Rise in remittances hikes demand for Jordanian dinar, says chamber of commerce
AMMAN, JORDAN – Rising remittances from the Kingdom’s citizens working abroad has contributed to increasing demand for Jordanian dinar.Exchange companies...
Economy
Nakilat expands its fleet
Business
ByteDance to sell gaming arm
Business
Saudi Arabia weighs handing state airline Saudia over to PIF
Riyadh, Saudi Arabia - Saudi Arabia is considering transferring ownership of its national carrier, Saudia, to the sovereign wealth fund,...
Business
Business
Iran world’s eighth largest steel producer in first half of 2023
Tehran, Iran -- Iran became the eighth largest steel supplier in the world in the first half of 2023 as...
- Iran was the world’s seventh largest steel producer in June with an output of 3.2 million mt, up 17.4 percent from June 2022, the report added.
- For years, Iran had been ranked 10th globally in the list of top steel-producing countries.
Business
Market capital in Arab bourses $4.5 trillion, says Arab Monetary Fund
Kuwait City, Kuwait -- The Arab Monetary Fund has said that the market capital in Arab bourses reached US$4.5 trillion...
- The fund's weekly report said the market capital of BouKuwait amounted to US$137.5 billion, that of the Abu Dhabi stock exchange reached approximately US$777 billion.
- The capital market of the Saudi stock exchange reached some US$ 3 trillion and the Qatari bourse US$170 billion.
Business
Gazprom delivers 41.5m cu.m of gas to Europe per day through Ukraine
Moscow, Russia -- The volume of Russian gas supplies to Europe through Ukraine is 41.5 million cubic meters per day,...
- The gas is supplied via Sudzha gas pumping station in an amount approved by Ukraine, a Gazprom spokesman said.
- The transit line through Ukraine remains the only route for Russian gas supplies to western and central European countries.
Business
stc Group begins work in Europe
stc’s subsidiary TAWAL buys assets in eastern Europe.
- TAWAL aims to ensure a reliable and efficient ICT infrastructure network to all mobile networks operators in the market.
- TAWAL aims to bring significant investments, best processes and practices, as well as innovative products to its portfolio.
Business
AI revolution in video games has industry players treading warily
The ultra-connected industry is eyeing the innovation warily, with fears growing that jobs could be made redundant and artistic creations...
- Attracting thousands of video game lovers every year, Gamescom, one of the video game industry's biggest fairs, is an opportunity for studios to showcase their latest creations.
- Many gamers turn up in cosplay costumes, as they throng the stands to try out the potential new hits -- this year including some that prominently feature AI.
Business
Joint Jordanian-Yemeni Business Council to resume activities, says JCC
AMMAN, JORDAN - President of the Jordan Chamber of Commerce (JCC) Khalil Al-Haj Tawfiq on Saturday discussed with Director General...
- The Jordan Chamber of Commerce stressed on the importance of attracting new Yemeni investments to the Hashemite Kingdom.
- The JCC said the Kingdom offers several opportunities in multiple commercial, service and industrial sectors for investors.
Economy
Jordan oil bill falls in H1 2023 compared to H1 2022, says government
AMMAN, JORDANÂ - The value of the Kingdom's oil bill decreased during the first half of 2023 by 15.6 percent,...
- The value of Jordan’s imports of crude oil, its derivatives and mineral oils went down in the first half of 2023, to reach about JD1.531 billion.
- In the first half of 2022, the value of imports of crude oil, its derivatives and mineral oils was about JD1.813 billion.
Economy
BRICS secures 47% global oil with Saudi Arabia, UAE, Iran inclusion
Tehran, Iran - The inclusion of Saudi Arabia, the UAE, and Iran, will significantly increase BRICS’ weight in the oil...
- Together with the existing participants, Russia and Brazil, these countries jointly command 39% of the global oil exports
- BRICS will also possess nearly half of the world's total oil reserves, amounting to 719.5 billion barrels out of 1.6 trillion
Economy
DP World to invest $510m to develop mega-container terminal in India
New Delhi. India - DP World on Friday signed a concession agreement with the Deendayal Port Authority to develop, operate...
- DP World currently operates five container terminals in India – two in Mumbai, one each in Mundra, Cochin and Chennai
- With the addition of the Tuna Tekra terminal, the company will have a combined capacity of 8.19 million TEUs
Business
Rising data breach hits Middle East’s financial sector
In 2023, data breach costs in the Middle East soared to $8 million, marking a 155.9% rise over a decade,...
- In 2023, data breach costs in the Middle East soared to $8 million, marking a 155.9% rise over a decade, with the financial sector bearing the brunt, a report points out
- AI and automation notably shorten data breach lifecycles and costs, while phishing emerges as the predominant cause of breaches in the region, the IBM study adds
Rise in remittances hikes demand for Jordanian dinar, says chamber of commerce
AMMAN, JORDAN – Rising remittances from the Kingdom’s citizens working abroad has contributed to increasing demand for Jordanian dinar.Exchange companies...
Economy
Company News
Nakilat expands its fleet
Business
ByteDance to sell gaming arm
Business
Latest News
Samsung expects profit dip
Business
CBDCs, DeFi and AI boost FinTech innovation in GCC
The GCC's FinTech sector is booming with CBDCs revolutionizing cross-border transactions and a surge in innovations boosting financial inclusivity, efficiency,...
Business
Dubai RTA awards US$95m contract to upgrade ticketing system  Â
DUBAI, UAE - Dubai’s Roads and Transport Authority (RTA) has awarded a contract to upgrade the existing nol (card-based ticketing...
Business
Most Read
Business
Dubai launches initiative to accelerate global expansion of SMEs
Dubai, UAE -- Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum Sunday launched the ‘Dubai International Growth...
- The AED500 million initiative was launched by the Government of Dubai in partnership with Emirates National Bank of Dubai (Emirates NBD).
- Emirates NBD will provide financing to eligible companies at competitive rates, charging the Emirates’ Interbank Offered Rate (EIBOR) with no additional margin.
Business
Arab Bank Group net profit $829.6m
The Group posted a 52% increase in net income compared to 2022.
- Total Assets grew by 6 percent to reach $68.3 billion and loans grew by 5 percent to reach $37.1 billion.
- The Board has recommended to the shareholders the distribution of 30 percent cash dividends for the financial year 2023.
Business
SIB, Noqodi sign agreement
The Noqodi platform will enable digital payments.
- This pact aims to improve digital and electronic payment offerings available to SIB's corporate and individual business customers.
- SIB's business clients will gain access to a broader range of digital payment solutions for seamless fee payments across various products.