SABIC to build petrochemical plant in China
The Saudi giant will develop the US$6.4bn plant in Fujian.Business
UAE foreign investment projects second highest in world: UNCTAD
Abu Dhabi, UAE -- The UAE recorded the second-highest increase in the number of new foreign investment projects around the...Business Economy
Aramco, Saudi varsity sign MoU
An Artificial Intelligence center will be set up at King Abdullah University.The center will support research, development and marketing of advanced artificial intelligence technologies.
It will combine leading innovations of digital transformation adopted by Saudi Aramco and the globally accredited academic excellence at KAUST.
DEWA raises $6.1bn for GCC’s second-largest IPO
The Dubai Electricity and Water Authority said Wednesday it had raised $6.1 billion for the Gulf's second-largest IPO since 2019....The 18 percent stake in the emirate's state-owned DEWA is the biggest IPO in the Gulf region since that of Saudi oil giant Aramco
The record for the largest public listing in the Gulf, and in the world, is held by Saudi oil company Aramco, which raised $29.4 billion
ECB, Binance spar over use of cryptos to evade Russia sanctions
The European Central Bank has voiced its concern that cryptos can be used to evade Russian sanctions. But, the co-founder...Binance CEO Changpeng Zhao said his firm complies with all government sanctions very strictly
Founded in China in 2017, Binance doesn't have a global base yet but is pushing its presence in the Middle East
JetBlue makes $3.6bn bid for Spirit Airlines, upstaging Frontier deal
JetBlue Airways announced Tuesday a bid to acquire Spirit Airlines for $3.6 billion, setting up a bidding war with Frontier...The all-cash bid of $33 a share marks a 52 percent premium of Spirit's price prior to its February 7 announcement of the deal with Frontier
Frontier opposed JetBlue announcement and said its proposed merger with Spirit remained "in the best interest of consumers and shareholders
A $40m fund set up in KSA
Al Moammar and Saudi Fransi Capital sets up a private fund.One of Al Moammar primary objectives is developing technology start-ups with the focus on disruptive and innovative technologies
The company said it intends to establish a business incubator, accelerator, and innovation lab, either within the company or as a separate subsidiary
Spending on quantum computing will surge to US$ 9.1 billion by 2030: report
Tractica LLC, a market intelligence firm, revealed that spending on quantum computing will surge from US$260 million in 2020, to...Tractica LLC, a market intelligence firm, revealed that spending on quantum computing will surge from US$260 million in 2020, to US$9.1 billion by 2030
90 percent of organisations will partner with consulting companies or full-stack providers to accelerate quantum computing innovation through 2023, according to Gartner
Meta celebrates the spirit of Ramadan through #MonthofGood campaign
Throughout #MonthofGood, Meta will be sharing the stories of Muslim communities making positive impact.Throughout #MonthofGood, Meta will be sharing the stories of Muslim communities making positive impact
The company is also introducing new Ramadan AR effects and weaving Muslim culture into the foundation for the metaverse
e& to pay AED0.4 dividend
The total annual dividend for 2021 is now Dh0.8 per share.The Group reported a net profit of AED 9.3 billion, an increase of 3.2 percent year on year
It also saw a 3.0 percent increase in its aggregated subscriber base, rising to 159 million
UAE free zones set to gain from corporate tax relief
Around 40 free zones in the UAE are likely to attract more investors and FDI after they were declared exempt...The 9-percent corporate tax will be levied on companies with profits above AED375,000 (approximately $102,090)
Announced on January 31 by the UAE’s Ministry of Finance, the tax regime will be implemented from June 1, 2023
Qatar Development Bank launches program for micro-enterprises
Qatar Development Bank (QDB) announced the launch of a version of the "Al Dhameen" program for micro-enterprises, for the first...Al Dhameen program for micro-enterprises is characterized by a profit rate and distinct conditions.
He noted the program will contribute to the development of the national business system in terms of access to financing.
