Aramco 2025 net profit $104bn, to pay $85.4 bn in dividends
Dubai, UAE -- Saudi Arabian Oil Co. (Aramco) reported a net profit of $104.7 billion for 2025, a decline from...
Business
Khalifa Education Award begins judging stage
Abu Dhabi, UAE — The General Secretariat of the Khalifa Award for Education, one of the institutions of the Zayed...
Geostrategy
Business
Reforms accelerate positive gender equality in MENA
"We are working towards creating a more balanced environment where women can succeed alongside men in overcoming future challenges. There...
- Sheikha Hessa Saad Al-Abdullah Al-Sabah, Chairwoman of the Council of Arab Businesswomen, emphasized the need for women's economic empowerment and increased opportunities
- Sheikha Hessa highlights the importance of collaboration for achieving workplace gender equality and the role of women in achieving the UN's 2030 Sustainable Development Goals.
Business
Dubai Airshow 2023 to see 1,400 exhibitors from 95 countries
DUBAI, UAE – The biggest edition of the Dubai Airshow, a significant global event for the aerospace, space and defense...
- More than 1,400 exhibitors from 95 countries and over 300 international speakers will gather at the at Dubai World Central.
- Dubai Airshow 2023 is also set to welcome leading and new airlines from across the globe, ready to showcase new concepts to the industry.
Business
Request for qualification issued for 3700MW Saudi solar projects
Riyadh, Saudi Arabia -- The Saudi Power Procurement Company (SPPC) has released request for qualification (RFQ) for the fifth round...
- The request for qualification has been released for the fifth round of solar projects under the National Renewable Energy Program.
- The combined capacity of Round 5 projects is approximately 3700 MW. These include the 2000 MW Al Sadawi IPP to be located in the Eastern province.
Business
Dubai Land Department calls for engaging accredited valuation offices
DUBAI, UAE – The Dubai Land Department (DLD) is committed to providing property owners with easily accessible resources to reinforce...
- The list of accredited valuation offices is available on DLD’s official website and the Dubai REST app.
- This will help ensure a fair and transparent approach concerning real estate assets and liabilities.
Business
Burgan Bank Sells 52% stake
The stake in its Turkish subsidiary BBT was sold to Rawabi Holding.
- While the sale represents a majority ownership transfer, Burgan Bank will retain operational control over BBT.
- The move is strategically poised to fortify the bank's capital structure and shield against the impact of fluctuating Turkish lira exchange rate.
Business
EVIQ to set up infra for EVs in KSA
PIF, SEC JV's brand name for EV infrastructure is EVIQ.
- EVIQ will support electric vehicle adoption in Saudi Arabia by building best-in-class infrastructure and creating a nationwide network of fast-charging hubs.
- This will help enable and encourage the use of electric vehicles across Saudi Arabia, in line with the sustainability goals of the Kingdom.
Geostrategy
Turkey halts joint-energy projects with Israel over Gaza war
Dubai, UAE-- Turkey has suspended joint-energy projects with Israel over the latter's invasion and bombardment of the Gaza Strip, according...
- The Turkish energy minister said that it would be "inappropriate" to talk about the implementation of projects with Israel under such conditions
- Israel has blocked access to water, food, and electricity in Gaza, plunging the coastal area into a humanitarian crisis as the death toll crosses 11,000
Economy
Saudi Arabia boosts ‘investment relations’ with African countries
Riyadh, Saudi Arabia-- Saudi Arabia's Ministry of Investment has held a number of roundtable meetings with several African countries on...
- Saudi Arabia signed a memorandum of understanding with Mauritania to encourage investment flows between the two countries
- The kingdom also took steps to enhance economic ties with Chad and Somalia, enabling the private sector to benefit from opportunities
Economy
UAE exhorts UNESCO members to join COP28 ‘climate efforts’
Paris, France-- The UAE has made a fervent appeal to members of the United Nations Educational, Scientific and Cultural Organization...
- The minister made the remarks at the 42nd session of the General Conference of UNESCO General Policy Debate, held in the UNESCO headquarters in Paris
- He underscored the UAE's efforts in the field of environmental sustainability and its keenness to enable learners and equip them for the “digital age we live in”
Business
Saudi delegation takes part in Riyadh Expo 2030 symposium in Paris
PARIS, FRANCE - A high-level Saudi delegation attended the Riyadh Expo 2030 Symposium, on the outskirts here, hosted by the...
- The symposium serves as the final stop in the Kingdom's journey of its candidacy bid to host the World Expo in 2030.
- The final voting process for the host country will take place during a secret ballot on November 28, 2023, at the 173rd General Assembly of the BIE,
Aramco 2025 net profit $104bn, to pay $85.4 bn in dividends
Dubai, UAE -- Saudi Arabian Oil Co. (Aramco) reported a net profit of $104.7 billion for 2025, a decline from...
Business
Company News
Embracer sells Borderlands
Business
US stocks open mixed ahead post fresh economic data
Market Report
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$2.65bn in contracts signed during first two days of IDEX and NAVDEX 2025
Abu Dhabi, UAE -- Tawazun Council, UAE's authority responsible for managing acquisitions, procurement, and contracts on behalf of the Ministry...
Business
Saudi Arabia’s sports fund invests in DAZN streaming service
Paris, France - Saudi Arabian sports investment fund SURJ, linked to the kingdom's sovereign wealth fund, has acquired a minority stake...
Business
Cyprus and Egypt sign deal to process, export gas to Europe
Nicosia, Cyprus -- Cyprus and Egypt on Monday signed an agreement with an energy consortium to export gas from the Mediterranean...
Business
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Economy
Saudi Arabia’s inflation rate 2 percent in Jan, rental prices main driver
Riyadh, Saudi Arabia -- Saudi Arabia's annual inflation rate in Jan 2025 reached 2 percent compared to January 2024, the...
- According to GASTAT, Saudi Arabia's inflation rate is considered the lowest among the G20 countries.
- CPI measures the prices paid by consumers for a fixed basket of goods and services consisting of 490 items.
Business
OpenAI board rejects Elon Musk-led $97.4 billion buyout offer
San Francisco, United States -- OpenAI's board chairman on Friday said it has unanimously rejected an Elon Musk-led offer to buy...
- Musk filed court documents saying he will withdraw the offer to buy OpenAI if its board returns the artificial intelligence pioneer to a non-profit "charity" model.
- OpenAI currently operates a hybrid structure, as a non-profit with a money-making subsidiary.
Business
AD Ports Group 2024 net profit $484m
The Group's revenue increased 48 percent year-on-year.
- Net profit attributable to owners grew 24 percent YoY to AED1.33 billion led by strong operating performance.
- Total assets grew by 15 percent YoY to AED63.70 billion in 2024 while total equity increased 15 percent YoY to AED27.83 billion.