Nike’s long international struggle with Adidas
German newspapers reported that the American sports equipment giant overcame their rival's home advantage with a bid of around 100...
Reforms help Saudi banking sector post robust growth
The financial sector plays vital role in the Kingdom's economy, with a 9.5% surge in operating income and 10.9% increase...
Business
Economy
GAFTA imports from Jordan shoot up 16.6% to US$1.60bn
Amman, Jordan-- Exports to Greater Arab Free Trade Area (GAFTA) countries from Jordan increased 16.6%, amounting to $1.60 billion, compared...
- The value of Jordan's imports from GAFTA recorded a 13.8 percent drop during the January-May period of 2023 to $2.69 billion
- The kingdom's trade balance deficit with the GAFTA countries dopped at the end of May this year to about US$1.08 billion
Economy
Jordan’s exports to EU climb 23.4% to US$192m in first five months of 2023
Amman, Jordan--Jordan's exports to the European Union (EU) shot up 23.4 per cent during the first five months of 2023...
- The value of the kingdom's imports from the EU during the first five months of 2023 rose 3.6 per cent to $1.66 billion
- Germany topped the list of countries from which Jordan imports, with the value of import climbing to $356 million
Economy
COP28 president urges G20 to take lead role on climate action
Speaking at G20 Climate Sustainability Ministerial Meeting in India, Dr. Sultan Al Jaber said G20 makes up some 85 percent...
- He urged all to demonstrate commitment to the UN Secretary General’s Climate Solidarity Pact and Acceleration Agenda
- The upcoming COP28 will be the first edition of the conference to explicitly link climate impacts to global health
Business
Black Cobra signs MoU with OSTIM
The Abu Dhabi firm will push for growth in the defense sector.
- The MoU will seek to create opportunities for growth and innovation in the aerospace and defense sectors
- The agreement between the two corresponds with the UAE's vision to boost bilateral relations with Turkey
Binance allegations stir up Middle East crypto market
Amidst the escalating crackdown on key cryptocurrency players, the Middle East is emerging as a potential beneficiary and a new...
- Amidst the escalating crackdown on key cryptocurrency players, the Middle East is emerging as a potential beneficiary and a new frontier for the crypto industry
- Bahraini cryptocurrency firm Rain comes to the UAE, while Coinbase CEO's UAE visit hints at potential expansion. Zurich's Julius Baer is also eyeing Middle East
Business
Aramco, 5 local firms to jointly work on project in Pakistan
ISLAMABAD, PAKISTAN - Five Pakistani state-owned companies are set to collaborate with Saudi Arabia’s Aramco to execute a $10 billion...
- The proposed joint venture will establish a mega refinery in Gwadar with a capacity of 400,000 barrels per day.
- The government of Pakistan has already approved a refinery policy for new projects in the country.
Geostrategy
Egypt calls for renewal of Black Sea grain export deal
MOSCOW, RUSSIA - Egypt's president on Friday called on Russia and Ukraine to find "urgent solutions" to allow the resumption of...
- Moscow withdrew from the agreement after protesting for months that parts of the deal that allowed for export of Russian fertilizer were not honored.
- Russia refused to extend a deal brokered by UN and Turkey, under which Ukrainian grain exports passed through the Black Sea to reach global markets.
Business
ESG H1 net profit $162m
The net profit increased by 831 percent year on year.
- The revenue for H1 2023 experienced an 81 percent growth, amounting to AED 266 million, as opposed to AED 147 million in H1 2022.
- ESG's total assets surged by 93 percent in comparison to December 2022, culminating in a value of AED 2.2 billion by June end.
Arts & Culture
Saudi club Al-Ahli signs Manchester City player Riyad Mahrez
London, United Kingdom - Manchester City forward Riyad Mahrez has left the treble winners to join Saudi side Al-Ahli, the two...
- The 32-year-old Algerian winger joined Pep Guardiola's team in 2018 from Leicester, winning 11 major trophies at the club.
- City agreed a fee understood to be worth up to £30 million ($38.6 million) with Al-Ahli last week.
Business
ExxonMobil Q2 profits $7.9bn
Profits fell on lower refining margins, natural gas prices.
- Natural gas prices are down sharply from the year-ago period following a mild winter.
- The comparative weakness in refinery margins reflects sluggish economic conditions.
Nike’s long international struggle with Adidas
German newspapers reported that the American sports equipment giant overcame their rival's home advantage with a bid of around 100...
Company News
IsDB, SWCC sign agreement
Business
Latest News
Empower, ASHRAE form alliance
Business
France flooded with applications for electric car leasing scheme
Paris, France - The French government has been flooded with applications from low-income households to lease a subsidized electric car from...
Business
15 million tons of Lithium deposits found in Thailand
Bangkok, Thailand - Thailand has discovered nearly 15 million tons of lithium deposits, a government spokesman said Friday, a boost for...
Business
In Davos, AI excitement persists but fears over managing risks
A recent IMF report said AI would affect nearly 40 percent of jobs around the world, and some 60 percent...
World Economic Forum
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Business
Middle East only region to overcome pre-Covid tourism levels: UNWTO
"International tourism is expected to fully recover pre-pandemic levels in 2024, with initial estimates pointing to 2.0 percent growth above...
- Europe, the world's most visited region, also saw a strong performance with tourism reaching 94 percent of its 2019 figures, with African figures reaching 96 percent.
- In relative terms, the Asia-Pacific region was the weakest with just 65 percent of pre-pandemic levels, despite China's lifting of health restrictions a year ago
Business
Tesla’s Musk throws down the gauntlet
Amid declining sales and safety concerns, CEO covets more control, seeking solace in SpaceX's success.
- Tesla has lost over US$90 billion in market cap, a rough landing in 2024, and a continuation of a slide that could crash the EV maker’s stock value, data from Refinitiv revealed.
- There is declining growth in EV production and a wider slowdown in the market that has Tesla investors nervous.
Business
Dubai World Trade Centre to host Japan trade exhibition next week
Dubai, UAE--The first edition of the Japan Kyoto Trade Exhibition 2024 is all set to kick off this Monday, 22nd...
- The event is expected to attract around 20,000 visitors, and more than 100 Japanese exhibitors
- The exhibitors will represent a diverse range of industrial sectors, like technology and animation