Mediators Egypt, Qatar, others ‘concerned’ about Israel opening one-way Gaza exit
The countries voiced "their absolute rejection of any attempts to expel the Palestinian people from their land" and said they...
Geostrategy
Saudi powers forward with deficit spending to fund reforms
The Arab world's largest economy is overseeing a major push to slash its dependence on oil revenues, with officials pouring...
Economy
Geostrategy
US all set for Biden-Trump rematch as Haley bows out of race
Pointedly declining to endorse the man she has portrayed as chaotic and mentally incompetent, former UN ambassador Haley said Trump...
- Impeached twice, beaten by seven million votes in 2020 and facing 91 felony charges in four trials, Trump has a profile unlike any US presidential election candidate in history
- Biden is now expected to use his State of the Union speech in less than 48 hours to paint the election as a stark choice between himself and an existential threat to the country
Business
Investments approach $13bn as LEAP 2024 hits halfway stage
Riyadh, Saudi Arabia -- After announcing a staggering US$11.9 billion of investments on Monday, LEAP 2024, the world's most attended...
- The world's most attended technology exhibition, unveiled another raft of investments totaling over US$888 million on Wednesday.
- Investcorp launched of a US$500 million growth stage fund, while Oasis Capital launched Fund II with capital of US$100 million.
Economy
Egypt’s IMF loan increased by $5bn after central bank floats pound
The agreement, announced by Egyptian Prime Minister Mostafa Madbouly and the IMF's mission chief for Egypt, Ivanna Vladkova Hollar, came hours...
- Amid dire foreign currency shortages, the parallel market rate had surged to 70 pounds to the dollar earlier this year, sending consumer prices soaring.
- In an attempt to rein in inflation, the central bank also raised its key deposit rate by six points on Wednesday, to a record high of 27.25 percent.
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 SAR 169 million from SAR 222.3 million in Q4 2022.
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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
Mediators Egypt, Qatar, others ‘concerned’ about Israel opening one-way Gaza exit
The countries voiced "their absolute rejection of any attempts to expel the Palestinian people from their land" and said they...
Geostrategy
Company News
Latest News
Google unveils its most advanced Artificial Intelligence model, Gemini 2.0
San Francisco, United States -- Google on Wednesday announced the launch of Gemini 2.0, its most advanced artificial intelligence model to...
Business
Crunch time for Saudi-hosted drought, desertification talks
Riyadh, Saudi Arabia -- Landmark talks on desertification are set to conclude in Saudi Arabia this week amid doubts that pledged funds...
Geostrategy
Air passenger numbers to top five billion for the first time in 2025: IATA
Geneva, Switzerland -- Air passenger numbers are forecast to top five billion for the first time next year and the sector's...
Business
Most Read
Business
Oil prices higher on China boost, Syria uncertainty
Major stock markets diverged as investors reacted to political crises in South Korea and France, and tracked the perspectives for...
- Oil prices rose more than one percent as traders tracked developments in Syria after president Bashar al-Assad fled the country over the weekend as rebels swept into Damascus.
- China is battling sluggish domestic consumption, a persistent crisis in the property sector and soaring government debt -- all of which threaten Beijing's official growth target.
Assad’s fall reshapes Middle East politics, redefining power dynamics across the region
The Islamist Hayat Tahrir al-Sham rebels shocked the world by swiftly seizing Aleppo and Damascus, overshadowing global focus on the...
- Assad had for nearly 14 years held off an uprising that many believed had been exhausted, but his downfall followed a series of battlefield convulsions for other allies of Iran
- Israel has all but decapitated the Hezbollah leadership in Lebanon since September, while the killing of Hamas figureheads has dealt major blows to Assad's key backer Tehran
Geostrategy
UK Prime Minister to talk trade, Middle East during Gulf visit
London, United Kingdom -- Britain's leader Keir Starmer makes his first trip to the Gulf as prime minister from Sunday, seeking...
- Starmer will first visit the United Arab Emirates and then travel to Saudi Arabia, before stopping off in Cyprus on his way back to London on Tuesday.
- Starmer's trip comes after Britain last week rolled out the diplomatic red carpet for Qatar's emir Sheikh Tamim bin Hamad Al-Thani who enjoyed a state visit to the UK.