Crypto soars in MENA even as it loses sheen elsewhere
A tech-savvy population sees cryptocurrencies a safe investment option as governments adopt progressive regulatory frameworks, offering innovation and investor protection.
Business
Air Arabia Egypt marks its first flight to Istanbul
CAIRO, Egypt – Air Arabia Egypt on Sunday commenced its first non-stop flight from Cairo International Airport to Sabiha Gökçen...
Business
Air France-KLM posts profit jump
Turnover increased nearly seven percent to 8.7 billion euros.
- The group reported profit in the third quarter of 931 million euros, double the same period last year, as the group benefited from robust demand for air travel
- Between July and September this year the group transported 26.9 million people - an increase of 7.6 percent compared to the same period the previous year
Intel beats earnings expectations
Net income of US chip giant tallied $300 million.
- Intel reported revenue of $14.2 billion, which was 8 percent less than the amount seen in the same quarter a year earlier but ahead of forecasts
- Net income of US chip giant tallied $300 million, compared with $1 billion profit in the same period in 2022, earnings figures showed
Apple Watch models face US import ban in patent clash
Apple has been steadily ramping up fitness and health features with each generation of Apple Watch, which market trackers say...
- US International Trade Commission issued a "limited exclusion order" set to go into effect in 60 days if not nixed by President Joe Biden, according to California-based Masimo
- The order stemmed from a complaint made to the commission in mid-2021 accusing Apple Watch of infringing on its patented technology for "light-based oximetry functionality
Geostrategy
Hamas says 50 hostages dead in Israeli strikes on Gaza
Jerusalem - Hamas's armed wing said on Thursday that "almost 50" Israeli hostages held in the Gaza Strip since the...
- Earlier, the Israeli army said 224 people were abducted by militants during the attack that left 1,400 people, mostly civilians, dead.
- "We have informed the families of 224 hostages. This number is changing based on the intelligence we obtain," military spokesman Daniel Hagari said
Business
Positive trial for Pfizer-BioNTech Covid-flu jab
Berlin, Germany - Germany's BioNTech and US pharmaceutical giant Pfizer on Thursday announced "positive" results from initial trials of their combined...
- The messenger RNA method made its debut with the Pfizer-BioNTech coronavirus vaccine, which was the first jab against Covid to be approved in the West in late 2020
- Pfizer and BioNTech first announced in November 2022 that they were planning to use the same technology to develop a combined Covid and flu vaccine
Business
Saudi Arabia’s Ministry of Investment inks 3 MoUs at FII7
RIYADH, SAUDI ARABIA – The Kingdom’s Ministry of Investment signed three memoranda of understanding (MoU) in the fields of biotechnology,...
- The MoUs related to the biotechnology and pharmaceutical sectors aim to explore, develop, manufacture and market a range of potential new medicines.
- The MoU of the financial services sector aims to provide an opportunity for investors to invest directly in key projects in line with the Saudi Vision 2030.
Business
TotalEnergies Q3 profit up 1.5%
The French energy firm earned a net profit of $6.7 billion.
- Oil and gas prices surged last year following Russia's invasion of Ukraine, leading to windfall profits at energy firms.
- While oil prices are still high in historical terms, the main crude oil contract was down 14 percent last quarter compared to the same period last year.
Business
PIF, Pirelli establish a JV Â
The JV will set up a facility to make tires in Saudi Arabia.
- PIF will hold a 75 percent stake in the new JV with Pirelli holding the remaining 25 percent.
- The JV will manufacture high-quality tires for passenger vehicles, under the Pirelli brand, in the Kingdom.
Business
ASPACE to set up Saudi’s first satellite manufacturing unit
Riyadh, Saudi Arabia -- Saudi Arabia announced Thursday the completion of SAR 1 billion investment procedures by ASPACE, a Hong...
- The Hong Kong based company completed procedures for the investment of SAR 1 billion ($266 million) for the manufacturing facility.
- The manufacturing company expects growth throughout the project phases, for the manufacturing of components, subsystems, and satellites.
Business
How Saudi PIF is trying to build a post-oil economy
Riyadh, Saudi Arabia -- As global banking elites attend the Future Investment Initiative forum in Riyadh, a focal point of Saudi...
- The PIF now boasts assets under management exceeding $700 billion and says it has created more than 560,000 "direct and indirect" jobs.
- The PIF's high-profile investments in foreign firms include stakes in Uber, electric car maker Lucid and video game company Activision Blizzard.
Crypto soars in MENA even as it loses sheen elsewhere
A tech-savvy population sees cryptocurrencies a safe investment option as governments adopt progressive regulatory frameworks, offering innovation and investor protection.
Business
Company News
TECOM Group net profit up 49%
Business
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Tech giants sign pact against AI-made political deepfakes
Under the agreement, AI-generated content could be given a watermark or tagged in the metadata at source, although the signatories...
Abu Dhabi Judicial Department’s Auction App generated $925m in property sales
Abu Dhabi, UAE - Since its launch in June 2022 through mid-February 2024, the Abu Dhabi Judicial Department's (ADJD) Auction...
Business
Innovative building codes transform MENA construction
Two emerging construction processes gaining popularity, especially in the MENA region, are 3D printing of concrete structures and offsite construction....
Opinion
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Business
Asian markets rally after Wall Street highs, oil prices slide
"The weakness of yesterday's US retail sales release have given market doves a new lease of life and allowed them...
- Wall Street had leapt Thursday after the US Commerce Department reported a larger-than-expected 0.8-percent decline in retail sales for January
- London equities also jumped as investors drew comfort from a contrasting January rebound in UK retail sales, one day after gloomy news that Britain entered recession
Business
NatWest profit soars 32%
The British bank's net profit jumped to US$5.5bn in 2023.
- The bank said that Paul Thwaite would become permanent chief executive in the wake of boardroom turmoil
- Thwaite takes over from Alison Rose, who resigned as CEO in July after admitting a "serious error of judgment"
Business
Mawani completes Red Sea Gateway Terminal at Jeddah Islamic Port
Riyadh, Saudi Arabia - The Saudi Ports Authority, Mawani, announced the completion of the Red Sea Gateway Terminal at Jeddah...
- The gateway terminal has larger capacity, is equipped with the Optical Character Recognition (OCR) feature, and uses 146 different types of equipment
- The development of Jeddah Islamic Port’s North Container Terminal is included in the Build-Operate-Transfer (BOT) contract