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The General Court in Riyadh.

Appeals court affirms termination of Wafa Insurance's financial restructuring

RIYADH — The Saudi Indian Company for Cooperative Insurance (Wafa Insurance) announced that the fifth appeal circuit of Riyadh Commercial Court affirmed the order issued by the ninth commercial circuit of the court on the termination of the company's financial restructuring procedure and opening liquidation, according to a bourse filing.The ruling also included the appointment of Waleed bin Mohamad Sobahi as trustee, according to the duties and powers of the trustee stipulated under the Saudi Bankruptcy Law and its executive regulations.The insurer announced last December the issuance of Riyadh Commercial Court’s decision on terminating its financial reorganization procedure and opening the liquidation process, but the company then appealed the decision, according to data available...

May 24, 2022

Appeals court affirms termination of Wafa Insurance's financial restructuring

Impressions from the World Economic Forum Annual Meeting 2022 in Davos-Klosters, Switzerland, Monday. — courtesy World Economic Forum/Sikarin Fon Thanachaiary

WEF unveils virtual global collaboration village as future of strong public-private cooperation

DAVOS-KLOSTERS, Switzerland — The World Economic Forum is embarking on an ambitious new journey to harness the potential of the metaverse as a platform for collaborative, inclusive and effective international action.The Forum, in collaboration with Accenture and Microsoft, is building a Global Collaboration Village as the virtual future of public-private cooperation. It will provide immersive spaces where stakeholders can convene, create and take action on the world’s most pressing challenges.“Since our founding in 1971, the Forum has served as a platform where business, government, civil society and other stakeholders can come together to address critical global issues,” said Klaus Schwab, the Forum’s Founder and Executive Chairman.“The metaverse will influence the way,...

May 23, 2022

WEF unveils virtual global collaboration village as future of strong public-private cooperation

Exclusive launching of Michael Schumacher Digital Experience at Jeddah F1 Grand Prix

JEDDAH — CoinMENA, an investment holding company in partnership with Advanced Technology Fund, a global private equity fund that is focused on alternative investment asset classes in selected advanced technology fields, and Artzenal, specialist in 3D scanning, photogrammetry and creation of virtual experiences, as well as Culture XR, partnered together to make an already unforgettable F1 weekend even more memorable. On the first day of the event, March 25th, the fabulous 3D scan of the Psalmtik sarcophagus was showcased. The astonishingly well-preserved sarcophagus was digitalized with scientific precision to a 0.02mm detail level. The scanning of the 2500-year-old sarcophagus was a quality benchmark for an upcoming scanning project in the old city of Jeddah. Both scanning...

May 22, 2022

Exclusive launching of Michael Schumacher Digital Experience at Jeddah F1 Grand Prix

Almurjan Group Holding: 'Mediclinic Jeddah'… A Saudi Healthcare Icon

Mazen Al-Tamimi, Chairman of Almurjan Group Holding, announced the good news of the unveiling of Mediclinic Almurjan Hospital during the first quarter of 2023, to develop the medical sector in KSA, by providing the components of health care, and meeting the needs of citizens and residents, with a future vision that keeps pace with the process of development and prosperity experienced by the country.Al-Tamimi stated that the group has developed a road map for Mediclinic Almurjan Hospital, which includes consolidating the preventive aspect and reducing the rate of lifestyle-related diseases such as diabetes, heart and cancer diseases to achieve a healthy long life, in addition to reducing the level of smoking spread, and developing the readiness of the health system to deal with epidemics...

May 22, 2022

Almurjan Group Holding: 'Mediclinic Jeddah'… A Saudi Healthcare Icon

Netflix pays $59 million to settle tax dispute in Italy

MILAN — Netflix has agreed to pay more than 55.8 million euros ($59 million) to settle a tax dispute, Milan prosecutors said Friday. The payment covers taxes, penalties and interest from October 2015 through 2019. The streaming service also established an Italian legal entity this year, which will determine its Italian tax burden based on subscriptions to Italian residents, prosecutors said. Prosecutors in Milan said the investigation was triggered by the physical presence in Italy of technological infrastructure, including 350 servers, aimed at producing revenue. Netflix welcomed the settlement that ends the case covering the tax years 2015 to 2019. “We cooperated with the authorities throughout this investigation and, as we have always made clear, we acted in full...

May 20, 2022

Netflix pays $59 million to settle tax dispute in Italy

Leading personalities take over Ras Al Khaimah in new global brand campaign

RAS AL KHAIMAH, UAE, — Marking the next chapter in tourism marketing, Ras Al Khaimah Tourism Development Authority (RATKDA) unveiled an all-new brand campaign at the Arabian Travel Market (ATM) 2022.Building on the successful launch of its new vision and brand identity at last year’s ATM, RAK Calling uses integrated social media platforms to follow a group of influencer friends as they discover the nature Emirate.In collaboration with renowned content creators from Europe and the Middle East, the digital-first campaign showcases the diversity of Ras Al Khaimah and a myriad of tourism experiences across its pristine beaches, lush mangroves, sprawling deserts and majestic mountains.Locations include the beautiful Waldorf Astoria Ras Al Khaimah and Jebel Jais, the UAE’s highest peak,...

May 20, 2022

Leading personalities take over Ras Al Khaimah in new global brand campaign

Trend Micro blocked 107 million threats in KSA

RIYADH – Trend Micro Incorporated (TYO: 4704; TSE: 4704), a global leader in cybersecurity solutions, today released its 2021 annual cybersecurity report: Navigating New Frontiers. The report highlights the growing rate of cyber-attacks by malicious actors on digital infrastructures and individuals in the modern-day hybrid work environment.The report states that globally Trend Micro solutions stopped over 94.2 billion threats in 2021, a 42% increase in the number of detections recorded in 2020. Attacks had surged over 53 billion in the second half of 2021, blocking 41 billion threats in H1 2021. Ransomware attackers are shifting their focus to critical businesses and industries more likely to pay, and double extortion tactics ensure that they are able to profit. Ransomware-as-a-service...

May 19, 2022

Trend Micro blocked 107 million threats in KSA

Microsoft for Startups MEA’s GrowthX Accelerator cohort 2 reaches halfway mark

The second edition of Microsoft for Startups’ GrowthX Accelerator program is halfway through completion, with the cohort of 21 startups gaining invaluable knowledge aimed at helping them grow and scale their businesses.Part of a strategic partnership between the Abu Dhabi Investment Office (ADIO) and Microsoft for Startups, the GrowthX Accelerator is a 12-week program designed to bridge the gap between corporates and B2B tech startups across the Middle East and Africa by enabling them to work together and solve unique challenges.“Startups offer creative, innovative solutions to challenges faced in businesses and communities everywhere,” said Eng. Abdulla Abdul Aziz Al Shamsi, Acting Director General of ADIO.“Programs such as the GrowthX Accelerator offer them hands-on, practical...

May 19, 2022

Microsoft for Startups MEA’s GrowthX Accelerator cohort 2 reaches halfway mark

The global economy is not expected to grow as quickly as predicted due to the war in Ukraine.

Global economic growth downgraded due to spillover from Ukraine war

NEW YORK — The global economy is expected to grow by only 3.1 percent this year, down from the 4.0 percent projected in January, largely derailed by the war in Ukraine, according to the UN’s latest World Economic Situation and Prospects (WESP) report, launched on Wednesday.The mid-year forecast reveals how the conflict has upended the fragile economic recovery from the COVID-19 pandemic, sparking a humanitarian crisis in Europe, surging food and commodity prices, and exacerbating inflationary pressures.Global inflation is also set to reach 6.7 percent this year, or twice the average of 2.9 percent during the period from 2010 to 2020, with sharp rises in food and energy prices.“The war in Ukraine – in all its dimensions -- is setting in motion a crisis that is also devastating...

May 19, 2022

Global economic growth downgraded due to spillover from Ukraine war

Saving child with malignant cerebral malaria thanks to rapid response at IMC

JEDDAH — An 11-year-old girl has arrived to the emergency department at the International Medical Center in a state of delirium, malaise, dizziness and severe body ache.Upon her arrival at the emergency room, she has received all the necessarily medical interventions to stabilize her clinical condition. Shortly, she was admitted to the pediatric department as a case of suspected sepsis for further management.A few hours later, she has developed signs and symptoms of septic shock, assessed by pediatrics rapid response team and transferred to the Pediatric Intensive Care (PICU) to commence the septic shock management bundle in a timely fashion.Shortly thereafter the patient was diagnosed as a case of malignant cerebral malaria with multiple organ failure, based on clinical assessment,...

May 19, 2022

Saving child with malignant cerebral malaria thanks to rapid response at IMC

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