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Bosch to cut 13,000 jobs

This is a blow to Germany's ailing car sector.

Aldar ups stake in Aldar Estates

Acquires Modon Holding’s 17.45% stake

Oracle shares up 35%

Huge AI contracts lead to the surge.

ADCB to raise $1.66bn

The rights issue aimed at boosting growth.

EGA H1 revenue $4.11bn

Net profit before GAC $445 million.

Qatar’s Jan Producer Price Index decreases by 4.38 percent

Doha, Qatar -- Qatar's General Producer Price Index (PPI) for January 2024 is estimated at 113.22 points showing a decrease...
  • On Y-o-Y basis, PPI of January 2024 showed a decrease of 12.63 percent, according to the Planning and Statistics Authority (PSA).
  • The PPI of January 2024 for Mining and Quarrying sector showed a decrease of 5.22 percent when compared with PPI of December 2023.

Iraq economy likely to grow this year, says IMF

BAGHDAD, IRAQ – Economic growth of the country is projected to continue amid fiscal expansion, an International Monetary Fund (IMF)...
  • Medium-term vulnerabilities to oil price volatility have increased significantly, the IMF said.
  • Growth in the non-oil sector has rebounded strongly in 2023 while inflation has receded.

Sharjah government issues 12-year bonds worth $750 million

Sharjah, UAE -- Bank of Sharjah has acted as a joint lead manager and bookrunner in Sharjah government's issuance of...
  • The bond attracted significant investor interest, evidenced by an order book that exceeded $4 billion.
  • The issuance was priced with a spread of 195 basis points over US Treasuries, significantly tighter than the initial guidance of 235 basis points.

Total value of Saudi Arabia’s export of dates reaches US$389m in 2023

RIYADH, SAUDI ARABIA - According to data released by the National Center for Palms and Dates (NCPD), the value of...
  • By the end of 2023, the number of countries importing Saudi Arabian dates had reached 119.
  • The total value of date and date-byproduct exports increased by 152.5 percent since 2016.

UAE airports surpass 134 million passenger mark in 2023: GCAA

Abu Dhabi, UAE -- Saif Mohammed Al Suwaidi, Director-General of the General Civil Aviation Authority (GCAA), said Thursday that the...
  • Saif Mohammed Al Suwaidi, Director-General of GCAA, attributed this achievement to the robustness and competitiveness of the UAE aviation sector.
  • Al Suwaidi highlighted that UAE airports recorded approximately 38 million arrivals, 37.805 million departures, and 58.328 million transit passengers in 2023.

Saudi Arabia permits over 350 firms to open regional HQ, mostly in Riyadh

Riyadh, Saudi Arabia -- Saudi Arabia has granted permission to more than 350 international companies to open their regional headquarters...
  • Minister of Investment Khalid Al Falih said the Kingdom is transforming comprehensively through Vision 2030 by turning its economy green.
  • He highlighted that new economic sector like the digital economy, and tourism will immensely develop human capital, demanding diverse skills and a new global outlook.

Bitcoin hits $60,000 as ETFs draw in new investors

London, United Kingdom -- Bitcoin passed the $60,000 mark on Wednesday, approaching its all-time high and continuing its unbridled rise since...
  • At 1325 GMT, bitcoin traded at about $60,301, closing in on its all-time high of $68,991 -- that was struck in November 2021 and which some analysts believe is now within reach.
  • Since their approval on January 10 by US securities regulators, exchange-traded funds indexed to bitcoin have theoretically enabled a wider public to invest in the cryptocurrency.

Mubadala Capital, Woori sign partnership

The two firms will explore mutually beneficial investment opportunities.
  • They will establish a dedicated working committee to facilitate cooperation and dialogue between both organizations.
  • Chang Kyu Kim, CEO of Woori Venture Partners emphasized the potential for mutual growth and affirmed his commitment to strengthening cooperation among group entities in the future.

Palestinians reduced to antagonists in someone else’s story: Queen Rania

In a powerful speech at the first-ever Web Summit Qatar conference, while calling for an immediate end to the war...
  • Palestinian story has been obscured, allowing Palestinians to be dehumanized, discredited, and “turned into a people unto whom anything can be done, without consequence.”
  • Their many attempts at non-violent resistance – from historic strikes and civil disobedience, to Gaza’s Great March of Return – have been crushed, even criminalized,” she said.

Luberef net profit falls 24%

Decline attributed to lower prices for base oils, secondary products.
  • The company also reported a decrease in base oils and secondary products’ cracking margins, despite higher sales volumes.
  • The fourth-quarter net profit dropped 65 percent to SAR 268.7 million from SAR 763.19 million in Q4 2022.

47 global firms interested in developing 7th phase of Al Maktoum solar park

Dubai, UAE -- A total of 47 international companies have shown interest in developing the seventh phase of the Mohammed bin...

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Vegetable oil pushes global food prices to seven-month high in Nov

Rome, Italy -- The benchmark for world food commodity prices rose in November to its highest level since April 2023,...

ADNOC signs deal with PETRONAS

Under the agreement, ADNOC will supply 1m tons of LNG per year.

Saudi Arabia partners with World Bank to launch global knowledge hub in Riyadh 

According to World Bank Group President Ajay Banga, “The new Knowledge Hub being created by the World Bank Group and...

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UAE firms accelerate AI transformation, new report finds

The real power of AI lies in its careful deployment across diverse business functions, and the UAE is primed for...
  • The AI Maturity Index shows that more than 80 percent of enterprises have a shared vision for AI within their organizations
  • Only 15 percent have reached a 'transformative' level of AI maturity

Saudi Arabia sets Guinness record for largest food cluster

Riyadh, Saudi Arabia -- Saudi Arabia has set a Guinness World Record for the largest food cluster in the world...
  • Jeddah Food Cluster, which spans over 11 million square meters, has set a new global benchmark.
  • MODON announced ambitious plans for the cluster, targeting investments of up to SAR20 billion and creating 43,000 job opportunities by 2035.

Riyadh tripartite meet pledges to implement Beijing Agreement

Riyadh, Saudi Arabia -- The second meeting of the Saudi-Chinese-Iranian Joint Tripartite Committee to follow up on the Beijing Agreement...
  • They also reaffirmed their continued endeavor to consolidate neighborly relations between their countries through adherence to the Charter of the United Nations.
  • China has affirmed its readiness to continue to support and encourage the steps taken by Saudi Arabia and Iran to develop their relationship in various fields.