Meta chief discusses AI risks with Japan PM during Asia tour
The 39-year-old mixed business with pleasure while in Japan, going skiing with his family and learning about sword-making from a...
Business
Iran becomes world’s ninth biggest steel producer, says WSA
TEHRAN, IRAN – The Middle Eastern country has improved its global standing in steel production, becoming the ninth largest producer...
Economy
Business
Mubadala of UAE to invest $395m in UK’s CityFibre
Mubadala of the UAE will invest $395 million into CityFibre, Britain’s biggest independent provider of full-fiber broadband infrastructure, according to...
- The investment aims to speed up the rollout of CityFibre’s full-fiber lines across the UK
- An official announcement from Mubadala or CityFibre could come as early as Monday
Economy
Two Ajman organizations pledge to work for women empowerment
The Ajman Business Women's Council and Umm Al-Moumineen Women's Association in Ajman will now work together to empower women. The...
- Ajman Business Women's Council and Umm Al-Moumineen Women's Association signed an MoU to work for women empowerment.
- The focus of both the organizations will be on increasing women's contribution to the process of sustainable economic development.
Business
Alkhorayef records dip in profit
The company's profit declined to $27.4 million in 2021.
- Despite an increase in revenues by 9.2 percent to SR569 million during the same period, profits declined due to cost of revenue and “increase in projects on-hand"
- Although profits dropped, the firm's board of directors approved SR1.5 per share as a dividend for the second half of 2021
Business
Mawani signs MoUs with Huawei, Ericsson to push Smart Ports program
The Saudi Ports Authority (Mawani) on Sunday launched the Smart Ports initiative in a bid to enable Saudi ports apply...
- The program is aimed at enabling Saudi ports to utilize 5G, AI and other technologies besides boosting their competitiveness..
- Ports account for more than 90 percent of the Saudi export movement, according to President of Saudi Ports Authority, Omar bin Talal Hariri.
Business
Al Rajhi Bank to provide digital guarantee service in Saudi Arabia
Al Rajhi Bank of Saudi Arabia will start providing a digital guarantee service through the electronic financial services platform called...
- The new service intends to ensure smooth financial operations for beneficiaries, according to a bank statement
- Al Rajhi Bank customers in the corporate sector will be able to issue digital guarantees and easily link them to the beneficiary electronically via the platform
Business
Aramco profits doubled in 2021
The rise was due to crude prices, as the global economy recovered.
- Aramco's net income increased by 124 percent to $110 billion in 2021, compared to $49 billion in 2020
- It had achieved a net income of $88.2 billion in 2019 before the coronavirus pandemic hit global markets
Business
Prodded by high oil prices, Saudi stocks gain in initial trade
Spurred by yet another round of increase in oil prices, shares on Saudi stock exchanges opened higher on Sunday with...
- In energy markets, oil prices closed the week higher with Brent crude gaining $1.29 to $107.93 a barrel, while WTI crude up $1.72 to $104.70 a barrel
- Anaam International Holding Group rose 6 percent to lead the gainers, while Bupa Arabia for Cooperative Insurance Co. fell 2.2 percent leading the fallers
Business
LNG projects in the Gulf of Mexico boosted as Russian gas alternative
The White House had earlier said that "federal policies are not limiting the production of oil and gas."
- Tellurian's future liquefaction plant will export 3.6 billion cubic feet LNG per day once completed
- The US administration has also said that supply must keep up with demand of energy for the short term
Business
Cloud plaint hits Microsoft
The tech giant is being accused in Europe of stifling competition.
- Three companies have lodged a complaint with the European Commission against Microsoft
- They have accused the US technology giant of anti-competitive practices in its cloud services
Business
GCC airfares soar as oil prices rise
The amplifying factors include sanctions against Russia’s aviation sector, which cast a global pall over the aviation industry.
- Several Arab airlines have decided to raise the prices of their tickets slightly
- Kuwait’s Jazeera Airways increased fares to all destinations from March 7
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Meta chief discusses AI risks with Japan PM during Asia tour
The 39-year-old mixed business with pleasure while in Japan, going skiing with his family and learning about sword-making from a...
Business
Company News
ACWA Power okays dividend
Business
Latest News
Saudi tourism on growth path despite hiccups
Infographics
Maersk introduces world’s first bio-methanol container ship
Copenhagen, Denmark - Danish shipping giant Maersk on Thursday launched the world's first container ship running on bio-methanol, a key step...
Business
RSG gets Mostadam Diamond Certification
The accolade recognizes RSG's commitment to sustainability.
Business
Leaders of China’s National People’s Congress, UAE’s FNC hold talks
BEIJING, CHINA – Chairman of China’s National People's Congress (NPC) Standing Committee Zhao Leji held talks in Beijing with the...
Geostrategy
Most Read
Business
UAE’s internet quality world’s best, but e-security concerns remain
The UAE's achievement in internet quality marks a significant improvement from its previous third-place ranking in this category. However, in...
- The DQL Index assesses the digital quality of life in 121 nations, covering 92 percent of the global population, across five key pillars and 14 indicators.
- The UAE's impressive internet quality score is attributed to its fixed internet speed, which averages 229 Mbps, ranking second globally just behind Singapore.
Geostrategy
Diverse business models needed for trade with China, say Union of Arab Chambers
BEIRUT, LEBANON – The secretary general of the Union of Arab Chambers has called for diversified business models to facilitate...
- The secretary general of the Union of Arab Chambers said there was a rise in the variety of goods traded between China and the Arab world in recent years.
- Arab nations and China cannot simply rely on the traditional pattern of cooperation that emphasizes on imports and exports of products.
Business
Russian Post working on opening company in UAE, says CEO
Vladivostok, Russia -- Russian Post is working on opening a company in the UAE, CEO Mikhail Volkov told TASS in...
- In 2018, the Russian Post opened its first overseas branch in Berlin. In 2019, it completed registration of its subsidiary RP Logistics (Shenzhen) Co. Ltd. in China.
- The Russian Post is endeavoring not to interrupt the exchange in postal items and just six countries ended postal communications with Russia to date, TASS reported.