Trump announces 100% chip tariff, pressuring Asian producers
The US president unveiled the levy at the White House on Wednesday ahead of the imposition of sweeping tariffs on...
Economy
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GCC banking’s tech shift saves time, money
GCC banks started adopting online and mobile banking, and ATMs, in the 1990s and 2000s. More recently, they've integrated advanced...
- As of 2019, there were over 5,000 bank branches in the GCC region, catering to a population exceeding 50 million.
- On average, customers spent about 30 minutes in these branches to avail themselves of banking services.
Business
Drawn by green subsidies, solar cell giant expands US production
The partnership along with German group BayWa r.e. will beef up capacity in Meyer Burger's Arizona production facility from 1.6...
- The firm had written to German Finance Minister Christian Lindner to warn that it would invest in the US rather than expand its manufacturing in Germany because of IRA subsidies.
- Meyer Burger currently has several plants in Germany, including in Thalheim and Freiberg. It had underlined plans to expand Goodyear and Thalheim's capacities.
Business
UAE gold forecasted to grow by 3.6% annually through 2030
Dubai, UAE - The UAE's precious metals market, which includes gold, jewelry, gold bars, and silver, is expected to reach...
- The UAE leads the Middle East in gold consumption, with the country's jewelry sector playing a significant role in this achievement
- In 2022, consumers in the country purchased a combined 46.9 tonnes of gold, representing a 38 percent increase from the previous year
US judge pauses Microsoft’s $69 billion buyout of Activision
Judge Edward Davila said in a ruling that it "is necessary to maintain the status quo" while the court considers...
- The ruling came a day after the FTC asked a federal court to prevent Microsoft from completing its blockbuster buy of Activision Blizzard as it considers regulatory action
- An FTC hearing is set for August to argue the merits of the deal, and a restraining order would block the accord before that process has run its course
Business
Qatar provides maritime radio station licensing for small ships in Al Khor, Al Ruwais cities  Â
DOHA, QATAR -Â The Communications Regulatory Authority (CRA) has announced the provision of maritime radio station licensing services for small...
- Qatar's Communications Regulatory Authority aims to process the requests of a large segment of the residents of the northern cities of the country.
- These services will facilitate the completion of their applications related to maritime radio station licensing for small ships.
Business
ECI, KazakhExport ink MoU
Aim is to enhance trade between the UAE and Kazakhstan.
- The MoU is in line with the We the UAE 2031 vision aimed at strengthening bilateral economic relations between the two countries.
- The aim is to enhance economic ties in renewable energy, waste management, between the UAE and Kazakhstan.
Business
Stock markets rise globally on cooling US inflation
Stock markets jumped after data showed US inflation slowed further in May, raising hopes the Federal Reserve will pause its...
- The dollar fell against other major currencies as the greenback usually benefits from higher interest rates.
- The US central bank has raised interest rates 10 straight times in efforts to combat elevated inflation.
Business
HUB71 reveals winners of The Outliers Program to address industry challenges
ABU DHABI, UAE - Hub71, Abu Dhabi's global tech ecosystem, on Tuesday announced the winners of The Outliers Program, which...
- Participating startups have been recognized for their innovative solutions in various challenges set by Hub71’s strategic partners as part of The Outliers.
- The winning startups were successful for the companies’ ability to implement innovative products and services that can have a positive impact.
Business
DEWA commissions 6 new transmission substations in Jan-April 2023
DUBAI, UAE - Â Dubai Electricity and Water Authority (DEWA) has commissioned six new 132/11 kV transmission substations from January to...
- The project included 3,450 meters of 132kV ground cable to connect with the main transmission network.
- The new transmission substations are in Al Jaddaf, Tilal Al Ghaf, Bani Yas, Jebel Ali Port, Marsa Dubai and Al Yufrah 1.
Business
Which country leads Arab world in business ease?
Arab nations have implemented several reforms to improve the ease of doing business. TRENDS take a look to determine the...
- Arab nations have implemented several reforms to improve the ease of doing business. TRENDS takes an in-depth look to determine the most business-friendly country in the region
- Business reforms have led to a significant increase in foreign direct investments, contributing to the growth of both the public and private sectors in the Arab countries
Trump announces 100% chip tariff, pressuring Asian producers
The US president unveiled the levy at the White House on Wednesday ahead of the imposition of sweeping tariffs on...
Economy
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Borouge signs supply agreement
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WSG has ushered in a new decade of positive impact: Hamid Al Zaabi
Dubai, UAE-- The World Governments Summit (WGS) has ushered in a new decade of positive impact, inspiring governments and societies...
Business
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Business
Global LNG demand to rise more than 50 percent by 2040: Shell
"Demand for natural gas has already peaked in some regions but continues to rise globally, with LNG demand expected to...
- Steve Hill, executive vice president for Shell Energy, said China was likely to dominate LNG demand growth in the current decade
- Industry and many governments argue that LNG is a "bridge fuel" between coal and renewables such as wind and solar
Economy
UAE economy posts best growth rates in comparison to others: IMF official
Dubai, UAE-- The UAE's economy has recorded the best growth rates in comparison to other economies in the region, according...
- The IMF official said the country's non-oil sector has significantly contributed to the country's economic resilience
- He said the UAE's diversification strategy has played a vital role in boosting the efficiency of the private sector
Business
Higher prices boost Coca-Cola sales despite Middle East hit
Chief Executive James Quincey described consumers in North America as "holding up well," although he acknowledged "a little softening" through...
- Revenues for the soda giant rose seven percent from the year-ago level to $10.9 billion, reflecting a two percent rise in volumes and nine percent increase in price/mix
- The ongoing conflict in the Middle East dented volume growth by about one point in the fourth quarter, said Chief Financial Officer John Murphy