GASTAT issues FDI statistics of Saudi Arabia for Q4 2023
RIYADH, SAUDI ARABIA – The General Authority for Statistics (GASTAT) issued on Friday the Foreign Direct Investment (FDI) statistics for...
Economy
Arab Bank for Economic Development in Africa expects financing to touch US$2.5bn
Abu Dhabi, UAE--The Arab Bank for Economic Development in Africa (BADEA) expects the bank's annual financing to reach US$2.5 billion...
Economy
Business
Microsoft gambles big on Hollywood-esque ‘Starfield’ video game
The ever-evolving game is the tech giant's bid to lock players into its Xbox subscription service after some eye-poppingly enormous...
- Reviews praise its epic scale, multitude of interactive stories, engrossing first-person combat and the way it conjured ersatz interactive versions of movie franchises "Star Trek".
- Microsoft is currently trying to get a $75-billion purchase of another studio, Activision Blizzard, past regulators wary of rapid concentration in the sector.
Business
Gaming industry posts exponential growth in Saudi Arabia: PayerMax COO
Riyadh, Saudi Arabia-- The gaming industry has witnessed exponential growth in Saudi Arabia with an average revenue per paying user...
- By the end of the decade, Saudi Arabia's Vision 2030 aspires to make the kingdom a global hub for gaming and esports
- According to Essay Zhu, Partner & COO of PayerMax, the industry is rapidly evolving in the region, driven by technological advancements
Business
Meeza, QNBFS sign agreement
The liquidity agreement is for Meeza's listed shares on QSE.
- The liquidity provision service is expected to start on September 7, 2023, according to a statement published on the QSE
- Meeza, a Qatar-based venture, is helping speed up Qatar's growth through the provision of top-notch IT services and solutions
Qantas CEO steps down early as airline falls out of favour
Irish-born Joyce has been in charge for close to 15 years, often delivering bumper profits for shareholders and safeguarding the...
- 102-year-old airline has long been seen as a national champion, epitomising globetrotting Aussies' sense of adventure and embodying the "Spirit of Australia"
- Qantas posted an annual profit of US$1.1 billion last month, capping a major financial rebound from the Covid-19 years, when Australia virtually shuttered its borders
Business
Real estate exchange transforms Saudi market
The stock exchange offers indices, real estate services, and wealth management. It ensures supply-demand balance, and swift transactions, while delivering...
- MENA's first real estate stock exchange, launched recently in Saudi Arabia, plans to digitize 180 million documents while offering comprehensive financing services
- New Saudi platform saw US$270 million transactions in first two days with 140,000 beneficiaries as real estate prices increased 0.8% in the second quarter of 2023
Business
Turkish Airlines orders 10 A350 Airbus
The airline disclosed no financial details in a statement.
- Turkish Airlines now has 14 A350-900s and 20 Boeing 787-9 Dreamliners, which is the European jet's main competitor in the long-range.
- An A350-900 was worth 317.4 million euros ($343 million) in 2018, when the aircraft manufacturer's price catalogue was last released.
Geostrategy
Israel and Bahrain agree to increase trade volume, boost tourism
"The foreign minister and I agreed that we should work together to increase the number of direct flights, the tourism,...
- Israeli Foreign Minister Cohen arrived in Bahrain on Sunday, accompanied by a business delegation of more than 30 companies.
- Earlier on Monday, he met Crown Prince Salman bin Hamad Al-Khalifa and discussed "the importance of advancing a free trade agreement".
Business
Mubadala, Petrobras sign MoU
The two parties will explore potential investment in a biofuel project.
- The biofuel project currently being developed by Mubadala Capital in the State of Bahia, Brazil.
- The MoU builds on biorefinery project to produce renewable diesel and sustainable aviation fuel derived from Macauba, a native Brazilian crop.
Business
Qatar tourist arrivals surge on post-world cup momentum
Doha, Qatar -- More than 2.56 million people visited Qatar from January to August 25, which is more than the...
- This number surpasses the full-year arrivals in 2022 and marks a 157 percent increase over the same period last year.
- Immediately after the FIFA World Cup Qatar 2022, Qatar Tourism launched its 'Feel More in Qatar' global campaign.
Business
Emirates NBD invests in Komgo
The equity investment was made by Emirates NBD's Innovation Fund.
- Emirates NBD's corporate venture capital arm will enable the Group to invest in tech start-ups and companies supporting its digital strategy.
- Komgo has diverse customer base that includes more than 200 multinational corporations and global trade banks.
GASTAT issues FDI statistics of Saudi Arabia for Q4 2023
RIYADH, SAUDI ARABIA – The General Authority for Statistics (GASTAT) issued on Friday the Foreign Direct Investment (FDI) statistics for...
Economy
Company News
QNB net profits up 8% in 2023
Business
Latest News
Microsoft revenue surges
The company said sales leaped to $62 billion in Q3.
Google says AI helped boost profits
Alphabet reported a profit of $20.7 billion.
China edges out Japan as world’s top vehicle exporter
In recent years, China's auto sector has grown remarkably largely because of massive investments in electric cars, an area where...
Business
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Business
UAE and UK seek to boost economic cooperation
Abu Dhabi, UAE-- Looking to enhance economic ties between the UAE and the United Kingdom, Abdulla bin Touq Al Marri,...
- The discussions to boost trade ties took place during a UAE delegation's visit to the UK to participate in Investopia London, to be held on January 31, 2024
- The UAE minister said the relations between the two countries serve as a prime example for advanced strategic ties and exceptional economic partnership
Business
Samsung profit dips 34.57 percent
Its operating profit for Q4 was US$2.1bn.
- The company posted a 73.4 percent drop in net profit to $4.8 billion
- It blamed interest rate policies and geopolitical issues for the drop
Business
Saudi Arabia leads GCC in project awards this year
The 2024 outlook for the MENA region's project market is exceptional, with an anticipated surpassing of $270 billion in value,...
- The 2024 outlook for the MENA region's project market is exceptional, with an anticipated surpassing of $270 billion in value, according to a latest report.
- The surge in the GCC project awards, especially in gas and construction sectors, reflects a robust economic recovery and strategic investments driving growth.