UAE real estate sector transforms with cross-border payments revolution
Dubai, UAE - Leading financial institutions are spearheading a transformative wave in the UAE real estate sector through the introduction...Business
Major stock markets trade mixed as US inflation data awaited
London, United Kingdom - Major stock markets traded mixed Thursday before the release of US inflation data that could present a...Business
Prominent firms in DIFC to tap into wealth across region
DUBAI, UAE - Over 300 prominent wealth and asset management (WAM) firms have established themselves in Dubai International Financial Center...The financial center's 300 wealth and asset management firms should help in providing a conducive environment for businesses in the region.
DIFC's world-class legal and regulatory framework and access to competitive markets have bolstered the depth of its asset management ecosystem.
Dogecoin price surges Musk changes Twitter logo to ‘meme dog’
His decision to change the logo to a Shibu Inu dog, whether permanent or another short-lived joke, caused the price...The Shiba Inu dog became a popular meme in 2013 when posters on forums like Reddit and 4chan began using its pictures alongside messages written in broken English.
The cryptocurrency was launched as a joke later that year and remained largely without value for years -- like thousands of other coins.
Credit Suisse chiefs apologize to shocked shareholders
ZURICH, SWITZERLAND - Credit Suisse chairman Axel Lehmann said Tuesday he was "truly sorry" that the beleaguered bank could not be...The 167-year-old bank's final AGM was the first chance Credit Suisse shareholders had to voice their frustrations.
"I can understand the bitterness, the anger and the shock of all those affected," Credit Suisse chairman Axel Lehmann said.
Hotpack to build plant in KSA
The packaging plant will be one of the largest in the world.The company signed an MoU with the kingdom's Ministry of Investment and the Ministry of Industry and Minerals for the project that will cost 1 billion Saudi riyals ($266 million).
With an expected employment to the tune of 1200, the project will also help Hotpack to acquire a significant market share in Saudi Arabia, the statement added.
AD Ports Group gets $2bn corporate loan from 13 banks’ syndicate
Abu Dhabi, UAE - AD Ports Group on Tuesday announced the signing of a General Corporate Facility agreement with a...The multi-currency facility includes three tranches amounting to EUR 600 million, US$620 million, and AED2,863 million
The demand for the facility was overwhelming, with commitments of US$7.4 billion in total from the participating banks
DMCC posts record Q1 growth as 708 firms register
A total of 3049 new companies joined DMCC in 2022.This is DMCC's best performance in Q1 since its inauguration in 2002, marking a 8.4% increase year-on-year.
The best performing sectors for DMCC was its traditional core markets, which showed strong results in businesses from various countries.
Oil cuts in interest of energy markets, says Russia
The Kremlin said oil output cuts by Russia, Saudi Arabia and other major producers that have caused prices to soar...Saudi Arabia and other major oil producers announced Sunday a production cut of more than one million barrels per day.
Russia said it would extend until the end of the year its own voluntary production cut of 500,000 barrels per day.
China begins security probe into US chipmaker Micron
BEIJING, CHINA - Chinese authorities have begun an investigation into leading US memory chipmaker Micron Technology, a decision Beijing's foreign ministry...The probe escalates an already fierce battle between US and China for supremacy in the field of semiconductors.
US authorities have in recent years sought to prevent the country's advanced chip technology from being exported to China.
Oil market surges as Saudi-led top producers cut output defying US pressure
Sunday's move "caught the markets off guard" and reversed recent oil-price gains, noted ActivTrades analyst Ricardo Evangelista. "With the fizzling...Crude futures surged almost eight percent at one stage after multiple members of the OPEC+ exporters' alliance unexpectedly slashed production
The shock reduction, unveiled  Sunday by Algeria, Iraq, Kuwait, Oman, Saudi Arabia and the UAE, will start in May and last until the end of the year
MODONÂ to acquire GE’s Industrial Complex in the Eastern Region
Riyadh, Saudi Arabia --Â The Authority for Industrial Cities and Technology Zones (MODON) has signed an agreement with GE whereby...Under the pact, initiatives will be launched to support and empower entrepreneurs and SMEs
The company is also keen to boost its partnerships with major global manufacturers and companies
