‘Suisse Secrets’ puts Swiss banking back in spotlight
No Swiss news media took part in the investigation against Credit Suisse due to the risk of criminal prosecution in...Investigations into Credit Suisse revealed the bank has held more than $8 billion in accounts of criminals, dictators, and rights abusers
48 media houses across the world participated in the Suisse Secrets investigation, coordinated by non-profit journalism group OCCRP
Ecommerce prospers in GCC amidst Covid-19 woes
An improved regulatory support, government promotional initiatives, and heightened interest from business leaders in the private sector benefits the sector...Together with Egypt, Saudi Arabia and the UAE now account for more than 80% of the region’s overall e-commerce market.
Spurred on by a highly digitized population and a lockdown-induced spike in consumer demand, e-commerce valuation hits $22bn
Jusoor Foundation launches four development projects in Oman
The project includes the establishment of a park gate, mosque, security booth, toilets and parking lot.The projects are worth RO 345,000 ($0.9 million) and were funded jointly by OQ and Sohar Aluminium
The first project is the development of the 28,000-square meter Al Qurm Natural Park in the Wilayat of Shinas
Aramco stock rises 4%
Recently, a 4% stake of the oil giant had been transferred to PIF in an $80bn deal.The share price hit SR39.3 ($10.5) yielding a market cap of $2.09 trillion
Earlier in the session, the shares hit an all-time high of SR40 ($11)
Aramco head calls for sustained investment in oil sector
Saudi Aramco President and CEO Amin H Nasser urged companies and governments to continue investing in the oil sector to...Nasser revealed that Aramco continued investing in 2020 even during the COVID-19 pandemic
Aramco increased the spare capacity from 12 million barrels per day to 13 million bpd in 2020
Syria accords rare approval to telecom firm to begin operations
Syrian authorities on Monday granted a rare license to a new telecommunications company that will start operating in nine months,...Wafa Telecom will become Syria's third telecoms operator in a market currently controlled by Syriatel and MTN
Wafa Telecom CEO Ghassan Saba said the company relied on foreign expertise, amid reports of Iranian investments in his firm
Bahrain-based GFH Financial Group launches GCC $100m Sukuk Fund
GFH Financial Group (GFH), a Bahrain-based Islamic investment bank, has announced that is has launched and seeded a $100 million...The bank signed an agreement with Credit Suisse to provide financing and fund administration services.
GFH said it aims to generate returns to the fund through active asset allocation, credit selection, optimal leverage and duration management.
Using alternative sources of energy saved UAE $191 bn: Suhail Al-Mazroui
UAE has saved $191 billion by using alternative sources of energy, according to Suhail Al-Mazroui, UAE energy minister. Speaking at...Energy minister Suhail Al-Mazroui said his country is working on 40 international projects helping other countries implement solar and wind projects.
UAE has plans to capture 25 percent of the global hydrogen market share, Al-Mazroui told IPTC 2022 Riyadh.
Kuwait Airways to buy 31 jets from Airbus for $6bn
Kuwait Airways announced an expanded, $6 billion deal with Airbus that includes 31 new planes on Monday, restructuring an agreement...The deal comes after occasionally "heated" negotiations following probes over allegations of kickbacks surrounding the initial, 25-plane order
The new agreement includes nine Airbus A320neo, six A321neo, three A321neo LR, four A330-800neo, seven A330-900neo and two A350-900
Net foreign investment on Abu Dhabi Exchange the highest ever in 2021
ADX’s market liquidity jumps five-fold in 2021 amid IPO boom, as traded values on the exchange increased 407 percent from...Traded values on the exchange increased 407 percent from AED 145 billion ($39.47 billion) in 2020 to AED 739 billion in 2021.
Local investors accounted for 70 percent of the exchange’s traded value, while foreign institutional investors accounted for 30 percent.
Ozempic maker lowers outlook
The company posted tepid Q3 results.
Kimberly-Clark to buy Kenvue
The deal is valued at $48.7 billion.
BYD Q3 profit down 33%
This was a 33% year-on-year decrease.
Alphabet posts first $100 bn quarter
The growth was powered by cloud division buoyed by AI
Nvidia to take stake in Nokia
Nvidia share price soars 20%.
