Lufthansa cabin crews to go on strike
The announcement came after the airline's record profits.Business
Stable credit conditions make GCC firms resilient
Gulf companies benefit from supportive credit environments, ensuring resilience in 2024 despite global economic challenges and geopolitical risks, says a...Business Banking & Finance
QatarEnergy awards $10 billion gas contract
The construction contract was awarded to a joint venture of France's Technip Energies and Consolidated Contractors Company for the North...NFS and North Field East form the wider North Field Expansion project to increase LNG production. The North Field contains the world's biggest natural gas reserves.
The LNG trains, together with further expansion of North Field East, will boost Qatar's total production from 77 to 126 million tons per year, QatarEnergy said.
Alcoa, EGA ink supply pact
Alcoa is now EGA's largest third-party supplier of alumina.The agreement, spanning eight years starting in 2024, includes options that enable EGA to procure up to 15.6 million metric tonnes of alumina.
The pact is the largest alumina supply contract ever signed between the two firms and is one of the largest in the industry, said Alcoa CEO Roy Harvey.
Khalifa Fund partners with Wio Bank
Wio will offer Khalifa members full digital account onboarding.The two entities aim to empower SMEs, entrepreneurs and freelancers in Abu Dhabi and the UAE with business banking tools and financial solutions.
Wio Business will be extending a special promotion of a three-month free subscription plan to over 3,600 members and portfolio companies of Khalifa Fund.
Russian oil exports hit post-invasion high, says IEA
PARIS, FRANCE -  Russia's oil exports rose in April to the highest level since its invasion of Ukraine, boosting revenues by...The Paris-based organization said Russian exports increased by 50,000 barrels per day to 8.3 million bpd in April.
Russia's tax receipts from its oil and gas sector were down by 64 percent year-on-year, the agency added.
Saudi firm signs pact to explore minerals in area the size of Denmark
Under the agreement, Saudi Arabian Mining Company (Ma'aden) will buy 9.9% shares of Ivanhoe Electric and use Ivanhoe's Typhoon surveying...Saudi Arabia's transformative Vision 2030 program has made mining the third pillar of the kingdom's economy. Its mineral wealth is valued at estimated $1.3 trillion.
The exploration operations target to discover new minerals, such as copper, nickel, gold, silver, and other strategic minerals.
European Union backs tougher tax rules on crypto transactions
Regulators worldwide are increasingly worried about the lack of oversight of the digital currency sector but the European Union has...During a meeting of EU economy and finance ministers on Tuesday, they agreed on rules to go after individuals who stash their cash where tax authorities have no oversight.
The rules will close loopholes that allow people to avoid taxation on their income using crypto assets, Swedish Finance Minister Elisabeth Svantesson said.
Saudi Arabia’s per capita insurance spending up 30%
The majority of per capita insurance spending (60%) went towards health insurance, followed by general insurance (37%) and protection and...Health insurance accounted for 60 percent of total per capita spending on insurance, followed by general insurance (37%) and protection and savings (3%).
The health insurance’s gross written premiums stood at $8.59 billion in 2022, up 27 percent from $6.78 billion in 2021
Masdar, Airbus sign deal
They will support growth of the sustainable aviation fuel market.The two will work toward collaborating on sustainable aviation fuels (SAF), green hydrogen, and direct air capture technologies
Direct-air capture together with the use of SAF based on green hydrgoen can bring down greenhouse gas emissions by up to 95%
Controversial sale of jewels with Nazi links fetches US$200 million
The extraordinary collection belonged to Heidi Horten who died last year aged 81, with a fortune of $2.9 billion, according...The $202 million raised far exceeds the previous record, set during the 2011 auction of the jewellery collection of Elizabeth Taylor
More than 700 pieces of jewellery are part of this Horten collection, and is being dispersed in tranches to avoid exhausting buyers
Central Bank of Bahrain Sukuk Al-Salam securities oversubscribed 197%
Manama, Bahrain--The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic securities has been...Carrying a maturity period of 91 days, subscriptions worth $225 million were received for the BD 43 million issue
The issue, which begins on May 17 and matures on August 16, is expected to a give a return of 6.15 percent
