Saudi leads MENA in VC funding for H1, surpassing 2024’s full-year total
Riyadh, Saudi Arabia --Â Saudi Arabia retained the top spot across the Middle East and North Africa region in terms of...
Business
The $10 mn bag: Original Birkin smashes records at Paris auction
Paris, France -- The first-ever Birkin bag designed by French luxury brand Hermes for celebrity Jane Birkin sold for 8.58...
Arts & Culture
Science
UAE issues decree on use and distribution of hydrofluorocarbons
Dubai, UAE-- The UAE's Ministry of Climate Change and Environment has issued a decree on the use and distribution of...
- Referred to as refrigerant gases responsible for intensifying global warming and depletion of the ozone layer, HFCs are categorized among greenhouse gases
- The UAE has been at the front of attempts to restore the ozone layer's protective capacity since joining the Convention in 1989 and the Protocol in 1990
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.
Saudi leads MENA in VC funding for H1, surpassing 2024’s full-year total
Riyadh, Saudi Arabia --Â Saudi Arabia retained the top spot across the Middle East and North Africa region in terms of...
Business
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UAE signs pact to develop digital infrastructure in Greece Â
ABU DHABI, UAE - The Ministry of Investment of the UAE and the Ministry of Digital Governance of the Hellenic...
Geostrategy
Dubai records weeklong real estate transactions worth $3.13 billion
Dubai, UAE -- Dubai recorded real estate transactions valued at AED 11.5 billion ($3.13 billion) during the week ending 2...
Business
Hosts Qatar embrace ‘positive pressure’ of Asian Cup title defense
Doha, Qatar -- Qatar coach Tintin Marquez said Friday they relish the "positive pressure" of trying to retain their Asian Cup...
Arts & Culture
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Business
Naver profit jumps 129% in Q4
The company said it posted a net profit of US$227.4 million.
- The firm, in 2022, paid nearly $1.2 billion for Poshmark, a US online marketplace for used clothing
- The tech firm's content business was driven by the growth of webtoons -- Internet-based comic strips
Business
Saudi Crown Prince announces new company to boost Kingdom’s global tech status
Riyadh, Saudi Arabia — Saudi Crown Prince Mohammed bin Salman on Thursday launched a new company called Alat geared to...
- The company, chaired by the Crown Prince, aims to enhance the capabilities of the Saudi technology sector
- It aims to create 39,000 direct jobs and achieve a direct non-oil GDP contribution of $9.3 billion
Business
GCC banks to maintain resilience in 2024, says S&P Global
Abu Dhabi, UAE--Despite geopolitical uncertainties and potential economic headwinds, S&P Global expects GCC banks to maintain their well-capitalised, profitable, and...
- The UAE and Saudi banking systems are expected to lead the region and credit growth and profitability will remain robust
- The ratings agency however warned that potential risks, including geopolitical tensions and real estate exposure, remain