Why metal prices are soaring to record highs
London, United Kingdom -- Precious and industrial metals are surging to record highs as the year ends, driven by economic...
Business
Famed Jerusalem stone still sells despite West Bank economic woes
Sair, Palestinian Territories - Despite the catastrophic state of the Palestinian economy, Faraj al-Atrash, operator of a quarry in the...
Business
Geostrategy
EU asks X and Meta to regulate fake news, disinformation
Thierry Breton, EU commissioner and self-styled "digital enforcer", raised the alarm in letters sent to Elon Musk, owner of X,...
- EU official Breton demanded both X and Meta must provide details within 24 hours on what they were doing to ensure "illegal content and disinformation".
- He said Brussels was taking "extremely seriously" the risk of "fake and manipulated images and facts generated with the intention to influence elections".
Business
Aramco looks to invest in Shangong Yulong Petrochemical
Dhahran, Saudi Arabia -- Aramco has signed an MoU that paves the way for Aramco's potential acquisition of a 10...
- Aramco signed an MoU with Nanshan Group, Shandong Energy Group, and Shandong Yulong Petrochemical to pave way for the acquisition.
- Shandong Yulong is presently in the final stages of constructing a significant refining and petrochemical complex with the capacity to process approximately 400,000 barrels per day
Business
MENA awards $101 billion construction projects in first half
Dubai, UAE -- Despite global economic uncertainties, the construction industry in the Middle East and North Africa (MENA) awarded a...
- The lion's share of these projects, approximately 67 percent, hailed from Saudi Arabia, contributing $44 billion, and the United Arab Emirates (UAE), accounting for $23 billion.
- The collective estimated value of the project pipeline in the MENA region surpassed $3 trillion, with Egypt, Saudi Arabia, and the UAE owning more than 60 percent of it.
Business
Silal acquires stake in SAFCO
SAFCO Group is a food and beverage distributor in the UAE.
- Last year, Silal, in collaboration with Hoogendoorn, one of the world’s innovators in horticulture, launched the Digital Agronomy Service.
- The Service saw deployment of IoT sensors in 100 farms over the course of 2022.
Business
Zest Equity raises $3.8m seed round to digitize private market transactions
Abu Dhabi, UAE – Zest Equity, a venture-backed technology company offering digital infrastructure for private market transactions, has closed a...
- The Hub71 startup will use these funds to drive the company's ambition to expand its product offering in the MENA region
- Zest Equity has raised a total of $5.7 million with early backers including DFDF, 500 Sanabil, Nuwa Capital, and a significant group of regional angel investors
Business
Qatar signs 27-year gas supply deal with France’s Total: state energy firm
Doha, Qatar - Qatar has agreed to supply France's TotalEnergies with natural gas for 27 years, its state energy company announced on...
- Qatar will supply 3.5 million tonnes of gas a year under the deal, QatarEnergy said, following two agreements with Total
- Total signed a $1.5 billion deal with QatarEnergy in September last year giving it a 9.3 percent stake in Qatar's North Field South project
Business
Abu Dhabi’s Mubadala to invest $1 billion a year in Brazil
New York, United States - Mubadala Capital, the investment arm of Abu Dhabi’s sovereign wealth fund, plans to invest more...
- The firm’s second fund in the country, Brazil Special Opportunities Fund II (BSOF II), has raised over $710 million in commitments
- Mubadala Capital was the first sovereign wealth fund to manage capital on behalf of third-party institutional investors
Business
Samsung profits plunge
The company expects Q3 profits to fall nearly 80% to US$1.8bn.
- The company said in a statement that its operating profits for the July-September period will fall 77.9 percent to $1.8 billion
- Led by Samsung, South Korean chipmakers have enjoyed record profits in recent years as prices for their products soared
Business
First wind turbines reach Saudi green hydrogen plant, says CEO
RIYADH, SAUDI ARABIA - The first wind turbines have arrived at what Saudi officials bill as the world's biggest green hydrogen...
- Around 30 turbines are expected to be delivered by the end of the year along with the project's first solar panels.
- The $8.4 billion NEOM green hydrogen plant is expected to reach full production by the end of 2026.
Business
PIF sets up Tasaru Mobility Investments
The firm will drive strategic investments and partnerships
- The company will focus on developing local supply chain capabilities for the automotive and mobility industry in Saudi Arabia.
- PIF has invested in the future of mobility, including establishing Saudi Arabia’s first national electric vehicle brand, Ceer, in partnership with Foxconn.
Why metal prices are soaring to record highs
London, United Kingdom -- Precious and industrial metals are surging to record highs as the year ends, driven by economic...
Business
Company News
Lufthansa profit spikes in 2023
Business
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Boeing suspends 777X flight tests after part failure, its latest quality control issue
New York, United States - Boeing has suspended flight testing of its new 777X wide-body jet after identifying the failure of...
Business
Social media platform X to shutter local operations in Brazil
Social media platform X, formerly Twitter, will shutter its local operations in Brazil following a bitter legal tussle over the...
Crypto crime drops 19.6% as digital ecosystem matures
Advanced blockchain analysis tools, such as those provided by Chainalysis, are empowering law enforcement agencies and enterprises to counter the...
Economy
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Business
Apple makes changes to App Store after EU warning
From the autumn, Apple said developers in the EU "can communicate and promote offers for purchases" wherever they want, for...
- The EU said the App Store terms prevented app developers from freely steering consumers to alternative ways to pay
- This makes Apple the first ever tech firm to face accusations of breaching a new law known as the Digital Markets Act
Business
Oman, China bilateral trade grows by 8% to $15bn till May
 The volume of bilateral trade between the Sultanate of Oman and the People’s Republic of China has increased 8% in...
- The major projects in Oman are in new energy, mining, electricity generation, IT and communications
- Chinese investments in Oman stood at over US$6.6bn
Economy
Saudi Arabia submits official bid to host FIFA World Cup 2034 after successful Qatar event in 2022
The next steps include official visits by FIFA and a comprehensive evaluation of the bid.
- This bid highlights Saudi Arabia’s commitment to Vision 2030
- Saudi Arabia is currently the sole nation bidding for the 2034 World Cup