Boeing to sell some assets to Thoma Bravo
The $10.55 bn sale includes portions of digital aviation solutions business.
Business
Global tax plans targeting super rich and tech giants stall under Trump
Paris, France -- Global tax plans targeting billionaires and multinational companies are running aground, with the United States torpedoing reforms...
Business
Business
New $25bn Intel plant Israel’s single largest foreign investment
The "agreement in principle" would see the semiconductor firm build the facility in southern city Kiryat Gat that would open...
- Intel in return would receive a grant of 12.8 percent of its outlay, the ministry said, in line with Israel's capital investment encouragement law.
- Intel has been operating in Israel since the 1970s with development centers and a production site that employ some 12,000 people.
Business
Allianz, Credit Agricole renew partnership
Credit Agricole Egypt is a subsidiary of Credit Agricole Group.
- The agreement is set to expand Allianz Egypt's customer base while delivering top-notch insurance services to the bank's customers, the companies said in a statement.
- The collaboration aims to provide integrated financial and insurance services, covering life, property, and casualty insurance, under one roof.
Business
Sheikh Mohammed inaugurates 5th phase of Mohammed bin Rashid Al Maktoum Solar Park
DUBAI, UAE - Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of...
- Sheikh Mohammed inaugurates 5th phase of Mohammed bin Rashid Al Maktoum Solar Park.
- The fifth phase of the project will provide clean energy will reduce 1.18 million tonnes of carbon emissions annually.
Business
Iconic Balti eateries in UK facing battle to survive
The balti -- a curry of spices, coriander, onions, tomatoes and green peppers with meat or fish -- was created...
- Andy Munro is on a mission to save what he and other devotees view as a key part of Birmingham's cultural and culinary heritage.
- Munro, author of "Going for a Balti: The Story of Birmingham's Signature Dish" and who runs a website for balti lovers, is looking to the local authorities for support.
Gulf Union Alahlia Q1 profit $7.5m
Results were due to a fall in insurance services expenses.
- Net investment income rose to US$1.2 million (SAR 4.6 million) from US$1 million (SAR 4 million) in Q1 2022.
- The insurance services provider reported a rise in other income to US$4 million (SAR 15 million) in Q1 2023.
Business
Binance and SEC reach deal to repatriate US customers’ funds
US Securities and Exchange Commission did not specify how many of Binance's US customers are affected, nor the value represented...
- 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.
- The platform, created in Shanghai in 2017, has cornered much of the crypto-trading market, turning its globe-trotting founder Zhao into a billionaire.
Business
Dubai Chamber of Digital Economy launches report on the emirate’s economy
DUBAI, UAE - Dubai Chamber of Digital Economy, one of the three chambers operating under Dubai Chambers, has launched its...
- Dubai's Venture Capital Ecosystem provides an overview of the investor landscape backing start-ups and scale-ups in the MENA region.
- Dubai Chamber of Digital Economy is tasked with attracting leading tech firms, start-ups and scale-ups that can support the Emirate's digital ambitions.
Business
Jamjoom Tadawul debut on Jun 20
Jamjoon Pharma IPO was launched on May 25 at SAR 60 per share.
- The company said the daily fluctuation limit is +/- 30% and static price fluctuation limit is +/-10%, Jamjoom said in a statement to Tadawul on Sunday.
- The company offered 21 million shares, representing 30 percent of its share capital. The IPO was the largest in Saudi Arabia since Saudi Aramco Base Oil's IPO in Dec 2022.
Business
Bupa renews contract with SABIC
It will provide health insurance to SABIC staff and their families.
- The contract revenue is forecast to exceed 10 percent of Bupa Arabia’s annual gross written premiums (GWPs) for 2022, Argaam said.
- The relevant financial impact will likely appear on the insurer’s 2023 and 2024 financial results. The contract included no related parties.
Economy
UAE to deepen economic tie-ups with various world countries: Sheikh Saud
St. Petersburg, Russia-- The UAE is seeking to strengthen economic cooperation with many countries in the world in order to...
- The ruler of Ras Al Khaimah was speaking at the opening session of the St. Petersburg International Economic Forum 2023 as the representative of the UAE
- He drew attention of the audience to the efforts being accelerated in the UAE to enhance prosperity and deepen stability, as well as diversify non-oil revenues and investments
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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
Boeing to sell some assets to Thoma Bravo
The $10.55 bn sale includes portions of digital aviation solutions business.
Business
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Qatar Central Bank issues treasury bills, sukuk worth US$686m
DOHA, QATAR - The Qatar Central Bank issued treasury bills and sukuk with maturities of one week, one month, three...
Economy
UAE signs pact to develop digital infrastructure in Greece
ABU DHABI, UAE - The Ministry of Investment of the UAE and the Ministry of Digital Governance of the Hellenic...
Geostrategy
Dubai records weeklong real estate transactions worth $3.13 billion
Dubai, UAE -- Dubai recorded real estate transactions valued at AED 11.5 billion ($3.13 billion) during the week ending 2...
Business
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Business
Deutsche Bank to slash 3,500 jobs
The bank said it would buy back shares and pay dividends.
- The news came as the German bank posted a 30 percent slide in fourth-quarter profit that still beat analyst expectations
- The dividends and the share buyback will cost the bank nearly $1.7bn and will take place during the first half of the year
Business
Naver profit jumps 129% in Q4
The company said it posted a net profit of US$227.4 million.
- The firm, in 2022, paid nearly $1.2 billion for Poshmark, a US online marketplace for used clothing
- The tech firm's content business was driven by the growth of webtoons -- Internet-based comic strips
Business
Saudi Crown Prince announces new company to boost Kingdom’s global tech status
Riyadh, Saudi Arabia — Saudi Crown Prince Mohammed bin Salman on Thursday launched a new company called Alat geared to...
- The company, chaired by the Crown Prince, aims to enhance the capabilities of the Saudi technology sector
- It aims to create 39,000 direct jobs and achieve a direct non-oil GDP contribution of $9.3 billion