China’s Xiaomi to enter EV market
China's EV sector has grown rapidly in recent years.
GenAI set to bridge cybersecurity skills gap by 2028
As GenAI narrows cybersecurity skills gap, organizations will prioritize aptitude over specialized education, adapting hiring practices to meet demands of...
Business
Business
Iraq looks to neighbors for energy to overcome crunch
Looking to tide over the persistent problem of a lack of energy supply in the country, particularly in the summer...
- Ahmed Moussa, spokesman for the ministry, said that the electrical connection with neighboring countries will not achieve self-sufficiency for the national system
- He said the final operation was signed with Turkey to pass 300 megawatts, but the rise in electricity prices and the rise in demand for gas hampered the implementation
Business
Saudi PIF launches new company to digitize real estate sector
The Public Investment Fund has launched a new company aiming to digitize and develop the local real estate sector through...
- Saudi Arabia has set an ambitious target of raising home ownership rates in the kingdom to 70 per cent by 2030 under the Sakani program
- According to the Ministry of Housing, the home ownership rate rose to 60 per cent in 2020 from 47 per cent in 2016
Analysis
Recent floodings in UAE call for sustainable infra
It is a wake-up call that warns of a bigger disaster in cities like Dubai and Abu Dhabi if quick...
- It's a wake-up call that warns of a bigger disaster in cities like Dubai and Abu Dhabi if quick steps aren't taken to deal with heavy rainfalls, Dake Rechsand CEO tells TRENDS
- 'The existing greenscape and bluescape infrastructure are less suitable for handling excessive rain. Therefore, we are witnessing floods,' Chandra Dake adds
Business
Saudi’s investment funds’ assets fall by 11 percent in Q2
Investment funds hold both local and foreign assets.
- The decline was attributed to a 10 percent drop year-on-year (YoY) in local assets – which represent 74% of total assets – to $38 billion.
- Investment funds are either open- or closed-end, with total assets of open-end funds at approximately SAR 159.7 billion ($42.5bn).
Business
Gulf Navigation repays loan
The $2.7m loan was financed by "Rasmala" for a vessel.
- In a bid to reduce financing costs, the company said last August that it had refinanced five petrochemical tankers under new and preferential terms with a major Chinese lender.
- The debt has also fallen to 294 million dirhams today, compared to 433 million dirhams at the end of 2020.
Economy
UAE approves code for education professionals
The UAE Ministry of Education has approved the Code of Conduct for professionals in the sector to set up clear,...
- The code of conduct will enhance an educator’s professional responsibilities
- The code is a framework of the basic values and ethics that an educator must commit to.
Geostrategy
Russia sanctions not working, says Italy far-right leader
The leader of Italy's far-right League party, Matteo Salvini, has sparked debate by saying that the unprecedented sanctions the West...
- Skyrocketing energy prices since the start of the war in Ukraine have wreaked economic pain on countries.
- Someone in Europe has made a bad calculation. It is essential to rethink the strategy to save jobs and businesses, said Matteo Salvini, a far right leader in Italy.
Business
Pure Health to invest US$500m
It will buy stake in a US healthcare firm Ardent.
- Ardent Health Services is the fourth largest private hospital operator in the United States with operations across six states.
- Pure Health would receive board observer rights but would not have a seat on Ardent’s board of directors.
Economy
Saudi banks’ assets surpass UAE peers first time since 2007
Based on June data of Saudi and UAE central banks, the aggregate assets of Saudi banks (3.529.1 trillion) exceeded those...
- The Saudi banks’ assets broke the SAR 3 trillion-mark for the first time at the end of Feb 2021, the SAR 2 trillion-mark in Mar 2014 and the SAR 1 trillion-mark in Oct 2007.
- Saudi banks’ assets in June made up almost 135 of real gross domestic product (GDP) of SAR 2.614.7 trillion – their highest level ever.
Business
Sweden to provide guarantees worth ‘billions’ to energy firms
Faced with a winter without the energy supplies from Russia, Sweden has turned to Nordic and Baltic energy companies promising...
- Andersson while talking to reporters said the guarantees were aimed at giving energy groups "the breathing room that is needed"
- The guarantees were expected to be in place on Monday before the stock market closing and would cover all Nordic and Baltic actors within the next two weeks
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China’s Xiaomi to enter EV market
China's EV sector has grown rapidly in recent years.
Company News
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Meeza, QNBFS sign agreement
Business
Sharjah looks to boost economic, investment ties with Uganda and Kenya
Sharjah, UAE-- The emirate of Sharjah is seeking to boost economic and investment cooperation with Uganda and Kenya. In this...
Business
Saudi Coffee Company launches its first model farm in Jazan
Riyadh, Saudi Arabia - Saudi Coffee Company, a wholly owned subsidiary of the Kingdom’s Public Investment Fund, on Sunday announced...
Business
Global AI economy will reach over $32 trillion by 2027
The emergence of AI-managed portfolios marks a notable change in the investment realm. Success in this evolving landscape will require...
Opinion
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Business
FGCC Chambers to hold GCC-Egyptian Business Forum in Saudi Arabia
AL-KHOBAR, SAUDI ARABIA - The Federation of Egyptian Chambers of Commerce (FEDCOC) is scheduled to host the first Gulf-Egyptian Business...
- The forum will address the most important economic and commercial issues.
- Gulf and Egyptian officials and entrepreneurs are slated to attend the forum.
Business
Saudi Arabia to continue voluntary oil cut until end of Dec 2023
Riyadh, Saudi Arabia -- Saudi Arabia has announced it will continue the voluntary cut of one million barrels per day,...
- Riyadh, the world's biggest crude exporter, first announced its cut after a June meeting of the 23-nation OPEC+ alliance, which also includes Russia.
- That decision riled the United States, which at the time accused Saudi Arabia, a security partner, of siding with Russia in the war in Ukraine.
Business
American defense companies firm on attending Dubai Airshow
Washington DC, United States -- In spite of escalating instability in the Middle East, several American defense firms have reaffirmed...
- The Dubai Airshow, to be held at Maktoum International Airport in the United Arab Emirates, is a biennial event and ranks among the world's most significant aerospace exhibitions.
- L3Harris told Breaking Defense, "We're monitoring current events like all our industry peers and have not scaled back our planned attendance."