Foreign investments boost Saudi financial market
Saudi Arabia's financial market is on an upward trajectory, fueled by substantial foreign investments and strategic economic diversification under Vision...
Business
Shipping service connecting India, South East Asia with Saudi Arabia comes up
RIYADH, SAUDI ARABIA – VASI Shipping Pte Ltd has introduced a new shipping service IMS at King Abdulaziz Port in...
Business
Business
Investcorp buys stake in SEC Newgate
Investcorp buys majority stake in SEC Newgate for $100m.
- SEC Newgate's other shareholders will roll over 100 percent of their equity investment as part of the transaction.
- The deal values Milan- headquartered SEC Newgate at over US$250 million, an Investcorp statement said.
Business
PIF, ADQ show highest improvement in GSWF sustainability rankings
PIF ranked seventh with a score of 92 (on the GSR score of 100), followed by Mubadala (88), among the...
- Global SWF said it observed a very significant increase in the overall score across funds from 59 percent in 2022 to 63 percent this year.
- PIF, Abu Dhabi’s Mubadala and ADQ, Qatar’s QIA, and Bahrain’s Mumtalakat have embraced the rating tool and taken the opportunity to improve practices.
Economy
UAE finance ministry releases annual report, highlights achievements in 2022
ABU DHABI, UAE - UAE Ministry of Finance (MoF) released its annual report for the year 2022 highlighting performance, initiatives,...
- The Ministry of Finance harnesses all capabilities to support the UAE's competitiveness, aligning with the government visions and directions.
- The ministry has been keen on becoming a model and global reference for best practices and international standards in government financial work.
Business
Saudi Arabia extends 1mbpd oil cut, Russia slashes exports
The cut which first took effect for July will continue in August and "can be extended", the Saudi Press Agency...
- The move leaves daily production by the world's biggest oil exporter at approximately nine million barrels per day.
- Alexander Novak, the Russian deputy prime minister responsible for energy policy said Russia will voluntarily reduce its oil supply in the month of Aug by half a million bpd.
Business
ADNOC Gas awards $1.34bn contracts
The contracts were awarded to Petrofac Emirates and a consortium.
- This expansion project, known as the sales gas pipeline network enhancement (ESTIDAMA) program, aims to extend ADNOC Gas' existing pipeline network.
- The ESTIDAMA program comprises multiple packages, with the first package awarded in 2021 for early modification works on existing pipelines, which were completed in 2023.
Tesla nearly doubles deliveries, beats expectations
From April to June, the Texas-based electric vehicle giant produced 479,700 cars -- an 85 percent increase compared to the...
- The nearly half million deliveries represent an 83 percent increase over the same period last year, and a 10 percent rise from the previous quarter
- In the US, Tesla has also benefited from its expanded eligibility in the government's $7,500 tax credit program for electric car buyers
Business
ACWA Power okays dividend
The shareholders approved to distribute an 8.3% dividend.
- The shareholders also endorsed the buyback of two million shares, to be earmarked for the employee stock incentive program
- From the date of the EGM approval, the repurchased shares will be kept no longer than seven years and then allocated to employees
Economy
Al Sada to be chairman of Rosneft
The shareholders elected a new board of directors as well.
- The new chairman has a wide experience in the energy sector and is at present chairman of the board of trustees of the Doha University of Science and Technology
- He has served as Qatar's minister for energy and industry, apart from holding the chairmainship of the Board of Qatar Petroleum, now called QatarEnergy
Business
Saudi Arabia, UAE allocate $6bn to support their operations in Iraq
Baghdad, Iraq - Saudi Arabia and the UAE have allocated $6 billion to support their operations in Iraq, the Federation...
- The FICC's president Abdul al-Razzaq al-Zuhairi emphasized the need for adhering to World Bank standards in the management of import and export of goods
- Al-Zuhairi further elaborated on the role of the federation in establishing business councils and finalizing agreements, such as the one reached with Saudi Arabia and the UAE
Business
AD Ports Group buys logistics services provider Noatum for $0.72bn
Abu Dhabi, UAE - AD Ports Group on Sunday announced that it has acquired Noatum, a global integrated logistics services...
- The acquisition has received approvals from all regulatory bodies, including from Spanish Authorities, after it attained clearance from the European Commission earlier this year
- The Spain-headquartered company generated revenue and EBITDA of AED 6.4 billion ($1.74 billion)) and AED 448 million ($122 million) in the last twelve months
Foreign investments boost Saudi financial market
Saudi Arabia's financial market is on an upward trajectory, fueled by substantial foreign investments and strategic economic diversification under Vision...
Business
Company News
Pfizer set to acquire Seagen
Business
Latest News
UAE, Korean firms ink pact
Business
Sharjah, Sfax chambers look to boost ties between UAE and Tunisia
Sharjah, UAE--The Sharjah Chamber of Commerce and Industry (SCCI) and the Chamber of Commerce and Industry of Sfax, Tunisia, held...
Business
Tesla suspends production in Germany
Houthi attacks in the Red Sea caused a shortage of parts.
Business
Wars to cast pall over meeting of global VIPs in Davos
Paris, France - The world's political and business elites will convene in Davos next week, with wars in Gaza and Ukraine...
Business
Most Read
Business
NEOM announces Aquellum as futuristic lifestyle community
NEOM, SAUDI ARABIA - The Board of Directors of NEOM has announced Aquellum, a luxury and experiential space embedded within...
- Aquellum is hidden within a breathtaking 450-meter-high mountain range.
- The subterranean digitalized community creates vibrancy and interconnectivity.
Geostrategy
Saudi Arabia signs MoUs with four countries for development in mining industry
RIYADH, SAUDI ARABIA – The Ministry of Industry and Mineral Resources has signed four Memorandums of Understanding (MoUs) with the...
- The roundtable highlighted the need for governments and industry to achieve economic and social development for local communities.
- A total of 79 governments, 13 international organizations, 15 NGOs and seven business associations took part in the roundtable.
Business
Infosys lowers revenue forecasts
Its net profit fell 7.29% Y-o-Y in the three months to December.
- It reported a decline in profit for the October-December quarter, and revised its revenue growth guidance to 1.5-2.0 percent in constant currency terms
- A big employer of India's engineering graduates, the company upset markets last quarter after it said it would halt campus hiring in an effort to cut costs