Sweden’s gaming group Embracer divests Russian assets
Stockholm, Sweden - Swedish gaming group Embracer, which owns the Borderlands franchise and the Tomb Raider license, announced on Thursday that...
Business
Brighter US economic outlook fuels global oil demand growth forecast
Rising fuel needs of ships rerouted away from the Red Sea also to increase demand, the International Energy Agency said....
Geostrategy
Business
Green activists cry foul as Shell decides to steady oil production
Campaign group Global Witness labelled Wednesday's announcement as a "climate-wrecking U-turn", urging it instead to invest far more in cleaner...
- The group said Wednesday that it had already cut average daily liquids production to 1.5 million barrels per day by the end of 2022 on divestments.
- That marked a 21-percent reduction from 2019, or the equivalent of cutting output by two percent per year until 2030, according to the company.
Business
UAE to see second biggest migration of millionaires in 2023: Report
Dubai, UAE -- The United Arab Emirates will see the second biggest migration of high-net-worth individuals (HNWIs) in 2023 with...
- Other countries in the top 10 include Singapore, the US, Switzerland, Canada, Greece, France, Portugal, and New Zealand.
- The countries that are predicted to lose the most millionaires in 2023 include China (13,500), India (8,000), UK (3,200) and Russia (3,000).
Business
Mubadala-Proprium joint venture formed
The joint venture will invest in Japanese multifamily property.
- The $600 million venture will focus on acquiring and managing high-quality, stabilized rental properties in Tokyo and Osaka.
- The joint venture will also target sustainability initiatives, such as reducing the carbon footprint of its properties, Mubadala said in a statement.
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GCC banking’s tech shift saves time, money
GCC banks started adopting online and mobile banking, and ATMs, in the 1990s and 2000s. More recently, they've integrated advanced...
- As of 2019, there were over 5,000 bank branches in the GCC region, catering to a population exceeding 50 million.
- On average, customers spent about 30 minutes in these branches to avail themselves of banking services.
Business
Drawn by green subsidies, solar cell giant expands US production
The partnership along with German group BayWa r.e. will beef up capacity in Meyer Burger's Arizona production facility from 1.6...
- The firm had written to German Finance Minister Christian Lindner to warn that it would invest in the US rather than expand its manufacturing in Germany because of IRA subsidies.
- Meyer Burger currently has several plants in Germany, including in Thalheim and Freiberg. It had underlined plans to expand Goodyear and Thalheim's capacities.
Business
UAE gold forecasted to grow by 3.6% annually through 2030
Dubai, UAE - The UAE's precious metals market, which includes gold, jewelry, gold bars, and silver, is expected to reach...
- The UAE leads the Middle East in gold consumption, with the country's jewelry sector playing a significant role in this achievement
- In 2022, consumers in the country purchased a combined 46.9 tonnes of gold, representing a 38 percent increase from the previous year
US judge pauses Microsoft’s $69 billion buyout of Activision
Judge Edward Davila said in a ruling that it "is necessary to maintain the status quo" while the court considers...
- The ruling came a day after the FTC asked a federal court to prevent Microsoft from completing its blockbuster buy of Activision Blizzard as it considers regulatory action
- An FTC hearing is set for August to argue the merits of the deal, and a restraining order would block the accord before that process has run its course
Business
Qatar provides maritime radio station licensing for small ships in Al Khor, Al Ruwais cities  Â
DOHA, QATAR -Â The Communications Regulatory Authority (CRA) has announced the provision of maritime radio station licensing services for small...
- Qatar's Communications Regulatory Authority aims to process the requests of a large segment of the residents of the northern cities of the country.
- These services will facilitate the completion of their applications related to maritime radio station licensing for small ships.
Business
ECI, KazakhExport ink MoU
Aim is to enhance trade between the UAE and Kazakhstan.
- The MoU is in line with the We the UAE 2031 vision aimed at strengthening bilateral economic relations between the two countries.
- The aim is to enhance economic ties in renewable energy, waste management, between the UAE and Kazakhstan.
Business
Stock markets rise globally on cooling US inflation
Stock markets jumped after data showed US inflation slowed further in May, raising hopes the Federal Reserve will pause its...
- The dollar fell against other major currencies as the greenback usually benefits from higher interest rates.
- The US central bank has raised interest rates 10 straight times in efforts to combat elevated inflation.
Sweden’s gaming group Embracer divests Russian assets
Stockholm, Sweden - Swedish gaming group Embracer, which owns the Borderlands franchise and the Tomb Raider license, announced on Thursday that...
Business
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ENEC, Kazatomprom ink pact
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ADNOC-Tabreed G2COOl opens
Business
China’s Evergrande says head of EV arm detained
At the time of its establishment in 2019, Evergrande NEV said it aimed to become the world's leading manufacturer of...
Business
Qatar PMI data reveals ‘stable business conditions’ in non-energy sector
Doha, Qatar--Qatar's non-energy private sector registered broadly stable business conditions in December, the latest Purchasing Managers Index (PMI) survey data...
Economy
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Business
Alumicor to set up base in Bahrain
It will help the kingdom in the processing of aluminum.
- The collaboration will bring cutting-edge technologies to Bahrain, offering local manufacturers’ opportunities to enhance operational efficiency
- Alumicor's facility is expected to create new job opportunities for Bahraini professionals, including in senior executive and administrative roles
Business
GCC telecom firms turn to Europe, Asia for expansion
Wielding piles of cash and cutting-edge technology, many Arab telecom firms are scouting overseas markets to expand business beyond home...
- Lower valuations of international telecom companies are enticing GCC companies to venture into newer markets with a lot of potential for growth
- Many experts feel expansion will provide diversification of the portfolio beyond the GCC to mitigate risks associated with economic fluctuations
Business
Resilient supply chains are essential to global trade: Expert
DUBAI, UAE – For over 30 years, globalization has been the evergreen megatrend as global trade has helped lift some...
- The COVID-19 pandemic highlighted the critical role of resilient supply chains in sustaining economies worldwide to the forefront.
- Wars, armed conflicts, overall increasing geopolitical tensions, and protectionism create serious headwinds for global trade.