Global VC investment falls to lowest level in nearly seven years
Global VC investment fell from a five-quarter high of US$95.5 billion in Q2'24 to a nearly seven-year low of US$70.1...
Business
Riyadh Season 2024 signs sponsorship agreements with local, global partners
Riyadh, Saudi Arabia-- A signing ceremony for Riyadh Season 2024 sponsorships was held on Thursday at Via Riyadh. General Entertainment...
Business
Bank Albilad posts net profit
Business
Volvo Cars posts profit
Business
Mercedes-Benz profit slumps
Business
Business
Ministerial meet discusses formation of Saudi-Bulgaria committee
Riyadh, Saudi Arabia---Saudi Arabia and Bulgaria have discussed ways to boost bilateral cooperation and develop the economic sectors between the...
- The two sides discussed ways to boost bilateral cooperation and develop the economic sectors between the two countries at a ministerial meeting.
- Saudi imports from Bulgaria were $269.43 million during 2021, according to the UN COMTRADE database on international trade.
Insurers need to gear up for electric cars: Swiss Re
The market for the greener vehicles is expected to grow rapidly in response to consumers' worries about climate change, putting...
- Traditional vehicle insurance models are no longer enough to accurately capture the overall risk, a study by Swiss Re said
- Electric cars are quieter than internal-combustion vehicles, presenting a risk for pedestrians who don't hear them coming in noisy urban settings
Failed crypto giant FTX has salvaged $5 bn in assets
FTX, once the world's highest profile crypto exchange, collapsed spectacularly in November leaving nine million customers in the lurch and...
- FTX lawyer Andrew Dietderich said that the company was "well underway" on plans to sell other investments that had a book value of $4.6 billion
- FTX and its sister trading house Alameda Research went bankrupt in November, dissolving a virtual trading business that at one point had been valued by the market at $32 billion
Business
US operations and flights not affected by system outage: Etihad Airways
Abu Dahbi, UAE--Etihad Airways on Wednesday said its US operations and flights are not affected by the system outage at the...
- The airline said it was monitoring the situation and would inform customers if there is a change in its operations
- U.S. flights were slowly resuming departures and a ground stop was lifted after the Federal Aviation Administration (FAA) scrambled to fix a system outage overnight
Business
World Security, Tansworld sign pact
The partnership will strengthen workforce in the UAE.
- The two companies will collaborate to create overseas employment opportunities by recruiting, training and developing skilled professionals in the Indian subcontinent
- Professionals who meet the standards of the UAE’s job market will be identified from this pool for suitable employment opportunities in the UAE
YEARBOOK 2023
Europe looks at GCC for LNG supplies amidst crisis
The year 2022 witnessed several deals involving Gulf nations and leading natural gas consumer countries that seek to secure their...
- The year 2022 witnessed several deals involving Gulf nations and leading natural gas consumer countries that seek to secure their LNG supplies in both near and distant future.
- In November-2022, Qatar and China signed one of the largest ever LNG deals inking a USD 60 Bn LNG supply deal for 27 years.
Economy
Saudi WEF delegation to highlight progress under Vision 2030
It aims to enhance global cooperation and design joint solutions to today’s geopolitical, social, economic, and human development challenges. Saudi’s...
- Prince Faisal bin Farhan Al Saud, Minister of Foreign Affairs of the Kingdom will head the Saudi delegation.
- During their participation at WEF23, the delegation will outline progress achieved under Saudi Vision 2030.
Business
Emirates NBD issues Dirham bond, first by UAE firm in 10 years
Dubai, UAE-- Emirates NBD has announced the successful pricing of its inaugural AED1 billion ($272 million) dirham-denominated bond, the first...
- The three-year bond saw strong demand, with the order book peaking at over AED1.65 billion.
- The issuance is the bank's first dirham-denominated bond since the Ministry of Finance created a medium-term yield curve.
Business
Dior and Louis Vuitton name new chief executives
Paris, France--French luxury group LVMH announced a leadership shuffle on Wednesday, naming new chief executives at major brands Christian Dior Couture...
- LVMH said in a statement that Delphine Arnault will become CEO of Dior perfume and fashion house
- Bernard Arnault said in a statement that his daughter's appointment is the "continuation of a career of excellence in fashion and leather goods"
Business
EU warns TikTok chief to respect data privacy laws
TiKTok chief executive Shou Zi Chew held official talks for the first time with EU vice presidents Margrethe Vestager and...
- TikTok has come under fierce Western scrutiny in recent months over concerns about how much access Beijing has to user data
- Last month, TikTok admitted that ByteDance staff accessed data from the app to track journalists in a bid to identify the source of leaks to the media
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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
Global VC investment falls to lowest level in nearly seven years
Global VC investment fell from a five-quarter high of US$95.5 billion in Q2'24 to a nearly seven-year low of US$70.1...
Business
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TotalEnergies Q3 profit up 1.5%
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PIF, Pirelli establish a JV
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Ghitha Holding Q3 profit of $33m
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Bank Albilad posts net profit
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Volvo Cars posts profit
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Dubai records $3.51 billion in weeklong real estate deals
Dubai, UAE -- The real estate and properties transactions valued at 12.9 billion ($3.51 billion) in total during the week...
Business
GCC region’s non-hydrocarbon growth momentum strong: IMF
Riyadh, Saudi Arabia -- The GCC region’s non-hydrocarbon growth momentum remains strong, driven by higher domestic demand, increased gross capital...
Business
EU seeks critical details from Apple and Google on digital safety
Brussels, Belgium - The EU demanded on Thursday that Apple and Google provide more details on how they identified risks concerning...
Business
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Business
ADCB, EIH sign agreement
ADCB to sell 80 percent stake in ADCP to Nine Yards Plus.
- The transaction values ADCP at US$161 million and ADCB will gain of nearly US$133 million subject to closing conditions before end of December 2023.
- ADCB will retain a 20 percent stake in ADCP post transaction and will continue its partnership via a long-term relationship agreement.
Business
Saudi ministry explores investment with Chinese groups in aquaculture
Shenzhen, China - Saudi Ministry of Environment, Water and Agriculture discussed ways to enhance investments between the Kingdom and China...
- The National Fisheries Development Program, a delegation of Saudi ministry, participated in the Global Investment Promotion Conference.
- The conference was held in the Chinese city of Shenzhen, and the two sides discussed investment opportunities and improving investment relations between the two countries.
Business
UAB concludes $200m term loan
Proceeds of the facility will be used for general corporate purposes.
- The dual tranche borrowing comprises a conventional tranche and a commodity Murabaha financing facility has been concluded at competitive pricing.
- The facility also includes a green-shoe option to increase the size up to AED 1.3 billion. Proceeds of the facility will be used for general corporate purposes.