DHL to stop global shipments worth over $800 to US consumers
Washington, United States -- Global shipping giant DHL will "temporarily" suspend the shipping of parcels worth more than $800 from...
Business
Tariffs could lift Boeing and Airbus plane prices even higher
New York, United States -- Commercial plane prices, already lifted in recent years due to pandemic supply chain shocks, are...
Business
Business
Stable oil price achieved by OPEC, OPEC+ to benefit member states: Saudi oil chief
Baghdad, Iraq - The Organization of the Petroleum Exporting Countries (OPEC) and OPEC+ alliance have succeeded in achieving stable oil...
- The Saudi minister made the statement during a celebration hosted in the Iraqi capital, Baghdad on Friday marking the Diamond Anniversary of the OPEC's founding
- Both the OPEC and the OPEC+ have succeeded in achieving stability in markets, thanks to consensus among all OPEC member states, Al-Saud said
Economy
Saudi Arabia scouts Europe for business tie-ups in healthcare, mining sectors
Riyadh, Saudi Arabia-- Saudi Arabia is aiming to establish a slew of business partnerships in healthcare and mining sectors with...
- In their meetings with CEOs of British companies, the Saudi officials discussed strategic healthcare partnerships, digital transformation and biotechnology
- In Germany, the Saudi delegation met with investors and representatives of major companies to explore investment opportunities in the industrial and mining sectors
Economy
RAKEZ entices Indian investors with ‘lucrative’ business prospects
Ras Al Khaimah, UAE-- Looking to boost economic cooperation and convince businesses across India to invest in the free zone,...
- RAKEZ's team met with many business chambers, industry associations, such as the Bombay Industries Association, Federation of Indian Export Organization
- Its CEO Ramy Jallad noted with satisfaction the overwhelming response from businesses and startup founders, which showed their high level of interest in Middle East
Business
Govt investments play key role as gaming revolution sweeps MENA with 60% population embracing esports
MENA region boasts one of the highest shares of gaming mobile app downloads, accounting for 50 percent compared to the...
- MENA region boasts one of the highest shares of gaming mobile app downloads, accounting for 50 percent compared to the global average of 40 percent, says a latest BCG report.
- Game streaming is projected to touch 200 million users by 2025 as mergers and acquisitions fuel gaming industry growth with 650+ deals in the first half of the year 2022
Business
Dubai records US$3.4bn in weekly real estate transactions
DUBAI, UAE - A total of 3,625 real estate and properties transactions valued at US$3.4 billion (AED12.5 billion) were conducted...
- The DLD report showed that 189 plots were sold for US$620 million.
- The report showed 2,753 apartments and villas were sold for US$1.9 billion.
Business
Mubadala invests $200m in Bicycle Capital
Bicycle Capital is a growth equity firm focusing on startups.
- Bicycle Capital has received $440 million commitments so far.
- Mubadala's $284 billion portfolio is spread across the globe.
Business
ADDED partners with Valeo to set up electric cars technology hub
Dubai, UAE -- Abu Dhabi's Department of Economic Development (ADDED) has joined forces with Valeo, a global automotive technology company,...
- The partnership aims to accelerate the growth of the automotive industry in the emirate and provide support to local electric car startups.
- Valeo, known for its advanced technologies and sustainability vision in green cities, plans to explore new areas of development through the integration of its expertise in the hub.
Business
Micron to invest $600m in China plant
Beijing had banned its chips from critical infrastructure projects.
- China's cybersecurity watchdog last month said Micron had failed a national security review, telling operators of "critical information infrastructure" to stop buying its products.
- About 10 percent of Micron's $30.8 billion annual revenue last year came from China, according to company data.
Business
Dubai International Chamber opens Europe’s first representative office in UK
DUBAI, UAE - Dubai International Chamber (DIC), one of the three chambers operating under Dubai Chambers, inaugurated on Friday a...
- The new office will focus its efforts on strengthening relationships with key public and private sector stakeholders.
- The office will support UK firms seeking to relocate to expand in Dubai and grow their business through the emirate.
Business
Saudi securities disputes compensation $586 million in four years
Saudi Arabia's Capital Market Authority (CMA) has revealed a staggering 4275 percent surge in the value of compensation for individuals...
- In 2022 alone, the compensation value amounted to 1.75 billion riyals, compared to 40 million riyals in 2019, 93 million riyals in 2020, and 367 million riyals in 2021.
- The number of compensators has also witnessed a significant rise, with a total of 2,352 individuals seeking compensation in the past four years.
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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
DHL to stop global shipments worth over $800 to US consumers
Washington, United States -- Global shipping giant DHL will "temporarily" suspend the shipping of parcels worth more than $800 from...
Business
Company News
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Business
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Baidu cancels YY Live deal
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Over 12m people visit Riyadh Season in 60 days
Arts & Culture
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...
Business
GCC banks to maintain resilience in 2024, says S&P Global
Abu Dhabi, UAE--Despite geopolitical uncertainties and potential economic headwinds, S&P Global expects GCC banks to maintain their well-capitalised, profitable, and...
Business
Most Read
Geostrategy
US to sell drones worth $4bn to India to bolster its defenses against China
The United States approved a $4 billion sale of state-of-the-art drones to India, offering a new edge to the growing...
- Indian officials had discussed the drones during a state visit by Prime Minister Narendra Modi last year.
- After months of discussion, the State Department said it had informed Congress of the sale..
Business
Number of millionaires in BRICS likely to rise by 85 percent in 10 years, says report
DUBAI, UAE - The total investable wealth currently held in the BRICS bloc amounts to US$45 trillion and its millionaire...
- There are currently 1.6 million individuals with investable assets of over US$1 million in the leading emerging economies.
- The UAE’s millionaire population has shot up since 2013, by 77 percent, and is now home to 116,500 millionaires
Business
OPEC+ panel reaffirms cartel’s current output reduction strategy
In an effort to shore up prices, the OPEC+ oil alliance of 23 nations has implemented supply cuts of more...
- In a statement following a meeting via videoconference, the Joint Ministerial Monitoring Committee (JMMC) of OPEC+ stopped short of making any recommendations on its output policy.
- However, the panel said it "reviewed the crude oil production data for the months of November and December 2023", noting the "high conformity" among participating nations.