Netflix’s $83 billion takeover of Warner Bros reshapes Hollywood as regulators prepare intense antitrust scrutiny
Streaming giant Netflix said Friday it will buy film and television studio Warner Bros. Discovery for nearly $83 billion, the...
Business
Samsung plans $310 bn investment to power AI expansion
Seoul, South Korea -- South Korean conglomerate Samsung unveiled on Sunday a plan to invest $310 billion over the next...
Business
Business
Abu Dhabi Oil Company to hike investment in UAE oil sector
Abu Dhabi, UAE--Abu Dhabi Oil Company (ADOC) is planning more investments and expansions in the UAE, according to a senior...
- Talking to the media at ADIPEC 2023, Shingai said the company was planning to expand production facilities and increasing extraction rates
- He noted that ADOC played a key role in advancing ties between the UAE and Japan through its investment projects in the UAE oil sector
Geostrategy
Dubai must possess its distinct emblem, says new decree
Dubai, UAE - Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, issued Law No....
- The law says emblem can be utilized across various government facilities, documents, websites, and during government events
- Private entities may also utilize it, provided they obtain prior approval from the Dubai Ruler or his representative
Business
Birkenstock declares IPO prize
The company expects to raise around $1.58 billon.
- Around 32.2 million ordinary shares will be put on the New York Stock Exchange in the IPO, the company said in a regulatory filing.
- Known for its wide-strapped sandals with cork and latex soles, Birkenstock was founded in 1774 to make orthopaedic shoes.
Geostrategy
Oil industry is an integral part of climate solutions, says COP28 head
President of the upcoming COP28 climate talks Sultan Al Jaber, also the head of UAE state-owned oil firm ADNOC, told...
- The president of the upcoming COP28 urged oil industry leaders to curb emissions associated with energy production.
- He also encouraged them to embrace "low carbon solutions" like carbon capture and storage,
Business
US manufacturing beats expectations, slumps less in September
Washington, United States - US manufacturing activity contracted in September by the least since late 2022, beating analyst expectations despite weakness...
- The Institute for Supply Management's (ISM) manufacturing index came in better than anticipated at 49 percent last month, up from 47.6 percent in August.
- This was 1.0 percent above the median expectation of economists surveyed by MarketWatch, but below the 50 percent threshold indicating growth in the sector.
Business
DEWA commissions 200MW second unit in Al Maktoum Solar Park
Dubai, UAE - Dubai Electricity and Water Authority (DEWA) commissioned the 200MW second unit of the parabolic basin complex in...
- It is set to provide clean energy for approximately 320,000 residences and reduce carbon emissions by 1.6 million tons annually.
- This phase uses the Independent Power Producer (IPP) model with investments of up to AED 15.78 billion ($4.30bn).
Business
SVC inks pact with IMPACT46
SVC is a government investment firm established in 2018.
- IMPACT46's Fund III will invest in Saudi growth-stage companies and up to pre-IPO stage businesses.
- The fund will allocate capital to seed-stage startups and promising startups from the broader Middle East region.
Business
Central Bank of Oman foreign assets up by 27% by July end
Muscat, Oman -- Foreign assets at the Central Bank of Oman (CBO) grew by 27.4 percent to RO 6.855 billion...
- Initial data issued by the NCSI showed that local liquidity stood at RO 21.362 billion, an increase of 4.9 percent compared to the corresponding period in 2022.
- Total loans and financing in commercial banks and Islamic windows grew by 8.7 percent by the end of July 2023 to RO 30.272 billion, compared to RO 27.860 billion.
Business
European telecom firms urge EU to make tech, streaming giants pay
Telecoms giants say that they need more money to maintain and update the infrastructure to meet Europe's voracious data needs,...
- "Big tech companies pay today almost nothing for data transport in our networks, far from covering the costs needed to expand networks," a letter published by the European telecoms
- The CEOs said the European Union estimated that at least 174 billion euros ($183 billion) of new investment is needed by 2030 to meet connectivity targets.
Economy
Bahrain’s Treasury Bills oversubscribed by 270 percent
MANAMA, BAHRAIN – This week’s US$186 million (BD 70 million) issue of Government Treasury Bills has been oversubscribed by 270...
- The bills, carrying a maturity of 91 days, are issued by the CBB, on behalf of the Government of Bahrain.
- The issue date of the Treasury Bills is October 4, 2023 and the maturity date is January 3, 2024.
Netflix’s $83 billion takeover of Warner Bros reshapes Hollywood as regulators prepare intense antitrust scrutiny
Streaming giant Netflix said Friday it will buy film and television studio Warner Bros. Discovery for nearly $83 billion, the...
Business
Company News
Emaar unveils new projects
Business
ADNOC buys 25% stake in OMV
Business
Latest News
QFC signs two MoUs
Business
Musk plans largest-ever supercomputer for xAI startup: report
Washington, United States - Billionaire tech mogul Elon Musk has told investors he plans to build a supercomputer dubbed "gigafactory of...
Business
Algeria signs gas field deal with oil giant ExxonMobil
Algiers, Algeria - Algeria's state oil company announced Thursday it signed a memorandum with ExxonMobil to develop two gas fields, a...
Business
‘Canon aims for a 42% reduction in GHG emissions by 2030 and net zero by 2050’
Venkatasubramanian (Subbu) Hariharan, MD of Canon Middle East and Turkey, highlights the significance of remanufacturing and refurbishment for reducing environmental...
Business
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Business
Iraq father begins legal action against BP over son’s cancer death
Rumaylah, Iraq - Hussein Julood is taking legal action against British energy giant BP after he lost his son to...
- The bereaved father, who lives near the Rumaila field in the southern province of Basra, is demanding that the firm compensate him for his son Ali's medical expenses
- He said no amount of money would make up for his son's death. But "what I am claiming is my right", added the 55-year-old father of seven, from his modest home
Business
SAMA Licenses ‘Hala Financing’ to provide crowdfunding solutions
Riyadh, Saudi Arabia - The Saudi Central Bank (SAMA) has licensed "Hala Financing" to provide debt-based crowdfunding solutions. With Hala...
- With Hala Financing, there are now 11 authorized companies offering debt-based crowdfunding solutions in Saudi Arabia
- The addition brings the total number of finance companies licensed and permitted by SAMA to 62, according to a SAMA news release
Business
US says Boeing can be prosecuted for 737 MAX crashes
San Francisco, United States - The US Justice Department on Tuesday said Boeing can be prosecuted for two subsequent 737 Max...
- Boeing breached obligations under an agreement that had shielded it against legal proceedings for the accidents, department officials said in a letter to a federal court in Texas
- Such a breach would mean Boeing can be prosecuted for any violation of federal law related to the crashes, according to US justice officials