Google hit by US$272m fine in France
It breached an agreement on terms for paying media firms.
Business
AstraZeneca to buy Fusion
The $2.4bn deal is its latest expansion into cancer treatments.
Business
OECD says sizeable progress made on sharing tax revenue on multinationals
Nearly 140 countries have taken a first step towards reaching agreement on a fairer distribution of tax revenues from multinational...
- Multinationals, especially tech firms, are currently able to easily shift profits to countries with low tax rates.
- In 2021, in talks led by the OECD, an agreement was reached on a minimum tax rate of 15 percent on multinationals.
Business
Agthia Group launches Agthia Ventures
New firm is a $54 million corporate venture capital fund.
- Funded by Agthia and its parent company ADQ, Agthia Ventures will be managed together with Touchdown Ventures.
- Agthia Ventures will help entrepreneurs through access to the firm’s extensive industry knowledge, diverse distribution networks.
Business
Saudi cinema sector grows by 28 percent by second quarter end
Dubai, UAE -- Saudi Arabia's film production sector grew by 28 percent by the end of the second quarter of...
- The highest regions in terms of records are Riyadh with 953 records, Makkah Al-Mukarramah (501), Eastern (155), Madinah (51) and Qassim with 22 records.
- In 2022, more than 14 million cinema tickets were sold, up from 13 million in 2021, according to data from the General Authority for Audiovisual Media.
Business
Qatar to take hold of 40% share in future LNG market
"We are increasing production to 126 MTPA, and we have another 16-18 metric tons per annum (MTPA) out of the...
- QatarEnergy will supply 40% of all new LNG entering the market by 2029, says Qatar's Minister of State for Energy Affairs
- The firm plans to increase production to 126 MTPA, with an additional 16-18 MTPA from the US coming online next year
Business
Maaden acquires 9.9% stake in Ivanhoe
It also completes conditions for a joint venture.
- There is no change in the associated costs related to the event, Maaden noted.
- Maaden has posted a net profit of SAR 419.4 million ($111 million) for the first quarter of 2023.
Business
Yahsat to invest US$100m
It is for capital expenditure of T4-NGS satellite program.
- The program, the next-generation telecommunications system for Thuraya, is scheduled to begin operational service in H1 2025.
- The total cost of the program is up to $550 million, including manufacturing, launch, insurance and new ground infrastructure.
Business
ADIB raises $750 million in dollar-denominated tier-one sukuk
Dubai, UAE -- Abu Dhabi Islamic Bank (ADIB) has raised $750 million in the world’s first dollar denominated additional tier-one...
- ADIB priced the perpetual non-call, five and half-year sukuk at a profit rate of 7.25 percent per annum payable semi-annually.
- The final order exceeds $7 billion more than nine times over-subscribed and final pricing 62.5 bps tighter than the initial pricing thoughts.
Business
Dubai Chambers launches program to enhance customer service
DUBAI, UAE – Dubai Chambers is taking a big initiative for ensuring that businesses in the emirate provide excellent customer...
- Service Excellence Program will evaluate the quality of customer experience through mystery shopper reports.
- The initiative will ensure the implementation of global best practices within Dubai’s business community.
Business
Multiply Group buys stake
A minority stake in Breakwater Energy cost it US$100m.
- The group by virtue of its new acquisition will become part owner of a profitable and cash-generative, diversified global upstream portfolio
- It poured some US$2.72 billion last year into Abu Dhabi National Energy Company (TAQA), an integrated utility champion in the EMEA region
Business
ROSHN inks MoU with Expro to develop real estate in Saudi Arabia
Riyadh, Saudi Arabia--ROSHN, the Saudi real estate developer, has signed a memorandum of understanding (MoU) with the Expenditure and Project Efficiency...
- The partnership between the two will increase the sustainability of the PIF-backed giga project and also ramp up its activities
- The cooperation with leading groups in the nonprofit sector is designed to lift up the quality of life for the underprivileged families
Google hit by US$272m fine in France
It breached an agreement on terms for paying media firms.
Business
Company News
Latest News
Saudi EVIQ unveils R&D facility
Business
Nissan to export EVs globally
Business
Saudi Arabia unveils 45,000-seat multi-use stadium in Qiddiya City
RIYADH, SAUDI ARABIA - The Board of Directors of the Qiddiya Investment Company (QIC) announced on Monday the launch of...
Business
IMF chief at Davos: AI holds risks, opportunity for global economy
Artificial intelligence poses risks to job security around the world but also offers a "tremendous opportunity" to boost flagging productivity...
World Economic Forum
Ummahat Island unveils world’s first net-zero 5G network towers
Tabuk, Saudi Arabia -- Red Sea Global (RSG), Zain KSA, and the French Serge Ferrari Group have developed and installed...
Business
Most Read
Geostrategy
Saudi Arabia, China ink MoU in accounting and auditing
RIYADH, SAUDI ARABIA – The Kingdom and the People’s Republic of China signed on Monday in Beijing a memorandum of...
- The MoU is similar to other agreements that GCA has reached with counterpart organizations in different countries.
- These agreements underscore GCA's elevated professional standing, at both regional and international levels.
Business
China Construction Bank lists $600m green bond in Nasdaq Dubai
DUBAI, UAE - Nasdaq Dubai has welcomed the listing of a US$600 million green bond by China Construction Bank (DIFC...
- The total value of bonds listed on Nasdaq Dubai by CCB, comprising the issuances by Hong Kong and Dubai branches, stands at $2.45 billion.
- The cumulative value of outstanding debt from Chinese issuers on Nasdaq Dubai stands at US$11.95 billion through 22 issuances.
Business
Qatar Chamber and CzechTrade look to boost trade cooperation
Doha, Qatar--Qatar and Czech Republic are looking to ramp up trade and investment cooperation between the two countries.In this regard,...
- The two sides looked at ways to bolster cooperation between Qatari companies and their counterparts from Czech Republic
- The trade volume between the two countries reached $183m in 2022, reflecting a 10% increase compared to the previous year