G42 and Santander sign strategic AI partnership
Abu Dhabi, UAE -- Abu Dhabi-based technology group G42 and Spanish banking giant Santander have signed a memorandum of understanding...
Business
SpaceX IPO valuation raises concerns over investor demand
SpaceX’s planned initial public offering at a valuation of at least $1.8 trillion is emerging as a major test of...
Business
Business
Saudi EVIQ unveils R&D facility
It will be used to test a range of EV chargers and software.
- The CEO of EVIQ said that with the setting up of R&D facility the company was paving the way for the growth of a sustainable EV ecosystem in Saudi Arabia
- The company said that the facility will serve as a hub for developing the expertise and knowledge in EV charger technology, bolstering the EV market in the kingdom
Business
Russia’s Gazprom sets new daily record for gas supplies to China
Moscow, Russia--Gazprom has set a new record for daily gas supplies to China via the Power of Siberia pipeline on...
- According to Gazprom, supplies are made under a bilateral long-term gas purchase and sale agreement between the oil company and China
- The company added that since November it has ramped up the volume of gas supplies to China as per the previously signed additional agreement
Business
Nissan to export EVs globally
It would sell China-developed EVs all over the world.
- The automaker is looking to export the line-up of existing internal combustion engine vehicles and pure electric and hybrid cars
- China accounted for just over a fifth of Nissan's worldwide sales of about 2.8 million vehicles over the first 10 months of the year
Business
GCC media outlets think outside the box to stay afloat
Reeling from a calamitous drop in advertisement revenues and public trust, news media organizations are reworking strategies to create "niche"...
- Many believe news media outlets have been distracted from their role to safeguard space for informed debate on public issues
- Several well trusted media outlets with deep pockets are battling against thinning revenues and being forced to think differently
Business
Fintech leads MENA startup boom with historic funding
Startups in the MENA region secured a staggering $764 million in funding in November 2023, demonstrating the region's growing influence...
- Startups in the MENA region secured a staggering $764 million in funding in November 2023, demonstrating the region's growing influence in the global startup ecosystem.
- This surge, led by the fintech sector and supported by global investors, underscores the vibrant entrepreneurial spirit and innovation driving the MENA region's growth.
Geostrategy
Plan to end e-vehicle subsidies sparks anger in Germany
BERLIN, GERMANY - The German government on Sunday faced a backlash after abruptly ending an electric car subsidy scheme in a...
- The economy ministry said on Saturday that Sunday would be the last day prospective buyers could apply for the scheme.
- Under the scheme, the government paid out thousands of euros per customer to partially cover the cost of buying an electric car.
Business
King Abdulaziz International Airport top Saudi performer in November
Riyadh, Saudi Arabia -- King Abdulaziz International Airport in Jeddah, King Fahd International Airport, Abha International Airport, Al-Ahsa International Airport...
- Among international airports with more than 15 million passengers annually, King Khalid International Airport in Riyadh bagged the second place with 82% compliance rate.
- For domestic airports, Gurayat Airport topped with a 100 percent compliance rate, surpassing peers in terms of total average waiting time for flights departing and arriving.
Business
SAMA issues rules regulating ‘buy now pay later’ companies
Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) has issued rules for regulating buy now pay later (BNPL) companies,...
- Under these rules, BNPL activity is defined as "a type of financing that allows a consumer to purchase goods or services without a term cost payable by the consumer".
- The rules aim to regulate the licensing of BNPL companies and set minimum standards and procedures required to offer BNPL services.
Business
Qatar Airways and Asian Football Confederation sign partnership deal
Doha, Qatar--Qatar Airways Group and the Asian Football Confederation (AFC) have signed a global partnership set to transform the fan...
- The airline said that the partnership will run from 2023 to 2029 in time for the AFC Asian Cup Qatar 2023, which kicks off next year in January
- Qatar Airways CEO said that the agreements marks a shared commitment to linking up people across borders and promoting competitive sportsmanship.
Business
Red Sea Global, VAARST join hands for marine ecosystem mapping
TABUK, SAUDI ARABIA - Red Sea Global (RSG), the multi-project developer behind the regenerative tourism destinations, is piloting SubSLAM, an...
- VAARST’s photogrammetry and real-time intelligent data collection system are transforming how underwater ecosystems are mapped and preserved.
- SubSLAM, developed by VAARST, enables precise quantification and identification of corals and underwater objects using advanced 4K sensors.
G42 and Santander sign strategic AI partnership
Abu Dhabi, UAE -- Abu Dhabi-based technology group G42 and Spanish banking giant Santander have signed a memorandum of understanding...
Business
Company News
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ATM 2025 to showcase 2,800 firms, 17 percent from Middle East
Dubai, UAE: The Arabian Travel Market, which will take place from Apr 28 to May 1 at the Dubai World...
Business
European carmakers on China charm offensive as sales droop
Shanghai, China -- Once blithely dominant in China, European automakers are now launching full-fledged charm offensives at consumers in the...
Business
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Business
Saudia to acquire 20 wide-body aircraft
10 of these being acquired for its flydaeal low-cost airline
- Saudia Group currently operates a fleet of 194 aircraft, serving commercial aviation, cargo operations, and logistics services.
- "The group is set for significant expansion, with 191 new aircraft scheduled for delivery in the coming years," the airline said.
Business
ADIB’s Q1 net profit $517 million
Q1 2025 net profit before tax increased 18%Â YoY.
- Net profit after tax for Q1 2025 was AED 1.7 billion, reflecting an 18 percent increase compared to Q1 2024.
- Revenue for Q1 2025 improved by 14 percent to AED 2.9 billion compared to AED 2.5 billion for Q1 2024.
Business
Emirates Islamic Q1 profit $394m
The bank's profit crossed AED 1bn mark for the first time.
- Total income rose 8 percent year-on-year to AED1.45 billion ($394 million) in Q1 2025.
- Operating profit increased by 5 percent compared to Q1 2024, while the net profit margin remained robust at 3.85 percent.