Rotana announces the soft opening of Dar Rayhaan in Saudi Arabia
Abu Dhabi, UAE – Rotana, one of the leading hotel management companies in the region with over 100 properties in...
Business
Business
stc’s acquisition of Telefonica stake okayed
Spain's Securities Market Regulatory Authority cleared the deal.
- Morgan Stanley, which advises on the deal from the buyer's side, accumulated a little less than 3 percent of Telefonica’s capital during an unspecified period of time.
- Media reports said that stc announced recently it acquired a 9.9 percent stake in Telefonica for SAR 8.5 billion (2.1 billion euros).
Business
ZATCA, Korea Customs Service sign MoU to recognize AEO
Riyadh, Saudi Arabia -- Saudi Arabia's Zakat, Tax and Customs Authority (ZATCA) and Korea Customs Service have signed a memorandum...
- The move will accelerate the clearance of goods at customs points, enhance trade, and support their economies, SPA reported.
- ZATCA also showcased the “Clearance within Two Hours” initiative, which aims to unify the efforts of customs clearance authorities.
Business
Musk says X could charge all users ‘small monthly payment’
The tech tycoon has made multiple changes since taking over the site for $44 billion in October last year, when...
- During a talk with Musk on Monday, Israeli PM raised the question of online anti-Semitism, and how X could prevent the use of bots
- Musk replied that the company was moving to having a small monthly payment for use of the X system and it's the only way to combat vast armies of bots
Business
AD ports’ digital customs transactions increase by 37% in H1
Clearance of goods transactions increased by 35.8%.
- AD Customs reported a 20 percent growth in customs clearance request in free zones areas.
- It also recorded a growth of 6 percent in customs declaration during the first six months of 2023.
Israeli PM Netanyahu urges Musk to fight anti-Semitism
During their conversation, Netanyahu said I hope you find within the confines of the First Amendment, the ability to stop...
- The conversation, which was broadcast on Musk's X platform, came as the Tesla tycoon is mired in row with the Anti-Defamation League
- The main topic of the conversation between the Israeli Prime Minister and Elon Musk was the potential fallout from artificial intelligence
Business
Elon Musk refutes reports of Tesla-Saudi Arabia talks
The WSJ's report, released on Monday, cited anonymous sources stating that while talks between Tesla and Saudi Arabia were in...
- In a post on platform X, Musk labeled the WSJ's article as "utterly false," although he refrained from providing further details on the matter
- Musk's statement in August last year about this expansion led to widespread speculation regarding the locations of the upcoming facilities
Business
Airports Council International sets up first office in Riyadh
Riyadh, Saudi Arabia-- The Airports Council International (ACI) for Asia-Pacific and the Middle East has established its first office in...
- The office was inaugurated by the kingdom's Minister of Transport and Chairman of the Board of Directors of the General Authority of Civil Aviation, Saleh Al-Jasser
- He said that the opening also aligns with the strategy aimed at strengthening air connectivity with countries worldwide, reaching 250 international destinations
Business
Instacart to raise US$600m in IPO
The US grocery delivery start up set IPO price at $30 per share.
- The price valued San Francisco-based Instacart at around $10 billion -- down from $39 billion in 2021
- In the event of strong demand, the number of shares could climb to 25.3 million, raising $759 million for Instacart
Business
Spire Technologies secures banking license from Central Bank of Bahrain
Manama, Bahrain--Spire Technologies has obtained licenses from the Central Bank of Bahrain (CBB), authorizing it to operate as a fully...
- The banking fintech seeks to contribute to the growth of the digitally-led national financial ecosystem and widen its presence in the region
- It intends to provide users with full agency over business cashflows, offering a rich user experience as well as faster, secure payments
Economy
UAE and Serbia hold discussions on signing of CEPA
In order to boost trade and investment flows and private-sector collaboration, the UAE and Serbia have begun talks on Comprehensive...
- The bilateral non-oil trade in H1 reached US$57.6 million, surpassing the total recorded for the whole of 2020
- Until now, the UAE has successfully concluded CEPAs with India, Indonesia, Israel, Türkiye, Cambodia and Georgia
Company News
Maersk and Hapag-Lloyd ink deal
Business
EDGE, Baykar collaborate
Business
Latest News
RTA inks agreement to develop entry/exit points for Dubai Harbor
DUBAI, UAE - The Roads and Transport Authority (RTA) of the Emirate has entered into a strategic partnership with ‘Shamal...
Geostrategy
Jordan’s EMRC grants approvals for EV charging infrastructure
AMMAN, JORDAN - The Energy and Minerals Regulatory Commission (EMRC) has issued over 300 authorizations for the installation of electrical...
Business
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Business
SAIB profit jumps 17% in 2023
The net profit for the fourth quarter increased by 28 percent.
- Total operating income grew by 21 percent year-on-year (YoY) as net special commission income rose due to an increase in net financing and investment commission.
- Shareholders’ equity, no minority interest and after excluding sukuk, increased to SAR 14.52 billion as of Dec. 31, 2023.
World Economic Forum
WEF24: The story of Africa is being reclaimed
Africa is moving away from stereotypes of poverty and incapacity to a narrative of ability and competitiveness, Sithembile Ntombela maNdaba,...
- The CEO highlights the importance of forging unity and strengthening "strategic initiatives" like the African Union and the African Free Trade Continental Area
- While playing up the success of sectors like agriculture, mining, and tourism, she said the country was moving towards science and technology, and the green economy
Business
Exxon Mobil posts bumper profit
The company profit vaulted to US$36bn during the year 2023.
- The company's earnings in the latest quarter still beat estimates and its Chief Executive Darren Woods signaled optimism about the coming year
- The oil giant's results included a $2.5 billion impairment charge for California properties that it has been trying to sell for more than a year