Global VC investment falls to lowest level in nearly seven years
 Global VC investment fell from a five-quarter high of US$95.5 billion in Q2'24 to a nearly seven-year low of US$70.1...
Business
Riyadh Season 2024 signs sponsorship agreements with local, global partners
Riyadh, Saudi Arabia-- A signing ceremony for Riyadh Season 2024 sponsorships was held on Thursday at Via Riyadh. General Entertainment...
Business
Business
Nissan, Honda in tie-up for EVs
The alliance will take on China's dominant EV makers.
- The MoU could include cooperation on a common EV powertrain and joint procurement of batteries and other components
- The firms announced a joint news conference at 3:30 pm (0630 GMT) in Tokyo without giving further details at this point in time
Business
Dubai receives 1.77m international tourists in January this year
Dubai, UAE--Dubai welcomed 1.77 million international tourists in January 2024, an increase of 21% compared to 1.47 million visitors in...
- Tourists from Western Europe ranked first with 327,000 visiting the emirate in January
- Some 311,000 travelers from the GCC countries visited Dubai in the same month
Business
Sweden’s gaming group Embracer divests Russian assets
Stockholm, Sweden - Swedish gaming group Embracer, which owns the Borderlands franchise and the Tomb Raider license, announced on Thursday that...
- Beacon Interactive, which is controlled by Saber Interactive co-founder Matthew Karch, will pay $247 million for the unit, according to Embracer.
- Embracer said the divested assets included "38 ongoing game development projects," amounting to a book value of 2.3 billion kronor ($225 million).
Economy
Saudi inflation rises to 1.8% in February
RIYADH, SAUDI ARABIA – Saudi Arabia’s inflation accelerated to 1.8 percent in February compared to January 2024, according to data by the General...
- The cost-of-living index for February rose to 110.64 points, according to the base year 2018, from 108.67 points in the same month a year earlier.
- Inflation is measured by the percentage change in the cost of living between the current period and the corresponding period of the previous year.
Geostrategy
Former US treasury secretary says preparing buyout of TikTok
Washington, US - Former US Treasury Secretary Steven Mnuchin on Thursday said he is putting together a team of investors to...
- Mnuchin, former US Treasury Secretary, said that TikTok was "a great business and I’m going to put together a group to buy" the embattled app.
- "This should be owned by US businesses. There’s no way that the Chinese would ever let a US company own something like this in China," Mnuchin said.
Business
Ajman records real estate transactions worth US$195m in February
AJMAN, UAE – Director-General of Ajman’s Department of Land and Real Estate Regulation Eng. Omar bin Omair Al Muhairi said...
- A total of 129 real estate valuation transactions took place in the emirate in February.
- There was a rise of 44.7 percent in commercial property value in February compared to January.
Business
AstraZeneca to buy Amolyt for $1bn
It will pay $800 million upfront for the Lyon-based company.
- The London-listed group added that the transaction would bolster its rare diseases division Alexion.
- AstraZeneca's share price was up 0.1 percent in early morning London trading following the news.
Geostrategy
Brighter US economic outlook fuels global oil demand growth forecast
Rising fuel needs of ships rerouted away from the Red Sea also to increase demand, the International Energy Agency said....
- The IEA said world oil demand growth is now forecast to increase by 1.3 million barrels per day (bpd) this year, 110,000 bpd higher than in its previous monthly market report.
- Global demand is also driven by the "comparatively buoyant economy" of the US where oil consumption is gaining momentum on rising petrochemical operations, it said.
Business
DP World 2023 profit is $1.5bn
The company's revenue grew 6.6 percent to $18.25 billion.
- DP World logged a 13 percent decarbonization in Scope 1 and Scope 2 carbon emissions.
- The cash generated from the company's operating activities rose to $4.5 billion in 2023.
Geostrategy
UAE, Hungary ink pact to enhance trade, investment ties
ABU DHABI, UAE – The United Arab Emirates and Hungary have signed an economic cooperation agreement aimed at stimulating trade...
- The UAE-Hungary economic cooperation agreement aims to deepen bilateral ties between the two nations and drive growth.
- The agreement between the two countries also aims to boost non-oil trade, which has seen a significant increase in recent years.
Global VC investment falls to lowest level in nearly seven years
 Global VC investment fell from a five-quarter high of US$95.5 billion in Q2'24 to a nearly seven-year low of US$70.1...
Business
Company News
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Airlines expect over $30 bn in profits and passengers to hit nearly five billion in 2024: IATA
The International Air Transport Association (IATA) announced strengthened profitability projections for airlines in 2024 compared with its June and December...
Business
Oil giant Aramco says to offer shares worth over $10 bn on Saudi bourse
Riyadh, Saudi Arabia - Oil giant Saudi Aramco said on Thursday it plans to sell 1.545 billion shares worth more than...
Business
Saudi Arabia partners with Microsoft Arabia for AI use in media
Riyadh, Saudi Arabia - The Ministry of Media and Microsoft Arabia signed a memorandum of understanding (MoU) in Riyadh on...
Business
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Business
Algeria signs gas field deal with oil giant ExxonMobil
Algiers, Algeria - Algeria's state oil company announced Thursday it signed a memorandum with ExxonMobil to develop two gas fields, a...
- The two companies plan to "study the existing opportunities to develop the hydrocarbon resources in the Ahnet basin and the Gourara basin" in southern Algeria
- The agreement was signed in Algiers by Sonatrach's chief executive Rachid Hachichi and the head of exploration at ExxonMobil, John Ardill
Business
‘Canon aims for a 42% reduction in GHG emissions by 2030 and net zero by 2050’
Venkatasubramanian (Subbu) Hariharan, MD of Canon Middle East and Turkey, highlights the significance of remanufacturing and refurbishment for reducing environmental...
- Canon's sustainability strategy focuses on remanufacturing, renewable energy, and eco-label certifications, Venkatasubramanian (Subbu) Hariharan says
- The company inspires youth through the Canon Young People Program, empowering them to address sustainability issues with creativity and critical thinking, he adds
Saudia Group in ‘landmark’ deal for 105 Airbus planes
In a wide expansion of aviation services, Saudi Arabia's top airline Saudia Group has place an order of 105 aircraft...
- "Aviation supports 241,000 jobs, and a further estimated 717,000 jobs in the tourism sector," a Saudi report said.
- Saudi authorities have also announced plans for a new airport in the capital Riyadh capable of accommodating 120 million passengers a year.