$20 million rare blue diamond goes on show in Abu Dhabi
Abu Dhabi, United Arab Emirates -- A rare blue diamond valued at $20 million went on pre-auction display on Tuesday...
Business
Economy
Crypto experts leave US over obstructive regulations
DOHA, QATAR- Thousands of cryptocurrency industry developers have left the United States because of its negative stance towards the sector,...
- Regulators in the US have taken a tough line because of fears of money laundering and scams such as the FTX collapse.
- Other countries had been "very constructive" over regulation and attracted "a huge amount of talent," said Smith, CEO of blockchain.com
Business
Brazilian group seeks trade, investment boost with UAE
Sharjah, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) organized the UAE-Sao Paulo Business Forum on Thursday, marking...
- During the forum, the two sides discussed joint efforts and investment opportunities available in both cities.
- The delegation comprised representatives from companies operating in agriculture, food, cosmetics, and furnishings sectors.
Business
Qatari owners of Paris Saint-Germain in talks over Sampdoria investment
Paris, France - Qatar Sports Investments, the owners of French champions Paris Saint-Germain, are in negotiations over acquiring a stake in...
- Qatar Sports Investments has owned the French club since 2011, transforming a struggling outfit into one of the most powerful in Europe.
- QSI is hoping to acquire a "minority stake" in Sampdoria, the club from the Mediterranean port city of Genoa
Economy
‘Partnerships with technology leaders help in Dubai’s digital transformation’
DUBAI, UAE - First Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance of the UAE Sheikh...
- Successful partnerships with leading industry players are a key enabler of Dubai’s digital transformation journey.
- The initiative seeks to advance Dubai’s strategic objective of becoming one of the world’s top urban economies.
Business
Saudi PIF forms $3 billion company for investments in Iraq: CEO
Muteb Alshathri, acting CEO PIF, told the Saudi-Iraqi Coordination Council in the kingdom that the Saudi-Iraqi Investment Company will invest...
- Iraq's oil minister told the Council that Aramco will invest and develop the Akkas gas field in Anbar province, which could produce 400 mcfm per day.
- The five companies announced last year will invest up to $24 billion in opportunities across various key sectors in each market.
Business
UAE Ministry of Interior, Etihad Rail ink MoU to enhance cooperation
ABU DHABI, UAE - The UAE Ministry of Interior (MOI) and Etihad Rail Company, the developer and operator of the...
- The agreement builds upon the already strong relationship between the Ministry of Interior and Etihad Rail.
- The two parties will for enhancing readiness to confront security risks and threats, improving security and safety measures.
Business
ADNOC L&S IPO: Offer price AED2.01 per share, raises $769m
Abu Dhabi, UAE -- Abu Dhabi National Oil Company (ADNOC) on Wednesday announced that the final offer price for the...
- This implies a market capitalization of AED 14.9 billion ($4.05 billion) of ADNOC L&S at the time of admission.
- ADNOC said the IPO witnessed overwhelming demand from UAE retail investors and professional investors, amounting to $125 billion.
Business
Mega production facility hastens Neom green hydrogen goals
Neom, Saudi Arabia -- Saudi Arabia's futuristic city NEOM says it has outlined a clear path towards the at-scale production...
- The NEOM Green Hydrogen Company (NGHC) facility being built in Oxagon is set to be the world’s largest commercial-scale green hydrogen production facility in the world.
- Once operational in 2026, it will produce 600 tons of green hydrogen per day, which will be available for global export, saving as much as 5 million tons of CO2 emissions.
Geostrategy
Cargo ship grounded for a short while in Egypt’s Suez Canal
ISMAILIA, EGYPT - A cargo ship ran aground on Thursday in Egypt's Suez Canal before it was quickly refloated without interrupting...
- Hong Kong-flagged Xin Hai Tong 23 bulk carrier was refloated after "a sudden malfunction of the machinery".
- The Suez Canal Authority said three tugboats and a marine rescue team were sent to refloat the vessel.
Business
Iran seeks economic integration and multilateralism: Raisi
Tehran, Iran-- Iran seeks economic integration and multilateralism in international relations, according to the Islamic Republic's President Ebrahim Raisi. The...
- The president told reporters at the airport in Tehran that Iran's relationship with different countries is based on regionalism and neighborhood policy
- The Islamic Republic, according to the president, signed agreements with Indonesia in energy and economic fields, in addition to signing other MoUs
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$20 million rare blue diamond goes on show in Abu Dhabi
Abu Dhabi, United Arab Emirates -- A rare blue diamond valued at $20 million went on pre-auction display on Tuesday...
Business
Company News
Latest News
Global Islamic finance market to touch US$4.9trn in 2025, says Malaysian official
Hong Kong-- The global Islamic finance market would touch US$4.9 trillion by 2025, according to Yazrin Syakhairi, Malaysian Trade Commissioner...
Business
Alaska Airlines to take US$150m hit
It grounded the Boeing 737 MAX after in-flight safety episode.
Business
UAE, Malaysia sign MoU to enhance ties in digital-infrastructure sector
Abu Dhabi, UAE-- The UAE and Malaysia have signed a memorandum of understanding (MoU) to boost investment cooperation in the...
Business
Most Read
Market Report
UAE, KSA lead as tech and energy drive IPOs in GCC
The 2024 outlook for GCC IPO markets shows strong potential with diversified sector participation, bolstered by government support for both...
- The 2024 outlook for GCC IPO markets shows strong potential with diversified sector participation, bolstered by government support for both state-owned and private offerings.
- ADNOC Gas' large IPO underscores the region's market robustness, while the technology sector reclaims the lead in IPO proceeds, showcasing dynamic market strength.
Business
Vodafone Qatar 2023 profit up
The 2023 net profit of Vodafone Qatar increased to $148 million.
- Vodafone Qatar’s net profit for the nine months ending September 2023 reached US$107 million.
- This reflects a growth of 17.3 percent compared to the same period in 2022, mainly driven by higher EBITDA.
Business
Microsoft lays off 1,900 staff
The move comes after Activision Blizzard gaming buyout.
- Alongside the layoffs, Blizzard president Mike Ybarra said he was leaving the company.
- Microsoft launched its blockbuster takeover in January 2022, an acquisition that made it the world's third-largest gaming company by revenue.