Olympics tech firm Atos posts huge loss
The company posted a net loss of US$3.7 billion for 2023.
Business
Aramco CEO highlights collaboration with Beijing at forum in China
AL-DHAHRAN, SAUDI ARABIA – Aramco President and CEO Amin Nasser outlined the potential for stronger collaboration with Chinese partners in...
Business
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
Olympics tech firm Atos posts huge loss
The company posted a net loss of US$3.7 billion for 2023.
Business
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Yahsat to invest US$100m
Business
Multiply Group buys stake
Business
Automation revolutionizes financial business models
The financial services sector is witnessing transformative changes, driven by rising demands for personalized services and the integration of cutting-edge...
Indonesia bans goods trading on social media platforms
Jakarta, Indonesia - Indonesia has banned goods transactions on social media platforms in a new regulation, its trade minister said Wednesday,...
Business
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Business
Saudi EXIM Bank, Trafigura sign pact
The bank will extend three-year credit facility of $500 million.
- The agreement is aimed at facilitating the purchase of domestically produced commodities from Saudi Arabia
- It will also enable Trafigura to connect Saudi producers to more than 156 markets worldwide, the bank said.
Business
Markets mostly up but US rate outlook feeds uncertainty
With inflation still sitting well above the central bank's target and the labor market showing few signs of softening, decision-makers...
- All three main indexes on Wall Street tanked Tuesday, shedding more than one percent apiece.
- Asia started on the back foot but most markets managed to eke out gains following a painful start to the week.
EDGE, Brazil Marine Corps sign pact
A technical cooperation agreement will follow the signing.
- EDGE recently announced a strategic partnership with the Brazilian Navy to co-develop a long-range anti-ship missile.
- The signing ceremony took place in the city of Rio de Janeiro as part of an ongoing EDGE leadership visit to key local government offices.