Arab

Saudi Venture Investment Co. launches initiative to support startups

RIYADH: The Saudi Venture Investment Co. has launched the "Investment in Accelerator Funds and Startup Studios" initiative, the Saudi Press Agency reported on Monday.It is part of the company's efforts to support startups in the Kingdom in the seed...

Saudi Arabia sees gasoline, diesel demand rise in 2021

RIYADH/CAIRO: Average motor and aviation gasoline demand in Saudi Arabia jumped to 470 thousand barrels per day (kbd) in 2021, compared to 455 kbd in 2020, data compiled by Arab News from Jodi revealed.Calculations made for 2021 were up...

Bitcoin rises near 6-month high, as ETF launch date approaches: Market wrap

RIYADH: ProShares is set to launch a Bitcoin futures exchange-traded fund on the New York Stock Exchange on Tuesday, in what would be a first for institutional investors in the US, New York Times reported. The ETF will provide institutional...

Oil prices ease off highs as US factory data weighs on market: Energy market wrap

RIYADH: Oil prices pulled back after touching multiyear highs on Monday, trading mixed as US industrial output for September fell, tempering early enthusiasm about demand. Brent crude oil futures were down 20 cents or 0.24 percent at $84.66 a barrel...

Qatar leads talks to acquire British department store for $5.5bn

British Selfridges department store owner, the Weston family, is in talks with Qatar about a potential GBP4 billion ($5.5 billion) sale, which would change the ownership of the store for the first time in two decades, the Daily Mail...

A rise in annual US industrial output; Canada’s debt fears: Economic wrap

US industrial production increased by a yearly rate of 4.6 percent in September, data from the Federal Reserve showed. This is the fifth consecutive month in which industrial output growth slowed after growing 17.8 percent in April due to...

Egypt signs deal with Nokia to build IoT infrastructure

CAIRO: Egyptian Minister of Communications and IT Amr Talaat oversaw the signing of a deal between Telecom Egypt and Nokia International to build Internet of Things infrastructure in the country. The ministry said Telecom Egypt's network enables the provision IoT...

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...
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