European Union slaps $1.9bn fine on Apple over violation of rules
Brussels, Belgium - The EU on Monday hit Apple with a more than 1.8-billion-euro fine ($1.9 billion) for violating the bloc's...
Business
Middle East emerges as a major player in global CEO appointments: report
Dubai, UAE - The Middle East has emerged as a prominent player in global CEO appointments, securing 68 out of a...
Business
Business
Iraq to scale up oil exports to 3.4 million barrels a day in Q1 2022
Iraq is expected to scale up its oil exports to 3.4 million barrels per day in the first quarter of...
- The minister was speaking at the the Defense University for Higher Military Studies, stressing the role of the oil and gas industry in supporting the national economy
- "Oil sector companies are working on a planned strategy to develop oil fields, optimize gas investment and use modern technology in manufacturing and refining"
Business
Emirates to retrofit 105 aircraft with Premium Economy product from 2022
Emirates announced at the Dubai Airshow 2021 on Tuesday that it will retrofit 105 of its modern wide-body aircraft with...
- The aircraft will be retrofitted at Emirates Engineering Centre in Dubai.
- The airline is also considering installing a new Business Class product on its Boeing 777 aircraft, with customized seats in a 1-2-1 layout.
Business
Saudi Arabia stares at another round of inflation
The country’s inflation in the last quarter of this year, however, will be relatively stable, SAMA has pointed out. As...
- Saudi Central Bank cites jumps in global inflation levels and a strengthening of domestic demand as contributors to the rise in consumer prices
- On a quarterly basis, however, the country’s inflation in this year’s last quarter will be relatively stable, says SAMA
Business
ADNOC to invest $6 billion more in drilling to ramp up production
Abu Dhabi's national oil company announced Tuesday a $6 billion investment in crude oil drilling as it ramps up production...
- The investment would "enable drilling growth as it boosts its crude oil production capacity to 5 million barrels per day by 2030", ADNOC said.
- The UAE is one of the world's top crude exporters, with an average of 4.2 million barrels per day.
Business
Emirates expects to return to profit in ‘next 18 months’ as losses drop by half
Aviation giant Emirates expects to return to profitability "in the next 18 months" as the sector bounces back from the...
- The Dubai-based carrier said last week it was on the path to recovery as six-month losses dropped by more than half from a year earlier.
- Emirates posted an April-September loss of $1.6 billion, compared with $3.4 billion during the same period in 2020.
Business
Investment Group signs share swap contract with Elegancia
Investment Holding Group Q.P.S.C. has signed a share swap contract with the sellers of the shares of Elegancia Group LLC...
- The contract, however, will not result in any legal effect until after obtaining the approval of the Qatar Financial Markets Authority
- The company will follow and implement all laws and instructions issued by the Qatar Financial Markets Authority
Interview
GCC countries warm up to cloud kitchens
Mubarak Jaffar, CEO of the cloud-kitchen firm KLC company, tells TRENDS how virtual kitchens are feeding a growing demand.
- A virtual or cloud kitchen simply hosts virtual brands that don’t have a store
- The kitchen itself doesn’t provide dining services — only delivery — and in some cases takeaway
Economy
New service to help start business in Saudi Arabia in three steps
For new investors, the new service will require only three steps: visiting the Saudi Ministry of Foreign Affairs website and...
- Investors and companies wanting to do business in the Kingdom will benefit from the new reforms
- The ministry said there will be a broad marketing campaign to ensure that foreign investors and companies can benefit from the new service
Business
Every second, Pfizer, BioNTech, Moderna make $1k profit
The trio is estimated to make pre-tax profits of $34 billion this year: over $1,000 a second, $65,000 a minute,...
- Pfizer and BioNTech are estimated to have delivered less than 1 percent of their total supplies to low-income countries
- Moderna has delivered just 0.2 percent, according to an analysis
Business
Pakistani Basmati export to KSA, UAE suffers setback
Briefing a National Assembly panel, Commerce Ministry’s Director-General Dr. Syed Kausar Zaidi said that Saudi Arabia imports 80 percent of...
- Briefing a National Assembly panel, Commerce Ministry’s Director-General Dr. Syed Kausar Zaidi said that Saudi Arabia imports 80 percent of its rice from India
- He; however, expressed the hope that the outcome of Prime Minister Imran Khan’s recent visit to Saudi Arabia may have some positive impact on the export of rice
European Union slaps $1.9bn fine on Apple over violation of rules
Brussels, Belgium - The EU on Monday hit Apple with a more than 1.8-billion-euro fine ($1.9 billion) for violating the bloc's...
Business
Company News
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East Pipes net profit $26.63m
Business
European stocks rise, China rate cut fails to ease worries
European stocks rebounded but Asian markets ended mixed after a Chinese rate cut failed to reassure investors. At midday, Paris...
Market Report
Abu Dhabi Chamber inks MoU with Ethiopian Investment Commission
ABU DHABI, UAE - The Abu Dhabi Chamber of Commerce and Industry has signed a Memorandum of Understanding with the...
Business
ACWA Power announces financial close on $2.4bn Saudi solar projects
Riyadh, Saudi Arabia -- A consortium of ACWA Power and subsidiaries of Saudi sovereign wealth fund, Public Investment Fund, and...
Business
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Business
Rival branches of Central Bank of Libya reunite
Libya's central bank announced that its two rival branches in the west and east are reuniting after nearly a decade...
- Libya has seen 12 years of stop-start conflict since the 2011 NATO-backed revolt that toppled strongman Moamer Kadhafi.
- The Central Bank of Libya said it has "again become a unified sovereign institution", in a statement issued by the governor and his deputy.
Business
NDF helps in financing of US$2.2bn renewable energy project
RIYADH, SAUDI ARABIA - The National Development Fund (NDF) on Sunday said it will contribute US$453 million (SAR1.7 billion) to...
- This is one of the world’s largest renewable energy projects, developed through joint venture by Saudi Aramco, Badeel and ACWA Power.
- NDF's US$453 million financing commitment has attracted local and global banking groups in the Kingdom’s high-growth infrastructure market.
Business
Iran-European Union trade reaches $2.5 billion in first half of 2023
Tehran, Iran -- Trade between Iran and the European Union member states reached 2.3 billion euros ($2.5 billion) in the...
- Iran-EU trade exchanges declined by 10 percent compared to the last year’s corresponding period.
- Germany, Italy and the Netherlands accounted for most of the export of products to Iran from January to June 2023.