Saudia to acquire 20 wide-body aircraft
10 of these being acquired for its flydaeal low-cost airline
Business
Saudi Aramco, BYD form alliance to develop low-carbon automotive innovations amid EV growth
Saudi Aramco, the world's largest producer of oil, "is exploring a number of ways to potentially optimize transport efficiency, from...
Economy
Microsoft to cut staff
The computer industry stalwart has some 220,000 workers.
- The computer industry stalwart could announce layoffs in its engineering divisions as early as Wednesday
- Wedbush is expecting staff cuts of another 5 to 10 percent across the tech sector, Ives told investors
Economy
Auto sales in Europe drop to a three-decade low in 2022
Paris, France--New vehicle registrations in Europe dropped to their lowest level since 1993 last year as component shortages continued to hinder...
- The overall number of EU registrations fell 4.6 percent to 9.3 million, a level last seen three decades ago
- Volkswagen remained the European market leader with 2.3 million vehicles sold, a 5.2 percent decline, for a stable market share of 25.1 percent
Business
Qantas flight lands at Sydney after mid-air mayday alert
The plane, a Boeing 737-800, appeared to land safely at Sydney airport before coming to a stop on the runway,...
- The flight -- QF144 -- was believed to be carrying more than 100 passengers from New Zealand, an ambulance spokeswoman said
- NSW Ambulance earlier said they were on standby at the airport after the plane issued a mid-air mayday call over the Tasman Sea bet
Business
Iraq to partner with General Electric to build 400 energy plants
Baghdad, Iraq--Iraq has begun constructing 400 energy plants of high-quality specifications in all regions across the country. In a press...
- Iraqi Minister of Electricity Ziyad Ali Fadel said that the Ministry in this regard has discussions and contracts with General Electric and other American companies
- He said the ministry is engaging in negotiations with Siemens to maintain and rehabilitate the old generating plants manufactured by the company
YEARBOOK 2023
Consumer spending in KSA, UAE set to stay strong
Both Gulf countries reported an increase in non-essential spending from 2021 to 2022, with the expectation that this trend will...
- Both Gulf countries reported an increase in non-essential spending from 2021 to 2022, with the expectation that this trend will continue into 2023, says an expert.
- Online purchasing remains a popular channel for both UAE and Saudi shoppers, owing to the ease of purchase, cost savings, variety, and ease of delivery, a research points out
Business
Saudi businessman bids US$2.6m for Messi-Ronaldo game
A real estate businessman from Saudi Arabia has won a ticket to see Cristiano Ronaldo and Lionel Messi face off...
- It will mark the first time Ronaldo has played any football in the kingdom since signing a contract with Al Nassr
- The proceeds from the auction are due to go to the national charity campaign known as Ehsan
Economy
UAE Ministry of Finance, Dubai Free Zones Council sign MoU on sharing of information
DUBAI, UAE - UAE Ministry of Finance (MoF) Tuesday signed a Memorandum of Understanding (MoU) with the Dubai Free Zones...
- The Ministry of Finance makes efforts to ensure that government entities in the UAE are committed to international tax pacts the country has signed.
- Dubai Free Zones Council will provide the necessary tax information to the ministry of finance.
Science
WEF launches initiative to channelize US$3trn for climate and nature
The World Economic Forum launched the Giving to Amplify Earth Action (GAEA), to help unlock the US$3 trillion of financing...
- Present funding is slow and inadequate, and a new approach is needed to get capital flowing.
- Philanthropic giving is nimble, more tolerant of risks and is driven by values and long-term outcomes rather than quarterly returns.
Business
Four firms to partner for Co2 removal
ADNOC, FNRC, Masdar and 44.01 to pilot a technology in Fujairah.
- The technology permanently mineralizes carbon dioxide (CO2) within rock formations found in the Emirate of Fujairah.
- Fujairah has been selected for this pilot for to its abundance of peridotite, a form of rock that naturally reacts with CO2 to mineralize it.
Business
QIB profits grow by 12.7% in 2022
The return on the share amounted to QR 1.62.
- The return on the basic share amounted to QR 1.62 for the past fiscal year, compared to QR 1.42 in 2021
- The total assets for 2022 amounted to QR 184 billion, while financing assets accounted for QR 119.3 billion
Saudia to acquire 20 wide-body aircraft
10 of these being acquired for its flydaeal low-cost airline
Business
Company News
Bayer to cut management jobs
Business
Amanat net profit up 73%
Business
Latest News
UAE to press firms with 20-49 staff to hire at least one Emirati in 2024
Dubai, UAE--The UAE's Ministry of Human Resources and Emiratisation (MoHRE) has started implementing the cabinet decision to expand the scope...
Business
ADIB-Egypt introduces Shariah-compliant private banking services for HNWIs
Cairo, Egypt – ADIB-Egypt has launched its exclusive portfolio of Private Banking Services, providing a Shariah-compliant banking proposition for its high-net-worth...
Business
Gupco begins pumping oil in Egypt
The production started at the first well in the Gulf of Suez.
Business
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Economy
Najran extends MoU with Ayan for Commerce & Industry
Jeddah, Saudi Arabia - Saudi Arabia's Najran Cement Company has announced the extension of its non-binding memorandum of understanding (MoU)...
- This extension comes as a result of the ongoing valuation and due diligence processes, which are yet to be completed
- The original MOU, signed on October 19, 2023, was set to pave the way for a potential collaboration between the two companies
Business
Maisarah leads Oman government’s successful sukuk issuance
MUSCAT, OMAN - Maisarah Islamic Banking Services, Islamic window of BankDhofar, acted as an Issue Manager for the Sovereign Sukuk...
- The Sukuk-Al-Ijara structure has a seven-year maturity and was conducted through private placement to sophisticated investors in Oman.
- The issuance has been listed on the Bonds and Sukuk Market, operating under the Muscat Stock Exchange.
Business
Cerberus buys HSBC France retail
The takeover was finalized for an undisclosed amount.
- The operation will see HSBC France's nearly 250 retail branches with their 800,000 clients and 3,500 staff become CCF
- The move is part of London-headquarters HSBC's efforts to simplify and refocus operations on its major region of Asia