Eurozone business activity stabilizes in March
Brussels, Belgium - Business activity in the eurozone stabilized in March thanks largely to a "modest recovery" in the service sector,...
Economy
Bayanat, Yahsat shareholders to vote on merger and creation of SPACE42 on April 25
ABU DHABI, UAE – Bayanat AI PLC and Al Yah Satellite Communications Company each issued a circular on Thursday calling...
Business
Business
Sulaiman Group’s profit soars
The hospital operator's profit jumps to $210m in H1 of 2022
- The company's revenue posted 16 percent jump to $1.06 billion for the six months period ended 30th June 2022
- The hospital operator's board recommended distributing $80 million in dividends at SR0.86 per share during the second quarter of 2022
Business
Pacts boost presence of Saudi-made products on market shelves
Saudi authorities have signed agreements with big retail stores in the kingdom to promote the ‘Made in Saudi Arabia’ program,...
- Under the agreements, signed by Saudi Exports Development Authority, large stores allocate platforms and outlets for Saudi-made goods.
- Saudi products displayed in some retail stores in the local markets amount to account for 70 percent of more than 128,000 items.
Business
Web 3.0 to further revolutionize digital banking
Forward-leaning financial institutions are ready to seize strategic opportunities to secure their stake in the future of Web 3.0. Right...
- Banks globally are going digital, embracing new technologies and these institutions in GCC countries are following this trend
- There have been many reports about Web 3.0 and its benefits for the banking sector and its clients
Business
Pfizer to make $5bn acquisition
US drugmaker is in talks to buy Global Blood Therapeutics.
- Pfizer, according to media reports, hopes to conclude talks with Global Blood Therapeutics within days
- GBT's sickle-cell treatment is administered to people with blood disorder that affects millions
Business
Qatar records 19% jump in international tourist arrivals
Qatar has seen a nineteen percent increase in tourist arrivals with 729,000 visitors coming to the country in the first...
- In June alone some 149,000 visitors came to the country, marking the highest arrivals in the summer month in the last 5 years
- Qatar will unveil some 50 hotels by the end of the year, besides launching several tourism attractions such as kite beach resorts and Lusail Winter Wonderland
Business
Union Properties’ profit rises
The Dubai-based firm posted net profit of $77,603 in Q2.
- The developer merged three of its existing business units to improve efficiency and productivity across the business,
- Union Properties expects improvement in profitability through efficient resource and asset utilization, economies of scale and cost rationalization
Business
GCC investors turn to realty to hedge against inflation
The real estate sector in the Gulf region is set to accelerate in the second half of the year as...
- The real estate sector in the region is set to accelerate in the second half of the year as regulations effectively mitigate the market cycle swings, especially during inflation
- Local real estate prices will be less high for foreign investors than other global markets as local inflation rates are significantly lower than the rest of the world, say experts
Market Report
GCC stocks rise amidst US-China tension
The performance of the Gulf stock exchanges varied this week, affected by several factors and events, most notably the tension...
- The performance of the Gulf stock exchanges varied this week affected by several factors and events
- The visit of US House Speaker Nancy Pelosi to Taiwan and the tension between the United States and China affected the stock market
Business
Dubai Chambers gets new CEO and President
Dubai Chambers has announced a leadership change, with Hamad Buamim, President and CEO, moving on after 16 years of service....
- He replaced Hamad Buamim, who was the President and CEO of Dubai Chambers for past 16 years.
- Under Buamim, the membership of Dubai Chambers by over four times from 80,000 to over 320,000.
Geostrategy
Turkey to pay for some Russian gas in rubles, says Erdogan
President Recep Tayyip Erdogan has confirmed that Turkey will start paying for some of its Russian natural gas imports in...
- Neither Erdogan nor Russian officials have said what portion of the gas will be covered by ruble payments
- Russia accounted for about a quarter of Turkey's oil imports and 45 percent of its natural gas last year
Most Read
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
Eurozone business activity stabilizes in March
Brussels, Belgium - Business activity in the eurozone stabilized in March thanks largely to a "modest recovery" in the service sector,...
Economy
Company News
Jadwa buys stake in Gissah
Business
DIEZ reports 5% rise in revenue
Business
Latest News
Positive trial for Pfizer-BioNTech Covid-flu jab
Berlin, Germany - Germany's BioNTech and US pharmaceutical giant Pfizer on Thursday announced "positive" results from initial trials of their combined...
Business
Saudi Arabia’s Ministry of Investment inks 3 MoUs at FII7
RIYADH, SAUDI ARABIA – The Kingdom’s Ministry of Investment signed three memoranda of understanding (MoU) in the fields of biotechnology,...
Business
Most Read
Business
ASPACE to set up Saudi’s first satellite manufacturing unit
Riyadh, Saudi Arabia -- Saudi Arabia announced Thursday the completion of SAR 1 billion investment procedures by ASPACE, a Hong...
- The Hong Kong based company completed procedures for the investment of SAR 1 billion ($266 million) for the manufacturing facility.
- The manufacturing company expects growth throughout the project phases, for the manufacturing of components, subsystems, and satellites.
Business
How Saudi PIF is trying to build a post-oil economy
Riyadh, Saudi Arabia -- As global banking elites attend the Future Investment Initiative forum in Riyadh, a focal point of Saudi...
- The PIF now boasts assets under management exceeding $700 billion and says it has created more than 560,000 "direct and indirect" jobs.
- The PIF's high-profile investments in foreign firms include stakes in Uber, electric car maker Lucid and video game company Activision Blizzard.
Business
Ghitha Holding Q3 profit of $33m
The company gained from regional food processing.
- Driven by strong results and business momentum, Ghitha reported revenue of US$898 million in the third quarter.
- Revenues grew 120 percent year-over-year, driven by broad-based growth across categories and geographies.