No peak oil demand ‘on the horizon’, phaseout a ‘fantasy’: OPEC
Paris, France - OPEC said Tuesday that phasing out oil was a "fantasy", as the Saudi-led cartel forecast that demand would...Business
Countries where the X social network is banned and why
Paris, France - With its ban of X, which went into effect on Saturday, Brazil joins a small club of countries...Business
Dubai Chamber of Commerce reports 43% increase in member firms
Dubai, UAE - The Dubai Chamber of Commerce reported a 43 percent increase in new member companies, reaching a total...The total value of exports and re-exports from member companies also saw a 7% increase, reaching AED 137.6 billion ($37.46bn).
The chamber also reported a significant increase in the value of goods and commodities, with a growth of more than 108 percent.
Siemens Energy posts Q3 loss
The group expects full-year net loss of around $4.94bn.The latest result was dragged lower by extra charges of 600 million euros in its offshore wind business.
Siemens Energy said it was "additionally burdened" by a 700-million-euro write-down of deferred tax assets during the quarter.
Baguettes fall victim to Tunisia’s economic woes
Around 200 Tunisian bakers stage a sit-in after a government decision to stop selling them subsidized flour, a move threatening...Last week the ministry of commerce banned some 1,500 privately-owned bakeries that produced European-style breads and pastries from purchasing subsidized flour.
Economists say that this "bread crisis" stems from an inadequate reserve of subsidized flour held by the Tunisian government.
PIF sets up women’s fitness and wellbeing firm Kayanee
Riyadh, Saudi Arabia -- Saudi Arabia's sovereign wealth fund, the Public Investment Fund, Monday announced the establishment of the Kayanee...Kayanee will focus on women’s health and lifestyle of future generations through six offerings, including fitness, apparel, personal care and treatments.
PIF has set up 25 companies and created 181,000 jobs during 2022, latest official data has pointed out.
Saudi Arabia, Argentina sign geological cooperation and investment deal
Jeddah, Saudi Arabia -- The Saudi Geological Survey (SGS) and the Argentine Mining Geological Service (SEGEMAR) have signed a Memorandum...The MoU aims to enhance cooperation in geological exploration, evaluation of mineral resources, and geophysical exploration of mineral resources and groundwater.
The agreements were reached during the Saudi delegation's visit to Latin American countries, as part of efforts to strengthen international cooperation and investment.
FMCG sector drives global economic growth, innovation
"The growth of the FMCG industry is closely tied to population growth, urbanization, and rising disposable incomes. The sector is...The FMCG sector is a primary source of employment, providing opportunities across the supply chain
The industry has strong linkages with ancillary sectors like packaging, advertising, logistics, and transportation
Toshiba readies deal to go private
The 14bn deal comes after years of turmoil for the company.The Japan Industrial Partners-led consortium taking control in the nearly two trillion yen deal includes 17 Japanese firms and six Japanese banks.
In March, Toshiba said the tender offer will be called off if the consortium fails to buy at least 66.7 percent of the outstanding shares.
Qatar non-energy private sector firms record strong growth in July
Doha, Qatar -- Non-energy private sector companies recorded the second highest growth in 2023 so far, according to the latest...Growth rates for output, new orders, employment and purchasing increased, and the 12-month outlook remained firmly positive, the data from Qatar Financial Center said.
Data for July 2023 indicated another increase in employment in non-energy private sector economy in Qatar, at the fastest rate since July 2022.
Milaha posts marginal profit in H1
Its net profit jumped 1.1 percent to US$178 million.Its earnings per share (EPS) amounted to QR 0.57 as of 30th June 2023 as against earnings per share (EPS) of QR 0.56 for the same period in 2022
The company's net profit in 2022 climbed to $278 million in comparison to a net profit of $199 million for the same period of the previous year
Dubai mega-wheel billed as world’s largest stops turning
Ain Dubai (Dubai Eye) was designed as a tourist-luring landmark in the United Arab Emirates' glam-hub, which is home to...The giant wheel, made of more steel than the Eiffel Tower, features prominently on the list of Dubai's top tourist attractions
With no official explanation, rumours are rife on the Ferris wheel's apparent technical issues, especially among employees at Bluewaters
