Hermes overtakes LVMH as world’s most valuable luxury group
Paris, France -- French group Hermes overtook LVMH as the world's most valuable luxury company on Tuesday after shares in...Business
EU to probe use of personal data by X’s AI chatbot
Ireland's data protection watchdog, acting on behalf of the European Union, launched an inquiry Friday into the use of personal...Business
Deyaar, Arady Properties sign MoU
Deyaar is a leading real estate developer in Dubai.The MoU outlines the commercial objectives for the project and provides a framework for further negotiations
Deyaar has developed strategic partnerships with renowned real estate entities in the region and beyond
Qatar’s customs and tax departments link up e-services to ‘facilitate’ business
Doha, Qatar--The General Authority of Customs and the General Tax Authority have announced the launch of the interconnection between their...The launch of interconnection is expected to achieve automation and integration of procedures, with the aim of providing the best services to taxpayers
The chairman of customs said that the e-connection between customs and tax services is part of Qatar's vision to leverage technology and provide advanced and effective services
Qatar expects a decrease in inflation next year
Doha, Qatar-- Inflation in Qatar is expected to fall in 2024, according to Ali bin Ahmed Al Kuwari, the Minister...The Qatari finance minister said the high inflation in Qatar during 2023 was linked to high food prices, and it was a temporary phenomenon
The minister said the total expenditure in the 2024 budget will be US$55.1 billion, a one percent compared to the current year's budget
UAE, Mauritius conclude CEPA talks, set to boost trade
The CEPA will cover trade in goods and services, investment facilitation amongst others. Once implemented, it will accelerate robust growth...Mauritius posted an 8.5 percent GDP growth in 2022 — the fastest in 35 years
The deal is also expected to drive FDI into fintech, healthcare and tourism sectors
‘Diverse economic needs boost global sukuk market’
"Rising rates negatively impact global issuances of sukuk, thereby affecting the global sukuk market. This reduces the appetite of global...The Sukuk market is projected to reach $823.4 billion by Q3-2023, reflecting a significant 9.8% annual growth, indicating its continued expansion.
Sukuk adoption is driven by factors such as filling budget gaps, diversifying funding sources, and establishing flexible financial tools for economic stability.
UAE best performing economy in Arab region, says Arab Monetary Fund
Abu Dhabi, UAE - The United Arab Emirates was named the most economically competitive nation in the Arab world, a...The report noted the UAE secured the top position in the government financial sector index, ranking first in the deficit/surplus to GDP ratio and second in the tax burden index
The UAE also topped the infrastructure sector index, leading in mobile phone subscriptions and the percentage of the population with access to electricity
China’s BYD to manufacture cars in Hungary
BYD already has operations in Hungary, including an electric bus factory."BYD is set to build its first passenger car factory in Szeged, Hungary, marking a significant step toward green mobility in Europe," BYD Europe said on X.
Originally specializing in battery production, BYD moved into the automotive sector in 2003 and has since become a heavyweight in electric vehicle (EV) production.
TAQA, GS Inima and EWEC seal deal
Abu Dhabi's Shuweihat 4 desalination project secures $444 million.The S4 RO project is primarily funded 71 percent through debt financing from both local and international banks.
The financial closing comes after TAQA and GS Inima signed the water purchase agreement with EWEC in August 2023.
ESG buys majority stake in UIG
The move is likely to enhance ESG’s manpower portfolio.ESG is a global investment, engineering and construction services business and a subsidiary of International Holding Company.
The strategic plan aims to deploy over 30,000 skilled professionals by the end of 2024, serving various sectors.
Ottawa approves RBC takeover of HSBC’s Canadian operations
Canadian Finance Minister Chrystia Freeland said RBC would be required to establish "a new integrated banking center" in Vancouver, eliminate...HSBC, under pressure from shareholders to refocus on its Asian activities, announced the sale of its Canadian operations to RBC for $13.5 billion in November 2022
The London-headquartered bank, which generates two-thirds of its sales in Asia, said it expected the deal would be completed in the first quarter of 2024
