COP30 dragged into clash over gender language
Negotiators say the effort -- by Paraguay, Argentina, Iran, Indonesia, Malaysia as well as the Holy See -- seeks to...
Geostrategy
Israel receives bodies of two more hostages returned by Hamas
The issue of hostage bodies still in Gaza has become a sticking point in the ceasefire implementation, with Israel linking...
Geostrategy
Business
Petro Rabigh Q1 loss $257m
The company attributed the loss to 'unfavorable market conditions'.
- Compared to the last quarter of 2022, however, the company reported a 46.77 percent fall in net losses from SAR 1.81 billion in Q4 2022 to SAR946 million in Q1 2023.
- The accumulated losses as of Mar 31, 2023, amounted to SAR 2.66 billion, representing 15.96 percent of the company's share capital of SAR16.71 billion.
Business
Inter-Arab investments low, need favorable conditions to grow: Hanafi
Dubai, UAE -- The UAE had become a center for foreign investments, leading Arab, regional and global rankings in attracting...
- UAE had become a center for foreign investments, leading Arab, regional and global rankings in attracting investments.
- A rise in the volume of investments entering Arab countries would be accompanied by an increase in inter-Arab investments.
Geostrategy
Syrian President receives invitation to Arab summit in Saudi Arabia
The pan-Arab body had suspended Damascus in November 2011 over its crackdown on protests, which began earlier that year and...
- On Sunday, the Arab League welcomed back Syria's government, securing Assad's return to the Arab fold after years of isolation.
- The invitation comes a day after Riyadh and Damascus announced that work would resume at their respective diplomatic missions in Syria and Saudi Arabia.
Business
UAE issues decision on conditions of exemption from corporate tax
Abu Dhabi, UAE -- The UAE Ministry of Finance has issued a decision on conditions under which a "person may...
- The decision clarifies rules to ensure that businesses remain eligible for tax exemption if they fail to meet the relevant exemption conditions under certain circumstances.
- Younis Haji Al Khouri, Undersecretary of the Ministry of Finance, said the decision was important to ensure a transparent and efficient tax system.
Business
Beyon Q1 net profit $47.7m
Revenues for the first quarter increased by 5 percent over Q1 2022.
- Revenues for Q1 2023 are BD103.5 million ($274.5 million) compared to BD98.5 million in Q1 2022.
- Operating profit for the first quarter of 2023 increased by 15 percent to BD25.5 million from BD22.1 million in Q1 2022.
Zain posts Q1 revenue of $639m
The company also posted its highest-ever quarterly profit.
- The company achieved net profit of SAR 563 million in Q1 2023, a growth of 595 percent compared to Q1 2022.
- Zain attributed the record profit to its "financial performance and the gains achieved through the sale and leaseback of Zain KSA’s 3600 towers.
Business
Ryanair orders 300 Boeing jets
The $40bn order is the largest ever by an Irish firm for US goods.
- The jets are set for delivery between 2027 and 2033, while airlines traditionally negotiate substantial discounts on list prices, especially for big orders.
- The Dublin-based carrier said the deal would be subject to shareholder approval at its annual general meeting in September, owing to the size and scale of the transaction.
Geostrategy
Arrest may hinder Imran Khan’s path to second Pakistan innings
Islamabad, Pakistan -- Since being ousted from office by a vote of no confidence last year, former Pakistan prime minister Imran...
- The one-time international cricket star was arrested as he appeared at Islamabad High Court to face one of a slew of cases levelled against him.
- Khan's vision was for Pakistan to become a welfare state modelled on the Islamic golden age of the seventh to 14th centuries.
Economy
Global stocks mostly drop on eve of key US inflation data
The dollar wobbled following strong gains in the wake of Friday's solid US labor market figures, while oil prices dropped...
- "US inflation data… will play a key role in shaping the Fed's interest rate plans moving forward," said Nigel Green, head of financial advisory firm deVere Group.
- A drop in the inflation reading in recent months has fanned hopes that the Fed will soon pause its tightening campaign and even begin cutting by the end of the year.
Business
Messi makes blockbuster Saudi move, will play next season
The deal would mean Messi potentially joins his arch-rival Cristiano Ronaldo in the Saudi league. There was no confirmation from...
- Reportedly, Messi has been signed under a 'huge' contract by a Saudi club, the details of which are yet to be revealed
- Messi's long-time sparring partner Ronaldo joined Saudi Pro League club Al Nassr in a massive deal in January.
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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
COP30 dragged into clash over gender language
Negotiators say the effort -- by Paraguay, Argentina, Iran, Indonesia, Malaysia as well as the Holy See -- seeks to...
Geostrategy
Company News
Latest News
Israeli settler attacks, Gaza conflict ruin Palestinian olive harvest
UN experts said recently that Palestinian farmers in the occupied West Bank are facing "the most dangerous olive season ever".
Geostrategy
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Geostrategy
Global Future Councils meet calls for collective action to tackle global crises
Over 500 experts gathered at the World Economic Forum Annual Meeting of the Global Future Councils 2024 in Dubai to...
- Mohammad Abdullah Al Gergawi, Minister of Cabinet Affairs of the United Arab Emirates, said, “The only constant conviction we recognize every day is that nothing remains stable.”
- Sessions also explored novel approaches needed to tackle emissions while ensuring an equitable and socially responsible transition
Geostrategy
Middle East crisis top-of-mind at first EU-Gulf summit in Brussels
Confirmed at the last minute, the presence of Saudi Arabia's Crown Prince among the six Gulf leaders in attendance heightened...
- The European Union is the second-largest trading partner for GCC countries but talks on a trade pact have languished for years.
- Gulf countries have repeatedly called for the creation of a Palestinian state alongside Israel, with some playing a key role in efforts to secure a ceasefire in Gaza.
Business
Deals worth $4.26 billion signed at inaugural Global Logistics Forum
Riyadh, Saudi Arabia -- More than 65 agreements and Memoranda of Understanding worth SAR 16 billion were signed at the...
- The forum was attended by more than 130 experts and leaders in the global transport and logistics sector, as well as 13,000 visitors.
- Among the attendees were over 15 ministers and 77 leaders in the transport and logistics industry from more than 30 countries.