Saudi tech firm Alat to ally with Softbank, Carrier Corp, Tahakoum, Dahua Tech
Riyadh, Saudi Arabia - Alat Company, a subsidiary of the Saudi Public Investment Fund (PIF), has announced four global partnerships...
Business
Saudi National Bank launches US dollar-denominated sukuk
RIYADH, SAUDI ARABIA - Saudi National Bank (SNB) commenced the US dollar-denominated senior unsecured sukuk issuance through a special-purpose vehicle. The sukuk are offered to qualified...
Business
Economy
Saudi merchandise exports shot up 82.5 percent
According to a report by General Authority for Statistics (GASTAT), the overall merchandise exports of Saudi Arabia increased by 82.5%...
- The value of exports amounted to SAR 107.3 billion ($28.61 billion) in November 2021, up from SAR 58.8 billion ($15.68 billion) in November 2020
- This increase originated mainly from oil exports, which rose by SAR 43.1 billion ($11.49 billion) or 112.8% in the same period
Economy
American companies willing to invest in Tunisia: Ambassador Blome
A number of US companies are willing to invest in basic infrastructure and logistics to support Tunisia's efforts in this...
- Tunisian Transport Minister Rabii Majidi expressed the will to further strengthen cooperation with the United States.
- Both parties exchanged views on the draft bilateral agreement in the field of air transport. The US ambassador urged stepping up talks to materialize this agreement.
Business
Pfizer-BioNTech Omicron vaccine trial gets underway
Pfizer and BioNTech have begun enrollment for a clinical trial to test the safety and immune response of their Omicron-specific...
- Pfizer's CEO Albert Bourla has previously said that the pharmaceutical giant could be ready to file for regulatory approval of the shot by March
- The trial will involve 1,420 people aged 18-55
Business
Ras Al Khaimah to allow ‘gaming’ at upcoming resort in Marjan
The emirate of Ras al-Khaimah on Tuesday announced a multibillion-dollar deal with casino giant Wynn Resorts and said it will...
- The emirate announced a multibillion-dollar deal with casino giant Wynn Resorts, but did not elaborate on 'gaming', a euphemism for gambling in the US.
- Ras Al Khaimah Tourism Development Authority said a new gaming division would require “compliance with all applicable laws and regulations".
Business
Saudi Arabia to build $79m tourism facility in Taif region
Saudi Arabia’s Tourism Development Fund (TDF) today announced a strategic partnership with Al-Ameen Real Estate, part of Al Nahla Group,...
- ‘Taif Front’ would be a 100,000 sqm project featuring upscale accommodation with more than 150 keys.
- The Tourism Development Fund has enabled projects with an investment value of around $1.6 billion.
Expo 2020 DUBAI
Expo 2020 records close to 11m visits so far
Expo 2020 Dubai has recorded 10,836,389 visits as of 24th January, while the virtual visitation reached 72.5 million.
- Global Goals Week, which ran from 15th to 22nd January at Expo 2020 Dubai associated with the United Nations, proved similarly popular
- Expo 2020 Dubai’s mass virtual visitation is driven by the range of entertainment and extensive live coverage of the Global Goals Week sessions
Business
Volkswagen and Bosch join forces to rev up automated driving
Car giant Volkswagen and parts supplier Bosch have embarked on an "extensive partnership" to bring automated driving to the mass...
- The functions the companies want to make available include so-called "hands-free" systems for urban and motorway driving.
- The project is expected to require the skills of around 1,000 employees and the two companies have already started recruiting new experts to work in the alliance.
Business
e-Trader licenses issued by Dubai’s BRL up 6 percent in 2021
The Business Registration and Licensing (BRL) unit of Dubai’s Department of Economy and Tourism (DET) has issued 16,409 e-Trader licenses...
- 79 percent of the e-Trader licenses issued in 2021 were professional, and 21 percent were commercial.
- A licensee cannot open a shop/store but can avail of three visas if the ownership is 100 percent Emirati and legal liability falls under the license holder.
Opinion
How GCC countries can become digital leaders
The region must urgently strengthen innovation and localization. These two make significant contribution to GDP and jobs, either directly through...
- If the region were to accelerate that growth and catch up with its more advanced peers, it could add up to $255 billion GDP, create a large number of high quality jobs.
- GCC must reform its regulatory frameworks, deepen the talent pools, and boost innovation and the domestic production of digital products
Business
US lawsuit could turn global headache for Google
If the search giant loses this lawsuit, it could have to pay back a significant portion of the revenue it...
- Google stands accused of misleading people into believing that changing device and account settings protects people’s personal data
- District of Columbia Attorney-General Karl A Racine said Google has since 2014 ‘systematically surveilled’ users no matter the settings
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
Saudi tech firm Alat to ally with Softbank, Carrier Corp, Tahakoum, Dahua Tech
Riyadh, Saudi Arabia - Alat Company, a subsidiary of the Saudi Public Investment Fund (PIF), has announced four global partnerships...
Business
Company News
Latest News
Autoliv to cut 11% workforce
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.
Business
Iran hopes joining BRICS likely to enhance trade and business
Tehran, Iran - Iran’s membership in the BRICS group will lead to the promotion of exports and trade activities, an...
Business
Most Read
Geostrategy
Tehran exports goods worth $7.2bn to West Asia in 4 months from March 2023
TEHRAN, IRAN - Iran exported $7.2 billion worth of products to West Asian countries in the first four months of...
- Comprehensive strategic five-year plans have been defined for the West Asian countries with a focus on trade infrastructure.
- The plans include organizing and development of transportation platforms, banking exchanges, customs and standards.
Business
Iran world’s eighth largest steel producer in first half of 2023
Tehran, Iran -- Iran became the eighth largest steel supplier in the world in the first half of 2023 as...
- Iran was the world’s seventh largest steel producer in June with an output of 3.2 million mt, up 17.4 percent from June 2022, the report added.
- For years, Iran had been ranked 10th globally in the list of top steel-producing countries.
Business
Market capital in Arab bourses $4.5 trillion, says Arab Monetary Fund
Kuwait City, Kuwait -- The Arab Monetary Fund has said that the market capital in Arab bourses reached US$4.5 trillion...
- The fund's weekly report said the market capital of BouKuwait amounted to US$137.5 billion, that of the Abu Dhabi stock exchange reached approximately US$777 billion.
- The capital market of the Saudi stock exchange reached some US$ 3 trillion and the Qatari bourse US$170 billion.