Saudi Arabia cuts US Treasury holdings by $9.5 billion in April
Dubai, UAE -- Saudi Arabia reduced its holdings of U.S. Treasury securities by $9.5 billion in April to $140.1 billion,...
Business
Saudi Arabia’s residential market weakens in Q1 despite price gains
The slowdown was most pronounced in Riyadh, where transaction volumes and values dropped 82% from a year earlier. Activity also...
Business
Business
Maersk and Hapag-Lloyd ink deal
The cooperation deal between the two will begin February 2025.
- The cooperation, which is set to start in February 2025, will comprise a fleet pool of nearly 300 vessels with a combined capacity of 3.4 million containers
- The CEO of Maersk Vincent Clerc said the agreement will offer a "flexible ocean network" and "strengthen our integrated logistics offering"
Business
Qatar to set up Centre for Fourth Industrial Revolution
Davos, Switzerland -- The war in Ukraine, tensions in the Middle East, monetary policy in 2024, jobs, equitable economic growth,...
- A Centre for the Fourth Industrial Revolution will also be established in Vietnam.
- WEF and GovTech Campus Deutschland announces the establishment of the Global Government Technology Centre Berlin.
Business
EDGE, Baykar collaborate
EDGE smart weapons will be integrated into Bayraktar UAVs.
- The integration programme is part of a Strategic Alliance Agreement between the two groups to collaborate on advanced technology solutions in the defense sector.
- Under the program, EDGE will integrate their DESERT STING 16 precision-guided munition onto the Baykar TB2 UAV.
Business
Emirates Steel Arkan signs $2bn deal
The 5-year, iron-ore pellets supply deal was signed with BSC.
- Under this agreement, Bahrain Steel will supply high-grade iron ore oxide pellets annually to Emirates Steel Arkan.
- Saeed Ghumran Al Remeithi, Group CEO at Emirates Steel Arkan, said the agreement will also cement ties within the GCC.
Business
Aramco injects $4 billion into its global venture capital arm
Dhahran, Saudi Arabia -- Aramco has allocated an additional $4 billion to its global venture capital arm Aramco Ventures, more...
- This will take Aramco’s overall venture capital allocation to $7.5 billion, which also includes the $500 million venture capital fund Wa’ed Ventures,
- Through Aramco Ventures, we aim to support pioneers with big ambitions, and ultimately help bring their ideas to life, said Aramco Executive Vice President of Technology.
Economy
UAE launches new ‘EcoMark’ green accreditation framework for MSMEs
Davos, UAE - The UAE has announced plans to develop the first-ever sustainability accreditation framework explicitly for micro, small and...
- The EcoMark certification, which is based on ISO standards and digitally enabled, will include a full suite of resources to help MSMEs attain EcoMark status
- Launching the initiative, UAE minister Al Zeyoudi stressed that MSMEs have a pivotal role in driving the transition toward a lower carbon economy
Business
Watch: Experts discuss how Arab world reshapes future
At the HUB Davos 2024 conference, UAE's Minister of Economy Abdulla Bin Touq Al Marri highlights the nation's commitment to...
- Amid the regional challenges, the Arab world showcases its resilience and forward-thinking at the World Economic Forum in Davos.
- Sessions by TRENDS under 'The Arab Future' theme focus on the Middle East's economic future and the burgeoning Creator Economy.
Economy
Gold extends slide after Fed dampens March rate cut hope
Dubai, UAE - Gold prices extended losses on Wednesday as the US dollar strengthened after comments from a Federal Reserve...
- Spot gold was down 0.2% at $2,023.49 per ounce, as of 0415 GMT, after stooping 1.3% in the previous session - its biggest single-day decline since 4th December 2023
- The US Dollar Index, which gauges the dollar's strength against a basket of major currencies from key US trading partners has surpassed the 103.30 level
Business
Qatar Islamic Bank profit up
It posted a 7.5% jump in net profit to US$1.18bn last year.
- The bank's basic earnings per share for the year 2023 are QAR 1.73 compared to QAR 1.62 for 2022
- Its board of directors proposed a dividend distribution to shareholders of QAR 0.725 per share
Business
Mawani reports rise in container handling
The growth aligns with the aims of national logistics strategy.
- Saudi Arabia's overall ports recorded a 9.01% increase in annual container handling for 2023, reaching 11,380,302 TEU compared to 10,439,620 TEU in 2022
- Transshipment containers also experienced an 8.96% increase in volume, with 3,237,490 TEU transshipped in 2023 compared to 2,971,233 TEU in 2022
Saudi Arabia cuts US Treasury holdings by $9.5 billion in April
Dubai, UAE -- Saudi Arabia reduced its holdings of U.S. Treasury securities by $9.5 billion in April to $140.1 billion,...
Business
Company News
Tesla Q1 sales sink 13 percent
Business
Latest News
Ford’s US Q1 auto sales dip
Business
China’s Xiaomi receives almost 300,000 SUV pre-orders in minutes
Beijing, China -- Chinese electric vehicle maker Xiaomi received almost 300,000 pre-orders within an hour for its first sport utility...
Business
BBC launches US paid subscription to news website
London, United Kingdom - The BBC, Britain's public broadcaster that is struggling with strained finances, on Thursday launched a paid...
Business
Roblox’s Grow a Garden explodes online video game numbers
Paris, France -- A gardening game created by a teenager on online platform Roblox has attracted a record 21 million...
Business
Most Read
Geostrategy
Oil slides, stocks rise as Iran-Israel ceasefire holds
The main international and US oil contracts briefly bounced off their lows as Israel and Iran accused each other of...
- Prices were also brought down by Trump saying that China could continue to buy oil from Iran, in what appeared to be relief from sanctions Washington had previously imposed.
- There was also relief that Iran has refrained from closing the strategic Strait of Hormuz, a chokepoint for about one-fifth of the world's oil supply.
Geostrategy
Oil prices seesaw as investors await Iran response to US strikes
US stocks edged higher while European markets retreated and Asian equities were mixed, with markets keeping a close eye on...
- They later dipped briefly into the red and then wobbled, standing down around one percent as European markets closed.
- Iran is the world's ninth-biggest oil-producing country, exporting just under half of the 3.3 million barrels it produces per day.
Business
Japan’s high-tech sunscreens tap into skincare craze
Tokyo, Japan -- When YouTuber Hannah Price set out to compare Japanese and Australian sunscreen, she wasn't expecting her deep...
- Companies that have perfected their secret formulas want to capitalize on booming demand, including selling to Japan's record influx of foreign tourists.
- The global skincare market was worth more than $115 billion in 2024 and is expected to grow to $194 billion by 2032, according to Fortune Business Insights.