$20 million rare blue diamond goes on show in Abu Dhabi
Abu Dhabi, United Arab Emirates -- A rare blue diamond valued at $20 million went on pre-auction display on Tuesday...Arts & Culture Business Culture & Society
MBC Group IPO plea okayed
The conglomerate intends to sell 33.25 million shares.The number of shares represent 10 percent of the capital of the Saudi media conglomerate.
The company's prospectus will be published ahead of the planned share sale, the market regulator said in a statement.
Yalla 9M revenue at $237.9m
The results underscore the firm’s robust financial performance.The company's net margin remained exceptionally high at 41.4 percent, highlighting its strong monetization capabilities.
Yalla's average monthly active users experienced significant growth, surging by 13.6 percent to 35.1 million in Q3 2023.
UAE defense conglomerate EDGE signed nearly $2bn in deals
Dubai, UAE -- UAE defense conglomerate EDGE Group has inked deals worth at least $1.8 billion during the Dubai Airshow,...A $1.1 billion deal with UAE Ministry of Defense for aircraft munitions was the biggest of the deals.
The EDGE Group is only four years old, but now consists of more than 25 subsidiaries.
DTC sets IPO offer price range
Final offer price will be fixed through a book-building processThe company announced that the offer price range had been set between US$0.49 (AED1.80) and US$0.5 (AED1.85) per share.
This implies a market capitalization at the time of listing of between US$1.2 billion (AED4.5 billion) and US$1.25 billion (AED4.6 billion).
SAMA, Central Bank of China sign $7bn currency swap agreement
Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) has signed a three-year currency swap agreement with the Central Bank...he agreement is part of the financial cooperation between the two central banks, which works to strengthen collaborations based on mutual interests.
Currency swaps are agreements between two parties to exchange a certain amount of one currency for another and then reverse the exchange at a later date.
US regulator files charges against Kraken crypto exchange
The action against Kraken by the financial markets regulator will likely pour cold water on the hopes of many firms...The proceedings against Kraken began on Monday in federal court in San Francisco, targeting Payward and Payward Ventures, the two legal entities behind the exchange
Kraken's business model is "rife with conflicts of interest that placed investors’ funds at risk," Director of the SEC’s Division of Enforcement, Gurbir Grewal, said in a statement
With X’s Musk under fire, Biden joins rival Threads
The White House confirmed it had launched Threads accounts for the president, First Lady Jill Biden, Vice President Kamala Harris,...Meta launched Threads in July, in a bid to depose Musk's X, as the go-to platform for celebrities
Biden's debut comes after his spokesman slammed Musk for the "promotion" of an anti-Semitic conspiracy theory
ADNOC and Santos sign agreement to build joint platform for net-zero goals
Abu Dhabi, UAE--ADNOC and Santos have signed a strategic collaboration agreement (SCA) to build a joint global-carbon-management platform that could...The agreement will allow companies to advance critical carbon capture and storage (CCS) technologies required to speed up the decarbonisation
They will look to ramp up the carbon management technologies of the future in order to safely transport, capture and store carbon, helping markets to decarbonise
UAE a key player in global financial landscape: NYSE vice-chairman
Abu Dhabi, UAE--The UAE has solidified its stature as a key player in the global financial landscape, through launching economic...He believes the UAE’s financial markets have significant potential and flexibility, combined with its continuous commitment to innovation and development
He said the UAE's commitment to developing its financial infrastructure and attracting foreign investments makes it a significant market in the MENA region
L&T energy hydrocarbon unit clinches mega deal in the Middle East
New Delhi, India - The L&T Energy Hydrocarbon (LTEH), hydrocarbon business unit of Larsen & Toubro (L&T), said on Monday...The scope of work comprises engineering, procurement, construction and installation of a new large offshore platform
In October also, LTEH secured a major contract worth over Rs 15,000 crore ($20 billion) from a Middle Eastern client
