Tesla proposes package for Musk that could top $1 trillion
New York, United States -- Tesla unveiled on Friday a proposed compensation package for Elon Musk that could top $1...
Business
Global bond selloff spreads to Japan, gold hits record high
Wall Street stocks opened mostly higher, with shares in Google parent-company Alphabet shooting up nearly seven percent after winning a...
Business
Twitter challenger Threads struggles for traction
Twitter continues to dominate its space as a platform for online comment and news, and Musk "would have to completely...
- The average amount of time people spend on Threads daily has plummeted more than 75 percent since the platform made a rock star debut on July 6
- Threads has a lot to prove, and features to add, to become a formidable Twitter alternative, according to Insider Intelligence analyst Jasmine Enberg
Business
Saudi Fund for Development commits $10m to boost tourism in Bahamas
Riyadh, Saudi Arabia -- The Saudi Fund for Development (SFD) and Bahamas have signed a $10 million agreement to build...
- Nassau Island set to accommodate 50 small businesses, Exuma Island to house 25 small businesses, and Grand Bahama Island to host an additional 25 small businesses.
- This is SFD's inaugural foray into The Bahamas, making it the 89th country to receive funding for a development project from SFD.
Business
Arab SWFs accelerate dealmaking amid scarce funding
Joint investments by sovereign funds hit a record $17.2 billion in H1 this year as Gulf states fund global equity...
- Joint investments by sovereign funds hit a record $17.2 billion in H1 this year as Gulf states fund global equity firms, including KKR & Co., EQT AB, and Brookfield
- Middle Eastern investors, including the Abu Dhabi Investment Authority and Mubadala Investment Company, are planning to invest billions in high-profile acquisitions
Business
Arab-Indian Chamber of Commerce to be unveiled soon
NEW DELHI, INDIA - A Joint Arab-Indian Chamber of Commerce is to be “activated” soon. This was announced in the...
- This was announced in the “Delhi Declaration” at the conclusion of the sixth India-Arab Partnership Conference in New Delhi
- Setting up of the Chamber was decided during an earlier session of the India-Arab Partnership Conference held in Muscat
Business
ECB wants reports on weekly basis to tighten monitoring of banks’ liquidity
BERLIN, GERMANY - The European Central Bank (ECB) announced on Saturday it wants to monitor the liquidity of banks in the...
- The data include details such as the maturity of liquidity in the bank's accounts, their counterparties and refinancing transactions with the ECB.
- The shift comes just after the bankruptcy of regional banks in the United States in March, followed by the collapse of Credit Suisse.
Economy
Morocco’s women football team to make history in World Cup debut
When Morocco's women take on two-times former champions Germany in Melbourne they will be the first Arab team to play...
- Its women team had a surprise run to the final of last year's Africa Cup of Nations, before losing 2-1 to South Africa
- It is in Group H at the Women's World Cup and as well as Germany will face South Korea and Colombia
Economy
Electric vehicles, lithium-ion, solar batteries become new drivers of China’s foreign trade
Beijing, China - China's traditional export sectors, such as apparel, home appliances, and furniture, have been surpassed by electric vehicles,...
- These "new three" industries have contributed to an impressive 61.6 percent year-on-year increase in total export value during the first half of 2023
- A combination of factors, such as production innovation and favorable policies, has facilitated the export growth of these sectors
Economy
Saudi Arabia to host MENA Climate Week in October to ‘assess progress’
Riyadh, Saudi Arabia--Saudi Arabia will host the MENA Climate Week 2023 in Riyadh on October 8-12, in coordination with the...
- According to the ministry of energy, the event will examine the progress made in realizing the objectives outlined in the Paris Agreement
- It added the event will bring into focus the region's initiatives and approach to climate action and shed light on the impact of climate change
Economy
DEWA exhorts customers to take ‘measures’ in order to avoid fire
Dubai, UAE--Dubai Electricity and Water Authority (DEWA) has called on the public to take all necessary measures to avoid the...
- Exhorting customers to use its smart services, DEWA asked them to visit its website and smart app in order to protect people and property
- It urged customers to use proper insulation in order to cover wires and be careful of exposed wires and damaged electrical parts
Business
IHG to open Hotel Indigo in Oxagon
Oxagon is a coastal industrial city in Saudi Arabia's NEOM.
- The 250-key Hotel Indigo property will be situated in the Oxagon’s first residential community and will open its doors in 2026.
- IHG currently operates 37 hotels across five brands in Saudi Arabia, including InterContinental, Crowne Plaza and Holiday Inn.
Tesla proposes package for Musk that could top $1 trillion
New York, United States -- Tesla unveiled on Friday a proposed compensation package for Elon Musk that could top $1...
Business
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Apple to make changes to App Store in Europe
Geostrategy
Elon Musk files lawsuit against OpenAI over mission ‘betrayal’
Paris, France - Elon Musk has launched a legal case against OpenAI, the AI firm he helped to set up in...
Business
Energy-related global CO2 emissions hit record levels in 2023, says IEA
PARIS, FRANCE – Energy-related carbon dioxide emissions rose to a record level in 2023, but the growth slowed from previous years...
Science
Gold hovers near a month high on slowing US inflation
ABU DHABI, UAE- Gold prices hovered near a month high on Friday after data suggested easing US price pressures, while...
Business
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Business
Emaar unveils new projects
The new projects are estimated to value US$26.14 billion.
- The first development valued at $15 billion is poised to set a new standard in premium high-end living
- The second valued at $11.16bn is designed to house wellness facilities, a new standard in luxury hospitality
Business
ADNOC buys 25% stake in OMV
The OMV is headquartered and listed in Vienna, Austria.
- The transaction accelerates delivery of ADNOC’s global chemicals growth strategy, and reinforces its status as a responsible, long-term partner and growth-oriented investor
- Österreichische Beteiligungs AG (ÖBAG), an Austrian independent holding company, now owns 31.5 percent, with the remaining share capital in free float
Digital transfers reshape MENA’s financial landscape
The region sees a robust future for digital cross-border transfers in the Middle East, marked by innovation and a strong...
- The region sees a robust future for digital cross-border transfers in the Middle East, marked by innovation and a strong commitment to financial inclusion, says a report.
- COVID-19 expanded the diaspora's role in digital payments, boosting prepaid services and accelerating the shift from cash to digital via cryptocurrencies and blockchain.