Saudi Aramco says foreigners grab ‘majority’ of share offering
Riyadh, Saudi Arabia - Oil giant Saudi Aramco said Sunday that international investors had snatched up the bulk of shares sold...
Business
Airlines expect over $30 bn in profits and passengers to hit nearly five billion in 2024: IATA
The International Air Transport Association (IATA) announced strengthened profitability projections for airlines in 2024 compared with its June and December...
Business
Business
Crown Prince’s visit: Egyptian, Saudi firms sign deals worth $7.7 bn
The accords were related to "infrastructure, logistical services, port management, agri-foods, the pharmaceutical industry, fossil fuels and renewable energy, and...
- Trade between Egypt and the kingdom leapt more than 62 percent last year compared with 2020, reaching $9.1 billion, according to official Egyptian figures.
- Egyptians working in Saudi Arabia are an important source of foreign currency, with transfers worth more than $11 billion in the 2020-2021 financial year.
Business
Global personal luxury goods market hits US$300bn
The market benefited from an exuberant 2021 holiday shopping season across the regions, with a seven percent increase over the...
- Global personal luxury goods experienced a remarkable performance in the first quarter 2022
- Luxury brands enjoyed growth from a strong holiday shopping season, maintain momentum in the US
Business
Oil uncertainty may stay for next five years: ExxonMobil CEO
ExxonMobil has taken a 6.25 percent stake in the expansion of Qatar's North Field, which contains the world's biggest natural...
- Energy markets have been roiled by the Ukraine war as Russia has reduced some exports and faced sanctions.
- The CEO was speaking ahead of ExxonMobil's unveiling as the 4th global partner for Qatar's natural gas expansion.
Business
Twitter deal still in limbo due to fake accounts: Elon Musk
Business magnate Elon Musk said Tuesday that his $44 billion move to take over Twitter remained held up by "very...
- Musk was reluctant to talk about the deal when asked at the Qatar Economic Forum, saying it was a "sensitive" matter.
- Musk said he wanted to get 80 percent of the North American population and half the world's population onto Twitter.
Economy
Leadership supports growth of UAE as global manufacturing hub: Minister
UAE's Minister of Industry Dr Al Jaber said at the 'Make it in the Emirates' Forum that the national industrial...
- The national industrial strategy will leverage the UAE's competitive advantages to build a strong industrial sector
- The strategy will help the country develop a diversified, self-sufficient and sustainable economy
Business
UAE, Israel export credit agencies to back Ghana healthcare project
Etihad Credit Insurance (ECI) and Israel Export Insurance Corporation have entered into an agreement under which ECI will provide buyer’s...
- The project involves construction of four healthcare facilities in Ghana, including a general hospital in the country's largest port city, Tema.
- The agreement is related to the first Public-Private Partnership project between the UAE and Israel after the signing of the historic Abraham Accords in September 2020.
Business
Dubai eateries earn Middle East’s first Michelin stars
Created in 1900 by the brothers Andre and Edouard Michelin of the tyre company Michelin for motorists, the guide has...
- Two restaurants were given two-star ratings, another nine gained one star and 14 received the Bib Gourmand for value-for-money gourmet fare.
- Sixty-nine restaurants serving 21 types of cuisine were listed, including Italian, Japanese, Arabic, French and Indian.
Business
Three companies to buy Masdar stakes
TAQA, ADNOC, and Mubadala enter binding agreements worth $1.9bn.
- The agreements will see TAQA acquire a 43 percent controlling stake in Masdar's renewables business, with Mubadala retaining a 33 percent interest and ADNOC 24 percent.
- ADNOC will hold a 43 percent controlling stake in Masdar's new green hydrogen joint venture, Mubadala will retain a 33 percent interest and TAQA a 24 percent effective stake.
Business
ADNOC signs manufacturing pacts
Identifies $19bn worth of products that can be manufactured in UAE.
- The agreements, which were signed at the “Make it in the Emirates Forum”, will see the UAE and international companies set up and expand manufacturing facilities in the UAE.
- The local manufacturing opportunities comprise of over 100 products which will be utilized across ADNOC's full value chain.
Business
Equities climb in Asia as calm returns after sharp sell-off
Equities rose in most cities Tuesday in Asia as some stability returned to markets after last week's upheaval, but analysts...
- The Fed announced a three-quarter point lift last week, after inflation data days earlier had smashed forecasts and hit a four-decade high
- Tokyo, Hong Kong, Sydney, Seoul, Singapore, Wellington, Taipei, Mumbai, Bangkok and Jakarta all rose but Shanghai and Manila slipped
Saudi Aramco says foreigners grab ‘majority’ of share offering
Riyadh, Saudi Arabia - Oil giant Saudi Aramco said Sunday that international investors had snatched up the bulk of shares sold...
Business
Company News
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Yalla Group H1 revenue $152m
Business
KIB posts $19.5m net profit
Business
Alphabet and Microsoft see earnings rise on AI-infused cloud
Tech giant Microsoft said Tuesday its profits rose in the latest quarter, boosted by its strength in the closely watched...
Business
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Business
Saudi industrial construction potential game-changer
The Kingdom is gearing up for a massive investment in industrial and mega projects, with plans to allocate $180 billion...
- The Kingdom is gearing up for a massive investment in industrial and mega projects, with plans to allocate $180 billion annually from 2025 to 2028, says a latest report.
- With projects like the high-tech NEOM city in the pipeline, the Kingdom is set on diversifying its economy and establishing itself as a leading tourist destination.
Market Report
Markets up, oil down as investors eye Middle East situation
Oil slid but most world stock markets rose in anticipation of a raft of strong US corporate earnings, even as...
- Oil prices drifted down around two percent not least on concerns over where the conflict in the crude-rich Middle East is headed.
- Traders were on a welter of third-quarter earnings, with Microsoft and Alphabet among those due to unload after market close.
Business
RCU inks pact with Artefact, Dassault Systèmes for AI, digital solutions
ALULA, SAUDI ARABIA – The Royal Commission for AlUla (RCU) has reinforced its commitment to technology innovation and cutting-edge digital...
- The pacts are focused on the seamless integration of the latest and emerging digital products within AlUla's maturing technology eco-system.
- The agreement will cover pivotal areas of development, from AI consulting and transformation to establishing a dedicated school of data & AI.