OPEC+ sticks to oil output plan after Trump’s price demand
In a bid to boost prices, the Organization of the Petroleum Exporting Countries (OPEC) headed by Saudi Arabia and Russian-led allies...
Business
Business
stc to sell stake in CCC
stc had in Jan signed sale and purchase pact with solutions.
- The company did not disclose the value of the deal that is expected to be closed in the second quarter of 2023.
- stc revenue exceeded $17 billion for the first time ever in 2022, reaching 67.43 billion riyals ($17.97 billion).
Business
SLG to build $54m facility
The facility will be constructed at Dubai Industrial City.
- Spanning 1.37 million square feet, the manufacturing and warehouse facility is set to open in 2025.
- The new facility will meet the demands of B2B and B2C customers across the GCC, African market and Southeast Asia.
Business
Dubai wins crown in TRENDS poll on best city in GCC
The city has won a huge following among the people who see it not just as a city for business,...
- The city won the first spot as 35 percent of the respondents said that they would prefer to live in the city of the future
- Doha came in second (34 percent), followed by Riyadh (19 percent) and Abu Dhabi (12 percent)
Business
Iran: Paris-trained Pastry chef stays back to improve women’s lives
Tehran, Iran - She could have left Iran, as many of her contemporaries did, but Paris-trained pastry chef Shahrzad Shokouhivand...
- Shokouhivand hopes to see the lifting of the severe, mostly US, sanctions over Tehran's nuclear policy that are squeezing the country
- Because of the sanctions, she says, "it is very difficult to find quality chocolate, good butter and vanilla" among other essential baking ingredients
Business
Presight to list on ADX
It will make an initial public offering before listing.
- The company’s solutions are deployed across three core sectors with significant potential for impact and innovative market growth
- It has entered into a cornerstone investment agreement with IHC, under which the latter has agreed to invest in the planned IPO
Business
AI, ML make banks in MENA region smarter and faster
The artificial intelligence is expected to play a significant role in shaping the future of region's financial services, Tarabut Gateway...
- The artificial intelligence is expected to play a significant role in shaping the future of region's financial services, Tarabut Gateway CCO Adnan Erriade tells TRENDS
- Every stakeholder in the financial ecosystem stands to gain from open banking, but end customer remains the biggest beneficiary, adds Erriade in an interview
Business
Saudi EXIM, SINOSURE ink MoU
Pact is likely to help enhance Kingdom's non-oil exports.
- The agreement was signed during a ceremony held at the Saudi EXIM Bank headquarters in Riyadh
- It aims at knowledge exchange, finance and investment opportunities in Saudi Arabia and China
Economy
Egypt arrests 29 over alleged online crypto scam
Cairo, Egypt - Egyptian authorities have detained 29 people, including 13 foreigners, accused of running an online cryptocurrency scam that defrauded...
- The scheme promised large profits from crypto-currency mining and trading services, for fees charged at an attractive foreign exchange rate.
- The network pocketed about US$620,000 at the expense of its victims in the country now battered by an economic crisis and rapid inflation.
Economy
Saudi ranks first in technical, vocational education enrollment
Riyadh, Saudi Arabia-- Saudi Arabia ranked first globally on the Global Knowledge Index 2022 in the percentage of students enrolled...
- The Index is issued by Mohammed bin Rashid Al Maktoum Knowledge Foundation in collaboration with United Nations Development Program.
- It provides reliable data to help countries and decision makers to understand and face the real transformations and challenges.
Economy
UAE keen on new technologies, says minister at Raisina Dialogue 2023
NEW DELHI, INDIA - UAE Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications Omar Sultan Al...
- Representatives from over 100 countries, including ministers, military commanders, captains of the Industry, participated in Raisina Dialogue 2023.
- The UAE is keen on sharing knowledge, experience and success stories by participating in international conferences.
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ACWA Power, SEC sign PPAs
Business
Europe stocks rise, Asia tepid as oil jumps and Bitcoin shines
Following record highs in 2023 for the likes of Paris, Frankfurt and Tokyo, investors are predicting more gains as central...
Business
China’s new tariffs policy to hasten industrial transformation
Beijing, China -- China's import and export tariff adjustments on some goods took effect on Monday, including implementing provisional import...
Economy
flynas flies over 11m passengers in 2023, up 28 percent from 2022
RIYADH, SAUDI ARABIA – flynas reported record results for its performance in 2023 compared to the previous year 2022, with...
Business
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Business
Card transactions drive 8 percent Saudi spending growth in Nov
Riyadh, Saudi Arabia --Consumer spending in Saudi Arabia grew by 8 percent to SAR 111.5 billion ($29.73 billion) in November...
- Point-of-sale purchases led the charge, rising 12% year-over-year as Saudi Arabia embraces cashless shopping.
- Cash withdrawals from ATMs rose by almost 1 percent YoY to roughly SAR 45.6 billion in November.
Business
Halliburton, Hamriyah Free Zone in pact
Halliburton has been operating in the UAE for five decades.
- Under the agreement, Halliburton will expand its footprint within the UAE by establishing a cutting-edge facility for calibrating drilling tools used in the oil industry
- The state-of-the-art facility is set to occupy a substantial area of more than one million square feet within the Hamriyah Free Zone
Business
MODON launches 10 projects
The projects in 6 industrial cities are valued at $143 million.
- These projects, conducted in collaboration with several national companies, aim to foster opportunities for value chain initiatives and bolster local content.
- Among the agreements, MODON has inked a contract for establishing 80 factories and ready-made products in Al-Ahsa and Taif's industrial cities.