Saudi PIF’s assets up by $11.44bn by the end of third quarter 2024
Riyadh, Saudi Arabia – The value of assets under Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF) assets—both...
Business
Cambridge study warns of perils in AI-driven ‘intention economy’
London, United Kingdom -- Conversational artificial intelligence (AI) tools may soon "covertly influence" users' decision making in a new commercial frontier...
Business
Geostrategy
Planet ‘on the brink’, with new heat records likely in 2024: UN
The annual State of the Climate report by the UNÂ weather and climate agency confirmed preliminary data showing 2023 was by...
- "Earth's issuing a distress call," UN chief Antonio Guterres said in reaction to the report, pointing out that "fossil fuel pollution is sending climate chaos off the charts".
- One especially worrying finding was that marine heatwaves gripped nearly a third of the global ocean on an average day last year.
Business
ACWA Power refinances Al Dur debt
ACWA was the sole financial advisor to Al Dur Phase II IWPP project company.
- The $1 billion project uses sea water reverse osmosis (SWRO) technology to produce 227,000 cubic meters per day of desalinated water.
- The list of lenders to the project include Ahli United Bank, APICORP, Al Rajhi Bank, Arab National Bank, Banque Saudi Fransi and Gulf International Bank.
Business
UAE first: Islamic banking assets by 2023 end cross $190bn mark
Abu Dhabi, UAE -- The assets of Islamic banks operating in the UAE exceeded AED 700 billion ($190 billion) for...
- Deposits in Islamic banks rose to AED 495.5 billion at the end of last December, an annual increase of about 12.6 percent, compared to about AED 440 billion in December 2022.
- The total investments of Islamic banks reached AED 132.7 billion at the end of last December, an annual increase of 27.1 percent or AED 28.3 billion.
Geostrategy
Russia working to establish visa-free travel with Gulf nations: Bogdanov
Moscow, Russia -- Russia is working to establish a visa-free regime with all Gulf countries, said Mikhail Bogdanov, Russia's deputy...
- "In principle, such work is going on systematically. Because, of course, I think it is in the interests of our countries," said Mikhail Bogdanov, Russia's deputy foreign minister.
- In September last year, Russia offered the complete cancellation of tourist visas to Kuwait, Oman, Bahrain, Saudi Arabia and Malaysia.
Business
Digital surge: UAE’s e-commerce eyes $17bn milestone
Widespread internet and smartphone use is the key driver of online shopping growth, with nearly two-thirds of the UAE's population...
- E-commerce revenues are predicted to reach $9 billion by 2024, reflecting a market penetration rate of 66.1 percent and a CAGR of 6.54%.
- Flexible payment options such as "Buy now, pay later" are gaining traction, with predictions stating that by 2024, almost 90 percent of sellers will offer these plans.
Business
Arabian Drilling to pay $60m dividend
The firm said the total dividend for 2023 will be S120 million.
- The company posted a net profit SAR 605 million in 2023, up 8 percent compared to SAR 558 million in 2022.
- The fourth-quarter net earnings jumped 34 percent to SAR 183 million from SAR 137 million in Q4 2022.
Economy
World Bank plans $6 billion in financial assistance for Egypt
The financial assistance includes "$3 billion for financial support to Government’s programs and $3 billion for the private sector (including...
- The World Bank Group is comprised of five separate agencies which deal with a range of issues, including investment. Its current portfolio with Egypt is above $8bn.
- Earlier this month, the IMF agreed an expanded $8bn loan package after Cairo implemented reforms that included moving towards a flexible exchange rate and hiking interest rates.
Geostrategy
ByteDance’s dilemma: Defending TikTok’s ‘secret sauce’ from US interference
Seoul, South Korea - As a US campaign to sever TikTok from its Chinese parent heads to the Senate, analysts say...
- Under new legislation, TikTok could be banned in the United States if it does not cut all ties with Chinese tech giant ByteDance
- US lawmakers and security agencies say TikTok presents a threat because China can access and use the vast troves of data the app collects for influence and espionage
Business
$37.30 million Saadiyat Island penthouse sets new Abu Dhabi record
Abu Dhabi, UAE -- A three-bedroom penthouse at Nobu Residences on Saadiyat Island was sold for a record AED137 million...
- Aldar said the sale represents the highest price per square meter achieved in the emirate, at more than AED96,000 per sqm.
- The record sale of the Nobu Residences Abu Dhabi penthouse follows a recently sold four-bed duplex sky villa at the same development for AED130 million.
Business
EITC to offer fintech services
The company has been licensed for fintech services by the CBUAE.
- The licenses granted by CBUAE enable du to introduce innovative financial solutions that will contribute to the development of an advanced financial ecosystems in the UAE.
- The licenses will also enable du to offer a range of digital financial services that align with the evolving needs and preferences of customers in the digital era.
Saudi PIF’s assets up by $11.44bn by the end of third quarter 2024
Riyadh, Saudi Arabia – The value of assets under Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF) assets—both...
Business
Company News
Latest News
Pro-Palestinian protesters take Israel sculptures from UK university
London, United Kingdom -- A pro-Palestinian group took two sculptures of Israel's first president from a UK university in a protest marking...
Geostrategy
Saudi, US FM says could move ‘quite quickly’ on some deals with US
Since last year Saudi Arabia has been bargaining hard for a defense pact with the United States as well as...
Geostrategy
Most Read
Geostrategy
Rethink needed to make sustainable tourism work
"Growth at all costs no longer an option," says world-renowned tourism policy, planning and development expert Dr Marina Novelli in...
- Success should also be measured by more inclusive social indicators, moving from purely quantitative to qualitative assessments linked to making tourism a valuable sector.
- Coordinated efforts between government agencies, private companies, and civil society should ensure that sustainable practices are implemented across the tourism value chain.
Business
UAE records 37% increase in greenfield FDI to $16 billion in 2023
Abu Dhabi, UAE -- The UAE has witnessed a 37% increase in greenfield investments in 2023 to reach US$16 billion,...
- Sectors such financial services, industrial equipment, and transportation and warehousing played an important role in contributing to this growth.
- The most prominent countries involved in these investments were the US., India, the U.K., Saudi Arabia, and France.
Geostrategy
Saudi Arabia opens resort island at futuristic mega-city NEOM
Riyadh, Saudi Arabia -- Saudi Arabia's planned futuristic mega-city known as NEOM announced on Sunday the opening of its "first physical...
- The Red Sea island, known as Sindalah, is "spread over 840,000 square meters" (200 acres) and will be set to receive "up to 2,400 guests per day by 2028".
- NEOM is best known for The Line, twin mirror-encased 170-kilometre-long skyscrapers meant to extend inland from the coast.