Eurozone business activity stabilizes in March
Brussels, Belgium - Business activity in the eurozone stabilized in March thanks largely to a "modest recovery" in the service sector,...
Economy
Bayanat, Yahsat shareholders to vote on merger and creation of SPACE42 on April 25
ABU DHABI, UAE – Bayanat AI PLC and Al Yah Satellite Communications Company each issued a circular on Thursday calling...
Business
Business
Binance US has been involved in wash trading activities, say reports
The Wall Street Journal (WSJ) reported that CZ confirmed that $70,000 worth of Bitcoin, traded on Binance US's launch day,...
- Among the claims, the lawsuit alleges that Binance utilized Sigma Chain, a company under CZ's ownership, to manipulate trading volume.
- Binance says it will list on Worldcoin, a digital currency linked to an identity project co-founded by AI programmer and entrepreneur Sam Altman.
Business
Burjeel to operate Al Dhannah Hospital
Al Dhannah Hospital in Al Dhafra region is owned by ADNOC.
- The contract is aimed to enhance the quality and accessibility of healthcare services to ADNOC employees, their families, and the community in Al Dhafra region.
- Al Dhannah has the capacity of 122 beds, accredited by the Joint Commission International (JCI) offering multi-specialty services.
Twitter to be renamed X
Its parent firm has been named the X Corporation.
- Tweeting a picture of the company's new logo -- a white X on a black background -- late Sunday night, Twitter chief executive Linda Yaccarino said "X is here! Let's do this"
- late Sunday night, Musk changed his profile picture to the company's new logo, which he described as "minimalist art deco," and changed his Twitter bio to "X.com,"
Business
Abu Dhabi Maritime signs MoU with ADNOC Distribution
It seeks to enhance emirate's coastal and marine locations.
- The agreement between the two underscores the ongoing effort to strengthen Abu Dhabi's maritime sector
- Director-General of Operational Affairs at the DMT said that "together, we will unlock the untapped potential of our shores"
Business
$1.3trn mineral reserves shift Saudi focus to mining
The Kingdom, leveraging its significant copper reserves across the nation, seeks to address the global shortage, particularly crucial amid the...
- The Kingdom, leveraging its significant copper reserves across the nation, seeks to address the global shortage, particularly crucial amid the transition towards clean energy
- The Kingdom, despite facing challenges in logistics and water provision at mining sites, is harnessing technology and collaborations to improve production quality
Business
Twitter website replaces bird logo with X, rebrand yet to be finalized
The social media network's website showed the company's new logo, but its URL was still showing as twitter.com and the...
- Twitter has been using avian branding since its early days, when it bought a stock symbol of a light blue bird for $15.
- Musk changed his profile picture late Sunday to the company's new logo, which he described as "minimalist art deco,"
Infographics
Strong growth key to GCC’s FDI appeal
Saudi Arabia has reentered into this year's Kearney FDI Confidence Index, which ranks the markets likely to attract the most...
- The optimism stems from strong economic growth, which is expected by IMF to reach 3.6% in 2023, higher than the global average of 3.3%.
- The GCC region is especially ripe for FDI, as the high demand for oil and gas is expected to continue to spur the growth of economies in the region.
Business
PIF establishes company for developing Ajwa dates products
Riyadh, Saudi Arabia -- Saudi Arabia's sovereign wealth fund, the Public Investment Fund, announced Sunday it has established Al Madinah...
- MHC will focus on promoting and distributing Ajwa dates both locally and internationally in addition to other date varieties to meet growing global demand.
- The company will also contribute to the wider development of sustainable agriculture in the Madinah region through the adoption of the latest agricultural technologies.
Business
ANB profit up 51Â percent in H1
The growth was backed by net special commission income.
- The bank reported an increase in the net provisions for expected credit losses and other provisions.
- The second-quarter net profit jumped 39 percent to SAR 986 million from SAR 707.69 million in Q2 2022.Â
Business
Dubai Customs processes over 14m transactions in first six months of 2023
DUBAI, UAE - Keeping pace with the UAE’s strong economic growth, Dubai Customs cleared 14 million customs transactions during the...
- Dubai Customs revealed that business registration service transactions went up 7 percent, recording 143,000 service requests.
- Customs declarations stood at 12.3 million transactions, accounting for 88 percent of the total number of customs transactions.
Eurozone business activity stabilizes in March
Brussels, Belgium - Business activity in the eurozone stabilized in March thanks largely to a "modest recovery" in the service sector,...
Economy
Company News
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Samsung’s AI pivot
Part of the company's bid to reclaim smartphone throne.
Apple loosens grip on iPhone apps
Apple will permit developers to include buttons or links in apps.
Business
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Business
Aramco chief expects oil demand to rise by 1.5 mbpd in 2024
Riyadh, Saudi Arabia - Saudi Aramco's President and CEO, Amin Nasser, anticipates a surge in global oil demand, projecting an...
- Amin Nasser pointed out that the global oil market is poised for a supply shortage as consumer stockpiles have dwindled by 400 million barrels over the past two years.
- He acknowledged that while global oil markets can manage short-term disruptions in the Red Sea, sustained attacks on ships could lead to a shortage of tankers
Interview
Government, financial sectors top cyberattack targets
The Middle East's oil and gas sector also stays on hit list of of cyberattackers, Trellix CEO Bryan Palma tells...
- The Middle East's oil and gas sector is a key target for cyberattacks, Trellix CEO Bryan Palma tells TRENDS, stressing the need for widespread cybersecurity investments.
- He emphasizes the critical risks faced by the public sector and financial services, and discusses how XDR and AI technologies are advancing cybersecurity in the region.
Business
Maersk and Hapag-Lloyd ink deal
The cooperation deal between the two will begin February 2025.
- The cooperation, which is set to start in February 2025, will comprise a fleet pool of nearly 300 vessels with a combined capacity of 3.4 million containers
- The CEO of Maersk Vincent Clerc said the agreement will offer a "flexible ocean network" and "strengthen our integrated logistics offering"