First European Union airline flight in 35 years lands in Baghdad
Baghdad, Iraq -- Iraq's transport ministry said Tuesday that a flight operated by Greece's Aegean Airlines had been the first...
Geostrategy
AI tools help choose best embryos, increase success rate for IVF
Paris, France -- Artificial intelligence tools can now help choose the most promising embryos for in vitro fertilisation (IVF), although...
Science
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 SARÂ 169 million from SAR 222.3Â million in Q4 2022.
Most Read
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
First European Union airline flight in 35 years lands in Baghdad
Baghdad, Iraq -- Iraq's transport ministry said Tuesday that a flight operated by Greece's Aegean Airlines had been the first...
Geostrategy
Company News
Avia to buy 40 Boeing aircraft
Business
Latest News
Emirates half-year profit $2.5bn
Business
Key Libya oil refinery halts operations after clashes: state firm
Tripoli, Libya -- A key oil refinery in western Libya suspended operations after armed clashes erupted early on Sunday, causing fires...
Geostrategy
US Federal Reserve expected to cut rates in last meeting of Biden era
Washington, United States -- The US Federal Reserve is widely expected to announce a quarter point cut to its key lending...
Business
Cybersecurity in 2024: From talent shortages to resilience against emerging tech risks
In 2024, cybersecurity remained central, addressing skill gaps and the impact of generative AI. A Strategic Cybersecurity Talent Framework offered...
Most Read
Business
Boeing to boost 787 production
The firm will invest$1bn to ramp up production in South Carolina.
- The aim is to increase production of the 787 Dreamliner to 10 every month by 2026, Boeing said.
- In October, Boeing unveiled plans to reduce its global workforce by 10 percent over the coming months, without giving further details.
Arts & Culture
‘A matter of pride’: Saudis rejoice as World Cup bid approved
Riyadh, Saudi Arabia -- Fireworks and drones depicting the iconic golden World Cup trophy lit up the sky in Saudi Arabia's...
- Sports are a major component of the Vision 2030 reform agenda overseen by Crown Prince Mohammed bin Salman, which aims to diversify the economy of the world's top oil exporter.
- Sports Minister Prince Abdulaziz bin Turki Al-Faisal said Saudi Arabia was "opening up to the world" and could help football grow globally.
Business
Ras Al Khaimah tourism sector contributes 5 percent to GDP: Official
Ras Al Khaimah: Ras Al Khaimah seeks to welcome 3.5 million tourists annually by 2030, says Raki Philipps, CEO of Ras...
- The tourism sector's contribution toward GDP is expected to rise to one third by 2030, says CEO RAK Tourism Development Authority Raki Phillips.
- Ras Al Khaimah includes over 38,000 companies across more than 50 sectors, with businesses from over 100 countries.