Hotel Dar Tantora is inspired by Saudi’s AlUla ancient mudbrick buildings
ALULA, SAUDI ARABIA – Situated in the heart of Old Town here, Dar Tantora Hotel offers guests a chance to...
Arts & Culture
Geopolitical tensions boost oil, weigh on equities
Geopolitical tensions sent oil prices climbing and weighed on equities as investors also continued to worry about prospects for interest...
Market Report
Business
EDGE signs agreement with Turbomachine to jointly build engines
Abu Dhabi, UAE--EDGE has signed an agreement with Turbomachine to work together on the development of engines, including turbofan and...
- The agreement will enable both to work together on the development of engines, including turbofan and propellant fan
- The Brazilian company specialises in research, innovation, and engineering and development of gas turbine engines
Geostrategy
US to invest $1.2 bn on facilities to pull carbon from air
The two projects -- in Texas and Louisiana -- each aim to eliminate one million tons of carbon dioxide per...
- Direct Air Capture (DAC) techniques focus on that CO2 emitted into the air, which is helping to fuel climate change and extreme weather.
- Each of the projects will remove 250 times more CO2 from the air than the largest carbon capture site currently in operation, the Energy Department said.
Arts & Culture
Riyadh to host Peace and Sport Middle East Forum in Oct
Riyadh, Saudi Arabia -- For the first time, Riyadh will host the Peace and Sport Middle East Forum, powered by...
- The forum will be held under the theme, “Sport is an answer for peace”, at the Cultural Palace in Riyadh-based Diplomatic Quarter
- The kingdom will be hosting several big sporting events as it aims to attract foreign interest as it diversifies its economy away from oil
Economy
Brazilian striker Firmino scores hat-trick on Saudi debut
Jeddah, Saudi Arabia--Brazilian forward and former Liverpool star Roberto Firmino hit a hat-trick on his Saudi Pro League debut on Friday...
- The Brazilian striker scored the goals in the 6th, 10th and 72nd minutes for the team who also fielded several new signings
- Saudi Pro League backed by the kingdom's sovereign wealth fund has lured big names from the major European leagues
Business
Saudi League to be broadcast on Fox Sports in USA
The American network will launch the deal with broadcasts of two games on Monday featuring Ronaldo and Karim Benzema. Fox's...
- Ronaldo's arrival in the kingdom has sparked off big money acquisitions and the league will reach fans across the US
- Clubs across Saudi Arabia have deployed their huge budgets to win over football stars like French striker Benzema
Economy
Kazakhstan keen to bolster joint investments with UAE: Razdykovich
The Kazakh minister said his country hopes to benefit from the UAE's experience in tourism and development sectors as he...
- The minister evinced his country's keenness to shore up cooperation with the UAE, particularly in sectors seen as crucial by both countries
- He pledged to support Emirati investors in order to boost areas of cooperation, reaffirming that Abu Dhabi will "always be an important partner for us"
Business
Dubai records 2.6bn in weekly real estate transactions
Dubai, UAE - A total of 3,103 real estate and properties transactions valued at approximately $2.64 billion in total were...
- The weekly DLD report noted that 235 plots were sold for about $609 million, 2,302 apartments and villas were sold for approximately $1.57 billion
- Madinat Hind 4 recorded the most transactions for this week, with 72 sales transactions worth roughly $28.17 million
Business
ADX profits vault to $11.70bn
It posted gains in one week on the back of company results.
- The value of stocks on the bourse increased to $781 billion at the end of Friday's session as against $770 billion at the close of last Friday
- Over the week, the equities market saw an inflow of liquidity exceeding $2.34 billion, split between $1.81bn in ADX and $539m in the DFM
Business
Stock markets drop over fears of more interest-rate hikes
In Asian stock market trading, Hong Kong extended the week's losses Friday, even as e-commerce titan Alibaba surged on a...
- Official data Thursday that showed US inflation rising less than expected in July failed to stop bets on the Federal Reserve raising borrowing costs
- Across the Atlantic, better-than-expected UK growth data Friday increased the likelihood of more BoE tightening, boosting the pound
Business
Air Arabia Q2 profit $125m
The company’s turnover during the second quarter was $380m.
- The profit increased by 187 percent compared to AED160 million ($43.56m) net profit reported for the same period last year.
- The company’s turnover for the same period increased by 25 percent, as the strong demand for air travel continued.
Hotel Dar Tantora is inspired by Saudi’s AlUla ancient mudbrick buildings
ALULA, SAUDI ARABIA – Situated in the heart of Old Town here, Dar Tantora Hotel offers guests a chance to...
Arts & Culture
Company News
Dragon Oil starts oil production
Business
Latest News
Baidu cancels YY Live deal
Business
Over 12m people visit Riyadh Season in 60 days
Arts & Culture
Dubai wins right to host 349 business event in 2023
DUBAI, UAE - Dubai consolidated its status as a central hub for international business events in 2023, with the city...
Business
ADNOC Drilling begins use of hybrid rigs
The rigs use high-capacity battery to reduce emissions.
Business
Saudi Arabia’s real estate deals fall 11 percent in 2023: Ministry
Riyadh, Saudi Arabia -- The value of Saudi Arabia's real estate transactions fell year-on-year by 11 percent to nearly SAR...
Business
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Business
Global halal market set to hit $7.7 trillion by 2025
Makkah, Saudi Arabia — Global halal market is projected to reach an estimated $7.7 trillion by 2025. Leading the expansion...
- In education and health sectors, recent economic reports foresee the halal economy market doubling from $2.30 trillion in 2020 to $4.96 trillion in 2030
- The Public Investment Fund in Saudi Arabia, a frontrunner in the global halal industry, took the initiative in 2022 to establish a company specializing in the development of halal
Business
Gulf Warehousing Company profit down
Its net profit fell 10.24% to US$59.07 million in 2023.
- Its earnings per share (EPS) decreased to QR 0.37 in 2023 compared to EPS of QR 0.41 in the previous year, the company said
- Its board of directors ratified the distribution of dividends of QR 0.11 at a rate of 11 percent per share for the year 2023
Business
ADIB records 45% jump in net profit
Its revenue climbed 36 percent to US$2.53 billion in 2023.
- The bank in a statement said that Its net profit for Q4 2023 jumped to $408 million, an increase of 29 percent as against Q4 of 2022
- The Abu Dhabi-based bank said that its revenue for 2023 improved by 36 percent to $2.53 billion compared to $1.85 billion last year