Russia becomes world’s fourth-biggest LNG producer, says PM
MOSCOW, RUSSIA – Prime Minister Mikhail Mishustin said the country became the world’s fourth-biggest LNG producer last year.The Russian Prime...
Business
Tesla reports drop in auto sales
The decline was in part due to a weak sales market in China.
Business
Business
Credit Suisse expects Q3 loss
The bank said the loss could be as much as $2.2 billion.
- Its exit from certain loan portfolios is expected to result in a $1.6 billion loss, Credit Suisse said in a first-half results statement
- The winding down of certain management arrangements may result in an additional loss of up to $600 million, the bank added
Business
Cathay Pacific orders A320neo planes
The value of the deal is expected between $3.2 billion to $4.1 billion.
- Financial details of the sale were not disclosed, though at current list prices the deal would be worth $3.2 to $4.1 billion
- Airbus says the more fuel-efficient versions of the single-aisle A320 planes are the best sellers in the industry
Business
Europe should move faster on energy transition, say IEA, ECB
PARIS, FRANCE - Europe must invest more quickly and massively in its energy transition if it wants to remain a global...
- Europe must invest more quickly in its energy transition if it wants to remain a global industrial power, top policymakers said.
- Private sector investment faces barriers including policy uncertainty, bureaucratic red tape and higher energy costs, they said.
Business
Saudi Central Bank’s assets drop $6.39 billion in August
Riyadh, Saudi Arabia -- Assets held by the Saudi Central Bank (SAMA) declined by SAR 24 billion ($6.39 billion) month-on-month...
- When compared to August 2022, SAMA’s assets fell by around SAR 229.2 billion, according to data released by SAMA, Argaam reported.
- SAMA’s investments in foreign securities, which represent nearly 56 percent of its total assets, shrank by 12 percent year-on-year (YoY) to around SAR 986.2 billion last month.
Geostrategy
GCC, Pakistan ink preliminary free trade agreement
RIYADH, SAUDI ARABIA - Secretary-General of the Gulf Cooperation Council (GCC) Jasem Mohamed AlBudaiwi said that preliminary free trade agreement...
- The agreement was signed by GCC Secretary-General Jasem Mohamed AlBudaiwi and Pakistani Commerce Minister Dr. Gohar Ejaz.
- The Secretary-General stressed that the GCC countries are proceeding with free-trade negotiations with other countries.
Business
EDGE acquires 50% stake in SIATT
SIATT is Brazilian smart weapons and high-tech systems specialist.
- The acquisition follows a cooperation agreement signed by both companies in Rio de Janeiro in April this year.
- SIATT specialises in the integration of systems with high technological content, which provides solutions to the demands of the defense and aerospace sectors.
Business
UAE’s EDGE acquires 50 percent stake in Brazil’s SIATT
Sao Paulo, Brazil - The UAE’s EDGE Group, one of the leading advanced technology and defence groups, has announced the...
- Founded in 2015, and based in the city of São José dos Campos, SIATT specializes in the integration of systems with high technological content
- SIATT’s product portfolio includes intelligent weapons such as missiles and guided munitions, and their integration onto aircraft, naval vessels, tanks and other land vehicles
Business
‘Mainstream sustainability for a net-zero future’
“As the UAE gears up to host COP28, it's crucial to involve all partners in hastening climate action, both locally...
- UAE Minister of Climate Change and Environment, Mariam bint Mohammed Almheiri, emphasizes the importance of integrating sustainability into business operations
- At the 12th NDCA, Minister Almheiri urges businesses to mainstream sustainability and highlights the pivotal role of carbon registries in achieving Net Zero by 2050
Business
Chinese high-end EV brand Zeekr to make Middle East debut
Dubai, UAE - Chinese luxury electric vehicle manufacturer Zeekr, a subsidiary of Geely, is set to make its debut in...
- Zeekr's expansion will begin in four Middle Eastern countries: Saudi Arabia, the United Arab Emirates, Qatar, and Bahrain
- Chen Yu, a Vice President at Zeekr, expressed the brand's intention to adopt a competitive pricing strategy targeting traditional premium car brands like BMW and Aud
Economy
Saudi Arabia eyes global EV role following Lucid’s plant setup
Riyadh, Saudi Arabia -- Saudi Arabia aims to become a global player in manufacturing electric vehicles (EVs) and related products,...
- “The EV industry is one of 12 strategic industrial sectors covered by the National Industrial Strategy to boost the growth of industry across the Kingdom,” the minister added
- Lucid Group’s choice of Saudi Arabia as the headquarters of its plant in the Middle East reflects the importance of kingdom’s unique geographical location, he added
Russia becomes world’s fourth-biggest LNG producer, says PM
MOSCOW, RUSSIA – Prime Minister Mikhail Mishustin said the country became the world’s fourth-biggest LNG producer last year.The Russian Prime...
Business
Company News
Sony ends merger deal with Zee
Business
GCC at the forefront of 2024 sukuk market expansion
Market Report
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Equinor reports 59% fall in net profit
Its earnings were US$36.2bn, half of what is was in 2022.
Business
TotalEnergies reports record annual profit
Net profit came in at $21.4 bn, an increase of 4% over 2022.
Business
Qatar and Egypt discuss ways to boost economic, trade ties
Doha, Qatar-- Qatar and Egypt are looking to boost trade and economic ties between the two countries, besides exploring ways...
Business
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Business
‘Bond market acts as a mirror to economic realities’
"(US Federal Reserve Chair Jerome) Powell's focus on verifying inflation's trajectory is in line with the central bank's dual mandate...
- Bond market's selling pressure illustrates its role in reflecting economic realities, says Nigel Green
- A 27 basis points surge in 10-year yields marks notable market movement since June 2022, he adds.
Business
Innovation, expansion spur Gulf retail after pandemic
GCC retail sector evolves dynamically, blending innovation with tradition to woo investment, says Khalifa Bin Braik of Majid Al Futtaim...
- GCC retail sector evolves dynamically, blending innovation with tradition to woo investment, says Khalifa Bin Braik of Majid Al Futtaim Asset Management.
- Investing in the GCC retail market offers strategic benefits like a prime location, wealthy population, and luxury demand, bolstered by government support.
Business
Saudi more than doubles tourism target by 2030, says minister
Riyadh, Saudi Arabia - Saudi Arabia drew 27 million foreign tourists in 2023 and has more than doubled its goal for...
- "We have reached 100 million tourists this year, 77 million from home, 27 million from abroad, over 100 million," Tourism Minister Ahmed Al Khateeb said.
- Saudi hopes 150 million tourists by 2030, up from an earlier goal of 100 million, with 70 million of those coming from abroad, up from an earlier goal of 30 million.