Stocks rise on $5 billion Nvidia-Intel deal, Fed rate cut
Nvidia announced a $5 billion investment in struggling US rival to jointly develop chips for PCs and data centers. The...
Business
Airbus, Leonardo and Thales reported moving towards European space firm
Rome, Italy -- European aerospace firms Airbus, Leonardo and Thales could seal an accord this year to set up a...
Business
Business
Toshiba readies deal to go private
The 14bn deal comes after years of turmoil for the company.
- The Japan Industrial Partners-led consortium taking control in the nearly two trillion yen deal includes 17 Japanese firms and six Japanese banks.
- In March, Toshiba said the tender offer will be called off if the consortium fails to buy at least 66.7 percent of the outstanding shares.
Business
Qatar non-energy private sector firms record strong growth in July
Doha, Qatar -- Non-energy private sector companies recorded the second highest growth in 2023 so far, according to the latest...
- Growth rates for output, new orders, employment and purchasing increased, and the 12-month outlook remained firmly positive, the data from Qatar Financial Center said.
- Data for July 2023 indicated another increase in employment in non-energy private sector economy in Qatar, at the fastest rate since July 2022.
Business
Milaha posts marginal profit in H1
Its net profit jumped 1.1 percent to US$178 million.
- Its earnings per share (EPS) amounted to QR 0.57 as of 30th June 2023 as against earnings per share (EPS) of QR 0.56 for the same period in 2022
- The company's net profit in 2022 climbed to $278 million in comparison to a net profit of $199 million for the same period of the previous year
Business
Dubai mega-wheel billed as world’s largest stops turning
Ain Dubai (Dubai Eye) was designed as a tourist-luring landmark in the United Arab Emirates' glam-hub, which is home to...
- The giant wheel, made of more steel than the Eiffel Tower, features prominently on the list of Dubai's top tourist attractions
- With no official explanation, rumours are rife on the Ferris wheel's apparent technical issues, especially among employees at Bluewaters
Business
Oman’s natural gas production climbs up 2.3 percent at June end
Muscat, Oman-- Oman's total domestic production of natural gas shot up 2.3 percent to 26.19 billion cubic meters (CBM) until...
- According to the National Center for Statistics and Information (NCSI), industrial projects accounted for 58.7 percent of the natural gas use at 15.39 billion cubic meters
- Data showed that the total use of natural gas for oil fields amounted to 6.76 billion cubic meters, power plants at 3.89 and industrial areas at 131.50 million cubic meters
Business
To boost tourism, Saudi Arabia expands visitor e-visa to eight more countries
Riyadh, Saudi Arabia-- Looking to boost leisure, business and religious travel to the kingdom, Saudi Arabia will grant visitor e-visa...
- The kingdom's visitor e-visa is valid for an entire year, grants multiple entries, and permits a stay of up to 90 days
- The oil-rich country has seen rapid growth in tourism due to its visa initiatives, which now include 57 nations
Business
UAE tops MENA startup funding, followed by KSA, Egypt
MENA startups secured US$95 million in July 2023 across 31 deals; equity investments hit US$55 million, boosted by One Moto's...
- MENA startups secured US$95 million in July 2023 across 31 deals; equity investments hit US$55 million, boosted by One Moto's US$ 40 million round
- UAE startups garnered US$14 million without One Moto's contribution, while Saudi' Arabia's Foodtech Kaso clinched US$10.5 million in its Seed round
Business
Office rents in Saudi Arabia’s capital grow 12-14 percent in Q2: Report
Riyadh, Saudi Arabia -- Most of Saudi Arabia's real estate market sectors recorded growth in the second quarter of 2023,...
- Grade A office rents in the capital Riyadh growing by 12.2 percent and Grade B rents rising by 14.4 percent year-on-year.
- The residential sector saw a decline in transaction volumes by 38.1 percent in the year to June 2023.
Business
Saudi Arabia’s PIF creates 181,000 jobs in 2022, boosts economy
Saudi Arabia's employment figures received a significant boost in 2022, thanks to the efforts of the Public Investment Fund (PIF),...
- The sovereign fund has ambitious goals and aims to increase its assets under management to SAR4 trillion by 2025.
- The fund's assets under management also saw substantial growth, increasing by 12.8 percent to $595 billion in 2022.
Business
PIF sets up SRJ Sports Investments firm
The investments are expected to localize partnerships.
- The new company will target businesses specialized in offering unique fan engagement activities and transformative sports technology.
- This firm will help bolster Saudi Arabia’s position as one of the world’s leading sports and entertainment destinations.
Stocks rise on $5 billion Nvidia-Intel deal, Fed rate cut
Nvidia announced a $5 billion investment in struggling US rival to jointly develop chips for PCs and data centers. The...
Business
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UAE’s e-commerce sector projected to earn $9bn revenue in 2024
Dubai, UAE - The UAE's online shopping market is gearing up for unprecedented growth, with revenue projections hitting $9 billion...
Business
Shifting dietary trends boost MEA’s protein market
Rise of flexitarian and vegan diets in the region is driving demand for alternative proteins, with the market expected to...
Business
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Business
Cryptocurrency Ether witnesses meteoric rise since launch
NEW YORK, US – Bitcoin has captured the limelight in recent weeks as it surged to a new record high, yet...
- Launched in 2015, Ether is by far the second-largest digital currency in terms of total value, now estimated at over $460 billion.
- Bitcoin's rise has been well-documented, but Ether's has been even more impressive, surging almost 72 percent year to date.
Market Report
Non-Jordanian investors own 47% of ASE market value as of February 2024
AMMAN, JORDAN – Data released by the Amman Stock Exchange reveals that non-Jordanian investors bought shares worth US$12.5 million (JD8.9...
- From the beginning of 2024 till end of February, non-Jordanian investments in the stock exchange totaled $21.8 million in purchases.
- The contribution of Arab investors in the non-Jordanian group accounted for US$11.7 million or 93.6 percent in February.
Business
Doctors play key role in enhancing healthcare system
“Emirati doctors play a key role in enhancing the healthcare system and promoting health and wellness throughout society. We look...
- UAE Minister of Health highlights the contributions of Emirati doctors on Emirati Doctor's Day.
- Abdul Rahman bin Mohammad bin Nasser Al Owais praises doctors for their dedication and excellence.