DeepSeek sparks AI stock selloff
Global investors dumped tech stocks following the emergence of a low-cost Chinese AI assistant startup DeepSeek that would threaten Nvidia....Business
Davos25: Qatar, Saudi, UAE to lead GCC transformation, says Cytomate COO
DAVOS, Switzerland -- Bilel Al Souaied is an entrepreneur and venture capitalist. He is the COO of Cytomate, a leading...Business
European markets surge as US jobs data batter rate cut hopes
"The markets continue to forge ahead despite a blowout jobs report from the US last Friday which seems to have...Fed policymakers had left traders disappointed last week when they said after a meeting that they were unlikely to loosen policy at their next gathering.
Most of Asia struggled again, however, with Hong Kong and Shanghai extending a sell-off fueled by growing concerns about the Chinese economy
QatarEnergy, Mitsui ink pact
The agreement provide for a rise in condensate volumes.The 10-year supply agreement stipulates the supply of up to 11 million barrels of condensates per annum, starting from April 2024.
The agreement highlights QatarEnergy's strategy of establishing longer-term strategic business relationship and cooperation.
48 Middle East and North Africa IPOs raise $10.7bn in 2023: Report
Five listings, mainly in the energy and logistics sectors, contributed 58 percent towards the total IPO proceeds raised, said the...During Q4 2023, 19 IPOs raised US$4.9bn in proceeds. ADES Holding Company raise the most funds and contributed 25% to the overall IPO in Q4.
Saudi Arabia dominated IPO activity in the region with 14 of the 19 listings in Q4 2023. ADES was the biggest with US$1.2bn in proceeds.
Total M&A market drops to US$3.2trn in 2023, says report
DUBAI, UAE - The total M&A market dropped 15 percent, to US$3.2 trillion, the lowest level in a decade, as...Many of the assets that did not come to market last year will fuel active dealmaking in 2024.
The collapse of technology M&A has been the biggest drag on strategic mergers and acquisitions.
Mubadala invests in Manipal Health
Manipal Health offers multispecialty care through 30 hospitals.Temasek, a Singapore-headquartered global investment company, will continue to hold a majority stake in Manipal.
Employing more than 5,000 doctors, the company is India’s second-largest hospital chain by number of beds.
Societe Generale to slash 900 jobs
The bank employs 117,500 people around the globe.The bank said that five percent of its head office staff would be cut as part of organizational changes
The slashing will be carried out "through internal transfers, end-of-year support or voluntary departures"
Irbid chamber industrial exports up
The value of certificates of origin issued stood at US$65m.Al-Hassan Industrial Estate, as per ICI's report, took the lead in export volume last month, contributing $59.5 million
Irbid's exports to the United States accounted for 63.5 percent of the total export volume, exceeding $41.5 million
RTA inks agreement to develop entry/exit points for Dubai Harbor
DUBAI, UAE - The Roads and Transport Authority (RTA) of the Emirate has entered into a strategic partnership with ‘Shamal...The bridge extends from Sheikh Zayed Road to Dubai Harbour, an exceptional seafront district that hosts the region’s marina.
RTA would construct a bridge of two lanes in each direction spanning 1,500 meters and accommodating 6,000 vehicles per hour.
Jordan’s EMRC grants approvals for EV charging infrastructure
AMMAN, JORDAN - The Energy and Minerals Regulatory Commission (EMRC) has issued over 300 authorizations for the installation of electrical...EMRC records indicate a distribution of 49 publicly accessible charging stations alongside 14 privately owned stations.
The capacity for the installation of multiple charging units at a single site, with 230 charging facilities holding establishment permits.
Solutions-Devoteam deal completed
Devoteam Middle East is a subsidiary of Devoteam Group.The total value of Devoteam Middle East is approximately SAR741.7 million.
Solutions by stc had signed a binding offer and first unveiled details of the transaction in June 2023.
