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
Egypt signs several MoUs with global developers in renewable energy
Cairo, Egypt--Egypt has signed seven Memoranda of Understanding (MoUs) on Wednesday in green hydrogen and renewable energy with seven global...Business
Credit Suisse hid $700m in undeclared accounts: US Senate
The Senate report "describes legacy issues, some from a decade ago," which the bank has sought to address by implementing extensive...The findings of the two-year Senate Finance Committee probe add to the woes of the Swiss investment bank.
Credit Suisse pleaded guilty in 2014 to attempting to aid and assist US taxpayers in filing false income tax returns.
SES seeks merger with Intelsat
The tie-up would lead to the creation of a $10 billion plus group.The satellite communications sector has been seeking to consolidate in the wake of the arrival on the scene of billionaire players Elon Musk and Jeff Bezos.
The sector is now notably awaiting the upcoming merger of France's Eutelsat with UK counterpart OneWeb, as well as that of US provider Viasat.
Dubai records real estate deals worth $1.25bn in two days
Dubai, UAE -- Dubai real estate market recorded real estate deals worth AED1.8 billion ($490 million) on Wednesday, Dubai Land...Deals worth $490 million were recorded in Dubai on Wednesday, while $762 million in real estate transactions were recorded in Tuesday.
The deals on Wednesday included 526 sales transactions worth AED1.16 billion, in addition to 89 mortgage deals of AED628.25 million.
$35m rare pink diamond to go under hammer in New York
The 10.57-carat stone is being marketed as the most valuable purplish-pink diamond ever brought to auction, with the highest ever...Pink diamonds are among the rarest and most sought-after gems in the world and considered a major draw for investors.
The record for highest-ever auction price for such a stone is held by the CTF Pink Star, which was sold for $71.2 million in Hong Kong in 2017.
Aramco JV HAPCO breaks ground
The complex is expected to be operational by 2026.On March 27, Aramco also announced it had signed definitive agreements to acquire a 10 percent interest in Shenzhen-listed Rongsheng Petrochemical for $3.6 billion.
Combined, the partnership with Rongsheng and the HAPCO joint venture would see Aramco supply a total of 690,000 bpd of crude to high chemical conversion assets in China.
ADNOC makes logistics push
Contract worth $2.6bn with ADNOC Offshore part of the launch.ADNOC said the platform is one of the largest turnkey offshore logistics offerings in the world that enables coordinated end-to-end management of logistics.
The agreement runs for five years, with the option of a five-year extension, and includes the provision of port services, warehouse operations.
Alistithmar Capital, Safa Investment set up real estate funds worth US$293m
Riyadh, Saudi Arabia--Alistithmar Capital has joined hands with Safa Investment Co. to set up several real estate funds worth around...Capital Market Authority, in March, approved Alistithmar Capital's application to set up Alistithmar Capital Quarterly Dividend Fund
Owing to rise in residential property value, real estate prices in Sauid Arabia shot up by 1.6 percent in the fourth quarter of 2022
US senators reprimand regulators for failure to stop SVB collapse
Washington, United States--US lawmakers accused regulators Tuesday of failing to do enough to prevent the collapse of Silicon Valley Bank earlier...The senior officals from Federal Reserve, Treasury and FDIC were reprimanded by the Senate Banking Committee for failing to prevent the fall of SVB
Fed and FDIC officals in response said they are investigating failings they may have made in their oversight of SVB before its fall, and would publish findings by May 1
New national carrier part of Saudi bid to become a business, tourism magnet
This month Crown Prince Mohammed bin Salman, unveiled Riyadh Air, the new airline which is intended to transform the capital...Apart from Riyadh Air, Saudi Arabia is also launching NEOM Airlines, to be based in the planned $500 billion futuristic megacity of the same name
The trade group Airports Council International predicts the region's airports will see 1.1 billion passengers by 2040, up from 405 million in 2019
Global Carbon Council, EGX sign MoU to launch voluntary carbon market
Doha, Qatar--The Doha-based Global Carbon Council (GCC) and Egyptian Exchange (EGX) have signed a memorandum of understanding (MoU) to launch...EGX will list carbon credits issued by GCC, widening offerings to investors looking for a diversified portfolio of CCs
They will also collaborate on development initiatives aimed at improving the efficacy of carbon offsetting mechanisms
