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
Creators HQ, X announce strategic partnership to produce authentic, meaningful content
Dubai, UAE - Creators HQ in the UAE, the world’s first international hub for the content economy’s creators and entrepreneurs,...Business Economy
Number of millionaires in BRICS likely to rise by 85 percent in 10 years, says report
DUBAI, UAE - The total investable wealth currently held in the BRICS bloc amounts to US$45 trillion and its millionaire...There are currently 1.6 million individuals with investable assets of over US$1 million in the leading emerging economies.
The UAE’s millionaire population has shot up since 2013, by 77 percent, and is now home to 116,500 millionaires
OPEC+ panel reaffirms cartel’s current output reduction strategy
In an effort to shore up prices, the OPEC+ oil alliance of 23 nations has implemented supply cuts of more...In a statement following a meeting via videoconference, the Joint Ministerial Monitoring Committee (JMMC) of OPEC+ stopped short of making any recommendations on its output policy.
However, the panel said it "reviewed the crude oil production data for the months of November and December 2023", noting the "high conformity" among participating nations.
ADU inks MoU with Italy-Czech Republic Chamber of Commerce
ABU DHABI, UAE - Abu Dhabi University (ADU) has signed a Memorandum of Understanding with the Italy-Czech Republic Chamber of...The pact seeks to promote the exchange of faculty, researchers, and staff members between ADU and European universities.
The agreement will help establish a research centre for entrepreneurship studies and start-ups in both Italy and the UAE.
Spain urges WTO meet in UAE to address de-globalization
ABU DHABI, UAE - Madrid wants the upcoming 13th Ministerial Conference (MC13) of the World Trade Organization (WTO) here next...The ministerial meeting (MC13) will convene representatives of 164 nations and trading blocs.
MC13 will seek key reforms to the global trading system, including expanding WTO membership .
FDI inflows into Saudi Arabia fall 14.4 percent in third quarter: GASTAT
Riyadh, Saudi Arabia -- Foreign Direct Investment inflows into Saudi Arabia hit SAR 17 billion in the third quarter of...The total FDI outflows reached SAR 5 billion, a decrease of 22.5 percent compared to the Q2 of the same year.
Total FDI in Saudi Arabia reached SAR762 billion at the end of 2022, compared to SAR659 billion in 2021.
Abu Dhabi records real estate deals worth $1.36 billion in Jan
Abu Dhabi, UAE -- Real estate transactions in the Emirate of Abu Dhabi amounted to over AED 5 billion ($1.36...The value of real estate mortgages in the emirate reached about AED2.6 billion through 635 mortgage deals.
Mohamed bin Zayed City topped the list with a value of AED16.6 million for "Prestige Tower", followed by Saadiyat Island with AED12.7 million for "Mamsha Al Saadiyat".
Shell annual profit drops to US$19.4bn
Its revenue dived almost a fifth percent to US$316.6 billion.Revenue of the British energy major dived almost a fifth percent to $316.6 billion, Shell will nevertheless return $3.5 billion to shareholders
"Shell delivered another quarter of strong performance, concluding a year in which we made good progress," said chief executive
Shares in India’s Paytm dive 20%
Banking arm asked to stop accepting fresh deposits.Paytm collapsed 20 percent at the open of trade in Mumbai before a trading halt, the day after the RBI reported "persistent non-compliances" at Paytm Payments Bank
RBI said it would not be able to accept new deposits, offer fund transfers or help facilitate credit transactions from March, although customers will be able to withdraw cash
Borouge full-year net profit $1bn
The firm posted third consecutive rise in quarterly earnings.Borouge management intends to distribute 15.9 fils per share in dividends for the full year 2024, equating to a 6.6 percent current dividend yield.
Fourth quarter revenue reached $1.5 billion, unchanged quarter-on-quarter and declining 6 percent on a year-on-year basis on weaker global demand.
The DCO Council announces multilateral initiatives to bridge digital divide
Manama, Bahrain - The Digital Cooperation Organization (DCO), a global intergovernmental organization dedicated to fostering digital prosperity for all by...Topics of discussion included cross-border market growth; the value of data; human-centric and sustainable digital economy
The DCO Council also announced the joining of Bangladesh, Qatar, and Greece as the new member states
