European carmakers on China charm offensive as sales droop
Shanghai, China -- Once blithely dominant in China, European automakers are now launching full-fledged charm offensives at consumers in the...
Business
IMF cuts global growth outlook on impact of Trump tariffs
Washington, United States -- The International Monetary Fund on Tuesday slashed its forecast for global growth this year, citing the...
Economy
Business
Aramco, TotalEnergies to construct petrochemical unit in Saudi Arabia
Saudi Aramco and France's TotalEnergies signed contracts to start building an $11-billion petrochemicals facility in the Gulf kingdom, the two...
- The move "marks the start of construction work on the joint petrochemical expansion", Aramco and TotalEnergies said in a joint statement.
- The project, first announced in 2018, represents an investment of around $11 billion, of which $4 billion will be funded through equity by Aramco and TotalEnergies.
Economy
Kuwait’s central bank says broad money supply rises marginally
KUWAIT- Central Bank of Kuwait (CBK) announced that the broad money supply (M2) went up by 0.3 percent last May...
- Local banks' private sector deposits increased by 0.6 percent to settle at $119.4 billion, revealed the CBK's economic research department.
- Local banks' assets fell by 0.1 percent to record $280 billion, while the net foreign assets decreased by 0.2 percent to $34.3 billion.
Economy
KSA outsources work worth US$693m for achieving Saudi Vision 2030
RIYADH, SAUDI ARABIA - The Minister of Human Resources and Social Development and Chairman of the Board of Directors of...
- The minister said by executing many projects, the non-profit sector has contributed to achieving national development.
- He said one of the achievements has been the development of the incorporation procedures of non-profit organizations within four days.
Business
Dubai Land Department unveils real estate investment trusts
DUBAI, UAE - Dubai Land Department (DLD), through the real estate development sector, has launched the real estate investment trusts...
- The move aims to provide incentive benefits to encourage REIT to consider various projects across Dubai.
- The aim is also to increase investment in the market by achieving a long-term capital return for shareholders.
Saudi Arabia’s Al-Hilal signs Wolves captain Neves for reported $60m
Neves, who arrived at Wolves from Porto, had one year on his contract left at Molineux. He joins in the...
- "From the 'Wolves' to the biggest team in Asia," Al-Hilal announced on social media after the player signed a three-season deal in Paris
- Neves leaves Wolves after six seasons for "a club record fee", the Premier League side announced, reported to be around 55 million euros
Business
Blockchain startup Metatime raises $25m in investment
New York, United States - Metatime, a blockchain technology company, has so far raised $25 million through crowdfunding, pre-sales, and...
- The investors included Yildiz Tekno Venture Capital Investment Trust, Yildiz Technical University Technopark, and telecommunications and financial institutions
- Metatime aims to integrate blockchain solutions into various sectors such as energy, tourism, insurance, CRM, advertising, cybersecurity, and virtual reality
Economy
Insurance becomes mandatory for foreign vehicles entering UAE
Abu Dhabi, UAE-- The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) has made it mandatory for foreign...
- In order to make it easier for vehicle owners to posses insurance cover, the authorities will provide them with online access to the platform to buy insurance
- The vehicle owners can access the service on the ICP's website or by downloading the "Shory Aber" application available for iOS and Android devices
Business
VR, AI help executive education flourish across GCC
Executive education in GCC countries is being driven by economic diversification and technological trends, Peter Zemsky, Deputy Dean of INSEAD,...
- Executive education in GCC countries is being driven by economic diversification and technological trends, Peter Zemsky, Deputy Dean of INSEAD, tells TRENDS.
- Amidst rapid technological changes, business education plays a pivotal role in equipping leaders and fostering a culture of continuous learning, adds Zemsky
Business
Dubai’s weeklong real estate transactions exceed US$4.2bn
DUBAI, UAE - A total of 4,048 real estate transactions worth over US$4.2 billion (AED 15.6 billion) were conducted during...
- The records show that 278 plots were sold for US$473 million, while 2,965 apartments and villas were purchased for US$1.9 billion.
- The top transaction was that of a plot of land in Wadi Al Safa 3 which sold for US$24 million, the records revealed.
Business
Siemens Energy shares fall due to technical problems at wind turbine unit
FRANKFURT, GERMANY - Shares in Siemens Energy plummeted on Friday after the company warned that technical problems at its wind turbine...
- Siemens Energy said it was setting aside over US$1.1 billion over the coming years to fix the issues at troubled wind turbine subsidiary Siemens Gamesa.
- Shares in Siemens Energy plunged by more than 30 percent shortly after trading opened in Frankfurt, and ended the day about 37 percent lower.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
European carmakers on China charm offensive as sales droop
Shanghai, China -- Once blithely dominant in China, European automakers are now launching full-fledged charm offensives at consumers in the...
Business
Company News
Latest News
Dragon Oil, Turkmennebit ink MoU
Business
48 Middle East and North Africa IPOs raise $10.7bn in 2023: Report
Five listings, mainly in the energy and logistics sectors, contributed 58 percent towards the total IPO proceeds raised, said the...
Total M&A market drops to US$3.2trn in 2023, says report
DUBAI, UAE - The total M&A market dropped 15 percent, to US$3.2 trillion, the lowest level in a decade, as...
Business
Most Read
Business
Societe Generale to slash 900 jobs
The bank employs 117,500 people around the globe.
- The bank said that five percent of its head office staff would be cut as part of organizational changes
- The slashing will be carried out "through internal transfers, end-of-year support or voluntary departures"
Business
Irbid chamber industrial exports up
The value of certificates of origin issued stood at US$65m.
- Al-Hassan Industrial Estate, as per ICI's report, took the lead in export volume last month, contributing $59.5 million
- Irbid's exports to the United States accounted for 63.5 percent of the total export volume, exceeding $41.5 million
Geostrategy
RTA inks agreement to develop entry/exit points for Dubai Harbor
DUBAI, UAE - The Roads and Transport Authority (RTA) of the Emirate has entered into a strategic partnership with ‘Shamal...
- The bridge extends from Sheikh Zayed Road to Dubai Harbour, an exceptional seafront district that hosts the region’s marina.
- RTA would construct a bridge of two lanes in each direction spanning 1,500 meters and accommodating 6,000 vehicles per hour.