Britain expands investigation into Vodafone-Three UK merger
London, United Kingdom - Britain's competition regulator deepened Thursday its probe into Vodafone's planned merger of British mobile phone operations with...Business
Riyad Bank Saudi PMI down to 57.5 points in November
Riyadh, Saudi Arabia -- The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Manager's Index (PMI), formerly S&P Global Saudi Arabia PMI,...The index continued to signal a rapid expansion in the non-oil private sector in November,
Higher raw material prices led to a continuous increase in corporate sales prices, but demand remained strong.
Putin to visit UAE, Saudi Arabia for talks amid OPEC output cuts
Russian President Vladimir Putin, according to his aide Yuriy Ushakov, will first arrive in the UAE this week and then...The announcement of the visit follows the recent OPEC decision to cut oil production by 2.2m bpd in Q1 of 2024
Saudi Arabia, as the world's largest exporter, will see a reduction of 1 million barrels per day
ADQ and Qazaqstan Investment Corporation set up ‘investment platform’
Abu Dhabi, UAE--ADQ and Qazaqstan Investment Corporation have established a co-investment platform focused on high-growth sectors such as food and...The investment platform will seek to explore and leverage investment opportunities in Kazakhstan as well as other countries in the Central Asia and Caucasus region
As part of the initiative, ADQ and Qazaqstan Investment Corporation will be committed to making equal financial and operational contributions to each investment
Islamic finance poised to reach $4 trillion by 2026
Islamic finance, with 70% of sector assets, is revolutionizing the global economy through ethical practices and digital innovation, gaining widespread...Islamic finance, with 70% of sector assets, is revolutionizing the global economy through ethical practices and digital innovation, gaining widespread traction.
GCC and MENA regions lead in Islamic finance assets, with significant growth in markets like Russia, Canada, and the USA, driven by an 18% annual fintech rise.
Biodiversity credits demand may rise to $180bn annually by 2050
The transformation hinges on nearly all major companies adopting nature-related goals, with biodiversity credits playing a major role.Biodiversity credits are a novel financial instrument that could play a major role in contributing to a nature-positive future, explains the WEF report
 The WEF’s Global Risks Report 2023 has ranked biodiversity loss and ecosystem collapse as one of the top five threats to humanity over the next ten years
Saudi, Turkish firms ink 8 deals to boost Riyadh-Ankara business
Istanbul, Turkey - Saudi and Turkish companies, part of the Saudi-Turkish Business Council, signed eight trade agreements to strengthen trade...The firms discussed investment opportunities in the two countries, especially those envisaged in the Saudi Vision 2030 and Turkish economy.
The volume of trade between Saudi Arabia and Türkiye reached SAR22 billion ($5,864,813,240) in 2022, recording a growth rate of 32.6 percent.
Turkish Airlines, Riyadh Air ink MoU
The pact will benefit customers of both the airlines.The establishment of Riyadh Air is in line with PIF’s mandate to unlock the capabilities of key sectors locally to drive the diversification of Saudi Arabia’s economy.
The airline will support the Saudi Aviation Strategy's broader vision, and enable the National Tourism Strategy, unlocking Saudi Arabia's cultural and natural attractions.
Spotify cuts 17% jobs
Spotify has invested over $1 billion into podcasts alone.Spotify in October posted a rare quarterly operating profit of 32 million euros ($34.60m), compared to a loss of 228 million ($246.54m) for the same period a year earlier
Spotify has invested heavily since its launch to fuel growth with expansions into new markets and, in later years, exclusive content such as podcasts
HPDC, HDC ink agreement
The aim is to stimulate the growth of the halal industry.The two companies will exchange information on industry-leading practices and successful models of halal ecosystems.
The agreement will broaden the scope of collaboration by facilitating engagement with halal exporters and investors.
Gold strikes fresh record high as rate cut bets surge
Hong Kong, China - Gold prices soared to a record high above $2,100 on Monday as traders grow increasingly confident the...The precious metal struck $2,135.39 in early Asian trade, topping the previous all-time high set in 2020, during the pandemic
Bets on a drop in rates have weighed on the dollar, which has in turn made gold cheaper for international buyers
