Qatar Airways has reached new heights, soaring to record profits on the wings of a strategic expansion plan. The state-owned carrier reported a net profit of 6. 1 billion riyals ($1. 7 billion) for the financial year ending March 31, 2024, a significant 32. 4% increase compared to the previous year. This stellar performance marks the airline’s strongest financial showing in its 27-year history. Attributing this success […]
Amazon is revving up its sustainability efforts in the Middle East by collaborating with authorities in the United Arab Emirates (UAE) to launch an electric vehicle (EV) delivery fleet. This initiative aligns with the UAE’s push for a greener transportation sector and complements Amazon’s global commitment to reduce its environmental footprint. Prashant Saran, a senior executive overseeing operations in Amazon Turkey, Middle East and Africa, revealed the […]
Tourist spending in Saudi Arabia has witnessed a significant surge in the first quarter of 2024, marking a positive trend for the kingdom’s tourism industry. According to data released by the Saudi Central Bank, inbound visitor expenditure reached a staggering $12 billion (SAR 45 billion), reflecting a year-on-year increase of 23%. This growth aligns with Saudi Arabia’s ambitious Vision 2030 strategy, which prioritizes economic diversification and positions […]
Saudi Arabian mobility leader Lumi announced a strategic partnership with global technology giant SAP to optimize its human resource (HR) processes and fuel the company’s ambitious growth plans. Through the implementation of SAP’s advanced HR system, Lumi aims to streamline operations, enhance employee experience, and make data-driven decisions to achieve its strategic goals. This collaboration will equip Lumi with the necessary tools to automate routine HR tasks, […]
OPEC’s oil output defied expectations in June, rising for the second consecutive month according to a Reuters survey. This increase comes despite ongoing production cuts implemented by the wider OPEC+ alliance, which includes major non-OPEC producers like Russia. The survey, which tracks oil supply to the market and is based on industry sources and shipping data, revealed that OPEC’s 12 member countries collectively pumped 26. 7 million […]
Saudi Arabia’s tourism sector has witnessed a significant surge in the first quarter of 2024, with tourist spending exceeding $12 billion, according to the kingdom’s Ministry of Tourism. This substantial figure marks a considerable increase compared to previous quarters, indicating a positive trajectory for the nation’s tourism industry. The Ministry attributed this growth to a number of factors, including the introduction of electronic visas, streamlined travel procedures, […]
RIYADH – JUNE 28, 2024 – The Esports World Cup Foundation today revealed details of the second edition of the New Global Sport Conference (NGSC) 2024. This exclusive annual B2B conference, themed The Future of Fandom, will be held on August 24-25 at the Four Seasons Hotel in Riyadh, Saudi Arabia, following the conclusion of the Esports World Cup. The NGSC is set to be the […]
Saudi Arabia’s energy sector received a significant boost on July 1st with the announcement of seven new oil and gas discoveries. The finds, spread across the kingdom’s Eastern Province and the vast Empty Quarter desert, highlight the continued potential of the world’s second-largest oil producer. Leading the exploration efforts was state-owned oil giant Saudi Aramco. Details revealed by Prince Abdulaziz bin Salman, Saudi Arabia’s Energy Minister, indicated […]
The Esports World Cup (EWC), gearing up for its grand tournament in Riyadh, Saudi Arabia, has secured a key partnership with global technology leader HONOR. This collaboration designates the HONOR 200 Pro as the official smartphone for the EWC’s mobile game competitions. The prestigious EWC, known as the world’s largest gaming festival, attracts top esports athletes worldwide. This focus on elite competition aligns perfectly with HONOR’s commitment […]
Riyadh, Saudi Arabia, Duisburg, Germany, and Oslo, Norway – 1st July 2024 RIYADH, SAUDI ARABIA/ DUISBURG, GERMANY/ OSLO, NORWAY – Newsaktuell – 1 July 2024 – MVW Lechtenberg Projektentwicklungs- und Beteiligungsgesellschaft GmbH, the leading consulting firm specializing in alternative fuels for the cement and related industries, in collaboration with Empower, a leading provider of innovative traceability solutions, is excited to announce the launch of a transformative plastic […]
Henkel Adhesive Technologies, a global leader in adhesives, sealants and functional coatings, announced a significant milestone in its journey towards environmental sustainability. All its manufacturing sites in the Middle East and Africa (MEA) region have now transitioned to 100% renewable electricity. This achievement eliminates carbon dioxide (CO2) emissions from electricity usage, also known as Scope 2 emissions, for these facilities. The shift to renewable energy sources across […]
The Saudi Ports Authority (Mawani) recently announced the launch of a new shipping service significantly boosting Jeddah Islamic Port’s connectivity to major commercial centers in China and Egypt. This development strengthens the Kingdom’s position as a key logistics hub within the region. The CBS service, operated by the Chinese shipping line NewNew Line, will establish a direct link between Jeddah and four prominent Chinese port cities:Tianjin, Qingdao, […]
The Saudi Arabian debt market experienced significant growth in 2023, with the value of outstanding sukuk (Islamic bonds) reaching a record high of 18. 3% of the country’s gross domestic product (GDP), according to a recent report. This surge highlights the increasing popularity of sukuk as a financing tool for both government and corporate entities in the kingdom. The report attributes this growth to several factors. Firstly, […]
Saudi Arabia is bracing for another week of scorching temperatures as the National Center of Meteorology predicts unrelenting heat across the country. The unrelenting sun will see highs soar between 46 and 49 degrees Celsius in the Eastern Region and parts of Riyadh from Sunday, June 30, until Friday, July 5. Residents in these areas can expect sweltering conditions, making it dangerous to be outdoors for extended […]
A surge in government spending on infrastructure and ambitious mega-projects is set to propel Saudi Arabia to the top spot in global construction spending, according to a Bloomberg report. The kingdom is forecast to overtake China, the current leader, by 2030, fueled by its Vision 2030 diversification plan that aims to reduce reliance on oil revenue. The construction boom will be driven by several factors. The government […]
Dubai and Abu Dhabi, the glitzy emirates of the United Arab Emirates (UAE), have cemented their positions as regional leaders and climbed the ranks of the world’s most liveable cities according to the Economist Intelligence Unit’s (EIU) 2024 Global Liveability Index. The report, released on June 27th, highlights the UAE’s growing strength in liveability. Both Dubai and Abu Dhabi secured spots in the coveted “very high” liveability […]
The economic landscape of India and the United Arab Emirates (UAE) is poised for a significant transformation with the imminent launch of the India-UAE leg of the $20 billion transcontinental India-Middle East Europe Corridor (IMEC). This ambitious initiative, seen as a strategic counter to China’s Belt and Road Initiative, aims to streamline trade and bolster economic ties between the two nations. The initial phase of the project […]
British investors are being presented with an attractive opportunity in the burgeoning Saudi sports market, which is anticipated to reach a valuation of $22 billion by 2030. This invitation came during the UK-Saudi Sports Investment and Innovation Forum held in London, where a representative from the Saudi Ministry of Investment highlighted the vast potential of the Kingdom’s sports sector. The Saudi Arabian government is actively pursuing diversification […]
Saudi Arabia is taking a significant leap towards its renewable energy goals with the signing of Power Purchase Agreements (PPAs) for three colossal solar photovoltaic (PV) projects. ACWA Power, a leading developer and operator of power plants, joined forces with Badeel, a subsidiary of the Public Investment Fund (PIF), and SAPCO, a subsidiary of Saudi Aramco, to ink these landmark deals with the Saudi Power Procurement Company […]
Saudi Arabia’s drive for renewable energy has been significantly bolstered by a monumental agreement signed this week. ACWA Power, a prominent energy developer, joined forces with Badeel, a subsidiary of the Public Investment Fund (PIF), and SAPCO, the energy arm of Saudi Aramco, to sign Power Purchase Agreements (PPAs) with the Saudi Power Procurement Company (SPPC). This collaboration marks a significant stride in the kingdom’s ambitious goal […]
The Islamic bond market, also known as the sukuk market, in the Middle East and North Africa (MENA) region has experienced a significant surge in the first half of 2024. According to data from Bloomberg’s Capital Markets League Tables, issuance volume jumped by 48% compared to the same period last year, reaching a total of $6. 2 billion. This growth is attributed to a confluence of factors. […]
Arabian Post Staff -Dubai The Saudi Tadawul Group Holding Company (STG), a leading diversified capital markets group in the Middle East and North Africa (MENA) region, has solidified its position as a key market player by finalizing the acquisition of a 32. 6% stake in DME Holdings Limited. DME Holdings Limited is the parent company of the Dubai Mercantile Exchange (DME), a prominent international commodities exchange. This […]
Saudi Aramco, the crown jewel of the Saudi Arabian energy sector, has solidified its position as the undisputed leader in terms of proven oil and gas reserves. According to a recent data compilation by Statista, a German data analysis firm, Aramco boasts a staggering 259 billion barrels of oil equivalent, dwarfing its nearest competitors. This figure eclipses the combined reserves of industry giants like ExxonMobil, Chevron, TotalEnergies, […]
