Qatar’s Producer Price Index for Feb down 0.33 percent year-on-year
Doha, Qatar -- Qatar's general Producer Price Index (PPI) for the industrial sector for February recorded 114.01 points, showing stability...
Business
Business
Demand drives up customized car markets
Popular car customizations include color changes, custom rims and tires, body kit installations, modified exhaust systems for a more aggressive...
- The affluent population's desire for luxury, distinction and personalized automotive experiences help the sector flourish in the Gulf region despite the global challenges
- Luxury-seeking individuals craving one-of-a-kind vehicles on the road generally go for vibrant color changes, custom rims, sleek body kits and immersive audio systems
Business
ECB fines Goldman Sachs US$7.2m for misreporting capital needs
BERLIN, GERMANY - The European Central Bank (ECB) has fined US financial giant Goldman Sachs US$7.2 million (6.63 million euros) for...
- Goldman Sachs Bank Europe was found to have "breached credit risk reporting rules" in 2019, 2020 and 2021, the ECB said in a statement.
- Capital ratios are key indicators of a bank's strength and ability to absorb losses in the event of market turmoil.
Business
Dubai records over $544 million in real estate transactions
Dubai, UAE -- Dubai real estate market has recorded deals worth AED 2 billion ($544 million) on Monday, Dubai Land...
- The sales included 599 villas and apartments worth AED1.45 billion, and 39 land plots worth AED335.3 million.
- In April, the emirate witnessed a surge of 46% in the value of real estate deals, compared April 2022, reaching $7.21 billion.
Business
European Union backs Microsoft’s Activision Blizzard takeover
The deal is also under threat in the US, where last year the Federal Trade Commission launched a legal action...
- Activision Blizzard's hit titles also include "Candy Crush" and "World of Warcraft". If it goes ahead, it will be the biggest deal ever in gaming if it goes through.
- The European Commission, the bloc's powerful anti-trust authority, said the approval was "conditional on full compliance with the commitments offered by Microsoft".
Business
GIG to pay $49m in dividends
This amounts to cash dividend of 54 percent (54 fils per share)
- The group had announced a net profit of KD 38.2 million ($124.7 million) and earnings per share of 134.56 fils for 2022.
- The group had achieved extraordinary profits in 2021 amounting to KD 49.2 million ($160.9 million) resulting from the acquisition of AXA operations in the Gulf region.
Business
FAB summit explores economic opportunities, net zero transition
ABU DHABI, UAE - First Abu Dhabi Bank (FAB) is hosting a one-day summit that brings together aviation thought leaders...
- FAB recently announced that it would set financed emissions reduction targets across oil and gas, power generation and aviation.
- The summit will examine how the aviation sector will play a crucial role in supporting the UAE's objective to achieve net-zero by 2050.
Geostrategy
Iraqi Kurds await oil export renewal deal with Turkey
ARBIL, IRAQ- Officials in Iraqi Kurdistan say Baghdad is still waiting to reach a "final agreement" with Ankara to resume...
- Crude sales were Kurdistan's economic lifeblood, with 475,000 barrels exported daily via the Turkish port of Ceyhan.
- The suspension of exports represents a shortfall of around "one billion dollars", analyst Kovand Shirwani said.
Business
Dubai Supreme Council reviews progress in clean energy projects
DUBAI, UAE - Chairman of the Dubai Supreme Council of Energy Sheikh Ahmed bin Saeed Al Maktoum chaired the 76th...
- The meeting discussed the progress of the Hatta hydroelectric power plant, which DEWA is building and is 70 percent complete.
- The meeting also discussed the operation of the region’s first green hydrogen production facility to support diversifying energy sources.
Market Report
Stock markets advance on US debt, elections
Major stock markets advanced after President Joe Biden said he was "optimistic" about finding an agreement on averting a first-ever...
- The European Commission boosted its 2023 economic growth outlook for the eurozone but raised the inflation forecast for the area.
- European gas prices reached the lowest levels in almost two years as concerns about tight supplies ease heading into the summer.
Business
Dubai’s most expensive ever penthouse sells for $33 million
Dubai, UAE -- Dubai luxury real estate market transactions hit a new high in May, with a four-bedroom penthouse in...
- The 12,113-square-feet property boasts views of both the Dubai skyline and Bulgari Marina, said Driven Properties, which sold the penthouse.
- The number of transactions grew by 17 percent to 8077 in April 2023, from 6898 transactions in April 2022.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Qatar’s Producer Price Index for Feb down 0.33 percent year-on-year
Doha, Qatar -- Qatar's general Producer Price Index (PPI) for the industrial sector for February recorded 114.01 points, showing stability...
Business
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ADX signs MoU with SZSE
Business
Mac computers could reach new glory due to AI
SAN FRANCISCO, US - Forty years after igniting a PC revolution, Apple's Mac is stronger than ever and could reach new...
Business
Bahrain Q4 2023 imports increase to US$3.92bn
MANAMA, BAHRAIN - The Information eGovernment Authority (iGA) has published its foreign trade report of Bahrain for Q4 2023, covering...
Economy
Alef Group announces US$84m sales transaction at ACRES 2024
SHARJAH, UAE - Alef Group concluded its participation in the ACRES Real Estate Exhibition 2024 with resounding success, generating significant...
Business
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Business
Threat of AI-powered phishing is on the rise
"Technologies such as Generative AI presents new security challenges. The rise of automated spear phishing necessitates reevaluating our trust heuristics....
- Generative AI is driving a surge in sophisticated spear phishing, automating attacks via social media scraping and credential stuffing, transforming the cybersecurity landscape.
- The emergence of tools like WormGPT and FraudGPT on the dark web, coupled with cybercrime's ranking as the world's third-largest economy, is fueling innovative phishing techniques.
Business
Alhokair Group wins $202m contract
Alpha Facilities Contracting Company has awarded the contract.
- The contract was awarded a project by Alpha Facilities Contracting Co., an affiliate of Al Fanar Group, to provide catering services at a residential complex in NEOM.
- It is expected that the financial impact of this partnership will begin as of Q1 2024, which will contribute to strengthening the group’s business.
Business
Fit at 40: the revolutionary Apple Mac in numbers
Paris, France - Forty years ago Steve Jobs revolutionised personal computing by launching the Apple Macintosh, the first PC with a...
- The first Mac came with 128 kilobytes of memory space, one million times less than top-of-the-line MacBooks today
- Apple paid a whopping $800,000 ($2.5 million in today's money) to air the one-minute ad, seen by 77.6 million TV viewers