Türkiye’s traditional realty charm: Alive or fading?
Driven by its strategic location, cultural heritage, and government incentives, Türkiye's real estate market remains a focal point for regional...
Business
Nissan to shrink EV production costs
The automaker will slash production costs by 30 percent.
Business
Business
KSA is Austria’s main trading partner in Gulf: Official
The commercial exchange between Saudi Arabia and Austria has grown from around SAR 1.8 billion ($479 million) in 2005 to...
- The commercial exchange between Saudi Arabia and Austria has grown from around SAR 1.8 billion ($479 million) in 2005 to almost SAR 3.3 billion in 2020.
- An Austrian delegation of companies specialized in various economic, industrial, agricultural, tourist and other sectors visited the Asharqia Chamber.
Interview
GCC retail electronics set for boost as buyers return
The retail electronics sector has proliferated in GCC countries, with demand rising not only due to the urge to own...
- In 2020, the global consumer electronics market was expected to generate revenues of $1.4 bn, with a CAGR of 4.6%
- The retail electronics market reached over $1 bn globally in 2022, and is expected to grow by 1.82% annually
Business
Binance awarded specialist license by Dubai’s Virtual Asset Regulatory Authority
Under the Virtual Asset Regulatory Authority (VARA) initial regulatory phase, Binance will be permitted to extend limited exchange products and...
- Under the Virtual Asset Regulatory Authority (VARA) initial regulatory phase, Binance will be permitted to extend limited exchange products and services to pre-qualified investors
- The VARA issued Virtual Asset Exchange License ensures Binance will be able to operate its regional business from Dubai in the newly announced regulatory ecosystem
Business
NDMC of Saudi Arabia closes $2.75bn worth March sukuk
Saudi Arabia’s National Debt Management Center has closed the March 2022 issuance of Saudi riyal-denominated sukuk, valued at SR10.3 billion...
- The issuance is divided into two tranches of SR3.5 billion and SR6.8 billion each
- The first issuance matures in 2030 while the second one will mature in 2034
Business
Fintech opens center in Riyadh
It is a first-of-its-kind center in King Abdullah Financial District.
- This follows an increased number of fintech companies in the region
- Saudi had witnessed a massive jump in venture capital investments in the fintech sector
Business
Saudi Electricity Co. posts 375% jump in net profit to $3.84bn
The Saudi Electricity Co. has posted a 375 percent increase in net profit to $3.84 billion in 2021, according to...
- The increase has been attributed to continuous “implementation of regulatory and financial reforms in the electricity sector"
- the company’s board has proposed an annual dividend payout of SR0.7 per share
Geostrategy
Israel to start direct flights to Egypt’s Sharm el-Sheikh in April
Israel is to launch direct flights to Sharm el-Sheikh on Egypt's Red Sea coast next month, in an expansion of...
- The new air link had been discussed in September between Israeli PM Naftali Bennet and Egyptian President Abdel Fattah al-Sisi during Bennet's visit to Egypt last year.
- Bennett said Israel was "opening up to the countries of the region and the basis for this longstanding recognition is the peace between Israel and Egypt".
Construction of 230 MW Masdar solar plant in Azerbaijan begins
Renewable energy company Masdar announced the formal start of construction for its 230-megawatt (MW) Garadagh Solar PV Plant in Azerbaijan,...
- Masdar signed agreements to develop the Garadagh project, located nine kilometers northwest of the Alat settlement, in April last year.
- The project will help generate half a billion kilowatt-hours of electricity annually, enough to meet the needs of more than 110,000 houses.
Business
Etisalat to up stake in Mobily
This comes as Etisalat aims to expand its footprint in Saudi Arabia.
- Etisalat Group currently holds a 28-percent stake in Saudi-listed Mobily and it plans to see this going up to 50 percent
- The Abu Dhabi-based firm, formally known as Emirates Telecommunication Group Co., has proposed a price of SR47 per share ($12.5)
Business
ADNIC to pay $62m in dividends
The year 2022 marks the 50th anniversary of the company.
- Sheikh Mohamed bin Saif Al-Nahyan, Chairman of ADNIC, said the distribution of 40 percent cash dividends demonstrated the company’s robust financial performance.
- Futoon Hamdan Mohammed Al Mazroui was welcomed as the first woman to join the company's Board of Directors.
Türkiye’s traditional realty charm: Alive or fading?
Driven by its strategic location, cultural heritage, and government incentives, Türkiye's real estate market remains a focal point for regional...
Business
Company News
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Invictus plans $272m expansion
Business
ChatGPT maker value rockets in funding talks: report
The estimated worth for the company behind generative artificial intelligence platform ChatGPT is nearly triple that of just a year...
Morocco looks to become key player in green hydrogen
According to the country's economy minister, around 1.5 million acres of public land -- nearly the size of Kuwait --...
Economy
Iran to sign long-term contract with India on Chabahar Port
Tehran, Iran-- Iran will sign a long-term contract with India to develop Chabahar Port, according to the Islamic republic's minister...
Business
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Geostrategy
China grants Approved Destination Status to Saudi Arabia
RIYADH, SAUDI ARABIA – China on Tuesday granted Approved Destination Status (ADS) to the Gulf Kingdom. The bilateral agreement, signed...
- The bilateral pact allows Chinese citizens to travel to Saudi Arabia in group tours in addition to facilitating greater ease of access.
- ADS will drive greater connectivity between Saudi Arabia and China and unlock new opportunities across the tourism ecosystem.
Business
Alibaba plans to list subsidiary in IPO
It did not give a timetable for the move or how much it hoped to raise.
- Alibaba announced in March it was dividing itself into six entities, with the goal of listing them separately, along with the replacement of CEO Daniel Zhang.
- Zhang, who was initially supposed to take charge of the firm's new cloud computing branch in September after stepping down, left just as he was supposed to take up his new post.
Business
UAE explores partnership with China in labor and human resources
Dubai, UAE - UAE and China explored opportunities for the two countries to cooperate and exchange experiences in areas related...
- They also discussed the role that joint efforts play in promoting growth and encouraging entrepreneurship.
- The two sides presented their respective plans for developing priority business sectors.