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
Saudi Public Investment Fund owned KAFD to sponsor Al Nassr Football ClubÂ
Riyadh, Saudi Arabia -- The King Abdullah Financial District Development and Management Company (KAFD DMC), a company wholly-owned by Public...
- Last year, Al Nassr FC attracted one of football’s greatest talents to the team with the acquisition of Portuguese superstar, Cristiano Ronaldo
- Set in the heart of the Saudi capital Riyadh, KAFD is home to 1.6 million square meters of office space, world-class venues and iconic luxury residences
Economy
Phase out fossil fuels to avoid climate catastrophe
Limiting global temperature rise to 1.5 degrees Celsius is still possible but will require a 45 per cent reduction in...
- UN Secretary-General António Guterres urges a 45% cut in carbon emissions by 2030 to limit global temperature rise to 1.5°C
- Current policies could lead to a 2.8°C temperature rise by the end of the century, posing a catastrophic threat, adds Guterres
Business
SABIC okays $1.43bn H1 dividend
SABIC's board cleared an 18 percent cash dividend at $0.48 per share.
- SABIC had reported a 90 percent decline in net income to SAR 0.66 billion ($177 million) in the first quarter, compared to SAR 6.47 billion ($1.77 billion) in Q1 2022.
- SABIC paid a total cash dividend of SAR 12.75 billion for 2022, or 42.5 percent of its net income, in two instalments.
Economy
Investments focus as KSA gets Civil Transactions Law
The new law seeks to provide a robust legal framework governing all contracts and transactions, instilling confidence in business sector...
- The new law seeks to provide a robust legal framework governing all contracts and transactions, instilling confidence in business sector and fostering growth across industries
- To ensure fairness and transparency in business dealings, the Saudi law brings clarity and consistency to the legal landscape while increasing the ability to predict judgments
Economy
Diversification, global investment key to UAE’s growth
The Gulf nation is strategically establishing comprehensive economic partnerships with various countries in bid to diversify its economy and encourage...
- The Gulf nation is strategically establishing comprehensive economic partnerships with various countries in bid to diversify its economy and encourage global investments
- As of June 2023, the UAE has entered into five such agreements, notably with Israel, India, Indonesia, Turkey, and Cambodia, with plans to sign three more in the first phase
Arts & Culture
New life breathed into Tunisia’s bagpipes
Known as Mizwad, the Tunisian bagpipe was once banned from airwaves but has now been embraced by artists infusing its...
- Most musical historians agree the mizwad first appeared in Tunisia at the beginning of the 20th century and was confined to working-class suburbs for decades.
- The mizwad spawned its own musical style that was frowned upon by authorities for associations with alcohol, drugs and prison -- where many songs were composed.
Geostrategy
Blinken reschedules postponed Beijing visit for June 18
US Secretary of State Antony Blinken will travel to China next week, rescheduling a visit that was canceled in February,...
- Blinken is expected to arrive in Beijing on June 18, the first trip by a top US diplomat to China since his predecessor Mike Pompeo in October 2018
- Blinken abruptly canceled a trip scheduled in early February after the United States said it detected a Chinese surveillance balloon flying over the US mainland
Business
GCC digital banking targets $2trn with cloud services
GCC authorities, however, acknowledge the accompanying challenges and are developing regulations to enhance digital banking experiences. A key requirement is...
- The next phase of the digital revolution in the region will see 5G services reaching two-thirds of the population by 2026, enhancing the end-to-end customer experience
- By 2025, Saudi Arabia aims to boost fintech GDP contribution to $ 1.2bn and increase the number of fintech players. UAE and Kuwait are also making strides in digital banking.
Business
Dubai International Chamber attracts 5 MNCs, 20 SMEs in Q1
Dubai, UAE -- Dubai International Chamber, one of the three chambers operating under Dubai Chambers, has attracted five Multinational Corporations...
- The chamber also supported the expansion of seven local and national companies into foreign markets by helping them increase their exports or establish a presence abroad.
- The Chamber also opened a new representative office in Hong Kong, bringing the total number of its international offices to 16 by the end of Q1 2023.
Geostrategy
US, Saudi Arabia urge Western nations to repatriate IS militants
Riyadh, Saudi Arabia -- Riyadh and Washington urged Western governments Thursday to repatriate citizens who joined the Islamic State group in...
- Saudi Foreign Minister Prince Faisal bin Farhan said it was "disheartening and absolutely unacceptable" that some wealthy countries had not brought their nationals home.
- The United Nations estimates that IS still has 5,000 to 7,000 loyalists across the two countries, roughly half of whom are fighters.
Company News
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Video gamers set for world’s biggest trade show, likely to generate $180bn
Paris, France -- The world's largest video game trade show, Gamescom, opens its doors on Tuesday in Germany at a sensitive...
Business
Not facing a deal but imposition of American diktats: Hamas
"To say that we are getting close to a deal is an illusion," Hamas political bureau member Sami Abu Zuhri...
Geostrategy
United Nations calls Israeli settler attack in West Bank ‘horrific’
Geneva, Switzerland -- The United Nations on Friday said a deadly Israeli settler attack on a Palestinian village in the occupied...
Geostrategy
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Business
UAE, Saudi Arabia lead Middle East IPO surge in second quarter
Abu Dhabi, UAE -- The IPO market in the Middle East and North Africa (MENA) region remained resilient during the...
- A total of 14 IPOs recorded total proceeds of US$2.64 billion, up 45.3 percent compared to the same period last year.
- The UAE’s Alef Education Consultancy LLC and Spinneys 1961 Holding Plc accounted for 33.8 percent of the region’s total proceeds for the quarter.
Geostrategy
UN, EU and US decry extremist Israeli minister’s prayer at Al-Aqsa
"We are against any efforts to change the status quo within the holy sites," said deputy spokesman Farhan Haq. "Al-Aqsa...
- The EU strongly condemned "the provocations by Israeli Min. Ben Gvir who, during his visit to the Holy Sites, advocated for the violation of the status quo".
- The United States said Ben Gvir had hurt efforts for talks towards a Gaza ceasefire, adding the US stands for historic status quo.
Geostrategy
OPEC says Chinese economy pulling down oil demand
Paris, France -- Uncertainty about Chinese economic growth is weighing on global oil demand this year, OPEC said on Monday, leading...
- "The world oil demand growth forecast for 2024 is revised down slightly by 135,00 barrels a day from the previous month’s assessment," OPEC said.
- OPEC blamed the declining prices on "concerns about China's economic performance" as well "as easing geopolitical risk premiums and mixed economic indicators."