Gold tops $3,000 for first time on Trump tariff threats
Gold surpassed $3,000 for the first time Friday as US President Donald Trump's trade wars boost the safe-haven asset, while...Business
Smart cities lead GCC’s IoT boom: NEOM and Smart Dubai in focus
IoT applications are transforming critical sectors such as transportation, where connected vehicles improve traffic management, utilities where smart grids enhance...Technology Technology Business Economy
QatarEnergy signs US$3.90bn deal with HD Hyundai to build LNG carriers
Seoul, South Korea--QatarEnergy has signed US$3.90 billion worth agreement with Korea's HD Hyundai Heavy Industries (HHI) for the construction of...The agreement with the South Korean firm marks the start of the second phase of QatarEnergy's LNG ship acquisition program
QatarEnergy's ship-building program is the largest of its kind and will play a pivotal role in meeting its future shipping requirements
Lucid Group opens Saudi Arabia’s first-ever car manufacturing facility
Jeddah, Saudi Arabia - Lucid Group, which is partially owned by the Public Investment Fund, launched Wednesday its first international...The manufacturing unit extends over an area of about 31% of the total area allocated to the automotive industry in Jeddah's Special Economic Zone
In May 2022, Lucid Motors signed a contract to begin construction of its factory in KAEC with a production capacity of 155,000 vehicles
Masdar and PLN NP to triple size of Southeast Asia’s largest floating solar plant
Abu Dhabi, UAE--Masdar and PLN Nusantara Power (PLN NP) have signed an agreement to develop Phase II of the successful...The clean energy partnership between the UAE and Indonesia saw further consolidation when the two companies signed the deal to expand FPV plant
The UAE company has developed the region’s largest floating solar facility, the 145 MW Cirata floating solar PV plant in a joint ventre with PT PJB, now PLN NP
Ras Al Khaimah’s first organic fertilizer project to cost $20m
Ras Al Khaimah, UAE - Ras Al Khaimah’s is building its first organic soil fertilizer project at a cost of...The company will also carry out research on the creation of unique methods of cultivating plants, medicinal and valuable fungi
It will also be farming fruits, vegetables and berries, both indoors and outdoors, and conduct organic animal husbandry
Automation revolutionizes financial business models
The financial services sector is witnessing transformative changes, driven by rising demands for personalized services and the integration of cutting-edge...The financial services sector is witnessing transformative changes, driven by rising demands for personalized services and the integration of cutting-edge technologies
Projected to hit $949bn by 2030, FinTech investments spotlight trends like open finance, decentralized finance and digital assets, while open banking enhances decision-making
Indonesia bans goods trading on social media platforms
Jakarta, Indonesia - Indonesia has banned goods transactions on social media platforms in a new regulation, its trade minister said Wednesday,...The regulation means social media firms will not be able to conduct direct transactions but only promote products on their platforms.
Laws in the archipelago nation did not cover direct transactions through social media platforms such as TikTok, Facebook or Instagram before the new regulation.
Binance selling Russia business
Binance is likely to sell its Russian assets to CommEX.The move comes months after reports suggested US authorities were investigating possible sanctions violations.
The firm said the process would take a year to complete and would involve selling its assets to CommEX, a company that only launched on Tuesday.
Aramco likely to acquire equity in China’s Shenghong Petrochemical
Dahran, Saudi Arabia -- Aramco and Jiangsu Eastern Shenghong Company (Eastern Shenghong) Wednesday signed a cooperation framework agreement to facilitate...Aramco and Eastern Shenghong signed agreement to facilitate talks on the possible acquisition by Aramco of a 10 percent strategic equity interest in Shenghong Petrochemical.
Shenghong Petrochemical, a wholly owned subsidiary of Eastern Shenghong, owns and operates a 320 MBD integrated refinery and petrochemicals complex.
Saudi EXIM Bank, Trafigura sign pact
The bank will extend three-year credit facility of $500 million.The agreement is aimed at facilitating the purchase of domestically produced commodities from Saudi Arabia
It will also enable Trafigura to connect Saudi producers to more than 156 markets worldwide, the bank said.
Markets mostly up but US rate outlook feeds uncertainty
With inflation still sitting well above the central bank's target and the labor market showing few signs of softening, decision-makers...All three main indexes on Wall Street tanked Tuesday, shedding more than one percent apiece.
Asia started on the back foot but most markets managed to eke out gains following a painful start to the week.
