Ramadan influences consumer habits, retail strategy
The ongoing fasting month brings traditional practices and modern shopping habits together, impacting market trends significantly in the Gulf region.
Business
Business
KEZAD, Tubacex to build Middle East’s first OCTG-CRA manufacturing facility
ABU DHABI, UAE - Khalifa Economic Zones Abu Dhabi – KEZAD Group on Friday announced the signing of a land...
- This would be the first such manufacturing facility in the Middle East and is expected to be operational towards the end of 2024.
- By partnering with Tubacex Group, KEZAD aims to further increase the localization and resilience of supply chains.
Business
Middle East rich looking for alternative investments: EY report
Dubai, UAE -- High net-worth individuals (HNWIs) in the Middle East are increasingly looking for alternative investments, such as private...
- The EY report also noted that the HNWIs, who are expected to grow by 10 percent to 225,000 in 2023, are increasingly adopting digital channels to manage their wealth.
- According to the report, private equity is the most popular alternative investment among HNWIs in the region, followed by real estate and hedge funds.
Business
Crypto exchange Binance halts US dollar deposits after action
WASHINGTON, US - The world's largest cryptocurrency exchange Binance said it was halting US dollar deposits and encouraged clients to withdraw...
- Binance is alleged to have permitted US residents to trade, even though the platform is not registered in the United States as a securities exchange.
- Binance has criticized the govt's actions, saying that it will continue to vigorously defend ourselves and customers against the SEC attacks.
Business
UK to scrap energy windfall tax if oil, gas prices drop further
The UK government said it would scrap a windfall tax on the energy sector should oil and gas prices drop...
- The government said it would return to 40 percent should average Brent North Sea oil fall to, or below, $71.40 per barrel for two quarters in a row.
- Should prices remain above historical norms, the windfall tax would remain until October 2028 as previously announced.
After missing out on Messi, Saudis give Benzema gala welcome
Fireworks and flame-throwers greeted Benzema, wearing their black and yellow kit with the number nine, at Al-Ittihad's 60,000-seater stadium in...
- Karim Benzema joins Portugal idol Cristiano Ronaldo as the latest superstar to join the Saudi Pro League, which has a hit-list of high-profile targets
- Banners welcoming Benzema adorned the city, and according to press reports, 60,000 tickets at the symbolic price of nine riyals ($2.50) sold out within five hours
Ruby gemstone sells for record $34.8 million
The 55.22-carat gemstone named Estrela de Fura was already the largest ruby ever to go under the hammer. It was...
- Offered at a starting price of $21 million, it sold for $30 million plus fees and commissions to an anonymous telephone buyer
- The previous record belonged to a 25.59-carat Burmese ruby, which sold for a total price of $30.33 million by Sotheby's in Geneva in 2015
Business
Al-Futtaim leads $15m start-up funding
The firm led the funding in River, which manufactures electric two-wheelers.
- River is a Bengaluru-based company that was founded in 2020. The company has developed a range of electric two-wheelers, including scooters and motorcycles.
- The investment from Al-Futtaim Automotive will be used to help River scale up its manufacturing and distribution operations.
Not my vision of the future: Meta’s Zuckerberg on Apple Vision Pro
A new-generation Quest 3 with improved performance and slimmed design will be available later this year at a starting price...
- Zuckerberg's comments came during the first all-hands gathering at its Silicon Valley campus since the pandemic, and just days after Apple unveiled Vision Pro mixed reality headset
- Meta makes Quest virtual reality headsets and has invested heavily in Zuckerberg's belief that internet life will one day play out in virtual worlds referred to as the metaverse
Economy
UAE Fund Transfer System processes $1.06 trn in Q1 2023
Abu Dhabi, UAE - The gross value of interbank fund transfers through UAE Fund Transfer System (UAEFTS) rose to more...
- Statistics showed that bank transfers and customer transfers conducted in the period under review stood at $674.32 billion and $329.90 billion respectively
- Statistics also noted that March was the busiest month with dirham-denominated transfers standing at $397.82 billion
Business
UAE, fintech lead as venture funding surges in MENA
At $445 million, startups in the region witnessed a robust 153 percent year-on-year growth in venture funding despite a 7...
- At $445 million, startups in the region witnessed a robust 153 percent year-on-year growth in venture funding despite a 7 percent drop in deal volume, says a latest report
- Securing $422 million in 14 deals, the UAE led regional funding, while Saudi Arabia, boosted by Flat6labs Riyadh's seven new startups, led with 15 deals.
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Dubai Center for Family Businesses issues guidelines
DUBAI, UAE – The Dubai Center for Family Businesses, which operates under the Dubai Chambers umbrella, has released a ‘Sample...
Business
Google Chrome begins restricting cookies in first step towards elimination
Paris, France - Google has begun limiting third-party cookies for some users of its Chrome web browser, a first step towards...
Business
Tesla to recall 1.6m EVs in China
China is a vital component in US-based Tesla's global layout.
Business
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Business
PIF completes investment in MEPCO
The sovereign wealth fund acquired 23% stake in the firm.
- MEPCO is a manufacturer specializing in the production and recycling of paper-based products in the Middle East and North Africa region.
- PIF aims to expand MEPCO production, enhance its operational efficiency, and support environmental sustainability, through recyclable products, including paper goods.
Business
AD Ports to build passenger terminals at Egyptian Red Sea ports
Cairo, Egypt--AD Ports Group (AD Ports) has signed a contract with Egypt to build, develop, operate and maintain terminals for...
- According to the Egyptian ministry of transport, the contract entails AD Ports Group to develop yacht and cruise-ship tourism in Egypt
- The cruise lines will be operated between Zayed Port and Safaga, Hurghada and Sharm El-Sheikh and, later, Arabian Gulf ports, and Europe
Business
Yanbu industrial port receives first RORO vessel, carrying nearly 2,000 cars
Yanbu, Saudi Arabia - The King Fahad Industrial Port in Yanbu welcomed the arrival of the "Hoegh Sydney," marking the...
- The port's strategic location along the Red Sea coast, coupled with its infrastructure, has attracted global shipping lines
- It boasts high operational capabilities with wide approach channels accommodating larger vessels with berth depths up to 18 meters