Meta, Microsoft slam Apple over app store policy
The four companies filed a rare joint amicus brief in a California court in charge of applying a ruling that...
Google hit by US$272m fine in France
It breached an agreement on terms for paying media firms.
Business
Business
Rise in foreign sukuk offset by local currency decline
Saudi Arabia's reduced banking liquidity and lower oil prices have led to a decline in local currency sukuk, but a...
- Saudi Arabia's reduced banking liquidity and lower oil prices have led to a decline in local currency sukuk, but a surge in foreign currency issuances, says a report
- A new report by S&P Global Ratings indicates mixed activity levels, suggesting the need for harmonization of Sharia standards to attract non-core jurisdictions
Business
Middle East tackles AI hurdles, embraces opportunities
The region, rich in history and culture, is expected to accumulate substantial global AI benefits, reshaping its traditional sectors and...
- The region, rich in history and culture, is expected to accumulate substantial global AI benefits, reshaping its traditional sectors and driving innovation, reports suggest
- Tradition and technology harmoniously coexist in Middle East as it stays committed to AI integration despite some industries grappling with implementation challenges
Economy
Saudi Arabia and Bahrain to collaborate on speeding up sustainable development
New York, US--Saudi Arabia and Bahrain are looking to collaborate in order to speed up the sustainable development goals, aligning...
- The discussion took place in New York on the sidelines of the United Nations High Level Political Forum on Sustainable Development 2023
- The ministers spoke at length about the he innovative practices adopted by the two countries for achieving sustainable development and deepening their expertise
Business
Qatar: Commercial Bank profit rises by 8.5%, Masraf Al Rayan’s dips by 24%
Doha, UAE - The Commercial Bank, a Qatari public shareholding company, experienced an 8.5 percent upswing in net profit, reaching...
- The figures issued by the bank website showed an increase in the EPS of Commercial Bank of QR 0.37 ($0.10) in the first half of 2023
- The financial statement of Masraf Al Rayan revealed a decline in net profits by 24 percent, to $207.12 million in H1 2023
Norway threatens $100,000 daily fine on Meta over use of personal data
The Norwegian watchdog, Datatilsynet, said Meta uses information such as the location of users, the content they like and their...
- The business practices of US big tech firms are under close scrutiny across Europe over concerns about privacy, with huge fines handed out in recent years
- The Norwegian watchdog, Datatilsynet, said Meta uses information such as the location of users, the content they like and their posts for marketing purposes
Business
ADIB unveils fixed-rate home finance
In a UAE's first, Istikrar will offer long-term, fixed-rate home finance.
- The bank said that the new product offers customers more property financing options in the midst of a high-rate environment
- In January this year, the bank reported a net profit of US$985 million (AED 3.62 billion) in 2022, a 55 percent increase from the previous year
Geostrategy
Erdogan seeks foreign investment on Gulf tour, begins with Saudi Arabia
Turkish President Recep Tayyip Erdogan has embarked on a three-state Gulf tour, beginning with Saudi Arabia, as he seeks to...
- Nine MoUs -- covering energy, real estate, education, and more -- were signed at the Saudi-Turkish business forum
- Turkish government aims to increase its trade volume with Gulf countries, which currently stands at $22 billion
Business
OQGN inks $1.2bn financing deal
Deal will provide firm access to capital in dual currencies.
- OQGN is the exclusive operator of the natural gas transportation network in Oman.
- This is considered one of the largest syndicates of Sharia-compliant financing in Oman.
Business
ADNOC L&S buys VLCC
Firm has committed $2 billion for more such carriers.
- The very large crude carrier is a four dual-fuel engine ship – which can also run on liquefied natural gas.
- The carriers, which can carry up to 2 million barrels of crude per voyage, were built in South Korea.
Business
ACWA to get land for Egypt wind project
The Saudi energy developer will be allocated 3,000 sq km of land.
- Once operational, the wind farm is expected to produce approximately 50,000 gigawatt-hours of clean energy annually.
- It will provide electricity to around 11 million households and significantly reduce carbon emissions by 25.5 million tons per year.
Meta, Microsoft slam Apple over app store policy
The four companies filed a rare joint amicus brief in a California court in charge of applying a ruling that...
Company News
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Hyundai to sell Russian plant
Business
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...
Geostrategy
Shell halts Red Sea shipments over attack fears, say report
WASHINGTON, US - British oil giant Shell has paused transit through the key Red Sea shipping route indefinitely, over fears of...
Geostrategy
Emirates to recruit 5,000 crew members in 2024
DUBAI, UAE – Emirates will hire 5,000 people as it awaits the arrival of its fleet of Airbus A350s.The airline is...
Business
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Business
Counterfeit products cost Europe $13 billion, 200,000 jobs a year
Paris, France - Counterfeit products -- mainly clothes -- cost the European economy 16 billion euros a year and result in...
- The findings, based on data from 2018 to 2021, show that fakes take the biggest toll on the clothing sector, costing 12 billion euros ($13.1 billion) annually
- The bulk of the counterfeiting occurred in just five EU members, with Germany, France, Italy, Spain and Austria accounting for half the yearly losses
Business
Markets drop as Middle East tensions rise, rates cut delayed
While inflation is on a general downward path, there is a worry that it could pop back up anytime, particularly...
- Equities soared at the end of 2023 as falling inflation saw the Fed indicate that it was preparing to reverse more than a year of hikes to US interest rates
- However, January has seen the wind come out of the sails with Fed officials saying they were keen to keep rates elevated for some time
Business
Goldman Sachs profits up 58%
Revenues rose seven percent to $11.3 billion.
- In the fourth quarter, Goldman Sachs' revenues from equity trading surged 26 percent, while the bank's own holdings in public equities also enjoyed a hefty increase.
- Rival financial heavyweight Morgan Stanley reported a 35 percent drop in profits to $1.4 billion on a one percent rise in revenues to $12.9 billion.