Asian markets swing as traders assess latest tariffs volley
Asian markets were mixed Wednesday after President Donald Trump broadened his tariff threats, while traders were also assessing the geopolitical...
Saudi Arabia’s inflation rate 2 percent in Jan, rental prices main driver
Riyadh, Saudi Arabia -- Saudi Arabia's annual inflation rate in Jan 2025 reached 2 percent compared to January 2024, the...
Economy
Economy
AI partnership to boost Abu Dhabi sustainability efforts
Abu Dhabi, UAE - The Technology Innovation Institute (TII) said Monday its AI and Digital Science Research Center (AIDRC) has...
- The Technology Innovation Institute's AI and Digital Science Research Center will partner with Mohamed bin Zayed University of Artificial Intelligence.
- Over a period of three years, the researchers will work on developing advanced AI models for cybersecurity and smart city applications.
Geostrategy
Criminals set to use ChatGPT for fraud, other cybercrimes: Europol
Created by US startup OpenAI, ChatGPT appeared in November and was quickly seized upon by users amazed at its ability...
- Europol said the criminals may use phishing, disinformation and malware to do more online frauds.
- ChatGPT can also be used to write computer code, especially for non-technically minded criminals. the agency said.
Business
Savola to pay $93m in dividends
The date of distribution will be announced later.
- The General Assembly date will be set after securing the formal approvals from the relevant authorities.
- The Group reported a net profit of 742.80 million riyals for 2022, a 234.75 percent rise over 221.90 million in 2021.
Business
Aramco to acquire 10% stake in China’s Rongsheng Petrochemical
The agreement with Rongsheng Petrochemical comes as Saudi Arabia -- the world's biggest crude exporter -- increases political ties with...
- Rongsheng deal comes day after Aramco announced it would partner with two other Chinese companies to build a refinery and petrochemical plant in the Chinese city of Panjin.
- Aramco CEO Amin Nasser said at the China Development Forum on Sunday the firm, a leading source of income for the kingdom, was "doubling down on China's energy supply".
Business
Al Rajhi to issue sukuk
The sukuk terms will be determined as per market conditions.
- The bank said the offer will meet the bank’s financial and strategic objectives in accordance with its Sustainable Finance Framework.
- The bank issued its Saudi riyal-denominated Tier 1 sukuk valued at SAR 6.5 billion ($1.7 billion) in January last year.
Business
ADNOC signs ammonia pact
It will explore low-carbon ammonia value chain in Germany.
- The primary focus of the agreement will be the production and transportation of low-carbon ammonia and its application as a fuel in energy generation.
- Ammonia, a compound of nitrogen and hydrogen, can be used as a low-carbon fuel across a wide range of industrial applications, including transportation.
Economy
Saudi National Bank chair resigns after Credit Suisse buyout
Saeed Mohammed Al Ghamdi, who had been serving as CEO, will replace AlKhudairy as chair, Monday's statement said. Talal Ahmed...
- Saudi bank's board of directors accepted the resignation of Ammar AlKhudairy due to personal reasons, said the statement published on Saudi stock exchange
- Credit Suisse's shares plummeted on March 15 after AlKhudairy said the Saudi bank would not raise its stake from 9.8 percent due to regulatory constraints
Business
Presight begins trading on ADX
Its IPO had been oversubscribed by 136 times.
- The company's IPO, witnessing huge demand from retail and professional investors, raised nearly US$496 million
- Its chairman said the company has created a reputation for combining big data, analytics, and AI expertise to support insight-driven decision-making
Business
Al Ansari Financial Services completes IPO, raising $195 million
Dubai, UAE - Al Ansari Financial Services on Monday announced it has set the final offer price for its IPO...
- The Global Offering attracted considerable demand from both the Qualified Investor Offering and the UAE Retail Offer
- The Qualified Investor Offering saw strong demand from both international and regional investors
Business
First Citizens agrees to buy failed Silicon Valley Bank
It will buy "all loans and deposits" from Silicon Valley Bank, whose fall this month set off global fears about...
- US regulators, in the wake of SVB fall, created Silicon Valley Bridge Bank, which will be taken over by First CItizens from Monday
- On Sunday, the Federal Deposit Insurance Corporation said the transaction cover US$119 billion in deposits and US$72 billion in assets
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Asian markets swing as traders assess latest tariffs volley
Asian markets were mixed Wednesday after President Donald Trump broadened his tariff threats, while traders were also assessing the geopolitical...
Company News
Latest News
Oil prices slump but stock markets mostly higher
Wall Street indices enjoyed solid gains, including the Dow, which mustered a 0.6 percent advance in spite of an eight...
Bitcoin surpasses $47,000, first time since March 30, 2022
Abu Dhabi, UAE - Bitcoin surged above $47,000 on January 9, marking its highest value since March 30, 2022, as...
Business
Most Read
Business
CBB Sukuk Al Salam securities oversubscribed by 372%
Manama, Bahrain--The Central Bank of Bahrain (CBB) announced that the monthly issue of the Sukuk Al Salam Islamic securities has...
- With a maturity period of 91 days, subscriptions worth $426 million were received for the $114.36 million issue
- According to Bahrain News Agency, the expected return on the issue is 6.35%, equivalent to the previous issue
Economy
Markets drop as US jobs deal fresh blow to early rate cut hopes
Hong Kong, China - Asian markets stumbled out of the gates Monday, extending last week's grim start to the year, after...
- The keenly awaited non-farm payrolls data Friday showed the world's number one economy remains resilient despite interest rates sitting at a two-decade high
- Equities ended 2023 with a surge as traders bet on a string of reductions this year thanks to falling inflation and a softening of the labor market
Business
Apple’s Vision Pro headset available in US on February 2
WASHINGTON, US - Apple on Monday said it will release its highly anticipated Vision Pro mixed reality headset in the United...
- Announced in June, the Vision Pro will cost a hefty $3,499 before tax, more than double the price of Meta's top-of-the-range Quest Pro headset.
- The headset has been in development at Apple for years, and is seen as a much needed boost to a segment that Facebook-owner Meta has struggled to grow.