Global experts and cybersecurity leaders convene in Dubai to inform future-ready solutions
The World Economic Forum will convene more than 500 experts from government, business, academia, international organizations, civil society and media,...
Business
Gold tops $4,000 for first time on political, economic worries
US and European stock markets mostly rose while Asian equities fell as investors also kept tabs on the AI investment...
Business
Business
Saudi Arabia’s imports from GCC countries fall by 19% in June
Riyadh, Saudi Arabia -- Saudi Arabia’s imports from Gulf Cooperation Council (GCC) countries fell 19 percent year-on-year (YoY) to SAR...
- UAE accounted for 65.6 percent, or SAR 3.61 billion, of the total Saudi imports, down 13 percent YoY, Argaam reported.
- The Kingdom's imports from Qatar only registered a growth (of 49 percent) to SAR 48 million, from 32 million a year ago.
Business
Equities extend gains on US jobs data, China rate cut hopes
The mood was brightened by a report that China's biggest state-backed banks would slash rates on mortgages and deposits as...
- A separate report revealed consumer confidence falling owing to concerns about jobs, higher rates and lingering inflation.
- The readings come ahead of the release of the Fed's preferred gauge of inflation -- the personal consumption expenditures price index --Â this week.
Business
Oil prices spike on US stockpile draw and hurricane fears
Dubai, UAE--Oil prices extended gains on Wednesday after industry data showed a large draw in crude inventories in the U.S.,...
- U.S. West Texas Intermediate crude futures gained 38 cents, or 0.47%, to $81.54, logging its fifth session of gains
- According to some analysts, the bigger-than-expected draw in U.S. crude oil stockpiles is positive for the oil market
Business
Global dividends hit record US$568 billion in Q2
According to a report by asset management firm Janus Henderson, payouts to shareholders are expected to grow further in spite...
- The report said banks accounted for half of the world's dividend growth as their margins were boosted by interest rate hikes
- Nestle, Swiss food giant, was the world's biggest dividend payer, followed by British bank HSBC and German automaker Mercedes-Benz
Elon Musk lifts political ad ban at rebranded Twitter
Welcoming back potentially misleading political messages at X came less than a week after former president Donald Trump posted there...
- X, formerly known as Twitter, said in a blog post that allowing political ads, starting in the United States, was "building on our commitment to free expression"
- X policies prohibit promotion of false or misleading information, including bogus claims intended to undermine confidence in an election, the blog contended
Geostrategy
GCC to establish partnerships with international organizations: Albudaiwi
Riyadh, Saudi Arabia-- The GCC countries are "actively engaging" with international and regional organizations in order to establish strategic partnerships...
- The secretary general of the GCC made the remarks in a meeting with the ambassadors of the MIKTA Group in Riyadh
- The MIKTA Group comprising of Turkey, Indonesia, Mexico, Korea, and Australia is keen to consolidate cooperation with the GCC
Business
Egypt looks to raise US$5bn from offloading stake in state-owned companies
Cairo, Egypt--Egypt is looking to raise $5 billion from the offering of power plants and state-owned companies from October 2023...
- The country will offload stake in the Siemens Beni Suef power plant, Gabal El-Zeit wind power plant, and Zafarana wind farm
- Between March 2022 and July 2023, the Egyptian government raised $5 billion from offering stakes in 13 companies
Economy
Exclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economy
In the GCC, online market growth surpasses offline, driven significantly by Saudi Arabia, amid intense competition where local brands increasingly...
- In the MENA region, customers are enticed by augmented reality games with tangible rewards, as the digital economy rises and brands innovate to meet growing expectations
- In an intensifying market, customers' multi-channel interactions offer brands crucial CX strategy insights, reflecting the escalating expectations they have from merchants
Investigation
Exclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economy
In the GCC, online market growth surpasses offline, driven significantly by Saudi Arabia, amid intense competition where local brands increasingly...
- In the MENA region, customers are enticed by augmented reality games with tangible rewards, as the digital economy rises and brands innovate to meet growing expectations
- In an intensifying market, customers' multi-channel interactions offer brands crucial CX strategy insights, reflecting the escalating expectations they have from merchants
Business
Egypt to drill 45 exploratory gas wells with investment of US$1.9bn
Cairo, Egypt--The Egyptian government plans to drill 45 natural exploratory gas wells in the Mediterranean and the Nile Delta with...
- Between July 2022 and June 2023, Egypt drilled nearly 10 wells that yielded huge disovery in the Nargis Offshore Area Concession, adding reserves of 2.5 trillion cubic feet
- Tarek El-Molla, Egypt's Minister of Petroleum and Mineral Resources, said that until 2025, a total of 35 exploratory wells will be drilled with $1.5 billion in investments
Global experts and cybersecurity leaders convene in Dubai to inform future-ready solutions
The World Economic Forum will convene more than 500 experts from government, business, academia, international organizations, civil society and media,...
Business
Company News
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Barwa Real Estate net profit up
Business
Middle East oil policies not dictated by US, says Russia
MOSCOW, RUSSIA – US will no longer be able to dictate oil prices in the Middle East, Director of the...
Geostrategy
Air traffic in Saudi Arabia surges 16 percent in 2023
Riyadh, Saudi Arabia - Saudi Arabia's aviation sector soared to new heights in 2023, with a significant increase in both...
Business
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Economy
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,...
- "Business activity in the euro area came close to stabilizing in March" with "only a marginal decline in output of goods and services", the survey said.
- The ECB has kept its interest rates steady since October, following an unprecedented series of increases to tame what was red-hot inflation.
Business
Lamborghini sales up in 2023
The deliveries sped up 9.5 percent to 10,112 vehicles.
- 2023 was the best year ever recorded," the brand said in a press release, with sales up 12.1 percent to US$2.9 billion
- Operating profit reached $785 million, up 17.8 percent, with operating margins widening to 27.2 percent, said Lamborghini
Business
Will sign US$13.7bn deal with Airbus, says Korean Air
SEOUL, SOUTH KOREA – South Korean flag carrier Korean Air said on Thursday it will sign a US$13.7 billion deal with...
- The move comes after the European Union approved the airline's takeover of smaller rival Asiana.
- The deal involves the purchase of 27 A350-1000 and six A350-900 aircraft, Korean Air said.