PIF-backed SURJ launches venue venture radia with Live Nation, OVG
Dubai, UAE -- SURJ Sports Investment Co, owned by Saudi Arabia's Public Investment Fund (PIF), has launched a joint venture...
Business
Youth account for over 30 percent of EWEC workforce, utility says
Dubai, UAE -- Abu Dhabi's Emirates Water and Electricity Company (EWEC) said young professionals now make up more than 30...
Business
Geostrategy
WTO launches US$50m fund for women entrepreneurs in developing countries
ABU DHABI, UAE - The director general of the World Trade Organization, Ngozi Okonjo-Iweala, on Sunday launched a $50 million fund...
- The director general of WTO said the "ground-breaking initiative... embodies our collective commitment to empower women".
- The fund will help businesses run by women in developing countries to adopt digital technologies and increase their online presence.
Business
Binaa Al Bahrain aims to create expansive mixed-use projects
ABU DHABI, UAE – Chairman of Eagle Hills International Mohamed Alabbar has said that US$4 billion joint venture Binaa Al...
- Binaa Al Bahrain aims to contribute to Bahrain’s long-term development through its iconic projects.
- The JV aspires to create job opportunities for Bahrainis in the real estate, hospitality and healthcare.
Economy
Qatar to ramp up gas output with new mega field expansion
At the start of this month, Qatar said it would supply 7.5 million tonnes of LNG per year for 20 years...
- The expansion, will add a further 16 million tons of LNG per year to existing expansion plans
- Qatar is one of the world's top LNG producers alongside the United States, Australia and Russia
Economy
Saudi Arabia announces major gas discovery in Jafurah
Riyadh, Saudi Arabia--Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz revealed on Sunday that an additional 15 trillion...
- The Saudi energy minister said that reserves at Jafurah had reached 229trn cubic feet of gas and 75bn barrels of condensates
- The Jafurah gas field, in Saudi Arabia's eastern province, is the largest liquid-rich shale gas play in the Middle East
Business
Ford halts shipment of F-150 EVs
It will carry out quality checks on pickup trucks.
- The automaker said the shipments were stopped on Feb. 9, but did not say when it expected to resume shipments
- The company began shipping this week the first newly designed gas-powered 2024 model F-150 pickups to dealers
Business
Global challenges hit M&A activity in Middle East, GCC
Sovereign Wealth Funds emerge as pivotal players, driving economic diversification and strategic cross-border partnerships, says Riccardo Molinari of Bain &...
- Sovereign Wealth Funds emerge as pivotal players, driving economic diversification and strategic cross-border partnerships, says Riccardo Molinari of Bain & Company.
- With a spotlight on sustainability and strategic growth, 2024 holds optimistic prospects for merger and acquisition activity in the Middle Eastern region, including GCC.
Ratcliffe unveils electric Ineos car
Jim Ratcliffe is the co-owner of the Manchester United.
- Ratcliffe, 71, earlier this week completed a deal to become co-owner of Manchester United, with a pledge to drive the English football giants to renewed success
- On Friday, Jim Ratcliffe noted that a desire by subsidiary Ineos Automotive to produce zero-carbon cars was hampered by how far they could travel without a recharge
Bosch to cut 3,500 jobs
The company is reducing costs to safeguard competitiveness,
- The global jobs cull would affect "indirect" workers, BSH added, referring mainly to administrative positions
- BSH which employs around 60,000 people globally, said 1,000 jobs will be cut this year already
Business
Chip giant TSMC shifts to Japan
The company produces half the world's chips.
- Taiwan Semiconductor Manufacturing Company, which counts Apple and Nvidia as clients, produces half the world's chips
- But TSMC's customers concerned about supplies of semiconductors want the firm to make more chips away from the self-ruled island
Dow, S&P 500 hit fresh records, but Nasdaq ticks lower
The tech-rich Nasdaq slipped by 0.3 percent to 15,996.82 -- a day after surging by 3.0 percent following strong earnings...
- The Dow Jones Industrial Average, America's blue-chip index, rose 0.2 percent to end the day at a record high of 39,131.53
- The broad-based S&P 500 was barely positive for the day, rising by well under 0.1 percent. Nevertheless, it inched higher to a new record of 5,088.80
PIF-backed SURJ launches venue venture radia with Live Nation, OVG
Dubai, UAE -- SURJ Sports Investment Co, owned by Saudi Arabia's Public Investment Fund (PIF), has launched a joint venture...
Business
Company News
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‘Wadeem’ sold out for $1.49bn
Business
Mistral cements AI lead in Europe with cash infusion
Paris, France -- France's Mistral on Tuesday cemented its position as Europe's top AI hope against far larger US and...
Business
UK publisher of Daily Express, Mirror tabloids announces job cuts
London, United Kingdom - The British media group which owns the Daily Express and Daily Mirror tabloids on Monday announced...
Business
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Business
Tesla proposes package for Musk that could top $1 trillion
New York, United States -- Tesla unveiled on Friday a proposed compensation package for Elon Musk that could top $1...
- The plan potentially provides Musk -- already the world's wealthiest person -- with up to 12 percent of additional total company shares.
- Tesla's current market capitalization is just over $1 trillion, down somewhat from its peak following recent weak earnings.
Business
EU hits Google with $3.47 billion fine despite Trump threats
Brussels, Belgium -- The EU slapped Google with a massive 2.95 billion euro ($3.47 billion) antitrust fine for favoring its...
- Google immediately vowed to appeal the decision by the European Commission, which accused the US firm of distorting competition in the 27-nation bloc.
- The fine comes despite threats by Trump to go after Europe for regulations seeking to rein in US tech giants.
Business
Amazon’s Starlink rival lands first major airline deal
Washington, United States -- JetBlue Airways will become the first airline to use Amazon's Project Kuiper satellite network to power...
- The partnership will see JetBlue implement Project Kuiper's low orbit satellite technology on select aircraft beginning in 2027.
- This will enhance the US airline's existing service with faster speeds and lower latency than traditional satellite systems.