PIF completes investment in MEPCO
The sovereign wealth fund acquired 23% stake in the firm.Company News Business
Penguin, SkyBlue ink MoU
The aim is to redefine outdoor media advertising in Abu Dhabi.Company News Business Economy Tech & Media
China central bank says all crypto transactions are illegal
The bank has effectively sounded the death knell for digital currencies in China.The global values of cryptocurrencies including Bitcoin have massively fluctuated over the past year partly due to Chinese regulations
The rulings have sought to prevent speculation and money laundering
WSJ reports China preparing for Evergrande’s downfall
The Wall Street Journal, the top American newspaper, has reported that Chinese authorities are asking local governments to prepare for...Local governments have been ordered to assemble groups of accountants and legal experts to examine the finances around Evergrande's operations in their respective regions
Both bonds would default if Evergrande fails to settle the interest within 30 days of the scheduled payment dates
Canon to employ 30% women in KSA
The global camera maker aims to meet the target by the end of 2023.It has launched a “Women in Sales” internship program to further support the 2023 target
The move is in line with national efforts to integrate more women into the Kingdom’s workforce
Saudi Arabia seeks to attract $5.3bn in investments in data and AI
Saudi Arabia aims to be one of the top 10 countries in the world in data and artificial intelligence, and...Digitization is not a luxury, minister says
Kingdom is training 25,000 Saudis youth in digital skills
US approves $1bn for Iron Dome defense system
This came after the funding was controversially stripped from a separate bill following a revolt from the left flank of...The money had originally been included in legislation addressing a looming government shutdown and a potential October debt crisis
But progressives in the House of Representatives said they would tank that unless the funding was removed from it
UAE, US strengthening business cooperation
Both countries signed an MoU to strengthen cooperation in areas of digital economy, innovation, and entrepreneurship.Minister of Economy Abdullah bin Touq Al Marri and Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi
They met US Secretary of Commerce Gina M Raimondo, in the presence of officials from both countries
GCC nations eye Hyperloop travel by 2030
It is predicted that the Hyperloop technology will carry between 45 and 50 million passengers yearly in the Gulf Arab...It is predicted that the Hyperloop technology will carry between 45 and 50 million passengers yearly in the Arab Gulf states using clean and renewable energy
The Dubai government owned DP World has granted permit to Virgin Hyperloop to develop the technology in the emirate
Stock markets in GCC rise as oil prices gain
Most stock markets in the Gulf rose on Thursday as oil prices gained on growing fuel demand and a bigger-than-expected...Dubai's main share index added 0.2%, extending gains from the previous session
blue-chip developer Emaar Properties rising 0.7% while DAMAC Properties advanced 2.4%
Bahrain Bourse taps Oxford Business Group for ESG reports
OBG research is expected to analyze the steps that publicly listed companies are taking to adopt and fully embrace ESG...
Abu Dhabi’s Mubadala and Trafigura Group to sell Spanish mining complex for $1.87bn
Abu Dhabi’s sovereign investor Mubadala Investment Company and global commodities trader Trafigura Group will sell the Minas De Aguas Teñidas...The acquisition is fully funded through a combination of cash, debt and equity
The transaction is expected to be completed by March 2022
