EU adopts fallow land exemption after farmer protests
Brussels, Belgium - The European Commission on Tuesday officially extended an exemption from contested rules to leave a share of agricultural...
Business
Energy transition led Saudi Arabia to halt oil expansion, says official
RIYADH, SAUDI ARABIA – The Kingdom's surprise decision to halt a planned expansion of its oil production capacity reflects ambitions to...
Business
Market Report
Omicron batters indices across MENA
Stock markets across the MENA region suffered losses on Sunday as dip in oil prices and mounting concern over ‘Omicron’...
- The Saudi stock market's main index falls by more than 5% to 10,700 points
- The Abu Dhabi Stock Exchange index (ADX) drops by 2.6% to 8230 points
Business
Saudi Arabian dunes to host Dakar Rally 2022
The Dakar rally will be raced across the daunting deserts of Saudi Arabia again in 2022 with organizers on Sunday...
- The January 1-14 endurance test will be a third Dakar rally in Saudi Arabia
- The landscape and backdrop of the course is similar to the last edition, and it begins and ends after 12 stages in the port city of Jeddah
Videos
Why are global freight rates so high?
As the world looks to pare inflation, it is facing headwinds from the high freight rates currently prevalent all across...
- The global shipping industry suffered like every other industry in 2020 due to the Covid-19 pandemic
- It was expected to bounce back like all of them, and thereby spearhead the global economic recovery
Business
Saudi Arabia hosts region’s biggest cybersecurity event
It will be held at Riyadh Front, one of the entertainment zones for Riyadh Season 2021.
- The @Hack event is considered the biggest cybersecurity conference in both Asia and Africa, and registration is free of charge
- It is expected to be help the SAFCSP achieve the goal of having one programmer out of every 100 Saudis by 2030
Business
Big WTO conference postponed due to new Omicron variant
The Omicron variant of Covid-19 has led to travel restrictions, which has forced the WTO to postpone the ministerial conference...
- The meeting was the World Trade Organization ministerial conference, the global trade body’s biggest gathering in four years
- It has been cancelled a second time as it was originally scheduled for June 2020
Business
Saudi PIF aims to invest $1.1 trillion by 2025
The Public Investment Fund, which seeks to lessen the Kingdom's reliance on oil as part of Vision 2030, eyes both...
- PIF owns a 62.72 percent stake in Lucid Electric Vehicles Company, which has a current market value of $71 billion
- More than 331,000 people in Saudi Arabia have found work due to the Fund establishing 26 local businesses and assets
Business
Qatar Airways stops Africa flights
It has stopped flights to South Africa, Zimbabwe, and Mozambique.
- The cities affected are Johannesburg, Cape Town, Durban, Harare, and Maputo
- The restriction on travelers and flights will reportedly remain same until further notice from the WHO
Business
Siemens lands UAE deal
This partnership is expected to support UAE Industry 4.0.
- The program, overseen by MoIAT and Siemens, will address a broad range of topics
- The aim is to accelerate the transformation of the manufacturing sector towards industry 4.0 in the UAE
Business
Saudi Arabia cancels maximum age for foreign pilgrims
Saudi Arabia has cancelled the maximum age limit of 50 years for all foreign pilgrims, as per local sources.
- The age limit for overseas pilgrims to perform Umrah was between 18-50
- On average, 18.5 to 20 million people visit Saudi Arabia every year to perform Umrah
Business
EFG Hermes of Egypt unveils new digital trading platform
EFG Hermes, the first universal bank in Egypt and the leading investment bank in Frontier Emerging Markets (FEM), has launched...
- It said the new application will feature a wider range of brokerage services, a fully digitized on-boarding process, a digital payment gateway and more
- The app now also features a digital payment integration system powered by PayTabs Egypt, enabling users to process payments simply and efficiently
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EU adopts fallow land exemption after farmer protests
Brussels, Belgium - The European Commission on Tuesday officially extended an exemption from contested rules to leave a share of agricultural...
Business
Company News
Maaden Q1 net profit down 81%
Business
Latest News
Ryanair posts bumper profits
Business
Dubai records 2.6bn in weekly real estate transactions
Dubai, UAE - A total of 3,103 real estate and properties transactions valued at approximately $2.64 billion in total were...
Business
Stock markets drop over fears of more interest-rate hikes
In Asian stock market trading, Hong Kong extended the week's losses Friday, even as e-commerce titan Alibaba surged on a...
Business
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Business
IEA predicts record oil demand of 2.2m barrel a day in 2023
PARIS, FRANCE - The International Energy Agency said Friday it had revised upwards its forecast for global oil demand growth in...
- World oil demand already hit a record 103 million barrels per day in June and August and "could see yet another peak", IEA said.
- "For 2023 as a whole, global oil demand is set to expand by 2.2 million barrels per day to 102.2 million barrels per day," it said.
Business
DEWA Q2 revenue $2bn
Consolidated revenue of DEWA rose 4.1 percent in Q2.
- For the first half of 2023 (H1 2023), DEWA’s consolidated revenue was AED 12.7 billion ($3.46bn) and net profit was AED 2.7 billion ($740m).
- By the end of H1 2023, the Company’s net cash from operating activities increased by a record AED 837 million (227.88m) to AED 5.4 billion ($1.47bn).
Business
Al Hammadi H1 2023 net profit $43.5m
In Q2 2023, net profit jumped 25.7% to $21.8 million.
- The growth was spurred by revenues, which grew by 7.96 percent year-on-year (YoY) to US$153 million.
- This was driven by higher revenues reported by Al Hammadi’s medical services and pharmaceutical segments.