Non-oil sectors contribute 50% to Saudi Arabia’s real GDP in 2023
RIYADH, SAUDI ARABIA – Non-oil activities in the Kingdom have achieved a historic milestone, reaching a 50 percent share of...
Economy
Saudi inflation rises to 1.8% in February
RIYADH, SAUDI ARABIA – Saudi Arabia’s inflation accelerated to 1.8 percent in February compared to January 2024, according to data by the General...
Economy
Business
Egypt finalizes pact with Siemens to run high-speed train line
Egypt’s Ministry of Transport will sign a contract with Siemens to implement the second high-speed train line in the country....
- The new line will extend from 6th of October city to Aswan, with a length of 925 kilometers (575 miles approx).
- The cost of this project will be financed through a soft foreign government loan and the state's general budget.
Business
Saudi defense company AEC to display modern technology at LEAP
The Advanced Electronics Company (AEC), a Saudi Arabian Military Industries (SAMI) company, will participate in LEAP technology conference, a global...
- AEC will display a complete range of solutions, systems, and products, including its flagship cybersecurity technology Data Diode.
- The conference is organized by the Saudi Ministry of Communications and Information Technology.
Business
Abu Dhabi Chamber and Mauritius EDB sign trade agreement
The Abu Dhabi Chamber of Commerce and Industry has signed a cooperation agreement with the Economic Development Board of Mauritius...
- The agreement will establish a framework for developing stronger business relations between the parties.
- The two sides will organize prospective business missions, study trips, commercial events, trade fairs, exhibitions and seminars.
Economy
IACE President warns Tunisia as a state can collapse
The President of the Arab Institute of Business Leaders (IACE) Taieb Bayahi has warned that Tunisia as a state could...
- He added that it is necessary to save the remaining urgently, stressing that "the current economic situation does not allow us to waste any more time
- In a report published this month, the forum ranked Tunisia among the five countries threatened by the spectre of the collapse of the state
Business
dnata of Dubai to invest $233m in Amsterdam Airport
dnata, the global air and travel services provider, will invest more than $223.22 million in a fully automated cargo center...
- dnata Cargo City Amsterdam will significantly enhance cargo capacity in The Netherlands and create new, direct jobs with dnata
- It will enable dnata and its customers to substantially expand operations and business, stimulating local economy and trade
Business
Arabian Centers to set up $14.65m microfinance company
FAS Labs Limited Co., a unit owned by Saudi retail firm Arabian Centers, will set up a digital consumer microfinance...
- According to a bourse filing, FAS Labs Limited Co. has obtained preliminary approval from the central bank
- The move comes as Arabian Centres aims diversify its income sources and enhance profitability
Business
Jordan signs Japan deal for AI-enabled support software
The two sides agreed on the project's overall framework, in addition to a draft accord detailing initial implementation phases.
- Jordan’s Ministry of Digital Economy and Entrepreneurship and Japan International Cooperation Agency (JICA) have signed an agreement
- The agreement lays out the main technical axes of a project to develop Jordan's artificial intelligence (AI)-enabled support system
Business
Qatar Financial Center’s systems benefit aircraft leasing firms: CEO
The Center’s proximity to the most important leading airlines in the world and its wide network of destinations make it...
- Yousuf Mohammed Al Jaida said the Center's proximity to leading airlines makes it ideal for aircraft leasing companies.
- Nearly 30 of the largest aircraft lessors in the world are looking forward to concluding deals with leading airlines that utilize their assets efficiently.
Business
Moro Hub teams up with Swedish firm
Moro Hub, the digital arm of DEWA, has signed an agreement with Axis Communications, a Swedish company, offering video surveillance...
- This partnership is part of Moro Hub’s effort to accelerate its drive to promote Integrated Physical Security in the UAE and GCC
- Moro Hub will now offer government and enterprise clients across varied verticals, including transport, utilities and energy, healthcare, retail and financials
Business
Arab Bank profit up 61%
The net income after tax rose from $195.3m to $314.5m.
- The Arab Bank Group consolidated the financial statements of Oman Arab Bank under its group accounts
- This increased total assets by $8.4 billion to $63.8 billion, compared to $54.4 billion for the same period last year
Non-oil sectors contribute 50% to Saudi Arabia’s real GDP in 2023
RIYADH, SAUDI ARABIA – Non-oil activities in the Kingdom have achieved a historic milestone, reaching a 50 percent share of...
Economy
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PIF to set up pharma firm Lifera
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QFCA, QSE sign agreement with Malaysian firm to advance bonds and sukuk
Doha, Qatar--The Qatar Financial Centre Authority (QFCA), Qatar Stock Exchange and Malaysian Rating Corporation Berhad (MARC) have entered into a...
Business
Global food prices drop in August: FAO
Led by staples other than rice and sugar, the Food and Agriculture Organization of the United Nations revealed that its...
Economy
UAE President, Indian Prime Minister discuss strengthening bilateral, trade ties
NEW DELHI, INDIA - UAE President Sheikh Mohamed bin Zayed Al Nahyan and Indian Prime Minister Narendra Modi met to...
Geostrategy
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Business
ADNOC looks to buy Covestro
The German firm will hold "open-ended" talks with ADNOC.
- ADNOC said in mid-August that it was willing to make a new improved proposal to Covestro of $12.4 billion if it would get talks moving
- The talks between the two come as the vital German chemicals industry, which accounts for about five percent of the country's GDP, is gripped by crisis
Economy
Data, rail, electricity key focus as G20 eyes EU-Middle East-India trade plan
Major G20 partners are set to unveil ambitious plans on Saturday to enhance trade among India, the Middle East, and...
- Washington, Saudi Arabia, the EU, the United Arab Emirates and others will sign the deal on the sidelines of the G20 summit in New Delhi
- Washington actively prods Riyadh - a major oil producer and security partner - to normalize ties with Israel after decades of conflict and closed borders
Business
Russia’s largest bank launches new services in Iran
Tehran, Iran--Russia’s largest lender, SBERBANK, is presenting a new service that allows its clients to transfer money to the Islamic...
- According to the bank, the service would be available to both individuals and businesses using their Sber account
- Last year, Russia’s second-largest bank VTB launched a similar service and then in May it opened a branch in the country