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Factory, Building, Architecture

Saudi Arabia to establish carbon capture and storage hub

Oil giant Saudi Aramco and the Saudi energy ministry will establish a carbon capture and storage hub, Arab News reported.  After the announcement of the new project, Saudi energy minister Prince Abdulaziz bin Salman said that the kingdom could achieve its net-zero target before the stipulated target in 2060.  Saudi Aramco CEO Amin Nasser said […]

Apicorp signs $75m carbon offset financing deal with UK firm

The Arab Petroleum Investments Corporation (Apicorp), a Saudi-headquartered, energy-focused development financial institution, has signed a $75 million Islamic financing agreement with a British firm to fund high-quality carbon offsets, supporting the Gulf’s net zero emission targets. The agreement, known as a Murabaha, is an Islamic financing facility where a financier will purchase an asset and […]

Sony unit takes stake in Gulf concert promoter

The founders of an agency that has played a central part in revolutionising entertainment in the Gulf said on Thursday that a tie-up with New York-based Sony Masterworks will buy the operation time and space to expand and invest.  Sony has acquired 55 percent of Mac Global for an undisclosed sum, Daniel Goldberg, one of […]

Saudi exports

Saudi non-oil export orders rise at fastest pace for a year

New export orders for Saudi Arabia’s non-oil sector in October increased at their fastest rate for nearly a year, the Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI) survey revealed on Wednesday.  This demand helped the PMI, which gauges business confidence, to climb 0.6 percentage points to 57.2 in October.  A reading above 50.0 shows […]

Saudi Aramco’s net profit rises 39% to $42.4bn in Q3 2022

Saudi Aramco reported a net income of $42.4 billion for the third quarter of 2022, an increase of 39 percent year-on-year, the company said in a statement. According to the company’s financial results, free cash flow increased to $45 billion and cash flow from operating activities reached $54 billion. In the third quarter, capital expenditure […]

The Special Integrated Logistics Zone is targeting the top 100 companies in Saudi's supply chain

Apple heads list of key investors in Saudi’s cargo logistics zone

Apple will be one of the global anchor investors in Saudi Arabia’s special logistics zone – part of the kingdom’s plan to more than quadruple the amount of cargo processed through its airports by 2030. The Special Integrated Logistics Zone was launched on Monday by Saudi Arabia’s General Authority for Civil Aviation (GACA). The zone […]

Supercomputers operate at a much higher level of performance compared to a general-purpose computer

Rise of the supercomputers: Gulf invests its oil profits in big tech

Abu Dhabi Investment Authority, the world’s third-largest sovereign wealth fund, has revealed plans to launch ADIA Lab, a centre dedicated to cutting-edge research in data science, artificial intelligence, machine learning and quantum computing.  From its base in the UAE capital, ADIA Lab will start work on December 2, supporting projects on climate change and energy […]

The Aramco IPO raised $30 billion and industry observers believe now is the right time for a second listing that could raise a further $10 billion

Public Investment Fund reports 13% profit hike to $22.8bn

Saudi Arabia’s Public Investment Fund (PIF) reported profit of SAR 85.7 billion ($22.81 billion) in 2021, a year-on-year increase of 13 percent, according to the Saudi Gazette newspaper. The PIF’s revenue rose 27 percent year-on-year to SAR 228.2 billion and profit from associate companies hit SAR 8.6 billion, a 75 percent increase. Its other operating incomes […]