Chinese electric car maker BYD aims for Europe boost
Chinese carmaker BYD on Thursday vowed to conquer Europe with a new compact electric model and super-fast charging capability to...
Business
Economy
Iraq, Iran sign MoU to build railway track linking two nations
The railway track will connect Iran's southwestern town of Shalamcheh with Basra in Iraq in what will be the first...
- The laying of railway line has been long in the making, with two MoUs having been signed in 2011 and 2013, but the project was halted due to legal and economic problems
- Considered to be a strategic event in the region, the new MoU came about after the current governments of the two countries evinced a renewed interest in the project
Business
MENA region startup funding falls to 2018-19 levels
Factors contributing to the slowdown include the aftermath of SVB crisis, Eid and Easter holidays, and the global decrease in...
- Factors contributing to the slowdown include the aftermath of SVB crisis, Eid and Easter holidays, and the global decrease in investment in tech startups due to Ukraine war
- Despite the decline, two deals worth US$35 million each were announced in May, indicating a potential slowdown rather than a complete lack of investment in the region
Business
Dubai real estate sector strengthens on investors’ confidence
The present market conditions indicate that investing in real estate assets, especially in beachfront destinations, is opportune. These destinations are...
- Despite global crises, the emirate's thriving market, dynamic economy, favorable government policies, and robust infrastructure entice both local and international investors
- Beachfront destinations are expected to drive significant growth in the sector as the UAE's real estate serves as a hedge against inflation and a safe haven investment
Geostrategy
Jordanian-American committee discusses trade, food security
AMMAN, JORDAN - The ninth session of the Joint Jordanian-American Committee, which was held in the United States, discussed cooperation...
- The Jordanian delegation urged US investors to enhance investment in the Kingdom.
- The delegation thanked US for its continuous support to Jordan in several sectors.
Business
Poll: Competence, quality key to boost GCC logistics
The TRENDS poll highlights the need to invest in transportation infrastructure, streamline customs procedures, and improve warehousing and distribution capabilities.
- The TRENDS poll highlights the need for GCC nations to invest in transportation infrastructure, streamline customs procedures, and improve warehousing and distribution capabilities
- The UAE emerges as a leader in quality infrastructure, ranking first in the MENA region and 11th globally in the Quality Infrastructure Index for Sustainable Development, it adds
Geostrategy
Japan, South Korea eye detente as North Korea threat looms
Japan's Prime Minister Fumio Kishida said his "heart aches" for Koreans who suffered under colonialism, as Seoul and Tokyo seek...
- Tokyo and Seoul have long been at odds over historic issues linked to Japan's brutal 1910 to 1945 colonial occupation of the Korean peninsula.
- Bilateral ties were torpedoed in 2018, when South Korea's Supreme Court ordered Japanese firms to compensate the wartime victims of forced labor.
Business
Alba posts Q1 profit drop
The aluminium giant's profit fell 68% to US$126.2mn.
- The company's total equity at the end of March 2023 stood at $4.62 billion, a 5 percent drop to $4.84 billion as of December 31, 2022
- Demand for aluminium fell across the Middle East by 6 percent with Bahrain's consumption falling by 9 percent, and UAE's by 6 percent
Economy
Iran reports 32% increase in wheat output in April and May
Tehran, Iran--Iran has reported a large increase in its purchases of domestically-grown wheat in the months of April and May....
- The country's southwestern province of Khuzestan accounted for 623,000 mt of wheat supply delivered to GTC silos during the months of April and May
- The Islamic Republic purchases a big chunk of wheat from growers in the country under a program that offers them favorable prices and transportation
Business
Jordan-Iraq business forum to begin in June, seek deeper trade ties
Amman, Jordan-- Seeking to widen its economic and trade ties with Jordan, the Iraqi Business Council (IBC) will organize the...
- The forum will focus on sectors such as energy, mining, construction, IT, real estate development, finance, telecom, and industry
- Both countries seek to promote investment in several fields, establish joint partnerships, and enhance trade and investment exchange
Economy
Amman Chamber exports rises to US$565m in January- March 2023
AMMAN, JORDAN - The Amman Chamber of Commerce (ACC)'s export of goods and commodities to Arab and other countries increased...
- Jordanian exports to Iraq was of US$217 million, to Switzerland at about US$103 million in January- March 2023.
- Jordanian exports to the UAE was about US$59 million, Egypt at US$42 million in January- March 2023.
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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
Company News
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Shell eyes $6bn in Nigeria
Business
Saudi Arabia to host WEF special meeting in April
Davos, Switzerland — Saudi Arabia will host a special meeting of the World Economic Forum (WEF) in Riyadh this April, Saudi...
Economy
IEA says oil production to rise but demand to be halved in 2024
Paris, France - World oil supply will continue to rise this year, the International Energy Agency said on Thursday, as it...
Business
Most Read
Business
Akasa Air orders 150 Boeing planes
Akasa Air will buy 737 MAX planes, which no Indian airline uses.
- Akasa Air chief said the 'historic' order would put the firm on the path to "becoming one of the top 30 leading airlines in the world"
- Akasa has been a strong Boeing backer, having ordered 72 aircraft in 2021, and another four in 2023
Business
Demand for lifestyle experiences in GCC has increased: SHG CEO
Dubai, UAE -- Sunset Hospitality Group (SHG) is more than just a collection of hotels, restaurants, and beach clubs. Renowned...
- Antonio Gonzalez, CEO of Sunset Hospitality Group said that Dubai remains a key area of focus for the Group.
- The Group will now be entering Portugal over the next two months, its most recent market addition.
Business
Google CEO says more layoffs are likely this year
SAN FRANCISCO, US - Google CEO Sundar Pichai has warned employees that more layoffs are in store at the search engine...
- Google laid off around 12,000 people this time last year, about six percent of its workforce, in the face of inflation and rising interest rates.
- The company confirmed it is eliminating "a few hundred" positions from its global ad team, amid a push to use AI for efficiency and creativity.