Saudi table egg production crosses 8 billion, achieves 100% self-sufficiency
Riyadh, Saudi Arabia -- Saudi Arabia's poultry sector has reached complete self-sufficiency in table egg production, with output surpassing 8...
Business
Geopolitical tensions buffet markets, gold and oil prices climb
Gold and oil prices climbed on fears of escalating tensions in the Middle East after Israel launched its most intense...
Business
Business
Morgan Stanley to cut 3,000 jobs after drop in profit
In the wake of reporting a drop in profit during the first three months of the year, the bank aims...
- According to media reports, the bank at the end of last year trimmed nearly 2 percent of its staff or some 1,600 positions
- Financial institutions have been hit hard by a slump in dealmaking caused by the Fed's fight against inflation and the banking crisis
Business
Over 3.8m passengers transit through Sharjah Airport in Q1 of 2023
SHARJAH, UAE - Over 3.8 million passengers traveled through Sharjah Airport in the first quarter of 2023, recording a 28.01...
- The aircraft movement in Q1 of 2023 rose by 9.02 per cent, with 23,261 flights compared to 21,336 flights during the same period in 2022.
- There have been continued efforts by Sharjah Airport Authority to increase passenger numbers and aircraft movements.
Business
Book industry needs to focus more on sustainability
She was highlighting key industry challenges such as environmental pressures and rising costs, during the opening of the Sharjah International...
- Prominent booksellers, publishers, and experts from 69 countries participate in Sharjah International Booksellers Conference, which facilitates discussions on industry trends
- Sustainability, generative AI, industry transformation remain prime focus of the discussion as Sharjah emphasizes the importance of collaboration and effective communication
Business
Eshraq to buyback shares
The share buyback is expected to enhance shareholder value.
- The shareholders recommended Eshraq increase the shareholder distribution via an increased share buyback program.
- The buyback will capitalize on the current share price discount compared to the company’s book value.
Business
ADNOC and TotalEnergies sign agreement to export LNG globally
Abu Dhabi, UAE - ADNOC Gas announced Monday a three-year supply agreement with the TotalEnergies Gas and Power Limited for...
- Under the deal, ADNOC Gas will supply TotalEnergies LNG, which will be delivered to various export markets around the world.
- "This agreement reflects our commitment to meeting the needs of our customers by offering supply security," said CEO ADNOC Ahmed Alebri.
Business
Etihad Cargo introduces weekly flights to fourth Chinese destination
Abu Dhabi, UAE - Etihad Cargo added a fourth gateway destination to its Chinese network with the introduction of weekly...
- With the start of two weekly freighter services between Abu Dhabi and Wuhan, Etihad Cargo will operate a total of ten freighter services to China.
- The flights between Abu Dhabi and Wuhan will give Etihad Cargo's partners and customers greater accessibility to 25 domestic Chinese destinations.
Business
AD Ports Group purchases bulk carriers, crude oil tankers
ABU DHABI, UAE - AD Ports Group has announced plans to expand its fleet by purchasing five bulk carriers and...
- These vessel acquisitions will follow the recently signed agreements as part of the Group’s strategic global expansion objectives.
- The five bulk carriers, to be purchased for AED459 million, form part of the long-term agreement with Saif Powertec, signed in April 2022.
Economy
Qatar’s industry PPI down by 2.56 percent in March
The Planning and Statistics Authority (PSA) said Monday , the PPI of March 2023 for the Mining and Quarrying showed...
- The PPI include four main industry sectors-- mining (82.46 percent), manufacturing (15.85 percent), electricity (1.15 percent) and Water (0.52 percent).
- The prices decrease is seen in refined petroleum products by 2.39 percent, followed chemicals and chemical products by 0.95 percent
Science
Bahrain free of India-made ‘contaminated’ cough syrup
Manama, Bahrain - Bahrain has taken steps to ban from its markets the contaminated cough syrups made in India in...
- The National Health Regulatory Authority (NHRA) on Sunday confirmed that the Kingdom's markets are free of Indian cough syrup
- The Authority has reassured the public that it is committed to ensuring the safety of medicines and pharmaceuticals circulating in the Kingdom
Business
US regulators seize First Republic Bank, sell to JPMorgan Chase
With its assets standing at $233 billion at the end of March, First Republic would be the second largest bank...
- JPMorgan will assume "all deposits, including those uninsured, and a majority of the assets," California's Department of Financial Protection and Innovation said
- First Republic had failed to come up with a workable rescue plan and last week disclosed that it had lost more than $100 billion in deposits in the first quarter
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Saudi table egg production crosses 8 billion, achieves 100% self-sufficiency
Riyadh, Saudi Arabia -- Saudi Arabia's poultry sector has reached complete self-sufficiency in table egg production, with output surpassing 8...
Business
Company News
BAT takes shock $32bn hit
Business
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Meta, IBM tie up to develop AI
Business
Qatar to set up Centre for Fourth Industrial Revolution
Davos, Switzerland -- The war in Ukraine, tensions in the Middle East, monetary policy in 2024, jobs, equitable economic growth,...
Business
Emirates Steel Arkan signs $2bn deal
The 5-year, iron-ore pellets supply deal was signed with BSC.
Business
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Economy
UAE launches new ‘EcoMark’ green accreditation framework for MSMEs
Davos, UAE - The UAE has announced plans to develop the first-ever sustainability accreditation framework explicitly for micro, small and...
- The EcoMark certification, which is based on ISO standards and digitally enabled, will include a full suite of resources to help MSMEs attain EcoMark status
- Launching the initiative, UAE minister Al Zeyoudi stressed that MSMEs have a pivotal role in driving the transition toward a lower carbon economy
Business
Watch: Experts discuss how Arab world reshapes future
At the HUB Davos 2024 conference, UAE's Minister of Economy Abdulla Bin Touq Al Marri highlights the nation's commitment to...
- Amid the regional challenges, the Arab world showcases its resilience and forward-thinking at the World Economic Forum in Davos.
- Sessions by TRENDS under 'The Arab Future' theme focus on the Middle East's economic future and the burgeoning Creator Economy.
Economy
Gold extends slide after Fed dampens March rate cut hope
Dubai, UAE - Gold prices extended losses on Wednesday as the US dollar strengthened after comments from a Federal Reserve...
- Spot gold was down 0.2% at $2,023.49 per ounce, as of 0415 GMT, after stooping 1.3% in the previous session - its biggest single-day decline since 4th December 2023
- The US Dollar Index, which gauges the dollar's strength against a basket of major currencies from key US trading partners has surpassed the 103.30 level