Forbes lists Emirates Auction CEO among top CMOs
Dubai, UAE -- Omar Matar Al Mannaei, chief executive officer and chief marketing officer of Emirates Auction, has been named...
Business
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Uber, Kia sign EV partnership
It is aimed at "enhancing electric vehicle offerings".
- Uber and Kia said they are committed to "collaborate on Kia's planned development and deployment" of its new series of electric vehicles
- The partnership of the two companies is aimed at "enhancing electric vehicle offerings available on Uber's mobility platform," they said
Business
DP World signs MoUs in India
The agreements worth US$3bn were signed with Gujarat.
- The agreements would result in the development of new ports, terminals, and economic zones in the western Indian state
- DP World CEO said that during the last 20 years, the company has invested almost $2.5bn and "we are going to invest more"
Business
Emerging crypto hub UAE shapes digital assets’ future
"As 2024 unfolds, we anticipate that both private and public enterprises will increase their investments in the infrastructure and services...
- Bitcoin marked a 134 percent increase in the year 2023, signifying a resurgent crypto market.
- The UAE thawed the crypto winter, with institutional investments driving cryptocurrency deals.
Business
Global air travel reaches 99% of 2019 levels: IATA
IATA’s Director-General Willie Walsh said that international travel is 5.5% below pre-pandemic levels, but that gap is narrowing fast. "And...
- In November 2023, the total traffic rose 29.7 percent compared to November 2022
- Middle Eastern airlines saw an 18.6 percent traffic rise in November
Business
Chinese experts decode Apple’s encrypted AirDrop messaging
Beijing, China - Chinese state-backed experts have found a way to identify people who use Apple's encrypted AirDrop messaging service, according...
- AirDrop allows users to send content to Apple devices in close proximity without an internet connection, encoded so they cannot be viewed by other people
- Chinese officials said experts "cracked the tough technological problem of the transmission of inappropriate information with anonymous traceability via AirDrop"
Business
Saudi Arabia picks bidders for mining exploration sites
Riyadh, Saudi Arabia -- Saudi Arabia Wednesday announced preferred bidders in the fourth series of the licensing rounds conducted as...
- The Ministry of Industry and Mineral Resources stated that the exploration licenses will be issued in accordance with the Mining Investment Law.
- The um Hadid site is located in the Afif region, in the center of the Kingdom. Covering an area of some 246 km2, it includes mineral deposits of silver, lead, copper and zinc.
Business
Bullish Bitcoin: Halving looms, miners face squeeze
Bitcoin’s mass adoption is growing and projected in the next four years to have around 1 billion users.
- Bitcoin has continued its rally in 2024, reaching the $48,000 level on Jan 9 and creeping towards the nearly $70,000 mark it reached in November 2021.
- The next Bitcoin halving event is expected late this April when Bitcoin block rewards drop from 6.25 BTC to only 3.125 BTC per block.
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Saudi, UAE report highest levels of gross debt
Among the Arab countries, Egypt recorded the highest debt-to-GDP ratio of 92.7 percent while US and China are on an...
- Developing countries spent a record $443.5 billion to service their external public and publicly guaranteed debt in 2022, the World Bank said recently.
- The increase in costs shifted scarce resources away from critical needs such as health, education, and the environment.
Business
Five new residency programs to attract talent to Saudi Arabia
These residency products offer several benefits, including the ability to conduct business and invest in Saudi Arabia, own real estate,...
- Special Talent Residency: is focused on attracting healthcare professionals, scientists, and researchers with exceptional expertise and experience.
- Entrepreneur Residency is geared towards aspiring entrepreneurs and innovators eager to launch and grow their startups in the Kingdom.
Business
Saudi Arabia raises mineral resources estimates to $2.5 trillion
The Kingdom raised its mineral resources estimates from $1.3 trillion in 2016 on the exploration of nearly 30 percent of...
- The estimates were revised for phosphate, gold and rare earths. Moreover, the Kingdom’s reserves potential grew by 90 percent, the minister said.
- Despite being one of the wealthiest countries in terms of mineral wealth, the Kingdom is the world's fourth-largest importer of minerals.
Forbes lists Emirates Auction CEO among top CMOs
Dubai, UAE -- Omar Matar Al Mannaei, chief executive officer and chief marketing officer of Emirates Auction, has been named...
Business
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Borouge proposes share buyback
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ADNOC Gas announces $5 billion investment in Rich Gas Project
Abu Dhabi, UAE -- ADNOC Gas announced Tuesday it has made a final investment decision on the first phase of...
Business
IBM claims ‘real world’ edge in quantum computing race
San Francisco, United States -- Technology veteran IBM on Tuesday laid out a plan to have a "practical" quantum computer...
Science
Qualcomm to Alphawave for $2.4 bn
The deal makes Alphawave the latest tech company to depart London.
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MENA Mergers & Acquisitions deal value up 66% in Q1, hits $46 Billion
Dubai, UAE -- The Middle East and North Africa (MENA) region has kicked off 2025 with a record-breaking first quarter...
- According to Saudi M&A Consulting, this robust growth reflects rising investor confidence, favorable regulatory reforms, and strong macroeconomic fundamentals across the region.
- Â Cross-border M&A accounted for 81 percent of total deal value and 52 percent of the total number of transactions, with 117 deals executed, the highest in the last five years.
Business
US aerospace manufacturers insist they have no use for tariffs
New York, United States -- US airlines and aerospace manufacturers insist they have no use for tariff protections, warning that...
- US aerospace and defense exports reached $135.9 billion in 2023, including $113.9 billion for civil aviation alone.
- This allowed the sector to generate a trade surplus of $74.5 billion and to invest $34.5 billion in research and development.
Business
Apple under pressure to shine after AI stumble
Apple will showcase plans for its coveted devices and the software powering them at its annual Worldwide Developers Conference (WWDC)...
- The event comes a year after the tech titan said a suite of AI features it dubbed "Apple Intelligence" was heading for iPhones, including an improvement of its Siri voice assistant
- Industry insiders will be watching to see whether Apple addresses the AI stumble or focuses on less splashy announcements.