Google to delete incognito search data
The suit filed in June of 2020 sought US$5bn in damages.
Debt, trade barriers drag Asian economies in 2024, says World Bank report   Â
BANGKOK, THAILAND – Asian economies are not doing as well as they could and growth in the region is forecast...
Economy
Business
UAE, Armenia ink 4 MoUs at joint business forum
YEREVAN, ARMENIA - Chairman of the Federation of UAE Chambers of Commerce and Industry (FCCI) Abdullah Mohamed Al Mazrouei and...
- A UAE delegation of around 100 representatives of government and private entities took part in the forum.
- In the first seven months of 2023, trade between UAE and Armenia was valued at US$870 million.
Business
EDGE partners with Bulgarian firms
It expects to fulfill growth plan through the partnerships.
- EDGE and TBS will seek collaboration through international trade expansion, knowledge transfer, research and development
- Its agreement with Samel-90 entails both to jointly identify business opportunities within multiple electronic development domains
Business
Saudi Arabia seeks Chinese investment in mining, industry
Beijing, China - Saudi Arabia is seeking Chinese investment in mining and industrial sectors. The Saudi Minister of Industry and...
- The Saudi side highlighted the goals of the National Strategy for Industry and the opportunities provided in various industrial sectors
- The meeting examined the measures, initiatives and incentives provided by the ministry to remove obstacles for investors
Economy
Saudi Arabia’s economy joins trillion-dollar club
The Kingdom now ranks 17th in global economic rankings and 17th out of 64 countries for global economic competitiveness.
- The milestone was achieved ahead of the state's 2025 targets, accompanied by a remarkable growth rate of 8.7%, the highest among G20 nations
- Saudi Arabia now ranks 17th in global economic rankings and 17th out of 64 countries for global economic competitiveness
Business
UAE-Saudi non-oil trade reaches US$159bn in 2018-22
ABU DHABI, UAE - The volume of trade exchange between the UAE and the Kingdom of Saudi Arabia grew by...
- The volume of trade between the UAE and the Kingdom of Saudi Arabia grew by 28 percent in 2022.
- The year 2021 saw growth, reaching $33.9 billion (AED 124.65 billion), compared to $28 billion (AED 103.91 billion) in 2020.
Geostrategy
US and China seek improved ties via new working groups
Chinese state broadcaster CCTV also announced the launch of an "Economic Working Group" and "Financial Working Group," saying both will...
- The formation of the groups was agreed during talks in July between US Treasury Secretary Janet Yellen and Chinese Vice Premier He Lifeng in Beijing.
- The Economic Working Group will discuss macroeconomic issues, while the Financial Working Group will focus on regulatory and financial stability issues.
Business
Microsoft to acquire Activision Blizzard
Activision Blizzard makes popular games like "Call of Duty".
- The transaction faced scrutiny from regulators in the United States as well as Britain, where the CMA blocked a similar deal in April.
- Activision Blizzard CEO Bobby Kotick said the UK regulator's announcement was "a significant milestone for the merger".
Business
Dubai ranks fifth globally on key shipping development Index
Dubai, UAE -- Dubai has maintained its ranking among the top five global maritime centres on the 2023 International Shipping...
- The city also ranked first in the Arab world for sea freight and logistics services on the 2023 International Shipping Centre Development (ISCD) Index.
- Dubai is the only Arab city on the list. Singapore, London, Shanghai and Hong Kong secured the top four ranks on the Index.
Business
ADIB completes $750m sukuk redemption
The sukuk, issued on Sept 20, 2018, carried profit rate of 7.125%.
- ADIB redeemed them at the trustee call amount, equivalent to the prevailing face value of the certificates along with any outstanding payments as of September 20, 2023.
- Earlier in July 2023, ADIB had successfully raised an additional $750 million through the issuance of new additional tier-one (AT1) perpetual sukuk.
Business
Cisco buys Splunk for US$28bn
Splunk is a software platform that uses AI to identify malware.
- Cisco will pay a premium of $157 per share, up from the $120 Splunk traded at before the announcement.
- According to the company's website, Splunk was founded in 2003 and holds over 1,100 patents.
Google to delete incognito search data
The suit filed in June of 2020 sought US$5bn in damages.
Company News
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IHC net profit soars to US$8.9bn
The company's revenue for the year 2023 stood at US$16.33bn.
Gulf realty navigates opportunities and challenges
The GCC real estate sector enters 2024 amidst a complex interplay of global economic challenges and regional opportunities, says a...
Business
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Business
Investment in Qatar free zones reaches US$1.3bn, says QFZ chairmanÂ
DOHA, QATAR - Minister of State and Chairman of Qatar Free Zones Authority (QFZ) Dr. Ahmad bin Mohammed Al Sayed...
- The QFZ chairman held a meeting with a delegation led by First Vice-Chairman of Qatar Chamber Mohamed bin Ahmed bin Twar Al Kuwari.
- The delegation paid a field tour to the Ras Bufontas Free Zone to explore the investment benefits and business opportunities within the free zones.
Business
European markets surge as US jobs data batter rate cut hopes
"The markets continue to forge ahead despite a blowout jobs report from the US last Friday which seems to have...
- Fed policymakers had left traders disappointed last week when they said after a meeting that they were unlikely to loosen policy at their next gathering.
- Most of Asia struggled again, however, with Hong Kong and Shanghai extending a sell-off fueled by growing concerns about the Chinese economy
Business
QatarEnergy, Mitsui ink pact
The agreement provide for a rise in condensate volumes.
- The 10-year supply agreement stipulates the supply of up to 11 million barrels of condensates per annum, starting from April 2024.
- The agreement highlights QatarEnergy's strategy of establishing longer-term strategic business relationship and cooperation.