World’s only Dragon Ball theme park launched in Saudi Arabia’s Qiddiya City
RIYADH, SAUDI ARABIA – The Board of Directors of the Qiddiya Investment Company (QIC) revealed on Sunday the launch of...
Arts & Culture
Business
NYU Abu Dhabi to host first Quantum Computing Hackathon
NYU Abu Dhabi (NYUAD) will host the region’s first-ever Quantum Computing International Hackathon with a focus on innovation, entrepreneurship, and...
- This year, more than 200 participants from more than 30 countries will convene at NYUAD and learn about quantum computing and quantum-based technologies
- Experts from businesses including Microsoft, AstraZeneca, IBM, AWS and qBraid will also be represented and available as a source of mentorships to the participants
Arts & Culture
Irthi Contemporary Crafts Council focuses on palm fiber at Art Dubai
The 15th edition of Art Dubai which displayed findings of its advanced palm fiber research and palm textile prototype, paving...
- Irthi Contemporary Crafts Council, an affiliate of the UAE-based NAMA Women Advancement, explored UAE’s relationship with date palm.
- It discussed how such local, environment-friendly materials could pave the way for the creation of a circular economy centered on palm waste.
Business
Saudi Ports Authority posts 17.5 percent increase in cargo volume
Saudi Ports Authority has posted a 17.5 percent increase in its general cargo's volume of tons in 2022, compared to...
- The volume of tons has exceeded 24.4 million tons, while the number of transshipment containers has increased by 3.4 percent during that period
- However, the global supply chain disturbance has led to a decrease in Saudi ports’ volume of foodstuffs by 2.05 percent — and a fall in the number of livestock by almost 63 percent
Business
Sanad and Thales sign MoU
The two companies will collaborate on aviation services.
- Knowledge exchange will be a key focus under the terms of the agreement, and Thales will serve as a partner in diversifying Sanad’s business portfolio towards industrial services.
- Sanad and Thales will work collaboratively on regional and international projects, wherein Sanad would lead on providing cutting-edge industrial systems.
Business
Jadwa of Saudi Arabia launches a $800m real estate fund
Jadwa Investment of Saudi Arabia has launched a new Shariah-compliant real estate fund to the tune of $800 million. The...
- The Riyadh-based company, which provides asset management and financial advisory, partnered with Tatweer Group, NUMU Holding Co. and Riyad Bank to launch this closed-ended fund
- The fund provides investors with a stable stream of income by investing in differentiated, income-generating properties in the Kingdom
Business
Sadara Chemical Co. posts SR3.1bn profit
Sadara Chemical Co., a joint venture between oil major Saudi Aramco and US Dow Chemical Co., has posted a net...
- On the back of higher selling prices, the giant JV, specialized in producing a wide range of specialty chemicals, erased losses of SR3.2 billion sustained a year earlier
- The 200-percent increase in profit was coupled with a rise in revenue of over 67 percent to as high as SR17.6 billion during the year
Business
Startups in UAE capitalize on corporate reforms
New corporate laws and business-friendly policies give start-ups an upper hand in the UAE as they are predominantly created and...
- Corporate reforms will make more people try entrepreneurship in the UAE, say businesspersons
- The UAE recognizes that high levels of technical skills proficiency are essential to thrive in the digital economy
Business
Al-Dawaa starts trading on TASI
The pharmacy chain operator collected $500 million from shares buyers.
- The operator of one of Saudi largest pharmacy chains, Al-Dawaa offered 25.5 million shares in an initial public offering, representing 30 percent of capital.
- Al-Dawaa operates a network of pharmacies with over 800 outlets across 130 cities in Saudi Arabia. It posted a revenue of about 5 bn riyals ($1.3 bn) and profit of 246m
Business
India Paytm shares crash on news of regulatory ban, CEO arrest
Paytm shares nosedived 13 percent Monday after Indian regulators banned the beleaguered payments platform from enrolling new customers and reports...
- The firm enjoyed India's biggest-ever initial public offering four months ago, with the backing of Chinese tycoon Jack Ma's Ant Group and Warren Buffett's Berkshire Hathaway
- India's central bank demanded Paytm immediately stop enrolling new customers on Friday and ordered an audit of its IT systems
Business
Instagram no longer accessible in Russia
The move comes after Facebook and Twitter were blocked in early March as part of sweeping efforts by Moscow to...
- The move comes after Facebook and Twitter were blocked in early March as part of sweeping efforts by Moscow to control information available to Russians
- Instagram appeared Monday on a list of "restricted" online resources on a list published by Russia's media regulator Roskomnadzor
Company News
KEZAD Group, GFCF ink deal
Business
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Arada H1 sales $1.15bn
Business
QNB H1 2023 net profit at $2bn
Business
Rising demand for critical metals pose dilemmas for investors
PARIS, FRANCE - Soaring demand for the raw materials needed for the transition towards renewable energy is creating dilemmas for investors...
Business
Masdar, PLN NP sign expansion pact
They will develop Phase II of Indonesia's Cirata project by up to 500MW
Business
India allows export of 75,000 tonnes non-Basmati rice to UAE
New Delhi, India - Indian government has given the green light for the export of 75,000 tonnes of non-basmati white...
Business
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Business
Iran’s exports of agriculture products climb up 10% to US$1.62bn
Tehran, Iran-- Iran's exports of agricultural products to the outside world shot up 10% in the first 5 months of...
- The United Arab Emirates, Iraq and the Russian Federation were the major destinations for Iran's exported crops
- During the first 5 months of 2023, a total of 2,169 million tons of agricultural products worth $1.62 billion were exported
Business
Growing IT outlays intensify MENA’s transformation
The region's IT spending is set to rise by 4% to $183.8 billion in 2024, with software and IT services...
- The region's IT spending is projected to rise by 4% to $183.8 billion in 2024, with software and IT services witnessing double-digit growth
- This surge aligns with the MENA region's push for digital transformation, enhanced cybersecurity, and a focus on generative AI initiatives
Business
European Union okays lighter pact on curbing car emissions
Brussels, Belgium - EU member countries on Monday adopted a watered-down deal on curbing car emissions, after auto manufacturers complained stricter...
- Led by France and Italy, the 27 nations voted for a less ambitious plan than the one put forward by the European Commission in November 2022
- The European Automobile Manufacturers' Association (ACEA), the sector's main EU lobby group, cautiously welcomed the decision