Arab

TASI down by 0.1% as petrochemicals fall: Market wrap

RIYADH: The Tadawul All Share Index declined on Monday by 0.1 percent, or 15 points, to 11.758 points. Petrochemical shares, led by SABIC falling by 1.5 percent, pushed the market down. Some 193.5 million of shares changed hands in 337.000...

Saudi Central Bank launches consultation on insurance fintech rules

RIYADH: The Saudi Central Bank (SAMA) has invited the public to submit feedback on its draft insurance financial technology rules. The new regulations aim to allow insurance FinTechs to work within a regulatory framework that "keeps pace with developments in...

Toyota to build $1.29bn battery plant for hybrids, EVs in US

DETROIT: Toyota plans to build a new $1.29 billion factory in the US to manufacture batteries for gas-electric hybrid and fully electric vehicles. The plant location was not announced, but the company said it eventually will employ 1,750 people and...

Crown Prince transfers military land ownership in Asir to government

RIYADH:The Crown Prince Muhammad bin Salman, agreed to transfer the ownership of the land belonging to the Ministry of Defense south of Bisha, in Asir governate, to be government land in support of the region's strategic goals, Asir governate...

Saudi fast-food franchise operator Alamar Foods considers IPO: Reuters

Saudi fast-food franchise operator Alamar Foods considers IPO, sources say DUBAI, Oct 18 (Reuters) - Saudi Arabia's Alamar Foods, the regional franchise operator for Domino's Pizza, is considering an initial public offering (IPO) that would allow The Carlyle Group sell...

Japan’s Mitsubishi to spend $17.5bn by 2030 to drive decarbonization

TOKYO: Japan's Mitsubishi Corp. will invest 2 trillion yen ($17.54 billion) by 2030 in alternative energies such as renewables and hydrogen to drive its decarbonization efforts and cut emissions, it said on Monday. Mitsubishi, a trading house and mineral resources...

US supply chain woes to stretch into 2022, warns transport chief

WASHINGTON: The US transportation secretary on Sunday warned that America's supply chain woes including clogged ports will drag into next year, potentially cramping the upcoming holiday shopping season in the world's largest economy.Pete Buttigieg did the rounds on US...

Saudi Arabia gets a boost in maritime connectivity rankings

RIYADH: Saudi Arabia made impressive progress in maritime connectivity at the regional level, according to the UN Conference on Trade and Development report for the third quarter of 2021. The Kingdom achieved 70.68 points in the Maritime Connectivity Index, which...

UAE-based Al Dahra to open 3 plants in Eastern Europe?

RIYADH: Al Dhara Holding, an Abu Dhabi-based agricultural company, will establish five new animal feed plants in Eastern Europe. The new plants will be established in Serbia, Romania and Bulgaria. The new facilities are part of the company's efforts to...

Foreign investments in Egypt’s oil sector see 26.02% decline, says minister

CAIRO: Egypt's oil minister said on Sunday that foreign investments in the sector fell 26.02% to $5.4 billion in the financial year 2020-21, versus $7.3 billion a year earlier. "The coronavirus crisis led to a slowdown in investments from international...
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