DWTC welcomes 2.47m visitors in 2023, says EVP
DUBAI, UAE – Executive Vice President, Dubai World Trade Center (DWTC) Mahir Julfar said that the DWTC's performance in 2023...
Business
UAE stocks see US$1.7bn inflow, IHC, Emaar lead
ABU DHABI, UAE- The UAE stock markets attracted liquidity of nearly AED6.5 billion during the week's trading, with the focus...
Business
Business
Saudi Arabia, Singapore sign MoU on mutual recognition of halal certificate
Riyadh, Saudi Arabia - The Saudi Food and Drug Authority (SFDA) signed Thursday a memorandum of understanding (MoU) with the...
- The MoU aims to develop procedures for conformity assessment, standard specifications, and technical regulations for issuing these certificates
- It also ensures mutual recognition between the two sides for exported local products as well as the exchange of expertise and knowledge
Business
Stocks slide as investors worry over Middle East crisis
London, United Kingdom - European and US stock markets fell Thursday as investors worried over rising US Treasury yields and the...
- Wall Street opened higher after falling the previous day, but slid into loss during morning trading, while Europe's main stock markets extended losses
- Risk aversion among traders was increased by concerns the Federal Reserve would hike interest rates again, or at least keep them elevated for an extended period
Business
EU okays takeover of Seagen
Pfizer announced in March its deal with Seagen.
- The European Commission, the bloc's powerful anti-trust authority, said it had "unconditionally approved" the transaction after a market investigation
- The firm came to major drugmakers' attention with its work on antibody-drug conjugates that are "designed to preferentially kill cancer cells"
Business
PIF announces pricing of inaugural $3.5bn global sukuk issue
RIYADH, SAUDI ARABIA - The Public Investment Fund (PIF) on Thursday successfully priced its first dollar-denominated Shariah-compliant trust certificates (sukuk).The...
- The issuance will be listed on the London Stock Exchange’s International Securities Market (ISM).
- The sukuk issuance was more than seven times oversubscribed, with orders exceeding $25 billion,
Business
Renault shares fall as sales disappoint
The company's strategy is to sell fewer cars but at higher prices.
- Sales grew 7.6 percent to 10.5 billion euros ($11 billion) as a drop in volume was offset by price increases for its vehicle lineup
- But investors were not impressed as company shares fell more than seven percent in morning trading in the Paris stock exchange
Business
EU launches enquiry on Meta and TikTok over disinformation
The European Union has built a powerful armory to challenge the power of big tech with its landmark Digital Services Act...
- The European Commission said it had sent formal requests for information to Meta and TikTok in what is a first procedure launched under the EU's new law on digital content.
- Meta and TikTok have until October 25 to respond, with a deadline of November 8 for less urgent aspects of the demand for information.
Business
Kadi Pay okayed for BNPL solutions
The company was approved by the Saudi Central Bank.
- With Kadi Pay, six authorized companies are now offering BNPL solutions in Saudi Arabia, bringing the total number of licensed/ permitted finance companies to 56.
- The BNPL solutions provide finance to customers wishing to buy products and services without incurring financing costs.
Business
Israel-Gaza conflict won’t impact Riyadh FII summit outcome: CEO
Riyadh, Saudi Arabia -- The tragic developments in Gaza won't have a huge impact on the overall outcome of the...
- Richard Attias. brushed aside the fears of slowdown in investment in the region due to the ongoing Israel-Palestinian conflict.
- He said that most investors take a long-term view, so the ongoing war won't have big impact on the overall investment climate.
Opinion
Women break barriers for gender equality in finance
This culture should recognize and value the contributions of women and prioritize their growth and development. By highlighting successful women...
- In the financial sector, diverse teams enhance decision-making and performance, yet women occupy just 10% of CEO roles in Fortune 500 companies
- Emirati women constitute 31% of the UAE's finance sector workforce, underscoring the crucial role of mentorship and role models in advancing their careers.
Business
Saudi Metrology Organization, Enterprise Singapore ink MoU on standardization
RIYADH, SAUDI ARABIA – The Saudi Standards, Metrology and Quality Organization (SASO) and Enterprise Singapore signed an MoU here, focusing...
- The pact encompasses cooperation and the exchange of best practices and experiences in metrology, calibration and safety of consumer products.
- The MoU includes provisions for training, capacity building and collaboration in the development of infrastructure for standards and quality.
DWTC welcomes 2.47m visitors in 2023, says EVP
DUBAI, UAE – Executive Vice President, Dubai World Trade Center (DWTC) Mahir Julfar said that the DWTC's performance in 2023...
Business
Company News
DAE, Turkish Airlines ink pact
Business
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Higher prices boost Coca-Cola sales despite Middle East hit
Chief Executive James Quincey described consumers in North America as "holding up well," although he acknowledged "a little softening" through...
Business
CFOs at forefront of ESG integration in businesses
"The CFO's role as an ESG guardian and promoter varies significantly across organizations. CFOs with limited ESG experience should deepen...
Opinion
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Business
UAE leads global charge in generative AI adoption
With 40 percent of UAE workers already exploring generative AI, the nation stands as a beacon of tech adoption, far...
- With 40 percent of UAE workers already exploring generative AI, the nation stands as a beacon of tech adoption, far surpassing the global average, say a report.
- AI and machine learning are viewed by UAE tech leaders as pivotal for reaching short-term objectives, outpacing the perceived utility of the metaverse, it adds.
Business
EU excuses Apple and Microsoft products from tougher tech curbs
Brussels, Belgium - Apple's iMessage and Microsoft's Bing search engine got a reprieve from tougher EU rules curbing how tech titans...
- "We thank the Commission for agreeing with us that iMessage should not be designated under the DMA (Digital Markets Act)," an Apple spokesperson said
- The EU has built a powerful legal arsenal to take on the internet giants, including the DMA and its sister milestone law, the Digital Services Act (DSA)
Business
Air Arabia 2023 net profit $408m
The firm recorded a 27 percent rise in profit compared to 2022.
- The company in its financial results said that the airline's turnover for 2023 reached US$1.6 billion
- Air Arabia’s Board of Directors proposed a dividend distribution of 20 percent of share capital,