosystem and facilitate their potential expansion into the emirate
Unilever profit jumps on asset sale
The firm's profit after tax rose 22 percent to $3.9 billion.
- Profit after tax rose 22 percent to $3.9 billion in six months to the end of June from a year earlier, Unilever said in a statement
- British consumer goods giant Unilever said it gained 497 million euros from the sale of personal-care business Suave in North America