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
Nokia sees ‘challenging’ 2024
Business
SK Hynix posts US$259.4m profit
Business
UAE continues to attract major global companies for new headquarters
Dubai, UAE -- The United Arab Emirates has continued to attract global companies looking to establish regional or global headquarters....
Business
Business
Middle East tackles AI hurdles, embraces opportunities
The region, rich in history and culture, is expected to accumulate substantial global AI benefits, reshaping its traditional sectors and...
- The region, rich in history and culture, is expected to accumulate substantial global AI benefits, reshaping its traditional sectors and driving innovation, reports suggest
- Tradition and technology harmoniously coexist in Middle East as it stays committed to AI integration despite some industries grappling with implementation challenges
Economy
Saudi Arabia and Bahrain to collaborate on speeding up sustainable development
New York, US--Saudi Arabia and Bahrain are looking to collaborate in order to speed up the sustainable development goals, aligning...
- The discussion took place in New York on the sidelines of the United Nations High Level Political Forum on Sustainable Development 2023
- The ministers spoke at length about the he innovative practices adopted by the two countries for achieving sustainable development and deepening their expertise
Business
Qatar: Commercial Bank profit rises by 8.5%, Masraf Al Rayan’s dips by 24%
Doha, UAE - The Commercial Bank, a Qatari public shareholding company, experienced an 8.5 percent upswing in net profit, reaching...
- The figures issued by the bank website showed an increase in the EPS of Commercial Bank of QR 0.37 ($0.10) in the first half of 2023
- The financial statement of Masraf Al Rayan revealed a decline in net profits by 24 percent, to $207.12 million in H1 2023
Norway threatens $100,000 daily fine on Meta over use of personal data
The Norwegian watchdog, Datatilsynet, said Meta uses information such as the location of users, the content they like and their...
- The business practices of US big tech firms are under close scrutiny across Europe over concerns about privacy, with huge fines handed out in recent years
- The Norwegian watchdog, Datatilsynet, said Meta uses information such as the location of users, the content they like and their posts for marketing purposes
Business
ADIB unveils fixed-rate home finance
In a UAE's first, Istikrar will offer long-term, fixed-rate home finance.
- The bank said that the new product offers customers more property financing options in the midst of a high-rate environment
- In January this year, the bank reported a net profit of US$985 million (AED 3.62 billion) in 2022, a 55 percent increase from the previous year
Geostrategy
Erdogan seeks foreign investment on Gulf tour, begins with Saudi Arabia
Turkish President Recep Tayyip Erdogan has embarked on a three-state Gulf tour, beginning with Saudi Arabia, as he seeks to...
- Nine MoUs -- covering energy, real estate, education, and more -- were signed at the Saudi-Turkish business forum
- Turkish government aims to increase its trade volume with Gulf countries, which currently stands at $22 billion
Business
OQGN inks $1.2bn financing deal
Deal will provide firm access to capital in dual currencies.
- OQGN is the exclusive operator of the natural gas transportation network in Oman.
- This is considered one of the largest syndicates of Sharia-compliant financing in Oman.
Business
ADNOC L&S buys VLCC
Firm has committed $2 billion for more such carriers.
- The very large crude carrier is a four dual-fuel engine ship – which can also run on liquefied natural gas.
- The carriers, which can carry up to 2 million barrels of crude per voyage, were built in South Korea.
Business
ACWA to get land for Egypt wind project
The Saudi energy developer will be allocated 3,000 sq km of land.
- Once operational, the wind farm is expected to produce approximately 50,000 gigawatt-hours of clean energy annually.
- It will provide electricity to around 11 million households and significantly reduce carbon emissions by 25.5 million tons per year.
Geostrategy
Saudi Arabia, Japan issue joint statement on Lighthouse Initiative for Clean Energy Cooperation
RIYADH, SAUDI ARABIA – Saudi Arabia and Japan issued a joint statement on Lighthouse Initiative for Clean Energy Cooperation. The...
- Recognizing net-zero and clean energy ambitions, both sides decided to establish the KSA-Japan Lighthouse Initiative for Clean Energy Cooperation.
- The initiative will serve as a beacon for other countries and regions as they develop their strategies and roadmaps toward their net zero ambitions.
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
Company News
Nokia sees ‘challenging’ 2024
Business
SK Hynix posts US$259.4m profit
Business
Latest News
Singapore’s Petrozo Energy setting up Sharjah base to target Middle East
Sharjah, UAE – Petrozo Energy, a leading Singapore-based oil and gas company, has announced a plan to establish a new...
Business
QDB signs MoU with Global Ventures
The collaboration is expected to boost private sector in Qatar.
Business
Reliance, Disney announce giant India media merger
The statement said Disney will hold 36.8 percent, Reliance will hold a 16.3 percent stake, and Viacom18 another 46.8 percent....
Business
Most Read
Business
Meta chief discusses AI risks with Japan PM during Asia tour
The 39-year-old mixed business with pleasure while in Japan, going skiing with his family and learning about sword-making from a...
- Meta chief Mark Zuckerberg is on a mini-tour of Asia that includes stops in Japan, India and South Korea, where he travelled on Tuesday night
- He and Kishida met and discussed a broad range of topics including the status of AI's technological advancement and the risk surrounding generative AI
Business
Apple drops electric car plans
It had dedicated nearly 2,000 workers for the program.
- According to media reports, the target of "Project Titan" began around 2014 to develop a fully autonomous car
- The company has never publicly disclosed its EV plans, despite a steady drip of media leaks over the years
AI the new obsession for venture capital investing
Stung by the struggles of cryptocurrency and other faded Silicon Valley fads of recent years, venture capitalists have quickly doubled...
- While layoffs and budget tightening became routine at tech firms last year, startups in the AI sector raised nearly $50 billion from investor, according to market trackers
- Scared off by the cost of entry, many venture capitalists have turned their attention to more narrowly focused AI startups that could shake up banking, healthcare and energy