GASTAT issues FDI statistics of Saudi Arabia for Q4 2023
RIYADH, SAUDI ARABIA – The General Authority for Statistics (GASTAT) issued on Friday the Foreign Direct Investment (FDI) statistics for...
Economy
Arab Bank for Economic Development in Africa expects financing to touch US$2.5bn
Abu Dhabi, UAE--The Arab Bank for Economic Development in Africa (BADEA) expects the bank's annual financing to reach US$2.5 billion...
Economy
Business
Meta tests sale of virtual goods in metaverse
Meta, the parent company of Facebook and Instagram, will give content creators the opportunity to sell virtual items to users...
- The metaverse consists of a set of parallel "universes" accessed primarily through augmented and virtual reality platforms
- It already exists in a basic way in the form of video games such as Minecraft, Fortnite and Roblox and social platforms such as Horizon Worlds, and VRChat
Business
Dubai records $417m worth of realty transactions on Monday
The Dubai real-estate market recorded transactions amounting to more than AED1.53 billion ($417.72 million) on Monday, April 11.
- Dubai saw 403 sales worth AED1.12 billion (around $305 million) and 80 mortgage deals of AED414.07 million ($112.73 million)
- The emirate also saw 10 gift transactions that amounted to AED18.32 million (almost $5 million) on Monday
Opinion
Cybersecurity – The rush to catch up with reality
The invasion of Ukraine was a major wake-up call globally for both governments and private firms. Small-to-medium businesses need to...
- The number of cyberattacks against small-to-medium businesses has increased by 150 percent over the past two years, and the companies’ defenses have not grown accordingly
- Shortage of workforce, which needs to grow by 65 percent for organisations to be able to sufficiently defend their critical assets, is adding to the cybersecurity woes
Analysis
Global projects to fuel Aramco 2022 growth
The Saudi Arabian Oil Company has outlined a clear strategy to continue to invest in both upstream and downstream segments,...
- In March, Saudi Aramco said its net income increased 124 percent to $110 billion in 2021, compared to $49 billion in 2020
- This was the result of higher oil prices, stronger refining and chemicals margins, and SABIC’s consolidation of full-year results
Business
dnata of UAE unveils new cargo center at Heathrow airport
dnata, Dubai-based air and travel services provider, has unveiled a new 10,500 sqm cargo center at London Heathrow airport.
- The new facility is part of the firm’s dnata City East complex, and will increase its capacity at Heathrow
- It now operates 13 cargo centers at six airports in the country
Business
Italy PM in Algeria seeking gas to reduce Russia reliance
Italian Prime Minister Mario Draghi arrived in gas powerhouse Algeria on Monday as Rome steps up efforts to reduce its...
- Italy buys the vast majority of its natural gas from overseas, with over 40 percent of those imports coming from Russia.
- Rome is hoping its second-biggest supplier Algeria can boost output via an undersea pipeline in order to provide alternatives.
Business
Empower pipeline grows 33.2 percent
The growth in Dubai cooling network occurred between 2018 and 2021.
- The new total length of the district cooling network in Dubai is 446 times the length of Burj Khalifa, the world's tallest building.
- The network expansion in 2021 is attributed to the new projects added to Empower's portfolio, most notably the Marsa Al Arab, and the expansions of Dubai Healthcare City.
Business
SIIG of Saudi Arabia to buy all shares of Petrochem
SIIG, also known as Saudi Industrial Investment Group, has obtained the approval to buy all shares of Petrochem.
- SIIG will now fully own Petrochem and as a result the latter will be suspended from trading on the Saudi Stock Exchange beginning Monday
- The acquisition transpired as Saudi Arabian energy companies are restructuring their operations in response to a market that has lost some of its demand
Business
Ericsson pulls out of Russia
Swedish firm said it was suspending its operations.
- The telecom giant already announced in late February that it would stop all deliveries to Russia following Moscow's February 24 invasion of Ukraine
- The company added that it was "engaging with customers and partners regarding the indefinite suspension of the affected business"
Business
Saudi Eastern Province launches 11 investment projects in Dammam
Saudi Arabia’s Eastern Province has launched 11 investment projects in Dammam metropolis. The Undersecretary for Investments and Revenue Development, Eng....
- The launch of these investment sites is part of the objective of 40 investment projects with an area of ​​3 million square meters.
- The duration of investment projects is 25 years, subject to extension, according to Undersecretary for Investments and Revenue Development, Eng. Hamdan Al-Aradi.
GASTAT issues FDI statistics of Saudi Arabia for Q4 2023
RIYADH, SAUDI ARABIA – The General Authority for Statistics (GASTAT) issued on Friday the Foreign Direct Investment (FDI) statistics for...
Economy
Company News
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Asian markets swing as US jobs data disappoint
Market Report
Geopolitical changes derailed shift towards green energy, says IMF
Washington, US - Growing geopolitical fragmentation since the invasion of Ukraine has hit commodity markets, threatening to slow the transition to...
Business
Markets slump as US jobs data says labor market buoyant
The focus has been on US Treasury bond yields that have surged to levels not seen in over a decade,...
Market Report
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Geostrategy
Jazan City for Primary and Downstream Industries exports first shipment to US
JAZAN, SAUDI ARABIA - The Jazan City for Primary and Downstream Industries has marked a significant milestone with the departure...
- The ship is laden with 37,000 tons of iron steel foundry product, representing the first-ever production of this commodity within the Kingdom.
- The city's port has extensive capabilities and advanced logistical transportation services, making it a hub for trade exchanges in Saudi Arabia.
Business
ACWA Power signs $911 million water purchase agreement with DEWA
Dubai, UAE -- Dubai Electricity and Water Authority (DEWA) Tuesday signed a 30-year water purchaser agreement worth SAR 3.42 billion...
- The project is part of DEWA’s efforts to increase its water desalination capacity to 730 MIGD by 2030, from 490 MIGD at present. Â
- This project is the largest of its kind in the world for water production based on Sea Water Reverse Osmosis (SWRO) technology using solar energy. Â
Geostrategy
Qatar begins construction on North Field gas expansion
RAS LAFFAN, QATAR - Qatar's state-owned energy giant began construction on Tuesday on a project to expand production from the world's...
- There has been mounting demand for Qatari gas as European consumer nations have scrambled to replace lost Russian deliveries.
- Qatari Energy Minister Saad al-Kaabi called the project a "leap towards our country's leadership in the field of energy".