$2.65bn in contracts signed during first two days of IDEX and NAVDEX 2025
Abu Dhabi, UAE -- Tawazun Council, UAE's authority responsible for managing acquisitions, procurement, and contracts on behalf of the Ministry...
Business
OpenAI board rejects Elon Musk-led $97.4 billion buyout offer
San Francisco, United States -- OpenAI's board chairman on Friday said it has unanimously rejected an Elon Musk-led offer to buy...
Business
Videos
Asia green business market to hit $5 trillion by 2030
More than 15 countries and 670 companies in Asia have set (or are committed to setting) emission-reduction targets, thereby creating...
- Around $3.1 trn will need to be spent per year on average on physical assets for energy and land-use systems from 2020 to 2050.
- Vehicle electrification could contribute 10 to 15 percent of the abatement potential needed by 2050, lowering emissions by roughly six GtCO2e.
Geostrategy
Energy firm starts test at sensitive Israel-Lebanon border gas field
In a statement Sunday, Energean said that "following approval received from the Israeli Ministry of Energy to start certain testing...
- Israel has maintained that Karish falls entirely within its territory and is not a subject of negotiation with Lebanon.
- Energean said the tests would take many weeks, and are "an important step" towards extracting gas from the Karish.
Geostrategy
French PM leads delegation to Algeria as ties improve
French Prime Minister Elisabeth Borne starts a visit to Algeria with a top-level delegation, pushing for better ties with the...
- Ties between the North African country and France had seen months of tensions after Macron last year questioned Algeria's existence as a nation before the French occupation.
- The French PM is expected to sign deals on economic cooperation, including energy.
Business
Egypt records rush in arrival of tourists from Europe and US
Cairo, Egypt— Egypt has recorded a huge jump in arrival of tourists from many European countries and the US, as...
- Tourists from Spain and France are leading an increase in visitors to Egypt from a number of European countries
- Tourism toward Luxor and Aswan is predicted to be healthy from the second half of this month, with Japan, South Korea and India starting to operate flights to Luxor
Business
ADNEC, MICCO sign agreement
Logistics solutions will be developed for ADNEC events.
- The agreement will focus on the development of integrated services including, shipping, transport and other logistics operations.
- MICCO Logistics, which is part of AD Ports Group’s Logistics Cluster, claims a fleet of more than 400 vehicles and specialised storage facilities.Â
Business
UAE equities vault on the back of high oil prices
High oil prices drove equities up on both the Abu Dhabi Stock Exchange and the Dubai Financial Market, but Saudi...
- The ADX and DFM had weekly advances of 1 percent and 0.1 percent, respectively
- The Saudi index decreased towards the close of the week's trading
Economy
German coastal state goes to polls amid acute energy crisis
Frankfurt, Germany— Germans in the coastal state of Lower Saxony vote in a closely-watched regional election Sunday, seen as a key...
- Anxiety about soaring energy bills has dominated the race in the northwestern region on the North Sea, providing a snapshot of the national mood
- One major bone of contention between the leading candidates has been the fate of Lower Saxony's Emsland nuclear power plant, one of only three still operational in Germany
Business
Saudi Arabia says it does not politicize oil or oil decisions
Seeking to debunk the impression that it was somehow behind the rise in oil prices in the US, Saudi Arabia...
- Saudi minister said the idea that Saudi Arabia would do that would do this to harm the US or to be in any way politically involved is absolutely not correct at all
- US gasoline prices rose sharply early this year due to high demand and tight global refining supplies, but began to drop after peaking in June
Business
Sports become money-spinning enterprise for GCC
From Formula One racing to the football World Cup, the top-notch global sporting events are coming to Middle East, bringing...
- According to the World Trade Organization, the Middle East has the fastest-growing sports tourism market globally, currently worth an estimated US$600 billion
- Prince Abdulaziz bin Turki, Saudi minister of sports, stated last year that the sector's contribution to the GDP grew almost 160 percent in 2 years
Business
Pink diamond sells for nearly $58m in Hong Kong
The winning bid, by an undisclosed buyer from Boca Raton, Florida, was more than twice the estimated $21 million sale...
- The stone was the second-largest pink diamond to be sold at auction. Pink diamonds are the rarest of the precious gems and the most in-demand on the global market.
- The world record for a pink diamond was set in 2017, when a stone known as the CTF Pink Star was sold in Hong Kong for $71.2 million.
$2.65bn in contracts signed during first two days of IDEX and NAVDEX 2025
Abu Dhabi, UAE -- Tawazun Council, UAE's authority responsible for managing acquisitions, procurement, and contracts on behalf of the Ministry...
Business
Company News
Porsche sales revenue up
Business
Latest News
GCC banks navigate rising rates with record lending
Despite global credit risks, GCC banks thrive with overall lending growth, bolstered by strong performances in Saudi Arabia and the...
Business
China announces 25 measures to aid private businesses
Beijing, China - China's central bank and several government agencies unveiled 25 new measures Monday to support private economy. These...
Business
Diamond industry adopts tracking as Russia sanctions loom
Antwerp, Belgium - As European capitals prepare to implement long-awaited sanctions on Russia's diamond exports, Belgian traders are bracing for new...
Business
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Geostrategy
It’s official: Saudi Arabia will host World Expo 2030
The Kingdom's selection as the host for World Expo 2030 marks a pivotal moment in its journey towards innovation, openness,...
- The Kingdom's selection as the host for World Expo 2030 marks a pivotal moment in its journey towards innovation, openness, and global connectivity.
- This monumental global event in Riyadh will showcase Saudi Arabia's transformation and commitment to a forward-looking and sustainable future.
Business
Abha Valley has potential to be a tourist destination
ABHA, SAUDI ARABIA - Extending over 34 kilometers, the Abha Valley Basin enjoys a variety of wildlife aspects, civilizational features...
- The Abha Valley abounds in environmental diversity, which explains its array of mountain plants.
- The rugged areas of the highest point of the valley form the right habitat for the Arab tiger,
Business
SNB Capital ignites Saudi derivatives revolution
SNB Capital's Single Stock Options debut marks a leap forward, enhancing liquidity and expanding investor choices.
- Tadawul transforms from a derivatives novice to a major player with diverse instruments, attracting global investors.
- Launching Single Stock Options amplifies market liquidity, providing new investment avenues, and managing risks effectively.