Nvidia, AMD to pay US 15% of AI chip sales to China: reports
Washington, United States -- US semiconductor giants Nvidia and Advanced Micro Devices have agreed to pay the United States government...
Business
Accumulating bitcoin a risky digital rush by companies?
London, United Kingdom - US President Donald Trump's media group and Tesla, the electric carmaker owned by tech billionaire Elon...
Business
Business
Qatar signs 27-year gas supply deal with Chinese firm
The agreement, to supply four million tons annually to the China National Petroleum Corporation (CNPC), matches the terms of a...
- Asian countries led by China, Japan and South Korea are the main market for Qatar's gas, which has been increasingly sought by European countries since Ukraine war.
- Earlier this month, QatarEnergy agreed a 15-year supply deal with Bangladeshi state firm Petrobangla, and last month it awarded a $10 billion contract to France's Technip.
Business
Boeing, Airbus notch up big orders
At list prices, the Airbus deal is worth $3.3bn and Boeing's $1bn.
- Philippine Airlines will buy nine of Airbus' A350-1000 planes, while Air Algerie will buy eight of Boeing's medium-haul 737 MAX-9 aircraft.
- Faced with growing demand for long-haul planes, Airbus is pushing to increase production of the A350, its latest airliner, setting a target of nine per month by the end of 2025.
Geostrategy
Riyadh faces Rome and Busan in race to host World Expo 2030
Paris. France -- The candidature of Saudi Arabia (for Riyadh), South Korea (Busan) and Italy (Rome) for World Expo 2030...
- At the 172nd General Assembly of the BIE, Member States were presented with the findings of Enquiry Missions carried out by the BIE to assess the candidature projects for Expo2030.
- Riyadh's bid for Expo between 1 October 2030 and 31 March 2031 is under the theme “The Era of Change: Together for a Foresighted Tomorrow”.
Business
Arada’s US$500m Sukuk lists in Nasdaq Dubai
DUBAI, UAE - Arada's US$500 million Sukuk was listed in Nasdaq Dubai. The Sukuk is the first issuance by Arada...
- This marks Arada’s first listing in the UAE, following its Sukuk listing last year on the London Stock Exchange.
- Arada has embarked on projects worth US$10 billion under development in Sharjah and Dubai.
Business
ADNOC L&S gets new VLCC
VLCCs carry almost 2 million barrels of crude per voyage.
- The vessel is the first of four dual-fuel engine very large crude carrier which can also run on liquefied natural gas
- ADNOC L&S has committed approximately $2 billion to build more environmentally efficient vessels.
Business
Alibaba names new CEO, chairman
The move fits in with its plan to reorganize business operations.
- Under the reshuffle, Joseph Tsai will serve as chairman and Eddie Wu as CEO -- replacing Daniel Zhang, who holds both roles, appointments will take effect on September 10
- Daniel Zhang said in a statement it was the "right time" for him to step down as Alibaba looks to implement a full spin-off of its advanced cloud computing unit
Economy
Islamic banks’ assets climb up to US$177bn in Q1 of 2023: CBUAE
Abu Dhabi, UAE--Gross assets of the Sharia-compliant banks in the UAE climbed to $177 billion by the end of the...
- According to the CBUAE, there was an increase in Islamic banks' credit to US$109 billion toward the end of March 2023, an annual growth of 2.51 percent
- The apex bank noted the jump in the Islamic banks' deposits to US$123.45 billion in March 2023, an annual rise of 6.2 percent, from nearly US$116.26bn in March 2022
Business
Saudi-French Investment Forum signs $2.9 billion worth of agreements
The Saudi-French Investment Forum witnessed the signing of 24 MoUs and investment agreements, collectively valued at approximately $2.9 billion. The...
- The agreements provide opportunities for increased investment and collaboration in diverse sectors
- Trade volume between France and Saudi Arabia surged by over 80% in 2022, reaching $11.5 billion
Economy
Oman’s economic growth to reach 2.7 percent in 2024, says IMF
MUSCAT, OMAN - Oman’s economic growth is expected to rebound to 2.7 percent in 2024 but will slip in 2023...
- The projections reflect the oil production cuts by OPEC+, moderate growth in the non-hydrocarbon sector and a slowdown in global economic activity.
- Oman's real GDP rose by 4.3 percent in 2022, basically on an expansion of the hydrocarbon sector.
Business
ADIB, ADIO to fund businesses
ADIB will facilitate the opening of Shariah-compliant bank accounts.
- This strategic move ensures that businesses have access to banking solutions that align with Islamic principles, ADIB said in a statement.
- ADIB will also provide financing options based on collateral in the form of on-ground operating assets such as real estate, equipment, and machinery, the bank said.
Nvidia, AMD to pay US 15% of AI chip sales to China: reports
Washington, United States -- US semiconductor giants Nvidia and Advanced Micro Devices have agreed to pay the United States government...
Business
Company News
Five killed in clashes near Lebanon border
Geostrategy
PureHealth buys Circle Health
Business
Latest News
GCC emerges as a cryptocurrency investment hub
Driven by government initiatives, economic diversification and a tech-savvy population, the region is becoming a prominent center for cryptocurrency investment,...
Business
Saudi holdings of US Treasuries surge to $131.9b in December 2023
ABU DHABI, UAE - Saudi Arabia’s holdings of US Treasuries reached US$131.9 billion in December 2023, up $3.8 billion month-on-month,...
Economy
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Business
Saudi Arabia aims to build ties with Canada in scientific and research fields
Riyadh, Saudi Arabia-- Saudi Arabia is exploring investment opportunities in education and aiming to attract investments to the kingdom from...
- The Saudi education minister explored investment opportunities in education, besides seeking to foster scientific and research collaboration between the two countries
- The visit of the Saudi delegation also looked to consolidate the partnerships between the kingdom's ministry of education and Canadian universities and colleges.
Opinion
Zero trust remains an ongoing cybersecurity evolution
Achieving Zero Trust Data Resilience is not an overnight task but a journey requiring organizational alignment, continuous adaptation, and the...
- Zero Trust is a mindset, not a destination, requiring continuous evolution in cybersecurity practices.
- Cybersecurity is an arms race, with the need to adapt and evolve to remain ahead of online threats.
Geostrategy
Lebanon judge charges Nissan employees for allegedly stealing Ghosn documents
BEIRUT, LEBANON - A Lebanese judge has charged four Nissan employees with the theft of documents and devices from the Beirut...
- A lawyer for the company said that the legal action was "unlawful" and that they would seek to have the charges thrown out.
- The Beirut judge has decided to prosecute "four senior Nissan officials" of Japanese, Spanish, French and British nationalities.