Aramco CEO highlights collaboration with Beijing at forum in China
AL-DHAHRAN, SAUDI ARABIA – Aramco President and CEO Amin Nasser outlined the potential for stronger collaboration with Chinese partners in...
Business
Feeding fit: Saudi Arabia redefines the poultry sector
In February 2024, Saudi Arabia's poultry industry reached a milestone by producing 100 million kilograms of poultry, thereby setting new...
Business
Economy
UAE gave foreign aid worth $3.5bn, says MoFAIC
The UAE is providing sustainable humanitarian aid worldwide, underscoring its commitment to promote regional, global peace and prosperity. As per...
- The total value of foreign aid provided by the UAE from the start of 2021 to mid-August 2022 amounted to $3.5 billion
- While Yemen accounted for most of Emirati aid with over $315 million, the list also included several Arab, Asian and Western countries
Economy
Middle East nations to gain $1.3 trn in additional oil revenues by 2026: IMF
The gains, due to high oil prices, will provide 'firepower' to the region's sovereign wealth funds, said Jihad Azour, IMF's...
- Recently, Saudi Arabia said it achieved a rare budget surplus of over $20bn in the second quarter of 2022, as oil revenues surged 90 percent compared to a year ago.
- Saudi PIF has invested over $620 billion in total, $7.5 billion alone in US stocks during the second quarter, when the share prices were relatively low.
Business
Saudi, Uzbekistan sign cooperation pact in several energy sectors
Saudi Arabia and Uzbekistan have signed an agreement to develop cooperation and exchange information and experiences in all fields of...
- They will develop cooperation and exchange information and experiences in all fields of energy though research and studies besides exchanging policies and laws related to these.
- The agreement was signed by the acting Minister of Energy Dr. Essam bin Saad bin Saeed and the First Deputy Minister of Energy of Uzbekistan Azim Ahmed Khojayev.
Business
Asian, European markets mixed as investors assess Fed outlook
A two-month rally from June lows appears to have run out of steam this week, with downward pressure coming after...
- Hong Kong, Taipei, Manila, Sydney and Jakarta inched higher, while Shanghai, Singapore, Seoul, Wellington, Mumbai and Bangkok all fell.
- Wall Street's three main indexes edged up after Wednesday's losses. In Europe, London inched up, while Paris and Frankfurt edged down.
Business
OPEC revises oil demand projection to 3.1mn barrels a day
The recent drop in oil prices reflects global concern over an economic slowdown and “masks physical market fundamentals," says OPEC...
- The recent drop in oil prices reflects global concern over an economic slowdown and “masks physical market fundamentals,” says OPEC secretary general
- He predicted a slowdown in demand growth in 2023 but said it should not be worse than what has already been experienced in the last two years
Business
Apple warns of flaw that lets hackers into iPhones, Macs
Patches were released Thursday and Wednesday by the tech titan to fix what it described as a vulnerability hackers already...
- Apple did not disclose whether it had information regarding the extent to which the issue has been exploited
- The technical description indicated that a hacker could use the flaw to take control of devices, accessing any of its data or capabilities
Geostrategy
Israel planning renewable energy projects in MENA region
The companies are also developing projects in Morocco, the UAE and Bahrain, along with Egypt and Jordan.
- The companies are also developing projects in Morocco, the UAE and Bahrain, along with Egypt and Jordan
- The plans follow two years after Israel normalized relations with the UAE, Bahrain and Morocco. Israel also signed a Free Trade Agreement with the UAE
Facebook bans major US anti-vaccine group
Meta spokesperson Aaron Simpson told AFP that the group's accounts at Facebook and Instagram were shuttered on Wednesday. The ban...
- The Children's Health Defense (CHD), which has been a critic of Covid vaccines, immediately accused Meta of stifling its free speech rights
- CHD said its social media accounts were followed by hundreds of thousands of people, and claimed the action by Meta came as a surprise
Business
Qatar buses feel the World Cup heat in tournament test
Getting the football hordes around the city and between the eight stadiums promises to be one of the biggest challenges....
- With more than one million people expected to descend on the tiny Gulf state for the tournament, the government is taking no chances with their multi-billion dollar preparations
- Amid sweltering summer heat, hundreds of air conditioned but mainly empty buses went out to stadiums, metro stations and pickup points
Business
GCC insurers adopting sustainable finance practices
Even as only half of the significant insurers in the region are disclosing ESG information, sustainability has gained significant traction...
- Even as only half of the significant insurers in the region are disclosing ESG information, sustainability has gained significant traction in financial services in last few years
- Regional insurers are developing ESG practices and increase in maturity in ESG reporting, with crucial best practices emerging, according to a report by Arthur D Little
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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
Aramco CEO highlights collaboration with Beijing at forum in China
AL-DHAHRAN, SAUDI ARABIA – Aramco President and CEO Amin Nasser outlined the potential for stronger collaboration with Chinese partners in...
Business
Company News
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Ryanair inks pact with Joramco
Business
Samsung Q3 profit down 77.57%
The company's third-quarter profit was well above the first quarter's 640 billion.
Stocks mixed, oil subdued as traders eye Mideast and central banks
There is a sense of relief on trading floors that the Israel-Hamas conflict has been contained so far, with optimism...
Business
Most Read
Geostrategy
Saudi civil aviation authority announces economic policy of sector
RIYADH, SAUDI ARABIA - The General Authority of Civil Aviation (GACA) has announced the economic policy of the civil aviation...
- The economic policy aims to increase the operational performance of the Kingdom's airports and improve the performance of national carriers.
- This is to help change the Kingdom into a global destination for transport and shipping services by providing infrastructure attractive to foreign investment.
Business
Saudia records 50 percent growth in operations during Umrah season
JEDDAH, SAUDI ARABIA - From the start of the month of Muharram until the end of Rabi' Al-Awwal, Saudia Airlines...
- Its commitment to operate during the Umrah season for the year 1445 Hijri aligns with Saudia’s dedication to contribute to the Saudi Vision 2030 goals.
- Saudia planned to provide additional charter flights during the current Umrah season, aiming to transport more than 100,000 Umrah performers through new stations.
Business
Meta releases advertisement-free plan for users in Europe
"To comply with evolving European regulations, we are introducing a new subscription option in the EU, EEA (European Economic Area)...
- Meta said European users can subscribe for a fee of 9.99 euros ($10.50) a month on the web, or 12.99 euros on mobile phones using iOS and Android systems
- The company has taken the decision after a series of tougher European Union rules intended to rein in big tech, including the General Data Protection Regulations