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Saudi Aramco has achieved a world-first milestone by successfully operating a megawatt-scale renewable energy storage system to support gas production operations. This marks the first global use of an iron-vanadium flow battery as a solar energy backup for gas well operations. The 1-megawatt-hour flow battery system in Wa’ad Al Shamal in northwest Saudi Arabia is based on patented technology developed by Aramco and implemented in collaboration with Rongke Power (RKP), a global leader in flow battery technology. The battery can support up to five gas wells throughout its 25-year lifespan and offers a robust alternative to conventional solar energy solutions.…

Second issue of eurobonds Heavily oversubscribed UK and US investors dominate Ankara’s second issue this year of dollar denominated eurobonds was heavily oversubscribed, attracting domestic and international investors, according to the Turkish ministry of treasury and finance. When the $2 billion bond, with a seven-year maturity, was issued on Wednesday the order book was oversubscribed two and a half times, with buyers drawn by the 7.25 percent coupon, the ministry said. UK and US investors dominated the offer – Turkey has been a popular play by international financial institutions in the so-called carry trade –  combining to account for 68…

Gold slipped on Thursday after hitting a nearly two-week high earlier in the session, hurt by an uptick in the dollar, although worries over the US government’s increasing debt burden and fiscal outlook kept prices above $3,300 level. Spot gold was down 0.3% at $3,303.82 an ounce, as of 1020 GMT, after hitting its highest level since May 9 earlier in the session. US gold futures fell 0.3% to $3,304.10. “Selling coming in especially from those looking to book profits and a degree of recovery in the dollar seems to have taken some of the shine off gold,” Ross Norman,…

GIB Capital, the investment arm of Gulf International Bank, continues to strengthen its position in the investment services sector by achieving a number of accomplishments during the first quarter of 2025.Among these achievements, the company acted as financial advisor, institutional bookrunner, and joint underwriter for the IPO of Umm Al-Qura, with a total offering size of SR2 billion, which was oversubscribed 241 times.The company also served as joint lead manager and joint bookrunner in the $1.25 billion sukuk issuance for the Saudi Arabian Mining Company (Ma’aden), which was 8 times oversubscribed, receiving strong demand from international investors.As part of its…

At the immersive “HONOR AI Wonderverse” event, guests explored futuristic AI features through creative, interactive experiences.HONOR, a global leading AI device ecosystem company, has officially launched the all-new HONOR 400 Series including HONOR 400 Pro and HONOR 400 in the Middle East & Africa Region a premium event held in Dubai. The event, themed “HONOR AI Wonderverse,” combined Arabic aesthetics and futuristic design, symbolizing the perfect fusion of heritage and innovation. Guests enjoyed a unique experience with different interactive zones, where they could explore the new AI Creative Editor features in an engaging way.The launch event was innovative and engaging,…

Saudi Arabia’s Human Resources Development Fund (HRDF) announced a significant increase in the employment of Saudi nationals in the private sector, with 143,000 citizens hired through the Fund’s programs during the first quarter of 2025, a 93% growth compared to the same period last year. In its quarterly report, the Fund also revealed that 1.18 million Saudis benefited from its training, empowerment, and career guidance services in Q1, marking a 4% year-on-year increase. More than 98,000 private sector establishments across various industries and regions of the Kingdom benefited from HRDF services during the same period, reflecting a 37% increase over…

US President Donald Trump’s visit to the Gulf region last week helped to turn the page on lukewarm relations with the previous Democratic administration.  The trip yielded trillions of dollars in pledged investments between the Gulf states and the US, covering sectors such as artificial intelligence, manufacturing and energy. However, sustaining this momentum will depend on higher oil prices to bolster the region’s fiscal capacity. Since returning to the White House, Trump has pursued lower oil prices and issued a steady stream of tariff announcements – both of which have clashed with the interests of oil-exporting nations by dampening sentiment…

Only 8% of Mena loans for SMEs Gulf region has $250bn credit gap Fintechs serve ‘underbanked’ Financial technology companies in the Middle East like Egypt’s Money Fellows are increasingly stepping in to offer financing options to population groups and businesses that traditional banks ignore or cannot lend to. The share of loans given to small and medium-size enterprises (SMEs) in the Middle East and North Africa averages less than 8 percent of total bank loans, according to Gbenga Ajayi, partner at venture capital company QED Investors.  In contrast, almost 92 percent of new bank lending in OECD countries in 2022…

Türkiye’s central bank left its year-end inflation forecast unchanged at 24% on Thursday but Governor Fatih Karahan said it is ready to tighten policy if inflation worsens, after having pivoted to raising interest rates last month. Presenting the bank’s quarterly inflation report in Istanbul, Karahan said steps taken by the bank had hindered a serious deterioration in inflation expectations and that the fall in inflation would continue in the rest of 2025. Last month, the bank tightened its policy rate by 350 basis points and set the lending rate at 49% in response to market turmoil that erupted in March…

Redington, a leading technology aggregator and innovation powerhouse across emerging markets, today announced the inauguration of its new office in Riyadh, Kingdom of Saudi Arabia.This milestone marks a significant step in Redington’s commitment to deepening its presence in the region and supporting the Kingdom’s ambitious digital transformation goals under Vision 2030.Strategically located in the heart of Riyadh’s thriving technology district in Al Olaya, just steps away from the iconic Kingdom Tower, the new head office is designed to be a central hub for collaboration and innovation. It will support partner growth and help deliver tailored, cutting-edge technology solutions that meet…