DAE to acquire 17 aircraft for $1 bn
This portfolio comprises 100 percent next-generation aircraft
Business
Tech and sustainability drive Singapore’s smart tourism vision
To realize its vision for “smart tourism”, Singapore Tourism Board is leveraging cutting-edge technologies like artificial intelligence, data analytics, and...
Interview
Business
Norway’s sovereign wealth fund posts $84 billion quarterly profit
According to a ranking by the Sovereign Wealth Fund Institute (SWFI), the Norwegian fund is the biggest in the world,...
- The robust showing, representing a return of 5.9 percent, erases about half of the fund's massive $165.4-billion loss last year amid turbulence over the start of the war in Ukraine
- The fund, one of the world's biggest investors, was worth a dizzying $1.34 trillion at the end of March, or almost $245,000 for each of Norway's 5.5 million inhabitants.
Musk all the way: Pope loses Twitter verification Tesla’s stock fall, rocket explodes
Shares of Tesla slumped after reporting a drop in quarterly earnings and hinting the Musk-led company could face further profit...
- Twitter began the mass removal of blue ticks, with the symbol previously signifying a verified account vanishing from users including the Pope, Trump and Justin Bieber
- Despite the failure to complete the flight test and reach orbit, SpaceX and Musk, the founder and CEO of the private space company, declared it a success
Business
Digital platforms are transforming the way GCC countries attract investments
Since the beginning of 2023 alone, three digital and physical platforms have been launched by Qatar, Oman and Kuwait to...
- The Qatar Investment Promotion Agency launched the latest Gulf investment platform on April 4, 2023
- The most prominent investment platform in the UAE is "Invest in Dubai", launched in February 2021
Business
Bahrain: The ultimate destination for natural pearl lovers
Customers at a Bahrain jewellery store study displays of pearls that are, unusually, 100 percent natural -- the result of...
- While rare elsewhere, natural pearls prised from seabed oysters by divers are the only variety produced in the Gulf kingdom, which is fiercely proud of its pearling tradition
- A tiny island state neighbouring Qatar, Bahrain is the sole country worldwide to have banned the cultivation of artificial pearls, which have flooded the market since the 1920s
Market Report
Stock markets slip on auto woes, economy fears
Global equities mostly slid on auto sector woes and economic fears about the prospect of more interest rate hikes aimed...
- The dollar fell against its main rivals and crude oil tanked more than two percent.
- Europe's main equity markets were mostly lower after a mixed session in Asia.
Business
Nokia Q1 earnings down
Nokia's share price was down seven percent at $4.35.
- Nokia's earnings per share amounted to six cents, weaker than the seven cents expected in a survey of analysts by financial data firm FactSet.
- Despite the mixed results, Nokia remains on track to "deliver another year of growth in 2023," said an official.
Business
Dubai real estate sector deals increase by 80% in Q1 to $42.75 billion
Dubai, UAE – Dubai’s real estate sector recorded deals worth AED157 billion ($42.75 billion) in the first quarter of 2023,...
- Transactions worth AED528 billion were recorded during the year 2022, a 44.7 percent increase in volume and 76.5 percent increase in value compared to 2021.
- The number of new investors entering the emirate’s real estate market in Q1 2023 rose to 13,338, a 12 percent growth from Q1 2022
Science
SpaceX Starship, world’s biggest rocket, explodes during first flight test
Starship, the most powerful rocket ever built, exploded during its first flight, but Elon Musk congratulated his SpaceX team on...
- The Starship spacecraft that will eventually carry crew and cargo had been scheduled to separate from the first-stage rocket booster three minutes into the flight.
- Despite the failure to complete the full 90-minute flight test and reach orbit, SpaceX and Musk, the founder and CEO of the private space company, declared it a success.
Economy
WTO, WBG, WEF launch scheme for trade, climate mitigation efforts
GENEVA, SWITZERLAND - The World Trade Organization (WTO), the World Bank Group (WBG) and the World Economic Forum (WEF) on...
- The initiative Action on Climate and Trade (ACT) . which starts with a pilot phase, will focus on working with participating developing economies.
- ACT will provide participating economies with tailored insights so that they can plan for the impacts of climate change on trade.
Economy
EU parliament approves sweeping cryptocurrency rules
The European Parliament approved the comprehensive rules to regulate the "Wild West" world of cryptocurrencies, hoping to protect investors against...
- Under the regulation known as Markets in Crypto Assets (MiCA), cryptoasset service providers (CASPs) must protect customers' digital wallets.
- Large providers will also have to disclose their energy consumption as part of the EU's efforts to reduce cryptocurrencies' high carbon footprint.
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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
DAE to acquire 17 aircraft for $1 bn
This portfolio comprises 100 percent next-generation aircraft
Business
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Pure Health announces IPO
Business
Mumtalakat, Investcorp ink pact
Business
Qatar Chamber and CzechTrade look to boost trade cooperation
Doha, Qatar--Qatar and Czech Republic are looking to ramp up trade and investment cooperation between the two countries. In this...
Business
DEWA unveils new distribution substations
It commissioned 1,414 substations of 11kv in Dubai.
Business
GCC’s cybersecurity dynamics: The two sides of AI
In the GCC's evolving cybersecurity realm, AI integration is crucial, driving economic growth and transforming defense strategies against complex cyber...
Business
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Business
PureHealth buys Circle Health
The deal signifies PureHealth’s operational capabilities.
- The completion of this transaction further strengthens PureHealth’s commitment to becoming a leading global player in healthcare.
- The company’s expansion into the UK healthcare market reflects its focus on advancing the science of longevity and unlocking time for humanity.
Business
Global personal computer shipments decline 14.8 percent in 2023
DUBAI, UAE - Worldwide PC shipments totaled 63.3 million units in the fourth quarter of 2023, a 0.3 percent increase...
- PC shipments reached 241.8 million units in 2023, a 14.8 percent fall from 2022.
- This is the first time that shipment volume has dipped below 250 million since 2006.
Business
Retail investors on Tadawul rise to 6.05 million in third quarter 2023
Riyadh, Saudi Arabia -- The number of individual investors on the Saudi Exchange (Tadawul) reached 6.05 million by the end...
- Argaam reported that the number of male investors reached 4.48 million in Q3 2023, while the number of female investors grew to 1.58 million.
- The number of portfolios, which is almost twice the number of investors, indicates that some investors have more than one investment portfolio.