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
Apple to invest additional $100 bn in US: White House
Washington, United States -- Apple will invest an additional $100 billion in the United States, taking its total pledge to...
Business
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.
Business
Saudi Arabia’s SVC invests $30m in Bedaya Fund II
RIYADH, SAUDI ARABIA - Saudi Venture Capital (SVC) announced its investment of US$30 million in Bedaya Fund II, which is...
- SVC is a government investment company and is a subsidiary of the SME Bank, one of the development banks affiliated to the National Development Fund.
- SVC aims to stimulate and sustain financing for startups and SMEs from pre-Seed to pre-IPO by investing $1.6 billion in funds and co-financing in startups.
Business
Finding private sector jobs difficult for 62% percent Emirati graduates
Despite this pessimistic view, however, 61 percent of the surveyed graduates expressed interest in joining the private sector, said PwC's...
- Despite this pessimistic view, however, 61 percent of the surveyed graduates expressed interest in joining the private sector, said PwC's Emiratization Survey 2023.
- The survey sheds light on the efforts made by the UAE to enhance Emirati participation in the private-sector workforce, in line with the country’s national vision mandate.
Musk heads to France to discuss investment with Macron
After talking to Macron, Musk will appear before an audience of thousands at VivaTech for what is billed as an...
- Macron confirmed during a visit to France's technology trade fair VivaTech earlier this week that he would meet the businessman to "tout the attractiveness of France and Europe"
- After talking to Macron, Musk will appear before an audience of thousands at VivaTech for what is billed as an hour-long "conversation" with the event's French founder Maurice Levy
Business
Dubai logs over $678m in realty transactions on Thursday
Dubai, UAE - Dubai witnessed 604 sales transactions totaling AED2.1 billion ($567.8 million) on Thursday in addition to 106 mortgage...
- The sales transactions consisted of 557 villas and apartments worth $449.6 million and 47 land plots worth $117.7 million
- As for the mortgage deals, 94 villas and apartments were involved, with a value of $67.8 million, along with 12 land plots valued at $23.7 million
Business
Gulf telecom shows robust growth, eyes new avenues
Driven by expats and national development programs, the UAE and Saudi Arabia are expected to experience growth in consumer and...
- Driven by expats and national development programs, the UAE and Saudi Arabia are expected to experience growth in consumer and enterprise segments, say experts
- Telecom operators in the region are diversifying into fintech, gaming, healthcare, cybersecurity, cloud, IoT, and emerging tech, driving digital transformations across sectors
Business
Siemens to expand business
BERLIN, GERMANY - German industrial giant Siemens said on Thursday it would build a new high-tech factory in Singapore and expand...
- Details on further investments in Europe and the United States across the globe are expected to follow, said Siemens.
- The group's announcement came after the German government published its first National Security Strategy that took aim at China for acting against Berlin's interests.
Economy
Sri Lankan economy contracts 11.5 percent in Q1 2023
COLOMBO, SRI LANKA - Crisis-hit Sri Lanka's economy shrank by 11.5 percent in the first quarter just before an IMF bailout...
- The contraction in the first three months compared with shrinkage of 0.5 percent in the corresponding period of 2022.
- A currency crisis from late 2021 led to severe shortages of food, fuel and medicines and triggered months of protests.
Business
Audi Middle East achieves 33% sales growth in first 5 months of 2023
DUBAI, UAE : Â Â In the first five months of 2023, Audi Middle East achieved a 33 percent growth compared to...
- This success is bolstered by Audi's strategic partnerships and investments in electric vehicle infrastructure across the Middle East.
- Audi's EV portfolio now features an extensive range of models, spanning sports cars, sedans, hatchbacks, and the SUVs.
Business
Qatar bid for Man Utd awaiting clarity after reports of exclusivity offer
London, United Kingdom -- A source close to Sheikh Jassim Bin Hamad Al Thani said Thursday that the Qatari bidders...
- United announced in November that the board was exploring "strategic alternatives to enhance the club's growth", with a full sale one of the options.
- Sheikh Jassim made a final bid for the club and it is understood that his offer is viewed more favorably by the owners than a rival bid from British billionaire Jim Ratcliffe.
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
Company News
QNB net profits up 8% in 2023
Business
Latest News
AI in the Middle East: From potential to profit
The region is making significant strides in integrating AI into various sectors, promising substantial productivity gains and innovation, a latest...
Business
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Business
Google AI research hub in Paris to host 300 experts
The new hub part of a trend for big tech firms to base teams in European centers.
- In recent years, Google has poured investment into its engineering facility in Zurich, which also houses AI-focused teams from Meta, Apple and Microsoft.
- The French capital has long pushed to be regarded as a cutting-edge hub for tech firms, and Meta established an AI research team there in 2015
Business
Commerzbank net profit $2.4bn
This is the bank's biggest net profit in 15 years.
- The lender said it had "benefited from strong customer business and persistently high interest rates".
- Like other European lenders, Commerzbank was boosted by the European Central Bank's unprecedented streak of rate hikes last year, aimed at taming red-hot inflation
Business
ATO partners with ISM to boost tourism in the Middle East
Jeddah, UAE--The Arab Tourism Organization (ATO) has signed a partnership agreement with the International Strategic Management (ISM) company to achieve...
- The ISM will collaborate with the ATO to achieve its goals, harmonizing them with the Arab League's Sustainable Development Plan
- The partnership between the ATO and ISM will enable the Arab countries to develop tourist destinations to achieve sustainable development