World’s only Dragon Ball theme park launched in Saudi Arabia’s Qiddiya City
RIYADH, SAUDI ARABIA – The Board of Directors of the Qiddiya Investment Company (QIC) revealed on Sunday the launch of...
Arts & Culture
EU to tell big tech firms to curb election risks or face fines
BRUSSELS, BELGIUM – The EU will put more pressure on the most popular online platforms, like X and TikTok, to tackle...
Geostrategy
Business
Saudi Arabia’s Kingdom Holding to invest $3.4bn in next 3 years
The company completed its earlier investment program during the period between the second quarter of 2020 and Q2 2022.
- The company completed its earlier investment program during the period between the second quarter of 2020 and Q2 2022
- It invested in diverse sectors with a proven track-record of growth and strong financial position
Business
Sharjah unveils ‘Holiday Homes Project’ to boost economy
The first phase of the project includes organizing field visits and inspection campaigns, as well as electronic or digital follow-up...
- SCTDA has mandated that the residential units be rented out on a rotational basis, regularly.
- The project will also empower prospective users with a new source of income recognized by the Government of Sharjah
Business
Clean beauty sector grows, so are greenwashing risks
In a positive development, the cosmetic industry at large is becoming greener. Approaches, however, are not always uniform or holistic...
- In a positive development, the cosmetic industry at large is becoming greener. Approaches, however, are not always uniform or holistic across the board, say experts
- Greenwashing generates skepticism in consumer mind when they find out that something they thought was true is not, add industry players
Business
Sanction partners: Iran’s top automaker eyes Russian market
Russia has come under increasingly tough sanctions since its February invasion of Ukraine, while Iran has faced stringent sanctions reimposed...
- The two countries have responded to the sanctions by boosting cooperation in key areas to help prop up their economies.
- "We are going to pay special attention to the Russian market, and we are also thinking of partnering with Russian investors," said Iran Khodro CEO Mehdi Khatibi.
Business
GIG H1 net profit $48.9 million
Improvement in underwriting and investment push profits up.
- The company said the rise in net profit was due to the improvement in the Group’s underwriting and investment performance compared to the same period last year.
- The total assets for the first half of the current year reached KD 1.34 billion, compared to KD 0.8 billion, an increase of 67.3 percent.
Economy
In Dubai 305m riders use public transport in H1 2022
Dubai’s Roads and Transport Authority (RTA) announced that the number of riders using public transport and shared mobility clocked nearly...
- The number of riders using public transport was 36 percent for Dubai Metro and 29 percent for taxis
- March 2022 was the busiest of all months recording 62 million riders
Economy
Electronic payments overtake cash in Saudi Arabia in 2021
The Saudi Central Bank (SAMA) said a study revealed that electronic payments increased from 44 percent in 2019 to 62...
- The Saudi Central Bank said a study revealed that electronic payments increased from 44 percent in 2019 to 62 percent by volume in 2021
- In the business sector, the share of electronic payments reached a substantial 84 percent of all payments in 2021
Business
AD Ports Group Q2 net profit $81.67m
The year-on-year growth in net profit was 59 percent.
- Capex reached AED 1.6 billion, in line with the Group’s capital investment plans to spend more than AED 15 billion across all clusters over the 2022-26 period, the statement said.
- Container volumes grew by 30 percent YoY while Ro-Ro and cruise passenger volumes continued their healthy recovery post COVID-19 disruptions.
Business
NADEC records $11m profit
The jump in profit was driven by growth in sales of dairy.
- There was a 21 percent revenue increase due to a high growth in sales of dairy and food processing
- The company had posted losses of $2.9 million in the same period last year
Business
Aramco posts record profit of $48.4bn in Q2
Net income leapt 90% for the world's biggest oil producer, which clocked its second straight quarterly record after announcing $39.5bn...
- Aramco said its income rose 22.7 percent from Q1 in "strong market conditions"
- The quarterly profits, the highest since Aramco's IPO in late 2019, beat analyst forecasts of $46.2 billion
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World’s only Dragon Ball theme park launched in Saudi Arabia’s Qiddiya City
RIYADH, SAUDI ARABIA – The Board of Directors of the Qiddiya Investment Company (QIC) revealed on Sunday the launch of...
Arts & Culture
Company News
Latest News
Evergrande posts H1 loss
Business
Hamriyah Freezone and Amazon UAE sign lease agreement for new logistics center
Sharjah, UAE--Hamriyah Freezone Authority (HFZA) and Amazon UAE have signed a lease agreement for a new logistics centre which will...
Business
Saudi Exchange to launch Single Stock Options contracts
Riyadh, Saudi Arabia – The Saudi Exchange on Sunday announced its intention to launch the Single Stock Options (SSOs) contracts,...
Business
Most Read
Business
Elm net profit up 43%
The profit growth was driven by 27% revenue increase.
- The rise in revenue resulted from a surge in digital business revenue by 42.70 percent.
- The third-quarter net profit grew 22.2 percent to SAR 334 million, from SAR 273.36 million in Q3 2022.
Business
Sulaiman Al Habib 9M profit $405m
The Group reported a nearly 16% year-on-year rise in revenues.
- The higher revenues were driven the hospital and pharmacy segments, due to the increase in the number of patients and inpatients occupancy.
- In Q3 2023, the net profit climbed 30 percent to SAR 544.8 million from SAR 420.6 million in Q3 2022.
Business
Lebanon court orders ex-car boss Ghosn out of Beirut home
Ghosn and his wife must "vacate the property... within a month", according to a copy of the decision seen by...
- Ghosn, who took up residency in the Beirut property after fleeing prosecution Japan in 2019, appealed the ruling on Friday, the Judicial official said
- Phoinos initiated the legal action in 2019 and has accused Ghosn of "trespassing on private property and living in the home without legal basis", the official added