20-day-old baby Jumaa al-Batran dies from ‘severe cold’ in Gaza
Marwan al-Hamas, head of field hospitals in Gaza, confirmed the death. He said it brought to five the total number...
Geostrategy
Global stocks rise as Japan led Asia gains on a weaker yen
Seoul was an outlier in Asia with shares plunging as South Korea's political crisis deepened with a second impeachment vote....
Business
Business
SEC 2023 net profit $2.74bn
The company's board announces a dividend of $775 million.
- In a Tadawul disclosure, the decrease in net profit was attributed to the higher operating and maintenance costs due to growing business and operating assets.
- The company's Tadawul disclosure said that its Q4 2023 loss widened to SAR 2 billion from SAR 190.6 million a year earlier.
Business
Arcapita Capital closes $500m fund
The fund saw participation from leading sovereign wealth funds.
- Arcapita said in a statement that it has already deployed a substantial amount of the fund in a sizable portfolio of industrial real estate assets.
- Over the coming months, the firm expects to execute on a pipeline of further assets situated in strategic locations across Riyadh, Jeddah, and the Eastern Province.
Arts & Culture
Japan’s Riken Yamamoto wins Pritzker prize for architecture
New York, United States -- Japanese architect Riken Yamamoto was awarded the Pritzker prize for architecture on Tuesday, the organizers said...
- Highlights of Yamamoto's work include Nagoya Zokei University in Japan completed in 2022, THE CIRCLE at Zurich Airport in Switzerland finished in 2020 and Tianjin Library in China.
- Yamamoto was born in Beijing, and resides in Yokohama, Japan. He will be honored in Chicago this spring. He is the 53rd winner of the prize and the ninth from Japan.
Science
Endangered wild horses return to Kazakhstan
First documented in 1881, Przewalski's horses have narrowly avoided extinction thanks to breeding programs at zoos worldwide.
- The zoos are planning to take at least 40 Przewalski's horses to roam free in the Altyn Dala (Golden Steppe) area in central Kazakhstan in the next five years
- In June, Czech army planes will transport three stallions and five mares to Arkalyk in central Kazakhstan, with Prague zoo and Tierpark Berlin sending four horses each
Business
Now more accessible, Bitcoin strikes record high above $69,000
Bitcoin has enjoyed an unbridled rise since the approval of a new type of investment indexed to the cryptocurrency. Since...
- The expected approval of the new investment product had contributed in recent months to a rise in its price.
- The industry sees the entrance of ETFs on the US market as proof of the growing interest from institutional investors in cryptocurrencies.
Business
PIF, Mumtalakat collaborate to boost investment opportunities in Bahrain
Riyadh, Saudi Arabia -- The Public Investment Fund (PIF) and Mumtalakat Holding Company, the sovereign wealth fund of the Kingdom...
- Mumtalakat Holding Company owns shares in more than 50 commercial companies covering a variety of sectors.
- Through this agreement, PIF seeks to increase its investments in multiple targeted sectors in Bahrain.
Business
ADES 2023 profit $120m
Higher utilization rates in Saudi, Egypt fuel revenue growth.
- The increase in net profit is a result of the revenue growth by 75.6 percent year-on-year (YoY) to SAR 4.33 billion, Argaam reported.
- In Q4 2023, net profit fell 24 percent YoY to SARÂ 169 million from SAR 222.3Â million in Q4 2022.
Business
Parkin IPO price AED2-2.1
The price range implies a market capitalization of $1.63bn-$1.72bn.
- It also announced the start of the subscription period for the IPO on the Dubai Financial Market (DFM).
- The Dubai Investment Fund (selling shareholder) expects to sell more than 749 million ordinary shares.
Business
Middle East saw surge in new CEO appointments in 2023: Report
Dubai, UAE – The Middle East witnessed the highest percentage of new CEO appointments globally, averaging at 16 percent, with...
- The region averaged 16 percent, with Saudi Arabia leading with an impressive 20 percent, according to 2023 Route to the Top report by Heidrick & Struggles.
- This trend is paralleled by markets such as Poland and Switzerland, with similarly high rates of new appointments.
Business
Qatar’s Jan Producer Price Index decreases by 4.38 percent
Doha, Qatar -- Qatar's General Producer Price Index (PPI) for January 2024 is estimated at 113.22 points showing a decrease...
- On Y-o-Y basis, PPI of January 2024 showed a decrease of 12.63Â percent, according to the Planning and Statistics Authority (PSA).
- The PPI of January 2024 for Mining and Quarrying sector showed a decrease of 5.22 percent when compared with PPI of December 2023.
20-day-old baby Jumaa al-Batran dies from ‘severe cold’ in Gaza
Marwan al-Hamas, head of field hospitals in Gaza, confirmed the death. He said it brought to five the total number...
Geostrategy
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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...
Geostrategy
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...
Business
WEF Global Future Councils meet in Dubai to tackle pressing global issues
More than 500 experts are expected to attend the meeting. Amid a rapidly shifting global landscape of geopolitical tensions, climate...
Geostrategy
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Business
OPEC lowers 2024 oil demand forecast, citing robust non-OECD activity
According to the organization's October report, the total world oil demand is anticipated to reach 105.6 mb/d in 4Q-24, to...
- According to the monthly publication, oil demand in the Middle East is expected to expand by an average of 265 tb/d, y-o-y, in 4Q-24.
- Refinery capacity additions in non-OECD countries – mostly in China and the Middle East – are also expected to contribute to oil demand growth.
Economy
China unveils major bond plan to revive economy and property market
The plan is part of a series of actions undertaken by Beijing to draw a line under a years-long property...
- Beijing's planned special bonds are aimed at boosting the capital available to banks -- part of a push to get them lending in the hopes of firing up sluggish consumer spending.
- China is also preparing to allow local governments to borrow more to fund the acquisition of unused land for development.
Business
Boeing to cut 10% of workforce
The aviation giant has projected a large third-quarter loss.
- The company announced a series of belt-tightening measures and production delays in the wake of the nearly month-long strike of 33,000 workers.
- Boeing said the strike contributed to $3 billion in pre-tax charges to its commercial aviation results in the third quarter.