OPEC+ decides to keep oil production levels unchanged
Vienna, Austria--The participants of the 53rd Meeting of the Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum...Business
flynas receives 50th jetliner out of 120 Airbus A320neo ordered
RIYADH, SAUDI ARABIA – flynas, the Saudi air carrier and the leading low-cost airline in the Middle East and the...Business Tourism Aviation
Tech-empowered shoppers drive Saudi consumer behavior: PwC
Riyadh, Saudi Arabia -- Saudi Arabian consumers are navigating the market with heightened awareness, becoming better-informed buyers, according to the...Saudi consumers increasingly rely on smartphones and connected devices to compare prices both online and in-store.
Brand websites are a trusted source, influencing 65% of survey participants, emphasizing the significance of the online shopping experience.
Tech titan Microsoft wins observer seat at OpenAI
SAN FRANCISCO, US - Microsoft, the tech titan that has invested billions of dollars in ChatGPT creator OpenAI, has been given...The nomination was shared in a memo to OpenAI staff that was later posted to the company's blog.
Microsoft will join former US Treasury Secretary and political power broker Larry Summers, who was added last week.
58% of firms in Saudi Arabia plan to outsource cybersecurity
RIYADH, SAUDI ARABIA - Company bosses are boosting their cybersecurity following an alarming increase in cyberattacks, a new study commissioned...A survey gathered information about people who influence cybersecurity, looking at both internal staff, and external actors.
The survey also analyzed levels and types of online safety company bosses believed warranted investment.
CBUAE, Islamic finance organizations discuss sustainable practices
ABU DHABI, UAE - The Central Bank of the United Arab Emirates (CBUAE) hosted several events with Islamic finance infrastructure...Participants in the events included officials and experts from international organizations, financial institutions and Islamic financial bodies.
They aimed to support and advance sustainable Islamic finance while expanding the reach of sustainable finance globally.
14 financial giants confirm expansion into Abu Dhabi: ADGM
Abu Dhabi, UAE -- Abu Dhabi Global Market (ADGM), a leading international financial center of the UAE’s capital, Thursday announced...Abu Dhabi Global Market said these institutions represent a total Assets Under Management AUM of $452 billion.
ADGM also recorded six further announcements made by emerging growth firms, bringing the total to 23.
MoHRE asks over 12,000 private firms to meet Emiratization targets
DUBAI, UAE – The Ministry of Human Resources and Emiratization (MoHRE) has notified over 12,000 private companies with 20-49 workers...Companies with 20-49 workers will be required to hire one UAE national in 2024 and another one in 2025.
This step is expected to create around 12,000 jobs annually for UAE nationals in 2024 and 2025 in various sectors.
Abu Dhabi positioned in world’s fastest-growing economic corridor: Official
Abu Dhabi, UAE -- Dr. Karim El Solh, Co-Founder and Chief Executive Officer at Gulf Capital, said Thursday Abu Dhabi...He added that Abu Dhabi Finance Week took center stage, drawing policymakers, financial leaders, and investors worldwide.
El Solh underscored Abu Dhabi's newfound status as the go-to investment gateway in Asia for many global and regional investors.
Saudi consumer spending up 4 percent in October: SAMA
Riyadh, Saudi Arabia -- Consumer spending in Saudi Arabia increased 4 percent to SAR 110 billion ($29.32 billion) in October,...Consumer spending includes total cash withdrawals, point-of-sale (POS) transactions and e-commerce sales through "Mada", Argaam reported.
Cash withdrawals from ATMs declined by almost 3 percent YoY to roughly SAR 45.5 billion in October.
Dubai Taxi IPO raises US$315m
It received more than US$41 billion in investor orders.The IPO will result in total gross proceeds of approximately US$ 315 million being paid to the Department of Finance, representing the Dubai government
DTC said the previously announced offering size consists of a total of 624,750,000 shares, equivalent to 24.99% of DTC’s total issued share capital
Honda to make electric mopeds
It will pour US$3.4bn into the new venture this decade.The company said it plans to launch 30 new electric models by 2030 and to reduce the current cost of electric motorcycles by 50 percent
In 2022, the electric motorcycle market was worth $30 billion and is expected to grow by almost 19 percent per year between 2023 and 2030
