RIYADH: Hilton plans to increase the number of its hotels in Saudi Arabia from 15 to 75, the Saudi tourism minister said on Tuesday.
RIYADH: Turkish mobile gaming start-up Dream Games raised an unprecedented $255 million in its latest Series C funding round, almost tripling its valuation to $2.75 billion in six months, MAGNiTT reported.
This round of funding was led by Index Ventures, subscribed by returning investors such as Makers Fund, IVP, Kora, Balderton Capital and managed by BlackRock.
The company plans to use the funds for doubling its headcount to 200 people and launch a new game this year.
Founded in 2019, Istanbul-based Dream Games is a mobile gaming company that developed Royal Match — one of the highest grossing mobile games.
RIYADH: The United Arab Emirates, Saudi Arabia, and Qatar were ranked the most competitive Arab economies for the period between 2017 until 2020, according to a report launched by the Arab Monetary Fund.
The fifth Arab economies competitiveness report showed that the UAE maintained its top ranking in the general index as it benefited from high scores in the business environment and infrastructure category as well as the organizational and government governance category.
The Kingdom ranked second after having performed well in the overall economic index, the external activities sector and the official reserves index.
Qatar followed in third place, after attaining first place in the real economy sector, the inflation index and GDP per capita index.
Four Arab nations advanced in terms of competitiveness compared to the previous period, including Sudan, Egypt, Morocco, and Mauritania.
Arab states and other non-Arab countries — such as Singapore, Malaysia, Turkey — are included also in the calculation of the index.
The report monitors the economic competitiveness of Arab countries and sheds light on the economic and political measures applied by decision makers for that purpose.
RIYADH: Saudi Arabia's The Red Sea Development Co., or TRSDC, announced the financial closure of a SR14.12 billion ($3.76 billion) loan with four Saudi banks.
The financing will be in a form of a term loan facility and a revolving credit facility.
TRSDC, which is developing the world's largest sustainable tourism project, has obtained the loan from Saudi National Bank, Riyad Bank, Banque Saudi Fransi, and Saudi British Bank, according to a statement.
“This year, we have proceeded at pace with the delivery of our flagship project, all the while mindful of our commitment to not only reduce our impact on the environment but actively deliver a 30 percent net conservation benefit by 2040,” explained John Pagano, chief executive officer of The Red Sea Development Company.
GFC Media Group have recently awarded TRSDC’s Green Financing as Project Finance Deal of Year in the Capital Markets Saudi Arabia Awards.
RIYADH: Egypt’s general budget achieved an initial surplus of 3.2 billion Egyptian pounds ($204 million) during the first six months of the 2021/22 fiscal year, the minister of finance said.
Mohamed Maait added that revenues grew by 10.3 percent on an annual basis during that period, while tax revenues increased by 15.7 percent, the Middle East News Agency reported.
He also said that Egypt targets a budget deficit of 6.6 percent in the 2021/22 fiscal year and a primary surplus of 1.5 percent of gross domestic product.
The minister’s comments came during the cabinet meeting held on Wednesday by the prime minister Mostafa Madbouly, to review the financial performance indicators during the six months period.
The UAE-based Barakah nuclear power plant is to reduce carbon emissions by a total of 22.5 million tons annually.
The figure represents a 6 percent increase when compared to previous calculations, however.
“The UAE's decision to add nuclear energy to the portfolio of energy sources shows its positive results today. The Emirates Nuclear Energy Corporation is moving forward to make the largest contributions aimed at achieving the goals of climate neutrality in the country by 2050,” WAM reported, citing Mohamed Ibrahim Al Hammadi, managing director and CEO of the nuclear energy firm.
Carbon emissions in Abu Dhabi are expected to decrease by 50 percent by 2025 as a result of operating the four Barakah plants at full capacity, launching new and large-scale solar energy projects, and increasing the efficiency of water desalination operations in the city.
Barakah will provide more than 85 percent of green electricity in Abu Dhabi by 2025.
When fully operational, Barakah will produce 5.6 gigawatts of electricity without any carbon emissions.