AI to replace 4,000 jobs in Southeast Asia’s largest bank: DBS
Singapore, Singapore -- Southeast Asia's largest bank DBS said that 4,000 jobs could be cut in the next three years...
Business
Business
Aramco, Cenomi see 4 negotiated deals
The $32.81 million deals were registered by Tadawul.
- A negotiated deal involves a stock purchase based on a bargain between buyers and sellers, apart from the market price.
- The negotiated deal does not directly impact the last deal price, highest/lowest stock price and opening/closing price.
Arts & Culture
Saudi Arabia’s natural reserve makes it to UNESCO heritage list
Riyadh, Saudi Arabia -- The Uruq Bani Ma'arid Reserve in Saudi Arabia has been inscribed on the UNESCO World Heritage...
- Uruq Bani Ma'arid Reserve occupies an area of over 12,750 km2 and is the only major sand desert in tropical Asia.
- It provides vital natural habitats for the survival of more than 120 indigenous plant species.
Geostrategy
GCC ministers call upon Iraq to respect Kuwait sovereignty
New York, United States -- At a meeting on the sidelines of the 78th session of the UN General Assembly,...
- The foreign ministers asked Baghdad to adhere to UN resolutions, particularly Resolution 833, which pertains to the demarcation of the Kuwait-Iraq borders.
- Expressing hope for continued cooperation from Iraq, the ministers urged both Iraq and the UN to make every effort to resolve the related issues.
Economy
GCC countries hold interest rates following US Fed decision
Abu Dhabi, UAE -- In the wake of the US Federal Reserve's decision to maintain its interest rates, GCC countries,...
- The US Federal Reserve, on Wednesday, voted to keep interest rates at a 22-year peak, suggesting that these rates might need to persist at these highs to tame inflation.
- The CBUAE will continue to set the rate for short-term liquidity borrowing at 50 basis points above the Base Rate.
Business
Sharjah Chamber to host two-day Gulf-Iraq Business event
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) said it is likely to host the first Gulf-Iraq...
- The theme of the event is “Partnership for a Promising Economic Future”, and is expected to present multiple investment opportunities.
- The Chamber hopes the event starts new wave of economic, trade, and industrial relations between the GCC countries and Iraq.
Business
stc’s acquisition of Telefonica stake okayed
Spain's Securities Market Regulatory Authority cleared the deal.
- Morgan Stanley, which advises on the deal from the buyer's side, accumulated a little less than 3 percent of Telefonica’s capital during an unspecified period of time.
- Media reports said that stc announced recently it acquired a 9.9 percent stake in Telefonica for SAR 8.5 billion (2.1 billion euros).
Business
ZATCA, Korea Customs Service sign MoU to recognize AEO
Riyadh, Saudi Arabia -- Saudi Arabia's Zakat, Tax and Customs Authority (ZATCA) and Korea Customs Service have signed a memorandum...
- The move will accelerate the clearance of goods at customs points, enhance trade, and support their economies, SPA reported.
- ZATCA also showcased the “Clearance within Two Hours” initiative, which aims to unify the efforts of customs clearance authorities.
Business
AD ports’ digital customs transactions increase by 37% in H1
Clearance of goods transactions increased by 35.8%.
- AD Customs reported a 20 percent growth in customs clearance request in free zones areas.
- It also recorded a growth of 6 percent in customs declaration during the first six months of 2023.
Infographics
Aramco, IHC among biggest companies in Middle East
Energy, banking and financial services, and industrial sector companies are among the largest in the Middle East, especially the Gulf...
- High representation of these sectors is due to the region's rich oil and gas reserves and its growing population and economies.
- The Middle East is also home to a number of other significant industries, such as tourism, healthcare, and education.
Business
DAE closes $1.6 billion loan
DAE said this is the company's largest ever loan facility.
- The facility enabled DAE to tap the Islamic banking liquidity and consolidate its existing banking relationships in the Middle East, Asia, North America, and Europe, it said.
- Proceeds from the facilities will support the future financing needs of the business and refinance a maturing credit facility.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
AI to replace 4,000 jobs in Southeast Asia’s largest bank: DBS
Singapore, Singapore -- Southeast Asia's largest bank DBS said that 4,000 jobs could be cut in the next three years...
Business
Company News
Latest News
Saudi Arabia expects budget deficits in 2023 and 2024 as spending rises
The announcement comes one year after the Gulf kingdom, the world's biggest crude exporter and the Middle East's largest economy,...
Economy
People-positive approach needed in clean power transition: WEF paper
Dubai, UAE -- Building massive infrastructure for clean power projects in pursuit of climate goals will need nearly $4.5 trillion in...
Business
Most Read
COP28 UAE
$272 billion sustainable finance pledge by UAE financial sector at COP28
Abu Dhabi, UAE -- The financial sector of the United Arab Emirates commits to mobilizing more than AED 1 trillion...
- The commitment to mobilize AED 1 trillion was made by the UAE Banks Federation at an event held on Finance Day at COP28.
- Financial sector's engagement is critical to realize our collective climate ambitions, ensuring that the 1.5°C target remains within reach, said COP28 President Sultan Al Jaber.
Business
Masdar, Taaleri acquire 8 energy projects
The hybrid renewable energy projects in Poland have 1Gw capacity.
- Masdar and Taaleria have purchased the projects from Domrel Biuro Usług Inwestycyjnych, a prominent player in Poland's renewable energy sector.
- These projects incorporate solar photovoltaic (PV) and onshore wind technologies and are projected to power approximately 223,000 households.
Business
ADNOC-Tabreed G2COOl opens
G2COOL is the first geothermal energy cooling plant in the Gulf region.
- The G2COOL plant produces naturally occurring hot water found underground through two geothermal wells.
- The hot water is fed into absorption cooling technology to produce the chilled water needed by Tabreed for its district cooling activities.