AI the new obsession for venture capital investing
Stung by the struggles of cryptocurrency and other faded Silicon Valley fads of recent years, venture capitalists have quickly doubled...
UAE announces US$2,722 penalty for late corporate tax registration
ABU DHABI, UAE – The Ministry of Finance on Tuesday announced the issuance of Cabinet Decision No. 10 of 2024...
Business
PIF of Saudi Arabia to launch tourism on ‘THE RIG’
Public Investment Fund of Saudi Arabia has announced the launch of ‘THE RIG,’ a new tourism project on oil offshore...
- “THE RIG” will span a combined total area of more than 150,000 square meters
- It will provide a multitude of hospitality offerings, adventures, and aquatic sporting experiences
Business
US sees boom in cyber-extortion in 2021
New data out Friday showed $590 million in ransomware-related payments were reported to US authorities in the first half of...
- Washington has sought to crack down on a sharp rise in attacks, including issuing its first sanctions against an online exchange
- The heists involve breaking into a company or institution’s network to encrypt its data, then demanding a ransom,
Business
Iran ex-central bank chief gets 10-year jail term
An Iranian court has sentenced the former governor of Iran’s central bank to 10 years in prison for violating the...
- Zabihollah Khodaeian, judiciary spokesman, told state TV that besides violating the currency system, Valliollah Seif also had a role in smuggling foreign currency
- State TV said they were involved in violations of the currency market in 2016
Economy
Bahrain central bank issues e-cheques
The e-cheques will retain all the basic functions, legal validity, and benefits of paper cheques while providing a paperless payment...
- The e-cheques will come into effect on October 19, and will be available through two apps
- They are expected to complement traditional paper cheques, which are a popular payment instrument in Bahrain
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"
Business
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
Business
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
Business
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
Economy
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
Business
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
AI the new obsession for venture capital investing
Stung by the struggles of cryptocurrency and other faded Silicon Valley fads of recent years, venture capitalists have quickly doubled...
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Masdar, Airbus sign deal
Economy
Emaar reports 15% profit growth in H1 2023
The company achieved property sales of $5.5bn in the period.
Business
Turkey, Saudi Arabia exports vault 630% after normalization in ties
Istanbul, Turkey - Turkey's exports to Saudi Arabia have skyrocketed by an astonishing 630 percent in the first seven months...
Geostrategy
Saudi real estate gets non-oil boost
The Saudi commercial real estate market is set for a significant upswing in 2023, propelled by the government's vision to...
Business
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Business
QAMCO’s H1 net declines 60.7%
Average selling prices stood at US$2,743 per metric ton.
- Earnings Per Share for QAMCO stands at US$0.0118 as of 30th June 2023, compared to US$0.0302 in 2022.
- Decline in profits is attributed to a 24% drop in average selling prices and a slight decrease in sales volumes
Disney streaming service sees subscribers fall again
Disney+ finished the quarter with 146.1 million subscribers, compared with just shy of 158 million in the first three months...
- Disney shares were up more than 2 percent to $90 in after market trades despite the drop in streaming service subscriber numbers
- The unusual quarterly loss for the company was due to charges related to ending licensing agreements and yanking content from its streaming platforms
Business
PIF-owned Saudi tourism company to sponsor Al-Hilal Club
Riyadh, Saudi Arabia -- The Saudi Tourism Investment Company (ASFAR), a Public Investment Fund (PIF) portfolio company, has announced a...
- Under the terms of the agreement, ASFAR will serve as the official sponsor of the Al-Hilal Saudi Club until the end of the 2025-2026 season
- Founded in 1957, Al-Hilal Saudi Club is the most decorated football club in Saudi Arabia and the most successful Asian club