Business
Federation of Saudi Chambers calls for better Arab-Russia trade relations
Chairman of the Federation of Saudi Chambers (FSC) Ajlan Al-Ajlan has called for preparing a roadmap to enhance economic relations...
- Chairman of the Federation of Saudi Chambers Ajlan Al-Ajlan recommends establishment of joint companies and an e-platform to promote Russian and Arab products.
- Al-Ajlan also stressed the importance of overcoming financial and banking obstacles and stimulating Russian banks to open branches in Saudi Arabia.
Business
UAE resumes entry for travelers from 12 African countries
The countries comprise Kenya, Tanzania, Ethiopia, Nigeria, Republic of Congo, South Africa, Botswana, Eswatini, Lesotho, Mozambique, Namibia and Zimbabwe.
- The countries comprise Kenya, Tanzania, Ethiopia, Nigeria, Republic of Congo, South Africa, Botswana, Eswatini, Lesotho, Mozambique, Namibia and Zimbabwe
- In addition, the entry measures have been updated for travelers coming in from Uganda, Ghana and Rwanda from January 29
Business
Intel sales hit record on chip demand as shortage lingers
Intel on Wednesday said 2021 was a record year for sales at the chip maker as it navigated unprecedented demand...
- Intel revenue for last year tallied $79 billion, some $20.5 billion of which it took in during the final three months
- Profit for 2021 totaled $19.9 billion, about five percent less than the net income in the prior year
Business
Trade, investments bring Saudi Arabia, Iraq closer
Saudi Arabia and Iraq are looking to build a wide-ranging economic partnership as they sign electrical interconnection deal on the...
- The Saudi-Iraqi Joint Forum seeks to begin a new chapter in the history of comprehensive cooperation between the two countries at all levels
- The volume of trade exchange between the two countries during 2016-2021 stood at SAR 20 billion
Business
Marriott Autograph Collection in Sharjah
Two of Shurooq projects will operate under Autograph brand.
- Khorfakkan Hotel will be developed to cater to the needs of families and adventurers..
- The other five-star development, Kalba Hotel, will be spread across a land area of approximately 60,000 sqm.
Business
Crown Prince Salman-headed Group to develop Saudi gaming industry
Saudi Arabia has launched a group to develop its video gaming industry, state media reported Wednesday, as the kingdom seeks...
- Video gaming and esports have grown in popularity in the kingdom of some 35 million people, the majority of whom are under the age of 25.
- Saudi Arabia's games market reached $1 billion in 2021, the highest value among the Arab countries of the Gulf.
Geostrategy
UAE launches assessment of proliferation financing risks
The United Arab Emirates' Executive Office for AML/CFT and the Executive Office of the Committee for Goods and Materials Subject...
- The assessment was initiated in recent weeks and is expected to be completed by the end of 2022.
- The risk assessment will cover how financial resources may be used to develop nuclear, chemical, and biological weapons.
Business
Boeing reports $4bn loss
Boeing reported a hefty fourth-quarter loss Wednesday on mounting costs associated with the widebody 787, of which it has suspended...
- The US aviation giant accounted for a total of $3.8 billion in one-time expenses associated with compensating airlines for delayed deliveries
- Those costs were the biggest factor in the company's $4.1-billion quarterly loss
Economy
Dubai supports expansion of financial markets in UAE : Minister
Finance Minister of Dubai Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum affirmed that his government provided all support needed...
- Dubai Finance Minister Sheikh Maktoum bin Mohammed bin Rashid said Dubai Mercantile Exchange (DME) was able to gain the confidence of major oil producers.
- DME is located within the Dubai International Financial Centre (DIFC), a financial free zone designed to promote financial services.
Business
Dubai Islamic Bank profit rises
Its net profits increased by 39 percent in 2021 to AED 4.4 billion.
- DIB is the largest Islamic bank in the UAE and the second-largest Islamic bank in the world.
- The bank said it proposed to pay a dividend of 25 percent to shareholders subject to the approval of the AGM.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Company News
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PIF-backed oil driller ADES International Holding announces IPO
Riyadh, Saudi Arabia -- ADES International Holding, an oil and gas driller backed by Saudi Arabia’s sovereign wealth fund, PIF,...
Business
ADIB enhances mobile app for international money transfers
Abu Dhabi, UAE - Abu Dhabi Islamic Bank (ADIB) has introduced enhanced international transfer features on its mobile app and...
Business
Google’s Russian division faces bankruptcy as debt to creditors soars: TASS
Moscow, Russia - Google's Russian subsidiary is on the brink of bankruptcy as it struggles to cope with its mounting...
Business
Most Read
China EV giant XPeng to buy rival for over $740m
Founded in the southern province of Guangdong in 2015, XPeng is one of dozens of Chinese startups to emerge in...
- In a filing to the Hong Kong Stock Exchange, the car giant said it had reached a deal with Didi to buy that subsidiary for $744 million
- XPeng sold 41,435 vehicles in the first half of 2023, down 40 percent year on year, according to results published this month
Business
Barclay family seeks Telegraph control with UAE investor support: report
Dubai, UAE - The Barclay family is reportedly making a bid to regain control of the Telegraph newspaper group. Months...
- The Telegraph's parent companies faced financial turmoil and went into receivership earlier this year
- This situation presented a rare opportunity for investors to step in and acquire one of Britain's most prominent newspaper groups
Business
More Middle Eastern firms embrace Responsible AI
A significant 16% of Middle Eastern organizations have fully implemented Responsible AI policies and processes, a latest report highlights.
- A significant 16% of Middle Eastern organizations have fully implemented Responsible AI policies and processes, a latest report highlights
- With AI-related risks on the rise and the regulatory environment in flux, the onus is on businesses to navigate this terrain with agility