China factory activity contracts for second straight month
Beijing, China - Factory activity in China shrank for a second straight month in June, data showed Sunday, underscoring the country's...Economy
Saudi Arabia launches ‘National Semiconductor Hub’
At least 50 semiconductor design companies will be established in Saudi Arabia by 2030 after a new initiative was launched to develop...Economy
Morocco’s women football team to make history in World Cup debut
When Morocco's women take on two-times former champions Germany in Melbourne they will be the first Arab team to play...Its women team had a surprise run to the final of last year's Africa Cup of Nations, before losing 2-1 to South Africa
It is in Group H at the Women's World Cup and as well as Germany will face South Korea and Colombia
Electric vehicles, lithium-ion, solar batteries become new drivers of China’s foreign trade
Beijing, China - China's traditional export sectors, such as apparel, home appliances, and furniture, have been surpassed by electric vehicles,...These "new three" industries have contributed to an impressive 61.6 percent year-on-year increase in total export value during the first half of 2023
A combination of factors, such as production innovation and favorable policies, has facilitated the export growth of these sectors
Saudi Arabia to host MENA Climate Week in October to ‘assess progress’
Riyadh, Saudi Arabia--Saudi Arabia will host the MENA Climate Week 2023 in Riyadh on October 8-12, in coordination with the...According to the ministry of energy, the event will examine the progress made in realizing the objectives outlined in the Paris Agreement
It added the event will bring into focus the region's initiatives and approach to climate action and shed light on the impact of climate change
Gulf economies pivot towards China: Multi-billion dollar investments strengthen relations
Economic ties between China and the Gulf region's largest economies, Saudi Arabia and the UAE, have surged since President Xi...The value of Gulf companies' acquisitions and investments in China this year increased by more than 1,000 percent yearly to $5.3 billion
Abu Dhabi's sovereign wealth fund, the "Mubadala Investment Company," is expanding its operations in China to attract investments
DEWA exhorts customers to take ‘measures’ in order to avoid fire
Dubai, UAE--Dubai Electricity and Water Authority (DEWA) has called on the public to take all necessary measures to avoid the...Exhorting customers to use its smart services, DEWA asked them to visit its website and smart app in order to protect people and property
It urged customers to use proper insulation in order to cover wires and be careful of exposed wires and damaged electrical parts
Asian markets swing as US jobs data disappoint
Asian equities wobbled at the end of a draining week as fresh US jobs data put revived bets on two...Data recently pointed to a weakening in the US economy that would help ease inflation, the Fed has said it needed to see more softening in the jobs sector.
This week's stumble follows a rally last week when a faster-than-expected slowdown in US inflation stoked hopes the Fed could end its rate hikes. .
Saudi Arabia’s PIF sets up Sawani Company for camel dairy industry
RIYADH, SAUDI ARABIA - The Public Investment Fund (PIF) announced the establishment of Sawani Company to enable the growth of...The company aims to be a leading producer of camel dairy products, supporting Saudi Arabia’s wider food and agriculture sector.
Sawani will work in partnership with the private sector to boost the production capacity of the camel dairy industry.
Erdogan’s visit a game-changer for Turkish-Gulf ties
For the wealthy Gulf states, combining their resources with Turkiye's defense and industrial achievements will produce lasting benefits not only...Erdogan's visit was aimed to boost economic relations and tackle Turkey's economic challenges, writes Turkish Professor Ibrahim Karataş
Major agreements were signed with Saudi Arabia and the UAE, with a strong focus on defense and economic cooperation, he adds
Travel companies give wings to Saudi tourism aspirations
Fueling this ambition is an intricate web of travel companies, including tour operators, airlines, accommodation providers, cruise lines, and destination...The Kingdom, aiming to draw 100 million yearly visitors by 2030, is planning to invest over US$1 trillion in tourism over the next decade
Travel companies play a key role in promoting Saudi tourism, developing packages, and collaborating with public sector entities
FAB H1 2023 net profit $2.2bn
It is highest ever profit achieved by FAB in a half-year.Return on Tangible Equity (ROTE) increased substantially to 18.6 percent as of June-end 2023.
Strong capital accretion lifted group Common Equity Tier 1 to 13.6 percent as of June-end 2023.
