Xiaomi announces release date for EV
It will be its first foray into the electric vehicle sector.
Business
Abu Dhabi launches technology investment company MGX
ABU DHABI, UAE – The Artificial Intelligence and Advanced Technology Council (AIATC) announced on Monday the creation of MGX, a...
Business
Economy
Govt says 200 Qatari nationals got jobs in private firms in May
The Labor Ministry has made a lot of efforts to ensure that Qatari nationals get employment in private sector companies...
- 10 companies and institutions had cooperated with Labor Ministry to employ Qatari nationals in May
- Since January 729 Qatari nationals have been employed in private sector companies and institutions
Business
Jordan’s exports to US rise by six percent in first quarter
Jordan's trade balance with the United States registered a surplus of JD105 million ($147.85 million) in the first quarter of...
- Garments and textiles are key exports to the US market, followed by engineering industries, foodstuff, Dead Sea cosmetics, and jewellery.
- The trade balance recorded a surplus of $147 million in Q1.
Business
OIFL to pay GMTN interest
The Ooredoo subsidiary said it will pay $9.3 million on June 22.
- Ooredoo Group reported a revenue of QR 30 billion ($8.23 billion) for the full year ended 31 December 2021.
- Group net profit attributable to shareholders stood at QR47m.
Economy
Jordan’s wholesale price index up 5.6 percent as fuel, mineral prices surge
Jordan’s wholesale price index in Q1 2022 increased by 5.66 percent, reaching 102.64 points against 97.14 during the same period...
- The wholesale price index in the first quarter of 2022 went up by 2.08 percent compared to the fourth quarter of 2021.
- The boost in price of machine trade and their supplies by 5.33 percent or 0.49 points played a role in the index increase.
Business
Jordan’s energy ministry signs two MoUs for copper, gold exploration
The Ministry of Energy and Mineral Resources on Sunday inked an MoU with a local company to explore for copper...
- The Jordan Integrated Mining and Exploration Company will conduct a 16-month copper exploration of a 78-square-kilometre area.
- The Turkish "Solvest Trade and Industry Limited Company" will conduct a 14-month gold exploration in the Abu Khashiba Valley.
Economy
Kuwait backs Turkish-Arab foray into job-oriented philanthropy
Kuwait's Ambassador to Turkey and several Kuwaiti organizations have supported the concept of Core Istanbul
- Kuwait Islamic Charity Organization backs Core Istanbul for its initiative to help young people get jobs
- The concept of Core Istanbul is called as a more business-oriented approach towards philanthropy
Business
PIF, Capital Bank Group sign pact
The deal worth $185m makes PIF a strategic investor in the group.
- The deal aims to increase the capital of the Capital Bank Group, and thus raise the total shareholders’ equity to more than 3.2 billion riyals, media reports said.
- It also aims at strengthening its plans for digital transformation by providing the latest electronic services that include the launch of digital banks.
Business
Saudi authority to hold real estate auctions in Riyadh, Madinah
Saudi Arabia's Center for Attribution and Liquidation, or Infath, has said that between June 7 and 15, it will be...
- The Center for Attribution and Liquidation, or Enfath, will hold these auctions between June 7 and 15 in attendance and online.
- Auctions display 117 real estate assets, including commercial, residential, and agricultural lands, villas, and commercial and residential buildings.
Business
ACWA Power inks deal for Layla PV Solar project worth $107m
Saudi ACWA Power Co. has signed a power purchase agreement with Saudi Power Procurement Co. for the Layla PV Solar...
- The company won the contract for submitting the lowest bid of 11.2 halala/KWh
- ACWA Power will develop, construct, and operate Layla PV Solar IPP, a plant located in Riyadh
Business
UAE is determined to disrupt organized crime: Minister of Justice
A day after the arrest of a British national in Dubai over a $1.7 billion dividend tax fraud case in...
- For the past two years UAE authorities have worked closely with their Danish counterparts to compile a strong body of evidence in this case
- The UAE’s commitment to collaboration is also symbolized in the general extradition treaty signed with Denmark in March 2022
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
Xiaomi announces release date for EV
It will be its first foray into the electric vehicle sector.
Business
Company News
Latest News
Saudi Arabia to enhance air connectivity to over 250 destinations by 2030
RIO DE JANEIRO, BRAZIL - A delegation led by President of the General Authority of Civil Aviation (GACA) Abdulaziz bin...
Geostrategy
Luxembourg, EU’s richest country, grapples with housing crisis
Luxembourg, Luxembourg -- Luxembourg's residents may be classified as the wealthiest in the European Union, but the sky-high cost of buying...
Business
Saudi Arabia’s cement sales fall by 8.5 percent in September
Riyadh, Saudi Arabia -- The aggregate sales of 17 Saudi cement producers decreased by 8.5 percent to 4.1 million tons...
Business
Most Read
Business
UAE emerges as crypto powerhouse amid global shifts
Last year, 67% of UAE's crypto transactions were institutional, valued over $1 million, with decentralized exchanges constituting 48%, outpacing centralized...
- Last year, 67% of UAE's crypto transactions were institutional, valued over $1 million, with decentralized exchanges constituting 48%, outpacing centralized ones, says a report
- Between July 2022 and June 2023, the MENA region registered $389.8 billion in on-chain value, with Saudi Arabia experiencing a 12% annual crypto transaction growth
Economy
Inflation, war and high rates to decelerate trade in 2023, says WTO
Geneva, Switzerland - Global trade growth will be sharply lower than forecast this year as stubborn inflation, high interest rates and...
- The volume of world merchandise trade is now expected to grow by 0.8 percent this year, "less than half the 1.7 percent increase forecasted in April", the WTO said.
- "The exact causes of the slowdown are not clear, but inflation, high interest rates, US dollar appreciation, and geopolitical tensions are all contributing elements," it said.
Market Report
Tadawul’s sukuk, bonds market sees $3.4bn negotiated deals in first 9 months of 2023
RIYADH, SAUDI ARABIA – The Saudi Exchange's (Tadawul) sukuk and bonds market witnessed 74 negotiated deals worth nearly SAR 12.77...
- March recorded the highest number and value of deals, as 18 transactions were executed at a value of $853 million
- KSA Sukuk 2021-06-10 topped the list in the first nine months of 2023 with US$821 million.