Kuwait signs $4.1 billion deal with China to build port
Kuwait City, Kuwait -- Kuwait has signed a deal worth $4.1 billion with China to complete the construction of a...
Business
Netflix boss promises Warner Bros films would still be seen in cinemas
Netflix will continue to distribute Warner Bros. films in cinemas if its takeover bid for the storied studio is successful,...
Business
Business
Belt and Road Initiative generated $2 trillion in contracts: China
Beijing said Tuesday the value of signed construction contracts with partners now totaled two trillion dollars -- roughly the size...
- China is hailing this month the 10th anniversary of its Belt and Road Initiative (BRI), which has seen Beijing pour a trillion dollars into projects globally
- Beijing's Silk Road Fund, established to help fund BRI projects, has "signed agreements on 75 projects with committed investment of about $22 billion"
Business
Major equity markets up, oil dips after surge on Israel-Hamas conflict
"Equity markets are bouncing back on Tuesday after a risk-averse start to the week, buoyed... by some promising Fed commentary,"...
- Europe's main stock markets jumped more than 1.5 percent approaching the half-way stage, and after a largely upbeat session in Asia and overnight on Wall Street
- Oil prices dropped, having soared Monday after Hamas launched a deadly attack on Israel, stoking fear of spreading unrest in the crude-rich Middle East
Business
ADNOC Drilling to pay $358m dividend
The company's H1 revenue increased by 13% to $1.4 billion.
- Since listing on Abu Dhabi Securities Exchange, and including this latest interim dividend payment, the Company will have distributed $1.36 billion to shareholders.
- The interim dividend distribution will be on or around October 27, 2023, to all shareholders of record as of October 19, 2023.
Business
Borouge signs supply pact with NPCC
Borouge will also supply critical materials for UAE energy projects.
- Borouge and NPCC have previously partnered to provide steel pipe coating solutions for over 15,000 kilometers of pipelines in various local infrastructure projects.
- Borouge will supply materials for ADNOC Gas’ sales gas pipeline network enhancement (ESTIDAMA) program and Maximizing Ethane Recovery and Monetization (MERAM) project.
Business
Delta suspends Israel flights through October 31
The suspension of flights by the airline follows similar decisions by American Airlines, Air France, Lufthansa, Emirates and Ryanair and...
- The airline said that it has made a "difficult decision" to cancel our Tel Aviv flights
- Israeli flag carrier El Al said Sunday that it was maintaining its Tel Aviv flights for now
Business
Masdar to invest $8bn to develop Malaysia’s clean energy transition
Abu Dhabi, UAE - Abu Dhabi Future Energy Company (Masdar), the UAE’s clean energy powerhouse will invest US$8 billion in...
- The project will include ground mounted, rooftop and floating solar power plants, onshore wind farms and battery energy storage systems
- Established in 2006, Masdar is active in more than 40 countries with a total electricity generation capacity of more than 20GW
Business
Evergrande shares begin trading
The shares dropped nearly 9 percent at the close of trading.
- Evergrande Vehicle was the last to resume trade, one week later than Evergrande Group and Evergrande Property Services.
- Trading of all three Evergrande companies listed in Hong Kong was halted on September 28, after its founder Xu Jiayin was suspected of illegal crimes.
Business
Al Etihad Payments partners with NIPL to develop UAE Domestic Card Scheme
ABU DHABI, UAE – Al Etihad Payments (AEP), a wholly-owned subsidiary of the Central Bank of the UAE (CBUAE), and...
- To be launched in early 2024, the card scheme will aim to facilitate the growth of e-commerce and digital transactions in the UAE.
- It will bolster financial inclusion, support the nation’s digitization, increase alternative payment options and enhance the UAE’s competitiveness.
Geostrategy
Saudi Arabia launches mechanism to advance global climate goals
RIYADH, SAUDI ARABIA - The Clean Development Mechanism Designated National Authority (CDMDNA) announced on Monday the operation of Saudi Arabia's...
- Greenhouse Gas Crediting and Offsetting Mechanism will be accessible to all entities within the Kingdom.
- This step reflects the Kingdom’s role in addressing climate challenges and enabling institutions to tackle their emissions.
Business
eXtra net profit down 17%
The company reported a net profit of $70m for 9M period of 2023.
- The nine-month earnings were negatively impacted by higher interest rates, which led to finance cost rising by SAR 39.6 million year-on-year (YoY), Argaam reported.
- The company recognized non-recurring losses of SAR 38 million as it discontinued its expansion plans in Egypt.
Kuwait signs $4.1 billion deal with China to build port
Kuwait City, Kuwait -- Kuwait has signed a deal worth $4.1 billion with China to complete the construction of a...
Business
Company News
Latest News
TECOM 2023 net profit $299m
Business
West tells Iran to ‘stand down’ Israel attack threats; Tehran says ‘no way’
With tensions soaring in the Middle East, the United States says that Iran along with its proxies might attack Israel...
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...
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...
Business
Most Read
Business
US defends forcing sale of TikTok app
TikTok's suit argues this violates First Amendment rights of free speech.
- US intelligence agencies are concerned that China can "weaponize" mobile apps, justice department officials said
- A bill signed by President Joe Biden early this year set a mid-January 2025 deadline for TikTok to find a non-Chinese buyer or face a US ban.
Business
GACA and SBJBC strengthen saudi-UK aviation ties in London roundtable
Led by GACA President, the meeting featured the British Ministry of Transport, the SBJBC, and key aviation industry leaders.
- The discussion emphasized the strong commercial and investment partnership between Saudi Arabia and the UK
- The meeting also highlighted various investment incentives in the Saudi aviation sector
Business
World’s richest 1% gained $40 trn in a decade: Oxfam
Paris, France - The world's richest one percent increased their fortunes by a total of $42 trillion over the past decade,...
- Despite this windfall, taxes on the rich had plummeted to "historic lows", the NGO added, warning of "obscene levels" of inequality
- Brazil has made international cooperation on taxing the super-rich a priority of its presidency of the G20, a group of countries representing 80% of the world's GDP