Boeing offered 737 MAX plea deal, lawyer of crash victims’ families says
Washington, United States - The US Justice Department is offering Boeing a plea deal that will allow it to avoid a...
Business
Saudi Aramco says foreigners grab ‘majority’ of share offering
Riyadh, Saudi Arabia - Oil giant Saudi Aramco said Sunday that international investors had snatched up the bulk of shares sold...
Business
Business
Bahrain’s BIBF partners with UpGradelle to boost digital transformation
Manama, UAE--The Bahrain Institute of Banking and Finance (BIBF) has partnered with UpGradelle, a leading French-based consultancy firm, to develop...
- The BIBF intends to equip the country's financial and business sectors with skilled leaders that can "catalyse the change in business operations"
- CEO of the BIBF said the collaboration will strengthen their position as a leader in delivering state-of-the-art training and development solutions
Opinion
Social media plays key role in shaping online trading
"The rapid pace and fervor surrounding social media have introduced volatility into financial markets, leading to instances where stocks, particularly...
- Social media has opened up opportunities for independent and self-motivated online traders.
- Financial guidance is actively sought on social media platforms, especially by young investors.
Business
Masdar and Emirates Steel Arkan partner to build green project to cut emissions
Abu Dhabi, UAE--Abu Dhabi Future Energy Company (Masdar) has signed an agreement with Emirates Steel Arkan to develop a pioneering...
- The project, the first of its kind in the MENA region, is under construction within the facilities of Emirates Steel Arkan in Abu Dhabi's industrial city
- It will generate green iron, a highly sought-after product by international steel companies striving to achieve net-zero emission target across the world
Business
Dubai International Chamber wins over 92 businesses in first 9 months of 2023
Dubai, UAE--Dubai International Chamber has attracted a total of 92 businesses, including 15 multinational companies and 77 SMEs, to the...
- It helped nearly 33 Dubai-based companies to expand in global markets, either by increasing their exports or helping them to establish a presence abroad
- The international chamber launched three new global representative offices during the third quarter of 2023 in Ho Chi Minh City, Vietnam, Milan, Italy, and Paris, France
Business
Middle East’s M&A activity outpaces global trends
With a focus on economic diversification and technological advancements, the region is setting a precedent for strategic growth and innovation...
- With a focus on economic diversification and technological advancements, the region is setting a precedent for strategic growth and innovation in the post-pandemic era.
- In 2023, state-owned enterprises and sovereign wealth funds spearhead robust dealmaking in energy, chemicals, and technology sectors within the regional M&A landscape.
Business
US markets up after Nvidia reports $9.2 billion in third-quarter profit
New York, United States - Wall Street stocks resumed their upward climb early Wednesday following strong results from artificial intelligence player...
- The broad-based S&P 500 gained 0.6 percent to 4,566.85, while the tech-rich Nasdaq Composite Index jumped 1.0 percent to 14,337.20
- Nvidia said it made a profit of $9.2 billion on revenue of a whopping $18.1 billion, compared with $5.9 billion in the same quarter a year earlier
Business
Crude prices slip 4% after OPEC+ reschedules Vienna meeting
The current output strategy by OPEC+ that saw nine members led by Riyadh to cut production in recent months to...
- The 13 OPEC members led by Saudi Arabia and their ten partners led by Russia were due to decide on their output policy amid slumping crude prices
- Traders worry that crude demand will slump, with concerns about the health of the global economy as China's post-Covid rebound stutters
Business
From Changpeng Zhao to Do Kwon: The fallen kings of crypto
Seoul, South Korea - Binance boss Changpeng Zhao has become the most powerful cryptocurrency figure to fall in a two-year period...
- Zhao stepped down as CEO of Binance -- the largest crypto exchange in the world -- after he and the company pleaded guilty on Tuesday to sweeping US money laundering violations
- A celebrity in the crypto world with 8.7 million followers on X, Zhao became the richest known figure in the industry, and his net worth peaked at around $65 billion in 2022
Business
Does Anghami and OSN+ collab make financial sense?
A first of its kind in the region, the combination will offer consumers digital services of the best and latest...
- The OSN Group will invest in Anghami at a valuation of $3.65 per share, 3.9x the stock's average price for the past month.
- The combined entity will bring together over 120 million registered users and will be one of MENA’a largest streaming platforms.
Business
43% people in Saudi likely to make more cross-border payments in 2023
Riyadh, Saudi Arabia -- Nearly 43 percent of people in Saudi Arabia expect to send cross-border payments more frequently in...
- The report also details that 40 percent of people in Saudi Arabia expect to receive more cross-border payments in the next year.
- Notably, 88 percent of SMEs say they use an app to make cross-border payments — the second highest percentage across the markets surveyed.
Boeing offered 737 MAX plea deal, lawyer of crash victims’ families says
Washington, United States - The US Justice Department is offering Boeing a plea deal that will allow it to avoid a...
Business
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Barwa Real Estate net profit up
Business
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Bezos sells $2bn Amazon shares
Business
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
WTO approves services trade rules, overcoming objections
The set of rules will streamline authorization requirements and ease procedural hurdles faced by businesses, according to a press release....
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Business
Multiply Group acquires Backlite Media
The buyout is part of its plan to boost media business.
- The acquisition seamlessly complements the group’s existing portfolio, which includes Media 247 and Viola Communications
- BackLite Media, a premier advertising company, has assets in landmark locations in the UAE with revenues of $63.17m in 2023
Business
Middle East and Africa smartphone shipments surge 30% YoY in Q4 2023
Dubai, Riyadh - Smartphone shipments in the Middle East and Africa (MEA) region witnessed a remarkable surge, growing by 30%...
- For the entire year of 2023, smartphone shipments in the MEA region increased by 11% YoY, reflecting an upward trend in consumer sentiment
- The MEA region demonstrated the highest YoY growth globally during this period, attributed to improved economic conditions and rebounding consumer demand
Business
IHC posts net profit of US$8.97bn
Its revenue jumped to US$16.33 billion, a rise of 17.9 percent.
- IHC's earnings per Share (EPS) saw huge growth, more than doubling from AED 6.81 to AED 12.55
- Its revenue jumped to $16.33 billion, a jump of 17.9 percent from the previous year's $13.85 billion