2024 Crypto Crime Update Part 2: China-based cybercrime networks on the rise
In part 1 of our mid-year crime update, we discussed trends related to ransomware and stolen funds. While aggregate illicit...
ExxonMobil expects global oil demand near current levels in 2050
New York, United States - Global oil demand is unlikely to fall by 2050 despite progress on renewable energy, the US...
Business
Business
$399 million hospitality investment fund coming up in Saudi Arabia
A SAR 1.5 billion ($399 million) hospitality investment fund that will advance lifestyle hotels in Saudi Arabia will be set...
- Media reports said the lifestyle hotels will enhance promising sector-leading opportunities in various tourist destinations within the kingdom.
- The projects are expected to provide around 2,000 hotel rooms and training opportunities for Saudi nationals.
Business
Netflix subscriber base thins as competition heats up
Netflix reported losing subscribers for the second quarter in a row Tuesday as the streaming giant battles fierce competition and...
- Netflix shares were up slightly in after-market trades a sign that investors were remaining faithful
- Netflix opted to develop the lower-cost offering after a disappointing first quarter in which it lost subscribers for the first time in a decade
Business
Saudi VC investments post 244% jump to $584m in H1
Venture capital investments in Saudi Arabia have posted a staggering 244 percent increase to $584 million in the first half...
- MAGNiTT, a venture data platform, said that the Kingdom saw 79 deals in H1 2022, an increase of 36 percent compared to H1 2021
- Fintech had the highest number of transactions with 17 deals, followed by logistics which had 12 deals, and e-commerce with eight deals, in H1 2022
Business
Souq Al Jubail draws over two million visitors in H1 2022
The sales volume in the fish section of the soup during the six month period reached 2,086 tonnes, while volume...
- The sales volume in the fish section of the soup during the six month period reached 2,086 tonnes, while volume of sales of fruits and vegetables was 2,711 tonnes
- The market comprises 260 shops divided into three parts: the vegetables and fruits, meat and fresh fish section
Business
Tokyo equities post gains on US rally with eyes on BoJ
Tokyo stocks opened higher on Wednesday as investors took heart from US rallies and other positive factors while awaiting a...
- The benchmark Nikkei 225 index was up 1.27 percent, or 341.12 points, at 27,302.80 in early trade, while the broader Topix index advanced 1.29 percent
- The dollar fetched 138.16 yen in early Asian trade, against 138.21 yen in New York late Tuesday
Business
Boeing wins $8 bn contract
The US planemaker will manufacture 66 MAX aircraft.
- The deal comprises a firm order for 30 medium-haul single-aisle 737 MAX-8-200s plus options to purchase up to 36 more from the same family.
- The MAX jet suffered two deadly crashes in 2018 and 2019, but is experiencing a rush of interest at this year's Farnborough, southwest of London.
Economy
New business licenses in Dubai grow 25% in H1 of 2022
Dubai issued 45,653 new business licenses in the first half (H1) of 2022, registering a growth of 25 percent compared...
- Dubai issued 45,653 new business licenses in the first half (H1) of 2022, a growth of 25 percent compared to the same period last year
- The numbers reaffirm the success of the government's innovative new strategic approaches and policy amendments
Business
Dubai Metaverse Assembly in Sept to host 300 global experts
The assembly will host more than 300 global experts, policymakers, thought leaders, and decision-makers from more than 40 organizations.
- The global event brings together regional and international experts in Dubai to shape the future of the metaverse.
- It explores how technology can be deployed across vital sectors to create better future and quality of life for humanity.
Business
Zain Group Q2 net profit $165m
The Group will pay a half-year dividend of 10 fils per share.
- Data Revenue grew 3 percent to represent 40 percent of Group Revenue for H1. Kuwait, KSA and Sudan record double-digit growth in revenue and net profit.
- The Group said it recorded 21 percent revenue growth in Enterprise business, as ZainTech enters many strategic partnerships.
Business
Investments in Saudi startups grow by 244 percent in H1 2022
Investments in Saudi startups grew by 244 percent to a record high of SAR 2.19 billion ($584 million) in the...
- In fact, the investments in the first half of 2022 surpassed the total investments in 2021, according to a report by the venture data platform, MAGNiTT.
- The report said the kingdom advanced to become the second-most active VC market in MENA by number of deals, which rose by 36 percent to 79 deals in H1 2022.
2024 Crypto Crime Update Part 2: China-based cybercrime networks on the rise
In part 1 of our mid-year crime update, we discussed trends related to ransomware and stolen funds. While aggregate illicit...
Company News
stc Group begins work in Europe
Business
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Iran ramps up oil production to 3.4m bpd, up from 2.9m bpd
Tehran, Iran-- Iran has ramped up its oil production to 3.4 million barrels per day (bpd), up from about 2.9...
Business
Middle East conflict alters regional energy dynamics
Chevron's Tamar gas field halt, rising global oil prices, and jeopardized gas supplies to Egypt and Jordan underscore the impact...
Business
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Business
Mwani Qatar posts 39% increase in transshipment containers
Doha, Qatar -- The Qatar Ports Management Company (Mwani Qatar) announced a 39 percent increase in transshipment containers in October,...
- Mwani Qatar data released Wednesday revealed an increase in building and construction materials shipments by 21 percent.
- Vehicles and equipment shipments on the other hand increased by 8 percent to reach 6,494 units.
Business
Agreements worth $3.54bn inked at Global Health Exhibition
Riyadh, Saudi Arabia -- A total of 138 agreements, MoUs and deals worth more than SAR 13.3 billion ($3.54 billion)...
- More than 300 local, regional and international companies from 29 countries presented the latest healthcare innovations and technologies at the event.
- The exhibition, in its sixth edition, offered health practitioners 30-credit-hour of Continuing Medical Education (CME) programs.
Business
Second quarter foreign investments in Saudi Arabia hit $666bn
Riyadh, Saudi Arabia -- Foreign investments in Saudi Arabia increased 4 percent year-on-year (YoY) to SAR 2.50 trillion ($666. 39...
- The foreign investment balance recorded an increase of 5 percent quarter-on-quarter, or nearly SAR 109.9 billion.
- Foreign direct investments (FDIs) represent 41 percent, or SAR 1.02 trillion, of total investments, Argaam reported.