Saudi mega-projects could generate 35% of power needs through on-site renewables
A BCG report says rooftop solar and decentralized renewable systems can lower electricity costs, reduce emissions and help developers meet...
Research
Business
IOTA Foundation launches US$10m investment fund at Investopia 2024
ABU DHABI, UAE – Minister of Economy and Chairman of Investopia Abdullah bin Touq Al Marri attended the unveiling of...
- The fund's primary goal is to promote the development of TradeTech solutions and support the expansion of startups.
- The announcement aligns with Investopia's vision to inspire entrepreneurs to expand into new economic sectors.
Business
EU imports US$120.5bn worth of energy products in Q4 2023
BRUSSELS, BELGIUM – In the fourth quarter of 2023, the EU imported US$120.5 billion (€111.3 billion) worth of energy products...
- Compared with the same period in 2022, imports decreased both in value (-34.2 percent) and in net mass (-11.7 percent).
- Comparing 2023 with 2022, the value of energy products dropped by 35 percent, while the volume dropped by 9.4 percent.
Business
Passenger air traffic has reached pre-pandemic levels, says ICAO
MONTREAL, CANADA – In the first quarter of 2024, the International Civil Aviation Organization (ICAO) projected that passenger air traffic...
- ICAO’s latest analysis also reveals new insights into aviation industry for the year 2023.
- It said that air traffic on most routes had reached or surpassed pre-pandemic levels by end of 2023.
Nike’s long international struggle with Adidas
German newspapers reported that the American sports equipment giant overcame their rival's home advantage with a bid of around 100...
- Nike scored their biggest upset this week when they persuaded the DFB to drop Adidas after four World Cup wins and 70 years
- The Adidas contract with the German Football Federation will end after the 2026 World Cup in the United States, Canada and Mexico
Geostrategy
EU to tell big tech firms to curb election risks or face fines
BRUSSELS, BELGIUM – The EU will put more pressure on the most popular online platforms, like X and TikTok, to tackle...
- The European Commission, the EU's executive arm, is expected to adopt new guidelines.
- They will come under the EU's mammoth content moderation law, the Digital Services Act.
Geostrategy
Middle East oil policies not dictated by US, says Russia
MOSCOW, RUSSIA – US will no longer be able to dictate oil prices in the Middle East, Director of the...
- The US cannot dictate prices, although they would like to as the world is becoming a multipolar one, a Russian official said.
- "This multipolarity is expressed in particular in the existence of the group of countries known as OPEC+," he added.
Business
Air traffic in Saudi Arabia surges 16 percent in 2023
Riyadh, Saudi Arabia - Saudi Arabia's aviation sector soared to new heights in 2023, with a significant increase in both...
- Passenger numbers saw 26% jump, reaching 112 million compared to the previous year's 88 million, surpassing pre-pandemic levels
- Currently, Saudi Arabia boasts connections to 148 destinations with at least 52 daily flights to and from the country
Business
Italy’s Enel doubles net profit
Its net profit spiked to US$3.7 billion in 2023.
- Enel said that before exceptional items, profit rose 21 percent to $7.04 billion, in line with the company's objectives
- The company's revenue fell 32 percent to $103.62bn as prices declined as part of a "normalization of the energy sector"
Business
Reforms help Saudi banking sector post robust growth
The financial sector plays vital role in the Kingdom's economy, with a 9.5% surge in operating income and 10.9% increase...
- The financial sector plays vital role in the Kingdom's economy, with a 9.5% surge in operating income and 10.9% increase in non-interest income in FY 2023, says a report.
- With a promising outlook based on strong capitalization, loan growth, and improving asset quality, the sector is well-positioned to continue its upward trajectory, it adds.
Economy
Eurozone business activity stabilizes in March
Brussels, Belgium - Business activity in the eurozone stabilized in March thanks largely to a "modest recovery" in the service sector,...
- "Business activity in the euro area came close to stabilizing in March" with "only a marginal decline in output of goods and services", the survey said.
- The ECB has kept its interest rates steady since October, following an unprecedented series of increases to tame what was red-hot inflation.
Saudi mega-projects could generate 35% of power needs through on-site renewables
A BCG report says rooftop solar and decentralized renewable systems can lower electricity costs, reduce emissions and help developers meet...
Research
Company News
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Aramco signs $11bn deal
Business
Microsoft holds 27% of OpenAI in revamped partnership
San Francisco, United States - Microsoft and OpenAI announced Tuesday a sweeping overhaul of their landmark artificial intelligence (AI) partnership,...
Business
Amazon to cut 30,000 office jobs: media reports
Amazon will lay off tens of thousands of office workers as the e-commerce and tech giant trims costs amid ramped-up...
Business
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Geostrategy
TotalEnergies approves restart of $20-bn Mozambique gas project
Paris, France -- France's TotalEnergies said Saturday the consortium it leads to build a $20-billion liquified natural gas project in...
- The Mozambique LNG project, the largest private investment in Africa's energy infrastructure, is expected to generate thousands of jobs.
- Work was frozen after militants launched a deadly attack on the site of the project near the Tanzanian border in March 2021, resulting in around 800 deaths.
Geostrategy
Saudi Arabia to host ATP Masters 1000 tennis event from 2028
Paris, France -- The ATP announced on Thursday the creation of a new Masters 1000 event which will take place...
- The new event will be played on hard courts and take place "at the start of the season" in a city yet to be determined, and will last "one week".
- The long-expected move marks the first ever expansion of the top-tier category of men's tennis since its creation in 1990.
Business
Property Finder invests in digital real estate investment platform Stake
Dubai, UAE -- Property Finder, the MENA region’s largest property platform, has announced its investment in Stake, a fast-growing digital...
- Stake enables users to invest in fractional property ownership and private real estate funds starting from as little as AED 500.
- Property Finder said the deal demonstrates its belief in Stake and its vision to reshape how the next generation engages with real estate as an asset class.