Crypto crime drops 19.6% as digital ecosystem matures
Advanced blockchain analysis tools, such as those provided by Chainalysis, are empowering law enforcement agencies and enterprises to counter the...
Economy
US defends forcing sale of TikTok app
TikTok's suit argues this violates First Amendment rights of free speech.
Business
Business
Islamic finance poised to reach $4 trillion by 2026
Islamic finance, with 70% of sector assets, is revolutionizing the global economy through ethical practices and digital innovation, gaining widespread...
- Islamic finance, with 70% of sector assets, is revolutionizing the global economy through ethical practices and digital innovation, gaining widespread traction.
- GCC and MENA regions lead in Islamic finance assets, with significant growth in markets like Russia, Canada, and the USA, driven by an 18% annual fintech rise.
Business
Biodiversity credits demand may rise to $180bn annually by 2050
The transformation hinges on nearly all major companies adopting nature-related goals, with biodiversity credits playing a major role.
- Biodiversity credits are a novel financial instrument that could play a major role in contributing to a nature-positive future, explains the WEF report
- The WEF’s Global Risks Report 2023 has ranked biodiversity loss and ecosystem collapse as one of the top five threats to humanity over the next ten years
Business
Saudi, Turkish firms ink 8 deals to boost Riyadh-Ankara business
Istanbul, Turkey - Saudi and Turkish companies, part of the Saudi-Turkish Business Council, signed eight trade agreements to strengthen trade...
- The firms discussed investment opportunities in the two countries, especially those envisaged in the Saudi Vision 2030 and Turkish economy.
- The volume of trade between Saudi Arabia and Türkiye reached SAR22 billion ($5,864,813,240) in 2022, recording a growth rate of 32.6 percent.
Business
Turkish Airlines, Riyadh Air ink MoU
The pact will benefit customers of both the airlines.
- The establishment of Riyadh Air is in line with PIF’s mandate to unlock the capabilities of key sectors locally to drive the diversification of Saudi Arabia’s economy.
- The airline will support the Saudi Aviation Strategy's broader vision, and enable the National Tourism Strategy, unlocking Saudi Arabia's cultural and natural attractions.
Business
Spotify cuts 17% jobs
Spotify has invested over $1 billion into podcasts alone.
- Spotify in October posted a rare quarterly operating profit of 32 million euros ($34.60m), compared to a loss of 228 million ($246.54m) for the same period a year earlier
- Spotify has invested heavily since its launch to fuel growth with expansions into new markets and, in later years, exclusive content such as podcasts
Business
HPDC, HDC ink agreement
The aim is to stimulate the growth of the halal industry.
- The two companies will exchange information on industry-leading practices and successful models of halal ecosystems.
- The agreement will broaden the scope of collaboration by facilitating engagement with halal exporters and investors.
Business
Gold strikes fresh record high as rate cut bets surge
Hong Kong, China - Gold prices soared to a record high above $2,100 on Monday as traders grow increasingly confident the...
- The precious metal struck $2,135.39 in early Asian trade, topping the previous all-time high set in 2020, during the pandemic
- Bets on a drop in rates have weighed on the dollar, which has in turn made gold cheaper for international buyers
COP28 UAE
$272 billion sustainable finance pledge by UAE financial sector at COP28
Abu Dhabi, UAE -- The financial sector of the United Arab Emirates commits to mobilizing more than AED 1 trillion...
- The commitment to mobilize AED 1 trillion was made by the UAE Banks Federation at an event held on Finance Day at COP28.
- Financial sector's engagement is critical to realize our collective climate ambitions, ensuring that the 1.5°C target remains within reach, said COP28 President Sultan Al Jaber.
Business
Masdar, Taaleri acquire 8 energy projects
The hybrid renewable energy projects in Poland have 1Gw capacity.
- Masdar and Taaleria have purchased the projects from Domrel Biuro Usług Inwestycyjnych, a prominent player in Poland's renewable energy sector.
- These projects incorporate solar photovoltaic (PV) and onshore wind technologies and are projected to power approximately 223,000 households.
Business
ENEC, Kazatomprom ink pact
The move will ensure a secure supply of nuclear fuel.
- ENEC's global partnerships will support the continued rapid decarbonisation of the country's heavy and energy-intensive industries.
- This will create further clean energy sources while using the latest technologies and helping to deliver Net Zero by 2050.
Crypto crime drops 19.6% as digital ecosystem matures
Advanced blockchain analysis tools, such as those provided by Chainalysis, are empowering law enforcement agencies and enterprises to counter the...
Economy
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HMG 2023 net profit $544m
Business
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89% of Saudi CEOs hopeful of kingdom’s economic growth over next 12 months
Riyadh, Saudi Arabia - About 89% of CEOs in Saudi Arabia are optimistic about the country's economic growth over the...
Business
Iraq economy likely to grow this year, says IMF
BAGHDAD, IRAQ – Economic growth of the country is projected to continue amid fiscal expansion, an International Monetary Fund (IMF)...
Business
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Business
Ooredoo, Nokia sign MoU
It will commit the two to sustainable innovation.
- The partnership between the two companies stems from their collaborative vision to foster a more environmentally-conscious industry
- The CEO of Ooredoo said that the MoU is a cornerstone in their journey towards achieving the goals of Qatar’s National Vision 2030
Business
Dubai’s real estate soars with notable market growth
The emirate's residential market witnesses an 18% sales surge and a 26% rental increase due to investor confidence and a...
- The emirate's residential market witnesses an 18% sales surge and a 26% rental increase due to investor confidence and a preference for larger homes.
- The city's office market thrives, with rents surpassing pre-pandemic levels, reinforcing its role as a strategic regional hub for global corporations.
Business
Apple’s changes contradicts European rules, 34 firms complain
Brussels, Belgium - Changes Apple is making to its services in the European Union "make a mockery" of new antitrust rules...
- Companies have expressed doubts about how much Apple's changes would ultimately broaden consumer choice and digital competition.
- Apple in January announced it was modifying how its iOS operating system, Safari browser and App Store operate in the 27-nation EU.