Nvidia expects $5.5 bn hit as US targets chips sent to China
Nvidia on Tuesday notified regulators that it expects a $5.5 billion hit this quarter due to a new US licensing...
Business
Saudi Arabia’s space economy reaches $8.7 billion in 2024
Riyadh, Saudi Arabia -- The Communications, Space, and Technology Commission (CST) has said that the Saudi space economy reached $8.7...
Economy
Abu Dhabi curbs use of plastic bags by 95% since ban last year
Abu Dhabi, UAE-- Abu Dhabi has succeeded in curbing the use of plastic bags by around 95 percent since the...
- Nearly three years back, EAD brought in the single-use plastic policy with the aim of lowering the dependence on plastic items and promoting sustainability and recycling
- According to EAD, the carbon footprint of the amount of plastic eliminated is equivalent to 272, 000 tonnes of CO2, which means saving emission from 629,000 barrels
Geostrategy
Iran hints at cooperation with Saudi Arabia on ‘peaceful nuclear technologies’
Tehran, Iran-- With the restoration of diplomatic ties between Iran and Saudi Arabia, the talk in government circles in Tehran...
- A media outlet thought to be close to the Iranian security establishment tweeted that Iran could expand its relations with Saudi Arabia to the nuclear realm
- The tweet said that Iran could transfer its "experiences and achievements" to Saudi Arabia in compliance with international laws and under the IAEA supervision
Business
PGA Tour-LIV Golf deal: A profit-driven game changer
US-based PGA Tour and Europe's DP World Tour have partnered with LIV's Saudi sponsors to form a new jointly-owned, profit-oriented...
- The US-based PGA Tour and Europe's DP World Tour said they had signed an agreement with LIV's Saudi backers that will lead to the formation of a new collectively owned, for-profit
- LIV Golf was launched in October 2021 and lured top PGA Tour talent with record $25 million purses and money guarantees, bankrolled by Saudi Arabia's Public Investment Fund
SCA to waive off registration fee for listing of green bonds, sukuk in local market
Abu Dhabi, UAE--The Securities and Commodities Authority (SCA) board of birectors has approved a proposal to exempt companies wishing to...
- The SCA's decision corresponds with the UAE's agenda to achieve the objectives of sustainable development in relation to economic growth
- Dr. Sultan bin Ahmed Al Jaber, Minister of Industry, said the world as a whole needs to do more to advance sustainability in the financial space
Economy
UAE, Egypt sign US$10bn deal to build Africa’s biggest wind farm
A consortium of companies, Masdar, Infinity Power and Hassan Allam Utilities have signed an agreement with Egypt to build a...
- The wind farm will enable Egypt meet its strategic objective of sourcing 42 percent of its energy from renewables by 2030
- The project will help Egypt bring down annual carbon emissions by 9 percent, displacing 23.8 million tonnes of carbon dioxide annually
Business
Gulf banks witness continued growth in lending activities
The first quarter of 2023 experienced a surge in credit demand, except for a slight dip in Qatar. The latest...
- GCC banks witness a 3.2% increase in aggregate gross loans, reaching a record of $1.87 trillion, while NPL ratios improve, with the average ratio decreasing to 2.3%
- Due to the expansion of the banking business and government support, the UAE has the highest NPL ratio, while Saudi Arabian banks exhibit the highest q-o-q growth
Geostrategy
China firms under sanction by US for assisting Iran missile program
WASHINGTON, US- The United States placed sanctions on Tuesday on several Chinese and Hong Kong firms it said were supplying Iran's...
- The US Treasury said the Chinese companies shipped centrifuges for producing fuels, non-ferrous metals with potential military use.
- Washington is concerned that Iran plans to develop nuclear weapons that could be loaded on ballistic missiles to menace Israel.
Business
Bybit partners with Sharjah varsity to boost crypto adoption in UAE
Sharjah, UAE - Bybit, the world’s third most visited crypto exchange, will contribute AED 1 million ($272,257) via a partnership...
- A Bybit contribution of $2,72,257 marks the first collaboration between American University of Sharjah and the crypto exchange.
- Eligible computer science and computer engineering students will benefit from the Bybit Scholarship as soon as this fall.
Economy
World Bank lowers MENA’s growth forecast to 2.2 percent in 2023
DUBAI, UAE - The World Bank raised its global growth forecast for 2023 to 2.1 percent (in June 2023) from...
- The World Bank expects global growth to reach 2.4 percent in 2024, compared to 2.7 percent in January 2023.
- The possibility of widespread banking disruptions and tighter monetary policy may also lead to weaker global growth.
Business
Foreign non-institutional investors’ ownership in Saudi equities up
Dubai, UAE -- Non-institutional foreign investors increased their ownership in Tadawul-listed equities, excluding Saudi Aramco, to SAR 310.80 billion ($82.87...
- The ownership of non-institutional foreign investors is represented by swap agreements, residents, and qualified foreign investors (QFIs).
- Foreign investors’ ownership, including strategic partners, in Saudi equities, excluding Saudi Aramco, fell from 12.19 percent to 12.17 percent, or SAR 356.96 billion, for the week
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Nvidia expects $5.5 bn hit as US targets chips sent to China
Nvidia on Tuesday notified regulators that it expects a $5.5 billion hit this quarter due to a new US licensing...
Business
Company News
Latest News
25,647 new economic licenses issued in Abu Dhabi in 2023, says ADDED report
ABU DHABI, UAE - The Abu Dhabi's “Business Activity Report” for the year 2023, issued by the Abu Dhabi Department...
Business
Robots save UAE’s finance ministry 39,000 working hours
Dubai, UAE -- UAE's Ministry of Finance has saved 39,000 hours of human labor by using bots, software applications that...
Business
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Business
Toyota sells record number of vehicles in 2023
It is the world's top automaker for the fourth year in a row.
- The automaker consolidated its position as the world's top-selling automaker for the fourth successive year
- Toyota said that by next year it plans to have an electrified version for every Toyota and Lexus model globally
Business
Hong Kong court orders liquidation of China’s Evergrande
Evergrande's demise has been closely watched as it was once a pillar of China's economy, with the construction and property...
- The order kickstarts a long process that should see Evergrande's offshore assets liquidated and its management replaced
- The company's executive director vowed the Hong Kong court's decision would not impact its operations domestically
Business
Bahrain and Hungary aim to boost trade, investment ties
Budapest, Hungary--Bahrain and Hungary have held discussions to boost economic and trade ties between the two countries. In this regard,...
- Chairman of Bahrain Chamber of Commerce and Industry said the Bahraini-Hungarian Business Forum aimed to boost trade, investment ties between the two countries
- According to Gabor Jenei, the CEO of Hungarian Export Promotion Agency (HEPA), Hungary's exports to Bahrain reached $15m and Bahrain's exports to Hungary at $8m