Business
Modon inks 2 MoUs with Saudi Exports, Local Content Authority
RIYADH, SAUDI ARABIA - The Saudi Authority for Industrial Cities and Technology Zones (Modon) has signed two memorandums of understanding...
- The MoU with the development authority entails exchange of expertise in industrial cities management and provision of logistic services and solutions.
- Modon’s MoU with LCGPA aims to achieve integration of local content in industrial cities, exchange experience and practices in institutional innovation.
Business
Gaza conflict: Fitch places Israel’s IDR on rating watch negative
London, United Kingdom -- Fitch Ratings has placed Israel's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) of 'A+' on...
- Fitch fears escalation could severely impact Israel's credit metrics due to increased military spending, infrastructure damage, and a shift in consumer and investment sentiment.
- Fitch suggests that a major escalation could lead to a negative rating action for Israel. This could manifest as a prolonged conflict, resulting in sustained fiscal challenges.
Business
Saudi e-visa facility extended to Turkiye, five other countries
Riyadh, Saudi Arabia-- Saudi Arabia announced Tuesday that it will grant e-visa to visitors from six new countries -- Turkiye,...
- Thailand, Panama, Saint Kitts and Nevis, Seychelles and Mauritius are the other countries now eligible for e-visa.
- A visitor e-visa is also provided to holders of valid Schengen, UK and US visas that have been used to enter those countries before arriving in Saudi Arabia.
Business
Saudi Arabia launches bus transport project linking 200 cities
RIYADH, SAUDI ARABIA – The Kingdom’s Minister of Transport and Logistic Services Saleh bin Nasser Al-Jasser here launched a significant...
- The project will have a capacity to accommodate six million passengers annually.
- It will operate through three international alliances in three concession areas.
Business
Archer to launch its all-electric air taxi service across UAE
ABU DHABI, UAE - Archer Aviation on Tuesday announced that it has entered into an agreement with Abu Dhabi Investment...
- ADIO plans to support Archer in establishing its first international headquarters and manufacturing facilities in the SAVI Cluster in Abu Dhabi.
- Archer’s Center of Excellence will focus on developing and implementing next-generation aviation technologies.
Business
Manufacturers struggle to meet AI-related goals, says new white paper
DUBAI, UAE -- Despite many manufacturers integrating AI into their operations, a significant number of them face challenges in meeting...
- A global Boston Consulting Group study from 2023 revealed that AI technologies could enhance productivity by over 20 percent.
- While 90 percent of companies across various industries aim to incorporate AI, only one in six have met their AI-related objectives.
Business
UAE and Saudi Arabia lead MENA venture capital fundraising
Dubai, UAE -- MENA venture capital funding in the third quarter saw $250 million raised across 78 deals, a 32...
- MENA venture capital funding in the third quarter saw $250 million raised across 78 deals, a 32 percent increase compared to Q2 of 2023.
- Saudi Arabia and the UAE led the region in capital raised, with the Kingdom reporting a 172 percent QoQ increase.
Business
MENA banking sector records 30% surge in net profits in H1 2023
Dubai, UAE - The Middle East and North Africa (MENA) banking sector has witnessed a remarkable 30% year-on-year increase in...
- Digital transformation is reshaping the sector, with a focus on AI, sustainable finance, and enhanced customer experiences
- The UAE's banking sector saw a remarkable 31% increase in net profits and total assets, driven by substantial investments in technology initiatives
Business
Gulf Navigation posts profit
Its net profit rose to US$9.53m in the first nine months of 2023.
- The Dubai-based company in a statement said that operating revenue for the nine-month reached $23 million
- The company CEO said that the management was focusing on achieving sustainable returns for their shareholders
Business
Rolls-Royce to cut 2,500 jobs
It will cut six percent of its staff to build a leaner company.
- Chief executive Tufan Erginbilgic said the company was building a Rolls-Royce that is fit for the future
- Last CEO Warren East had axed more than 9,000 jobs and launched a major divestment programme in 2020
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Al Mal Capital REIT to launch rights issue
The fund has an existing portfolio valued at US$158m.
Business
Energy transition led Saudi Arabia to halt oil expansion, says official
RIYADH, SAUDI ARABIA – The Kingdom's surprise decision to halt a planned expansion of its oil production capacity reflects ambitions to...
Business
solutions by stc, Devoteam ink MoU
The aim is to foster avenues for collaboration in technology.
Business
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Business
GPSSA issues circular on pensions, gratuity in UAE
ABU DHABI, UAE – The Emirates General Pension and Social Security Authority (GPSSA) has issued a circular to government and...
- The circular included limiting the procedure of deduction from the pension or end-of-service gratuity for the benefit of GPSSA's debt.
- In cases of unlawful disbursement, GPSSA has the right to deduct from other beneficiaries' shares, proportional to their entitlements.
Business
Several nations eager to join Charter of Cooperation, says OPEC Secretary-General
ABU DHABI, UAE - Secretary-General of the Organization of Petroleum Exporting Countries Haitham Al Ghais said that OPEC is in...
- The names of these countries will be announced after the completion of the ongoing consultations, the OPEC chief said.
- He said the Charter helps facilitate dialogue and exchange views regarding conditions in the global oil and energy markets.
Business
WEF24: AI-generated drugs promise cost reduction
AI is playing a critical role across the biomedical spectrum, from accelerating drug discovery to improving care delivery systems, says...
- AI is playing a critical role across the biomedical spectrum, from accelerating drug discovery to improving care delivery systems, says Dr Alex Zhavoronkov of Insilico Medicine.
- The latest technology enables end-to-end systems, and today, what we see is the true pinnacle of AI-powered drug discovery: the integration of AI and robotics, he adds