UAE investments abroad reach US$2.5trn in beginning of 2024, says UAEIIC
ABU DHABI, UAE – The United Arab Emirates has solidified its position as a leading regional and global player in...
Business
Foreign investments boost Saudi financial market
Saudi Arabia's financial market is on an upward trajectory, fueled by substantial foreign investments and strategic economic diversification under Vision...
Business
Geostrategy
Kuwait has third largest millionaire population in world
Dubai, UAE -- Kuwait ranked third and Qatar 22nd on the list -- prepared by the World of Statistics --...
- About 15 percent of Kuwaitis were millionaires, after Hong Kong's 15.3 percent and Switzerland, which had the highest number of millionaires (15.5 percent) in the world.
- According to the World Wealth Report 2022, the average net worth of a millionaire in Kuwait is $2.9 million.
Samsung Q2 profit may drop 95%
Global glut of semiconductors hurts company's core memory sector.
- The tech giant Samsung Electronics said in a regulatory filing that April-June operating profits were expected to drop 95.7 percent to 600 billion won ($458 million)
- The announcement comes as securing supplies of advanced chips has become a crucial issue internationally, with US and China locked in a fierce battle to control the market
Hours after Threads takes off, Elon Musk threatens lawsuit
Threads is the biggest challenger yet to Musk-owned Twitter, which has seen a series of potential competitors emerge but not...
- In a letter to Zuckerberg, Musk lawyer accused the company of "unlawful misappropriation of Twitter's trade secrets and other intellectual property."
- Meta is accused of hiring former Twitter staff who 'had and continue to have access to Twitter's trade secrets and other highly confidential information'
Economy
Lebanon central bank officials to quit if no governor nominated
BEIRUT, LEBANON - The vice-governors of Lebanon's central bank plan to resign unless politicians swiftly name an incoming governor, two senior...
- The term of embattled three-decade chief Riad Salameh ends this month with no successor in sight, setting the stage for a leadership crisis.
- "Unless the political class names a successor, the vice-governors will resign before (Salameh's) mandate ends" on July 31, an official said.
Business
Energy prices may jump if output slashed, warns Shell CEO
LONDON, UK - Shell's chief executive told the BBC on Thursday that cutting gas and oil output would be "irresponsible" because...
- The official warned that strengthening demand from China and cold winter weather in Europe could send energy prices and bills surging.
- Domestic electricity and gas bills sky-rocketed after key energy producer Russia invaded neighboring Ukraine early last year.
Business
Dubai logs over $871m in realty transactions on Thursday
DUBAI, UAE - Dubai's real estate market recorded 669 sales transactions worth US$792 million (AED2.91 billion) on Thursday, data released...
- DLD said 134 mortgage deals totaling US$73 million and 89 gift deals amounting to US$27 million.
- The sales included 567 villas and apartments worth US501 million and land plots worth US$294 million.
Business
Volkswagen to test self-driving cars
Commercial launch of self-driving vehicles is planned for 2026.
- The vehicles will collect data during the trials and, in the initial test phase, will have human safety drivers, VW said.
- "Moving into this next phase will help us test, validate and refine technology," said Christian Senger, a Volkswagen official.
Economy
Qatar Central Bank’s foreign reserves up 14 percent in June
Doha, Qatar -- International reserves and foreign currency liquidity of Qatar Central Bank (QCB) rose to reach QR 240.742 billion...
- The official reserves consist of major components, which are foreign bonds and bills, cash balances with foreign banks and gold holdings.
- Qatar's gold reserves increased, as of the end of June 2023, by about QR 8.617 billion to reach QR 20.853 billion.
Business
May expat remittances in Saudi Arabia marginally down: SAMA
Dubai, UAE -- Remittances from expatriates in Saudi Arabia saw a slight decline year-on-year (YoY) to SAR 11.3 billion ($3.01...
- On a month-on-month (MoM) basis, remittances from expats in Saudi Arabia increased 14 percent, or SAR 1.35 billion, Argaam reported.
- Remittances by Saudi nationals to other countries also fell 6 percent YoY to SAR 5.84 billion in May.
Business
Verition opens office in DIFC
MENA is an important market for Verition.
- Verition’s strategic positioning of its Dubai headquarters gives it access to DIFC’s financial and innovation ecosystem
- Verition has a broad international footprint with offices in Greenwich, New York, London, Singapore and Hong Kong.
UAE investments abroad reach US$2.5trn in beginning of 2024, says UAEIIC
ABU DHABI, UAE – The United Arab Emirates has solidified its position as a leading regional and global player in...
Business
Company News
ADCB, EIH sign agreement
Business
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UAB concludes $200m term loan
Business
PIF’s diverse investments transform Saudi economy
From sports and gaming to pharmaceuticals and aviation, the Saudi Public Investment Fund's strategic initiatives are shaping a dynamic future...
Business
Biggest fuel refinery plant of Africa begins production
Lagos, Nigeria - Africa's biggest diesel and aviation fuel refinery built by the continent's richest man has started production, the company...
Business
DEWA records 12.5 million digital transactions in 2023
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) announced that its customers conducted around 12.5 million digital transactions in...
Business
Most Read
Delta reports profit jump
Its revenue jumped to $14.2 billion for the quarter.
- The company reported net income of more than $2 billion for the October to December period, up from $828 million for the same period in 2022
- Delta shares slumped by more than eight percent around midday on Friday, while rival United Airlines saw its shares plunge by 9.4 percent
Oil prices rise on Red Sea escalation, corporate earnings season
Crude prices spiked more than four percent before ebbing somewhat after the allies launched deadly strikes following weeks of disruptive...
- In Friday trade, the Dow dipped while the S&P 500 edged higher as investors digested corporate earnings and a surprise drop in wholesale inflation
- Leading banks were mostly lower following a deluge of quarterly results, while airlines were hammered after Delta's forecast disappointed investors
Geostrategy
Egypt denies suspending navigation through Suez Canal
Cairo, Egypt - Egypt Saturday said that navigation movement in the canal is regular from both directions, Chairman of the...
- Dollar revenues from Egypt's Suez Canal have experienced a 40 percent decline since the beginning of the year compared to 2023
- The Suez Canal is a crucial source of foreign currency for Egypt, and efforts have been made to boost revenues, including the ongoing expansion of the canal