Cyber insurance shapes the future of cybersecurity
Cyber insurance, particularly around ransomware, is moving towards a world where insured businesses have strong cyber resilience, well-defined disaster recovery...
Opinion
Potential investors value Telegram at $30bn, says co-founder Pavel Durov
MOSCOW, RUSSIA – The Telegram is valued by potential investors at more than US$30 billion, the co-founder of the social...
Business
Business
PwC opens regional headquarters
The Middle East headquarters has been set up in Riyadh.
- PwC Middle East said in a statement that the headquarters in Riyadh comes as part of its broader commitment to the region to create 6,000 new jobs.
- Saudi Arabia's regional headquarters program requires companies to establish headquarters in the kingdom by 1 Jan 2024.
Business
ADNOC L&S Q1 net profit $144m
The net profit increased by 79 percent over Q1 2022.
- ADNOC L&S is the sixth ADNOC unit that will be listed on the Abu Dhabi Securities Market on Thursday following an Initial Public Offering that raised $796 million recently.
- The company reported a revenue of $592.2 million for the first quarter, compared to $312.95 million for the same period in 2022.
Business
Equities sink as hardliners Republicans threaten US debt deal
"With some hardliners in the Republican party coming out against the agreement (in a vote due Wednesday), its passage through...
- Expectations of higher borrowing costs boosted the dollar, seen also as a haven investment in times of economic turmoil.
- Oil prices sank for a second day running on weaker demand concerns in leading energy consumers China and the United States.
Business
ADNOC signs deals with 60 firms to produce key non-oil products in UAE
Abu Dhabi, UAE - ADNOC signed deals with more than 60 UAE-based and international companies to locally manufacture key non-oil...
- This brings ADNOC closer to its target to locally manufacture $19 billion worth of products in its procurement pipeline.
- In addition, the deals enabled AED2.84 billion ($774 million) to flow back into the UAE economy through industrial investments.
Business
UAE Central Bank issues new guidelines for virtual assets
Dubai, UAE -- The Central Bank of the UAE (CBUAE) Wednesday issued guidelines on the risks related to, and combating...
- It will assist LFIs' understanding of risks and effective implementation of their statutory anti-money laundering and combatting the financing of terrorism (AML/CFT) obligations.
- The guidance discusses the risks of dealing with VAs and VASPs and sets out clear descriptions of VAs, VASPs and VASP business models.
Business
Saudi SMEs grow by 4.8 percent in first quarter to reach 1.2 million
Riyadh, Saudi Arabia -- The number of small and medium enterprises (SMEs) in Saudi Arabia hit 1.2 million by the...
- A total of 89,000 new small and medium enterprises were launched during the first quarter of 2023, according to a report by General Authority for Small and Medium Enterprises.
- The report also reviewed the achievements of Biban 23 forum, which was attended by 145,000 visitors from around the world.
Business
Flat6Labs invests $10.2m in Abu Dhabi start-ups
Dubai, UAE - Flat6Labs, a seed and early-stage venture capital firm in the MENA region, has invested $10.2 million in...
- The program, in partnership with DisruptAD, the venture platform of ADQ, provides coaching, mentoring, and training to selected start-ups
- Over the past two years, the program has invested in 38 promising start-ups, with the majority (68 percent) based in the UAE
Business
TAQA, ENGIE complete financial closing for UAE’s mega desalination plant
Dubai, UAE -- Abu Dhabi National Energy Company (TAQA) ENGIE, a global leader in low-carbon energy solutions, and Emirates Water...
- The AED2.3 billion ($620 million) low-carbon Mirfa 2 Reverse Osmosis (M2 RO) desalination project will be the UAE's third largest.
- Expected to be operational in Q4 2025, the plant will be owned by TAQA, holding a 60 percent share and ENGIE taking a 40 percent.
Business
AD Ports signs MoU with Abu Dhabi Residents’ Office to lure talent
Abu Dhabi, UAE--AD Ports Group has signed a memorandum of understanding (MoU) with Abu Dhabi Residents Office (ADRO) to promote...
- Both the entities will develop a strategy on guiding relevant parties and employees about the benefits of the Golden Visa residency program
- The holders of Golden Visa will have access to exclusive offers and services, availabe across the different clusters and subsidiaries of AD Ports Group
Business
Palm Jumeirah penthouse sells for a staggering $60m
Dubai, UAE - AÂ shell-and-core mega penthouse in Palm Jumeirah was sold for AED 220 million ($60 million) by Honey...
- The penthouse sold is on the topmost floor of AVA at Palm Jumeirah, Dorchester Collection, spanning a built-up area of 33,406 sq ft
- It also has a four-floor 200m indoor garden and a roof terrace with 360-degree views, making it the perfect spot for relaxing
Cyber insurance shapes the future of cybersecurity
Cyber insurance, particularly around ransomware, is moving towards a world where insured businesses have strong cyber resilience, well-defined disaster recovery...
Opinion
Company News
Q3 corporate earnings show mixed results in GCC
Market Report
Latest News
flynas flies over 11m passengers in 2023, up 28 percent from 2022
RIYADH, SAUDI ARABIA – flynas reported record results for its performance in 2023 compared to the previous year 2022, with...
Business
Qatar’s industrial sector PPI down in Nov on lower oil prices
Doha, Qatar -- Qatar's Producer Price Index (PPI) of the industrial sector in the country for November was 118.65 points,...
Economy
Card transactions drive 8 percent Saudi spending growth in Nov
Riyadh, Saudi Arabia --Consumer spending in Saudi Arabia grew by 8 percent to SAR 111.5 billion ($29.73 billion) in November...
Business
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Business
MODON launches 10 projects
The projects in 6 industrial cities are valued at $143 million.
- These projects, conducted in collaboration with several national companies, aim to foster opportunities for value chain initiatives and bolster local content.
- Among the agreements, MODON has inked a contract for establishing 80 factories and ready-made products in Al-Ahsa and Taif's industrial cities.
Business
Bitcoin crosses $45,000 for first time since April 2022
Dubai, UAE--Bitcoin stormed above $45,000 on Tuesday for the first time since April 2022.Bitcoin touched a 21-month peak of $45,532,...
- It reached a 21-month peak of $45,532, having gained 156% last year in its strongest yearly performance since 2020
- Expectations that major central banks will cut interest rates this year has also been a boon for cryptocurrencies
Business
UAE to press firms with 20-49 staff to hire at least one Emirati in 2024
Dubai, UAE--The UAE's Ministry of Human Resources and Emiratisation (MoHRE) has started implementing the cabinet decision to expand the scope...
- The Ministry of Human Resources and Emiratisation notified more than 12,000 companies to comply with the decision, providing them sufficient time to meet their required targets
- The ministry said it will continue to hold training workshops to educate companies subject to the decision about the procedures to follow in order to meet their required targets