Social media platform X to shutter local operations in Brazil
Social media platform X, formerly Twitter, will shutter its local operations in Brazil following a bitter legal tussle over the...Business
Saudi Arabia submits official bid to host FIFA World Cup 2034 after successful Qatar event in 2022
The next steps include official visits by FIFA and a comprehensive evaluation of the bid.Arts & Culture Business Culture & Society Sports
US to auction three new oil and gas leases in the Gulf of Mexico
WASHINGTON, US - President Joe Biden's administration on Friday announced it would auction three new oil and gas leases in the...The move triggered a furious reaction from environmental groups who said the move would accelerate climate change.
The action was denounced by advocates of the fossil fuel industry as it reduced the number of lease sales planned by previous US administration.
Credit Suisse expects Q3 loss
The bank said the loss could be as much as $2.2 billion.Its exit from certain loan portfolios is expected to result in a $1.6 billion loss, Credit Suisse said in a first-half results statement
The winding down of certain management arrangements may result in an additional loss of up to $600 million, the bank added
Cathay Pacific orders A320neo planes
The value of the deal is expected between $3.2 billion to $4.1 billion.Financial details of the sale were not disclosed, though at current list prices the deal would be worth $3.2 to $4.1 billion
Airbus says the more fuel-efficient versions of the single-aisle A320 planes are the best sellers in the industry
Europe should move faster on energy transition, say IEA, ECB
PARIS, FRANCE - Europe must invest more quickly and massively in its energy transition if it wants to remain a global...Europe must invest more quickly in its energy transition if it wants to remain a global industrial power, top policymakers said.
Private sector investment faces barriers including policy uncertainty, bureaucratic red tape and higher energy costs, they said.
Saudi Central Bank’s assets drop $6.39 billion in August
Riyadh, Saudi Arabia -- Assets held by the Saudi Central Bank (SAMA) declined by SAR 24 billion ($6.39 billion) month-on-month...When compared to August 2022, SAMA’s assets fell by around SAR 229.2 billion, according to data released by SAMA, Argaam reported.
SAMA’s investments in foreign securities, which represent nearly 56 percent of its total assets, shrank by 12 percent year-on-year (YoY) to around SAR 986.2 billion last month.
GCC, Pakistan ink preliminary free trade agreement
RIYADH, SAUDI ARABIA - Secretary-General of the Gulf Cooperation Council (GCC) Jasem Mohamed AlBudaiwi said that preliminary free trade agreement...The agreement was signed by GCC Secretary-General Jasem Mohamed AlBudaiwi and Pakistani Commerce Minister Dr. Gohar Ejaz.
The Secretary-General stressed that the GCC countries are proceeding with free-trade negotiations with other countries.
EDGE acquires 50% stake in SIATT
SIATT is Brazilian smart weapons and high-tech systems specialist.The acquisition follows a cooperation agreement signed by both companies in Rio de Janeiro in April this year.
SIATT specialises in the integration of systems with high technological content, which provides solutions to the demands of the defense and aerospace sectors.
UAE’s EDGE acquires 50 percent stake in Brazil’s SIATT
Sao Paulo, Brazil - The UAE’s EDGE Group, one of the leading advanced technology and defence groups, has announced the...Founded in 2015, and based in the city of São José dos Campos, SIATT specializes in the integration of systems with high technological content
SIATT’s product portfolio includes intelligent weapons such as missiles and guided munitions, and their integration onto aircraft, naval vessels, tanks and other land vehicles
‘Mainstream sustainability for a net-zero future’
“As the UAE gears up to host COP28, it's crucial to involve all partners in hastening climate action, both locally...UAE Minister of Climate Change and Environment, Mariam bint Mohammed Almheiri, emphasizes the importance of integrating sustainability into business operations
At the 12th NDCA, Minister Almheiri urges businesses to mainstream sustainability and highlights the pivotal role of carbon registries in achieving Net Zero by 2050
Chinese high-end EV brand Zeekr to make Middle East debut
Dubai, UAE - Chinese luxury electric vehicle manufacturer Zeekr, a subsidiary of Geely, is set to make its debut in...Zeekr's expansion will begin in four Middle Eastern countries: Saudi Arabia, the United Arab Emirates, Qatar, and Bahrain
Chen Yu, a Vice President at Zeekr, expressed the brand's intention to adopt a competitive pricing strategy targeting traditional premium car brands like BMW and Aud
