Russia not in danger of trading oil at a loss, says Lavrov
MOSCOW, RUSSIA – Russia does not see the risk of trading oil at a loss due to the redistribution of...
Business
Saudi Arabia to donate US$40m for UN agency in Gaza
The funds, according to the King Salman Humanitarian Aid and Relief Centre (KSrelief), would support UNRWA's "humanitarian relief efforts in...
Geostrategy
Business
Tata to build car battery factory in UK
The $5.2bn factory is expected to create up to 4,000 jobs.
- The factory is Tata's first giga facility outside India, and will be built in Somerset, southwest England.
- The British government said the new manufacturing facility is expected to provide almost half of the battery production that the UK will need by 2030.
Business
Almarai trust certificates raise $750m
The dollar-denominated certificates have annual return of 5.23%.
- Almarai told Tadawul in a statement that the certificates will be listed on the Irish Stock Exchange under Euronext Dublin.
- The certificates were issued under the $200 million Trust Certificate Issuance Program updated by the company on July 14.Â
Business
SALIC buys 10.7% stake in BRF
The deal is worth US$266 million (SAR1.27 billion).
- SALIC is fully owned by the Public Investment Fund.
- Brazilian firm BRF is a global leader in the poultry sector.
Business
Governments should provide incentives for green finance, says Dubai Chambers’ webinar
DUBAI, UAE – Participants at a webinar strongly supported governments providing incentives or regulatory frameworks to encourage greater participation in...
- The webinar was organized by Dubai Chamber of Commerce, one of the three chambers operating under Dubai Chambers.
- The webinar provided valuable insights and guidance aimed at helping companies to access green finance, attract green investment projects.
Business
ADIA acquires hotel portfolio
The portfolio comprises 27 hotels across Japan.
- The portfolio was acquired from Daiwa House Industry for $900 million and comprises a total of 7,124 hotel rooms.
- The acquisition was made along with a consortium led by Singapore-based private equity real estate firm, SC Capital Partners and Goldman Sachs Asset Management.
Economy
Saudi Arabia tops MENA region in venture capital investment during H1 2023
Riyadh, Saudi Arabia - Saudi Arabia is the top-ranked country in the MENA region in terms of Venture Capital funding...
- The Kingdom accounted for 42 percent of the total capital deployed in the region during H1 2023, up from 31 percent in 2022.
- -commerce and retail were the highest sector in the Kingdom by the amount of funding and by number of deals in H1 2023
Economy
Sharjah Chamber, Costa Rica discuss boosting economic ties
Sharjah, UAE--The Sharjah Chamber of Commerce and Industry (SCCI) and Costa Rica have discussed ways to advance bilateral economic relations.The...
- Discussions focused on strengthening commercial and industrial cooperation and investment among the private sector organizations and institutions
- The chamber noted the incentives, privileges, and various forms of support and assistance offered by the emirate to foreign companies
Business
Dar Al Arkan issues sukuk of $600m
issuance is the ninth tranche Sukuk program in US dollars.
- The maturity period is of five years at a profit rate of 8 percent annually.
- The issuance order book reached US$1.64 billion (SAR 6.15 billion).
Economy
Bahrain records 2% jump in GDP on back of expansion in Q1 in non-oil sector
Manama, Bahrain--Bahrain has recorded a two percent rise in gross domestic product in the first quarter of 2023, driven by...
- The country's economic recovery plan aims to boost growth, attract investments and create job opportunities
- Its real estate, hotels, restaurants and trade all grew between 4.2 percent and 5.3 percent during the quarter
Meta challenges OpenAI and Google with open-source Llama
The new, more powerful version of Meta's model, called Llama 2, would be available to any business for download or...
- Meta has avoided releasing generative AI products straight to the consumer, and instead developed Llama, a language model specifically developed for researchers
- Crucially, Llama is open-source, meaning that its inner workings are available to all to be tinkered with and modified, unlike the headline-grabbing AIs developed by OpenAI
Russia not in danger of trading oil at a loss, says Lavrov
MOSCOW, RUSSIA – Russia does not see the risk of trading oil at a loss due to the redistribution of...
Business
Company News
Latest News
Watch: Experts discuss how Arab world reshapes future
At the HUB Davos 2024 conference, UAE's Minister of Economy Abdulla Bin Touq Al Marri highlights the nation's commitment to...
Business
Gold extends slide after Fed dampens March rate cut hope
Dubai, UAE - Gold prices extended losses on Wednesday as the US dollar strengthened after comments from a Federal Reserve...
Economy
Most Read
Opinion
Disinformation, misinformation hurt global businesses
"These risks are serious because they limit our ability to tackle the big global challenges we are facing. Changes in...
- Rebuilding trust and fostering global collaboration are essential to address the present challenges.
- The role of AI and digital innovation in combating misinformation and boosting productivity.
Business
Google to slash ‘few hundred’ jobs
The internet giant will cut jobs from its global ad team.
- The jobs will be cut by the company amid a push to use artificial intelligence for efficiency and creativity
- The company made no mention of generative AI, which is disrupting many sectors including advertising.
Geostrategy
WTO hopes to finalize fishing agreement
GENEVA, SWITZERLAND - The head of the World Trade Organization's fisheries talks voiced optimism  on Tuesday about striking an agreement on...
- The 164 WTO members kicked off a month of negotiations this week at the global trade body's headquarters in Geneva.
- The draft text is intended to help members reach agreement on a so-called "clean text" for submission to ministers in Abu Dhabi.