Norway fund drops Aramco, 11 other Gulf firms over ’rights concerns’Â
KLP, which manages over 700 billion kroner ($70 billion), said the exclusion amounted to $15 million. The fund dropped 11...Business Geostrategy
AD Ports, RSPA to develop and operate terminal in Egypt’s Safaga Port
Cairo, Egypt -- AD Ports Group (AD Ports) has signed a concession agreement with the Red Sea Ports Authority (RSPA)...Business
Putin of Russia says crypto has value but not for oil trading
Russian President Vladimir Putin signaled tolerance of cryptocurrencies, but is still not convinced they can replace the US dollar in...Russia has sought alternatives to trading in dollars since being slapped with sanctions in 2014 following the annexation of Crimea
“It is legitimate and can be used in settlements, no doubt about that, but it is too early to use it for trading in oil"
Bahrain Grand Prix to open 2022 F1 season
The 2022 FIA Formula 1 World Championship will kick off at the Bahrain International Circuit.This will be the fourth time that the Formula 1 season will start in Bahrain
The championship-opener was previously held at BIC in 2006, 2010 and in 2021
Saudi and UAE stock markets rebound
The Saudi and UAE bourses saw quite some ups and downs in the week that began on Sunday, October 10.The Saudi index started the week dropping 0.2 percent and closed the week increasing 0.64 percent
Financial-sector stocks helped Dubai and Abu Dhabi indices end the week up 0.01 percent and 0.33 percent, respectively
Saudi-owned Newcastle begin bid for ‘superpower’ status
Thousands descended on St James' Park when the takeover was finalised just over a week ago, celebrating the end of...Amanda Staveley says the consortium's ambition is to turn the struggling club into Premier League champions within the next decade
Newcastle sit second bottom of the table, without a win in their opening seven league games this season
Banking on apps for personal finance
People in the Middle Eastern countries are increasingly relying on apps to manage their money, streamline expenses and other banking...TRENDS presents a list of apps that can be used to manage personal finances in UAE and elsewhere in the region, as well as those that can be used anywhere
Middle East has one of the highest percentages of smartphone penetration in the world
Bitcoin tops $60,000 as US mulls crypto fund
Bitcoin breached the $60,000 mark for the first time since April on growing hopes that US regulators will greenlight the...The SEC has rejected attempts to create such an ETF since 2013
An ETF is a financial product that can include different assets and be traded on an exchange like other stock
Dubai court directs Nissan to pay $354m to Al Dahana in damages
A court in Dubai has directed Nissan Motor Co. Ltd. and Nissan Middle East to pay $354 million as compensation...The case sought compensation for damages suffered due to breach of contract allegedly committed by Japanese automaker Nissan
The Dubai court issued a precautionary attachment order over goods and moveables
DMCC sells a rough 118-carat diamond for record $5.2 million
Dubai Multi Commodities Centre (DMCC) has sold a 100+ carat rough diamond for $5.218 million (US$ 44,004 per carat) in...The 118.58-carat type IIa stone was viewed by top diamond trading companies from Asia and Europe.
During one tender event in Dec. 2020, $87 million worth of rough diamonds were sold at Dubai Diamond Exchange.
Microsoft shuttering LinkedIn in China as rules tighten
The US-based company will replace LinkedIn in China with an application dedicated to applying for jobs but without the networking...LinkedIn was given a deadline by Chinese internet regulators to better oversee content on the site.
Aside from being a venue for finding jobs, LinkedIn is a place for exchanges over business developments or news.
Israel readies for delivery drone traffic jams
Israeli companies are tapping air force veterans’ expertise to avoid collisions in increasingly crowded skies as they look to start...Israel has a public-private initiative worth 20 million shekels, or about $6 million to advance its drone technology
As part of it, three drones were delivery-tested earlier this week
