EU queries Meta about ad-free subscriptions, shadow banning
BRUSSELS, BELGIUM - The EU on Friday used new regulatory powers to query Meta about ad-free subscriptions to Facebook and Instagram as...
Business
UAE real estate sector transforms with cross-border payments revolution
Dubai, UAE - Leading financial institutions are spearheading a transformative wave in the UAE real estate sector through the introduction...
Business
Russia wins latest round of $50bn Yukos case
The Dutch supreme court on Friday scrapped an order for Russia to pay a record $50 billion to former shareholders in dismantled...
- Judges shunted the case back to a lower court for more hearings as the battle continues over Yukos
- Russia hailed Friday's decision, but the ex-shareholders said they were "confident" they would eventually win their fight over the original 2014 arbitration award
Business
UAE stocks lead higher, mixed show by Saudi index
TASI fluctuated during the week, owing to a rise in Aramco shares. The energy giant's net income grew to $30.4...
- Seven sectors on the Abu Dhabi Stock Exchange gained during the week, led by telecommunications that rose 1.16 percent.
- Aramco’s market capitalization has increased by more than 8 percent this year to just over $2 trillion.
Business
Shortages hit French and German industrial output
Industrial output fell in September in both France and Germany as delays in receiving materials hampered production, data released Friday...
- In Germany, where manufacturing for export is the linchpin of the economy, industrial production fell by 1.1 percent in September from August
- The September drop confounded some analysts who had been expecting a gain and on an annual basis output is now down 1.0 percent from last year
Business
Chip crunch forces Honda to downgrade profit forecast
Japanese car giant Honda revised its annual profit forecast downwards on Friday, warning it sees no immediate end to the...
- The announcement came as the firm logged a drop in net profit in the July-September quarter
- The results were announced a day after rival Toyota upgraded its annual profit forecast despite being forced to cut production by the global shortage of semiconductors
Business
Saudi bank inks $100m deal
The agreements are aimed at bolstering Saudi exports.
- The Saudi Export-Import Bank has signed reinsurance agreements worth over $101 million (about SAR 380 million)
- It signed the deals with the Arab Investment and Export Credit Guarantee Corporation or Dhaman
Business
ECI and Indonesia Re sign agreement to boost exports and investments
Etihad Credit Insurance and Indonesia Re, the state-owned reinsurance agency of Indonesia, have signed an MoU to boost bilateral exports...
- The two organizations will support strategic economic sectors such as steel and aluminum, ceramics, renewable energy.
- They have also agreed to explore recoveries of claims to be collected in Indonesia or the UAE.
Geostrategy
Abu Dhabi Crown Prince, King of Netherlands discuss regional, global issues
Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, and King Willem-Alexander of the Netherlands have discussed friendship...
- The parties tackled several regional and international issues of mutual interest and exchanged views in this regard.
- Two days ago, 50 Dutch companies arrived in the UAE on a trade mission.
Business
Helal Al Marri appointed chairman of Dubai Financial Market
Helal Saeed Al Marri has been named as the new chairman of the Dubai Financial Market by the Committee for...
- Appointment of new DFM board of directors announced by Deputy Ruler of Dubai Sheikh Maktoum bin Mohammed.
- Al Maktoum thanked outgoing Essa Kazim for his efforts to manage the DFM since its inception 20 years ago.
Business
Dubai Investments net profit $123m
The firm will focus on the real estate market, its CEO said.
- Total Income also increased to AED 2.6 billion from AED 1.9 billion for the first nine months of the year.
- The Group recently announced its new venture in the emirate of Ras Al Khaimah.
Geostrategy
Top oil producers to assess output amid pressure to open up the taps
The powerful producers led by Saudi Arabia and Russia in the so-called OPEC+ grouping are expected to re-affirm a decision...
- There is pressure from the US and other big consumers to open up the taps much more decisively.
- OPEC+ members seem to prefer to stick to their plan of easing cuts by 400,000 barrels per day per month.
EU queries Meta about ad-free subscriptions, shadow banning
BRUSSELS, BELGIUM - The EU on Friday used new regulatory powers to query Meta about ad-free subscriptions to Facebook and Instagram as...
Business
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Chinese firms look to expand business in Ras Al Khaimah
Ras Al Khaimah, UAE - Chinese companies are seeking business opportunities in the Ras Al Khaimah Economic Zone (RAKEZ) as...
Business
Struggling Lucid weighs down PIF’s robust US equities show
Dubai, UAE -- Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), reported 9.6 percent growth in its US equity holdings to...
Business
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Business
Riyad Capital okays 2.5% cash dividend
The SAR 0.25 per unit dividend will be paid to Riyad REIT Fund's unitholders.
- The distribution represents 2.19 percent of net asset value (NAV) as of June 30, 2023.
- Riyad REIT is a closed-ended Shariah-compliant real estate investment traded fund.
Economy
Bahrain supports AI tendering platform, Procural, to create jobs
Manama, Bahrain - Tamkeen, a semi-autonomous government agency, tasked with developing Bahrain's private sector has decided to support the Bahrain-based...
- The support will enable Procural to enhance its ability to use cloud-based technology and Artificial Intelligence (AI) to match vendors with buyers
- Procural offers a range of features that include cloud-based infrastructure, customizable approval workflows, automated purchase orders, and real-time budget tracking
Business
4.4m travel by SAR in H1 2023
Train trips in H1 2023 rose 46 percent compared to H1 2022.
- The volume of minerals and goods transported over SAR networks during the second quarter of the year exceeded 6.34 million tons.
- The total volume of goods transported by SAR H1 2023 rose to over 12 million tons, a 13 percent increase compared to the previous year.