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  • Saudi dairy companies hike prices up to 33%

    In a statement on its official Twitter account, Saudi dairy giant Almarai Company attributed the hike to three main reasons. They are increased shipping costs, higher cost of production ingredients, and increased fodder prices. The company said that these factors resulted in huge increase in the production cost during the recent past, which was reflected in the adjustment of the prices of a few dairy products to cover part of the higher costs.

  • Hyundai to build electric car factory in Saudi Arabia

    The memorandum of understanding stipulates planning to build a complete assembly plant with the “CKD” system for electric cars and internal combustion engine cars, to be located in Saudi Arabia.

  • Dubai Ends Hefty Alcohol Tax in Bid to Boost Business, Tourism

    Dubai kicked off the new year by scrapping a 30% tax on alcohol sales and making liquor licenses free, in an apparent move to bolster its status as the Middle East’s leading business and tourism hub. Faced with increasing competition from Persian Gulf neighbors such as Saudi Arabia and Qatar, the government has introduced a series of rules over the past few years to make itself more attractive for foreigners to live and work.

  • Schools to remain shut in Makkah, Jeddah on Monday amid heavy rain forecast

    In-person classes will remain suspended on Monday in all schools in Makkah, Jeddah, Rabigh, and Khulais in the wake of the forecast of rainy weather. The National Center of Meteorology (NCM) said in a statement that moderate to heavy rain will hit many parts of Makkah including Jeddah and Rabigh. The NCM forecast also includes the possibility of torrential rain accompanied by active winds and showers of hail, especially in coastal areas of the Makkah region.

  • Hyundai mulls setting up new assembly plant in Saudi Arabia

    Hyundai Motor Company has signed a MoU with the Saudi Ministry of Industry and Mineral Resources to boost co-operation in vehicle manufacturing in the region.

  • Iran tests military drones in wargame near Strait of Hormuz

    Iran’s military tested new attack drones in the coastal area of the Gulf of Oman and near the strategic Strait of Hormuz Saturday as part of its ongoing annual drill, state TV reported. Meanwhile, antigovernment protests underway for over three months continued. Videos on social media showed protests in Tehran’s grand bazaar and several cities and towns including in the Kurdish area. Part of Tehran’s bazaar closed in the wake of the protests which authorities cracked down on.

  • Students sent home in Iran as air pollution deaths surge

    Hazardous levels of air pollution have returned to major Iranian cities with the arrival of the cold season. Schools and universities in Tehran and several other urban centers have been forced to close and hold remote classes. Officials and the media have expressed concern, with some criticizing the Ebrahim Raisi administration while others blame previous governments. This comes amid reports of a surge in deaths related to air pollution in the past year.

  • How far through recovery are Middle East airlines?

    Middle East carriers are well on the way to restoring pre-pandemic activities following the lifting of Covid restrictions. IATA figures show Middle East airlines’ passenger traffic in 2022 is back to almost four-fifths of 2019 levels. The association expects that to return to near parity next year.

  • Saudi start-up Manafa raises $28 million to fund expansion

    Saudi FinTech start-up Manafa has raised 106 million Saudi riyals ($28.2 million) to fund its plans to offer new financial products across untapped sectors in the kingdom. The debt and investment company's series A funding round was led by Saudi venture capital firm STV and Saudi Aramco's venture capital arm, Wa’ed Ventures.

  • Egypt leads 2022 gains, Saudi marks first annual loss in 7 years

    According to Wael Makarem, senior market strategist – MENA at Exness, stock markets have witnessed a difficult period in 2022 as inflation, rising interest rates and the war in Ukraine strongly impacted investor sentiment.