Dubai food and beverage sector stirs up with investment of US$577m
Dubai, UAE-- The food and beverage sector in Dubai has attracted new FDI worth $577 million from 2019 to 2023,...
Business
Crypto crimes rise in GCC amid digital currency boom
The GCC is at a critical juncture, facing the dual challenge of embracing blockchain innovation while combating crypto crime, says...
Business
Business
Kuwait International Bank completes sale of NMC Health debt
Kuwait International Bank said it has completed the sale of its exposure in troubled UAE healthcare group, NMC.
- The sale of debt, worth over $13mln, is subject to approvals
- The lender, which was owed $74.11 million by NMC health, in May decided to cut its losses and sell the debt to an unnamed entity for $13.25 million
Geostrategy
Taliban inherit $1 trn trove of minerals
China could take lead to tap the untapped minerals including some that could power the world’s transition to renewable energies.
- Endless wars and poor infrastructure have prevented the country from getting its hands on the metals that could brighten its economic fortunes.
- The resources include bauxite, copper, iron ore, lithium and rare earths, according to a January report by the US Geological Survey.
Economy
Six new projects approved for development of Hatta
Tourism and water have been the economic mainstay of Hatta, an inland exclave of Dubai.
- Hatta residents will be allowed to build 200 holiday homes to support domestic tourism.
- 504-km-long chairlifts, waterfalls, hotel among other projects.
Business
Meet to discuss Islamic finance’s role in post Covid-19 recovery
The global forum organized by the Islamic Development Bank on Aug. 28 is being held as a side event to...
- The first panel of the forum will highlight the economic effects of the pandemic and the poverty trends in IsDB member countries.
- The second panel will focus on Islamic finance PPP as a tool to mobilize resources to support IsDB member countries’ economic recovery.
Analysis
New GCC wealth drives private banking
Private banks cater to the complex banking needs of the Ultra High Net Worth Individuals and High Net Worth Individuals...
- Saudi UHNWI population has grown by 227 percent since 2016, the fastest growth rate globally over this period.
- Private banking yields returns up to 30 percent annually, but more typically are in the 7-13 percent.
Economy
Megaship that blocked Suez heads back to Asia
The MV Ever Given had "successfully crossed" the canal after unloading its cargo in Britain and was now on its...
- The vessel was seen sailing in open waters accompanied by Egypt-flagged tugboats
- The Ever Given got stuck diagonally across the canal during a sandstorm on March 23
Business
Cryptocurrencies dazzle investors with high returns
Cryptocurrencies seem to be the flavor of the season as increasingly more people around the world are embracing them; sometimes...
- Though the concept of crypto (as they are informally called) investment seems novel, the first cryptocurrency came into the market more than a decade back
- One cryptocurrency, recently launched, is destined to change all that, and is already making waves around the world as people are lapping it up in droves.
Business
Iran’s July oil output rises 28% year on year: OPEC
Iran produced 2.485 million barrels per day or bpd of crude oil in July, according to OPEC’s latest monthly report.
- The country’s average crude output for the second quarter of 2021 stood at 2.443 million bpd
- This indicated a 224,000-bpd increase compared to the figure for the first quarter of the year
Business
Ever Given sails through Suez Canal again
Ever Given, the ship that caused the closure of the Suez Canal for six long days in March, has crossed...
- The ship, en route from the United Kingdom to China, crossed the canal among a convoy of 26 vessels
- A group of SCA senior pilots and two tugboats escorted the Ever Given throughout its journey through the canal
Business
Russia may supply 120kt wheat to Algeria soon
Russia, the largest exporter of wheat in the world, has been looking to enter the market for quite some time.
- This is expected to mark the first entry of Russian wheat in the Algerian market
- Algeria has so far imported wheat mostly from France
Dubai food and beverage sector stirs up with investment of US$577m
Dubai, UAE-- The food and beverage sector in Dubai has attracted new FDI worth $577 million from 2019 to 2023,...
Business
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Masdar, Iberdrola to invest in US$1.77bn German wind farm
The UAE's firm signed an agreement with Iberdrola to co-invest in the 476-megawatt Baltic Eagle offshore wind farm in the...
Business
Most Read
GM reports strong results
Profits jumped 52 percent to $2.6 billion .
- General Motors cited strong consumer demand, which has allowed for solid pricing while keeping incentives in check
- Profits jumped 52 percent to $2.6 billion on revenues of $44.7 billion, which were up 25 percent
Microsoft, Google beat profit expectations
Tech titans announced better-than-expected earnings.
- An earnings statement reported that net profit for Microsoft was $20.1 billion in the April to June period, up 20 percent year-on-year and above expectations
- Microsoft shares lifted off last week when the company said it would charge $30 extra per user to turbocharge its Microsoft 365 product with AI power
Business
Qatar Airways, British Airways, Iberia form new joint venture
Doha, Qatar -Qatar Airways, British Airways, and Iberia have come together to form a new joint venture In a move...
- With the addition of Iberia, the national carrier of Spain, to the existing BA-QR partnership, travelers can now enjoy enhanced worldwide connectivity
- Customers from the Middle East, Africa, Asia, and Australia will benefit from seamless travel to popular Spanish and Portuguese destination