Sharjah, Sfax chambers look to boost ties between UAE and Tunisia
Sharjah, UAE--The Sharjah Chamber of Commerce and Industry (SCCI) and the Chamber of Commerce and Industry of Sfax, Tunisia, held...Business
Saudi Arabia signs MoUs with four countries for development in mining industry
RIYADH, SAUDI ARABIA – The Ministry of Industry and Mineral Resources has signed four Memorandums of Understanding (MoUs) with the...Business Geostrategy Global
Online privacy and profit clash with fortunes at stake
At the heart of the issue is how much internet companies should know about people's online lives, which is key...Facebook and Google have faced steadily stricter rules since the EU passed a data privacy law in 2018
This law requires firms to seek direct consent of users before installing cookies on their computers
Meta settles privacy suit
Facebook-parent has agreed to pay $90 million.The agreement was filed Monday in a California court and if approved by a judge would put to rest one of the series of suits alleging the social media giant invaded users' privacy
The suit alleged the social media giant violated privacy guidelines by tracking its users' visits to outside web pages that contained Facebook "like" buttons
UAE’s Dragon Oil announces first oil find in Egypt’s Gulf of Suez
The discovery is one of the largest in the area in the past 20 years, and the field could contain...The discovery is one of the largest in the area in the past 20 years, and the field could contain around 100 million barrels in reserves
The announcement was made on the sidelines of the ongoing Egypt Petroleum Show (EGYPS) 2022
Air Arabia profits up 476%
Its profit stood at AED720 million ($196.05 million) in 2021.The Sharjah-based carrier said its profit stood at AED720 million ($196.05 million) over the previous year
This was compared to a net loss of AED192 million ($52.28 million) registered for the full year 2020
Saudi Arabia turns to PIF to transform its economy
The Saudi decision to transfer 4% of Saudi Aramco shares worth $80 billion to the kingdom’s Public Investment Fund is...The transfer of Aramco's shares to PIF is part of the kingdom's long-term goal to promote the restructuring of the national economy, says Saudi Crown Prince
The move is likely to enhance Aramco's position and help it garner good credit rating in the medium term
Zain Group to sell tower infrastructure
PIF-led consortium to buy 80 percent stake in 8,069 towers.PIF will acquire a 60 percent stake, Sultan Holding Company acquiring 10 percent and Prince Saud bin Fahd bin Abdulaziz acquiring 10 percent.
Zain KSA will own the remaining 20 percent stake, with the PIF having a call option to buy this remaining 20 percent for a specified amount.
Elm to list on TASI
The final offer price was set at SR128 ($34.1) per share, the top end of an indicative range.The listing comes amid a boom in the Saudi initial public offering market in a bid to enhance liquidity.
Owned by the Public Investment Fund, the company had earlier raised $820 mil in proceeds from an IPO.
Virgin Galactic re-opens ticket sales for $450,000
Previously, only people who had paid a deposit to be on a waiting list could buy new tickets -- but...The company is looking to build on the success of a test mission last July, which saw its founder Richard Branson beat Blue Origin founder Jeff Bezos in their space race.
In October it announced it was entering an "enhancement period" to make safety upgrades to its fleet, and pushed back a planned test flight with the Italian Air Force to this year.
Intel to acquire Tower Semiconductor
The acquisition for around $5.4bn part of Intel's IDM 2.0 strategy.As a key part of its IDM 2.0 strategy, Intel established Intel Foundry Services (IFS) in March 2021 to help meet the growing global demand.
Tower operates a geographically complementary foundry presence with facilities in the U.S. and Asia.
Trade between Brazil and Arab countries grew by 44 percent in 2021
Trade between Brazil and Arab countries grew by 44 percent during 2021, with food exports alone reaching an estimating $14...Food exports alone reached an estimating $14 billion, said Tamer Mansour, CEO of the Brazilian Chamber of Commerce.
January reports revealed that trading between Brazil and Arab countries could increase further, by 2 to 4 percent in 2022, he added.
