Microsoft laying off several thousand employees
San Francisco, United States -- Microsoft on Wednesday said it was slashing a little less than four percent of its...
Business
Meta spending big on AI talent but will it pay off?
New York, United States - Mark Zuckerberg and Meta are spending billions of dollars for top talent to make up...
Business
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
Business
Japan’s investment in Egypt soars, but bilateral trade contracts
Cairo, Egypt-- Egypt's trade with Japan dropped 26.3 percent to US$1.1 billion in 2022, but the value of Japan's investments...
- In 2022, Egypt sent exports worth $261 million to Japan, including fuel, minerals, fruit, iron and steel products, carpets, and animal feed
- Japan exported goods worth $889 million to Egypt in 2022, including boilers, machinery, equipment, cars, tractors, bicycles and pharmaceutical products
Business
AD Ports Group buys 5 bulk carriers, 3 crude oil tankers
Abu Dhabi, UAE – AD Ports Group has announced its plans to expand its fleet with the acquisition of five...
- The five bulk carriers, worth approximately $125 million, will be purchased from Saif Powertec as part of a long-term agreement signed in April 2022
- The deal involves the transportation of general bulk cargo between the UAE's Fujairah Port and destinations like the Indian subcontinent and Southeast Asia
Economy
Saudi CMA cancels its share in sukuk, bonds trading commission
Riyadh, Saudi Arabia--The Capital Market Authority (CMA) has announced the cancelation of its share in sukuk and bonds trading commission...
- It is designed to lower costs for participants in the market, boost liquidity and expand domestic investors' based in government debt issues
- With this step, the CMA hopes to develop a diversified financial sector and create an advanced capital market in line with the Vision 2030 objectives
Economy
UAE to deepen economic ties with Morocco in several sectors
Rabat, Morocco-- Seeking to deepen its investments in Morocco, which stood at US$14 billion at the end of 2021, the...
- Having invested US$14 billion at the end of 2021, the UAE is the largest Arab investor in Morocco and second in the world
- The UAE and Morocco will double the volume of trade and investment during the next few years and also ramp up cooperation in many sectors
Business
Alkhaleej Insurance posts profit
Its net profit soared 33% to US$7.49mn for Q1 of 2023.
- Its EPS stood at QR 0.107 at the end of March 31, 2023 as against EPS QR 0.080 for the same period in 2022
- Qatar Islamic Insurance reported a 7.16 percent jump in the net profit to $8.04 million in net profit in the first three months of 2023
Jewellery with Nazi links set to fetch $150mn at Christie’s auction
Four hundred of the Horten lots will be sold at Christie's Geneva auction house from May 10 to 12. According...
- Christie’s will offer 700 lots from Horten’s collection, including "unique and exceptional pieces" from 20th-century designers including Cartier, Harry Winston and Bulgari
- The sale could eclipse previous records set by Christie's in sales of properties that belonged to actress Elizabeth Taylor in 2011 which exceeded $100 million
Business
Abu Dhabi aims to draw 24 million visitors by end of 2023
Abu Dhabi, UAE--The emirate of Abu Dhabi is looking to draw some 24 million visitors by the end of 2023,...
- In 2022, the Abu Dhabi hotel occupancy rate touched 70 percent as 18 million visitors trooped into the emirate, posting a 13 percent jump
- The emirate received the highest number of international visitors from India, Saudi Arabia, the United Kingdom, and the United States
Business
Enhanced governance, financial control crucial for SMEs’ growth in Gulf region, says expert
Despite significant rise in SMEs across GCC, there is still room for improvement in terms of governance, bringing in external...
- Despite significant rise in small businesses across GCC, there is still room for improvement in terms of governance, bringing in external shareholders, says Rabih I. Khoury of MEVP
- Reducing political friction and achieving economic and political stability will help regain consumer confidence and encourage longer-term investments, adds Khoury
Business
UAE, Morocco discuss ways to strengthen trade relations
Rabat, Morocco - The UAE is keen to strengthen economic and trade relations with Morocco, in a way that enhances...
- The two sides discussed the importance of intensifying mutual investments in areas of technology, cyber security and artificial intelligence.
- They also discussed launching a new program to support agricultural investments and stimulating joint cooperation.
Microsoft laying off several thousand employees
San Francisco, United States -- Microsoft on Wednesday said it was slashing a little less than four percent of its...
Business
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AviLease, SDH Wings Sign MoU
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AD Ports launches Noatum Logistics Middle East
The firm said the new brand will replace MiCCO Logistics.
Business
QatarEnergy, Excelerate sign agreement
Under the 15-year deal, they will supply LNG to Bangladesh.
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Business
Iran and Turkey to set up free trade zone at border in Khoy city
Tehran, Iran--Iran and Turkey will join hands to set up a free trade zone at the border crossing in Khoy...
- The talks to establish the free trade zone were held between Iranian president Ebrahim Raisi and Turkish president Recep Tayyip Erdogan
- An Iranian official said the large-scale investments of the two nations in this free trade zone can rebound the economy at a wider level
Business
SAIF Zone signs MoU with Tokai Optical
The Japanese firm will lease a warehouse in the free zone.
- The leasing of the warehouse marks the first phase of Tokai Optical's expansion in SAIF Zone, representing an investment of around $2.17m
- The firm figures among the top 5 lens manufacturers worldwide and is positioned among the top 3 companies in research and development
Business
CBDCs, DeFi and AI boost FinTech innovation in GCC
The GCC's FinTech sector is booming with CBDCs revolutionizing cross-border transactions and a surge in innovations boosting financial inclusivity, efficiency,...
- The GCC's FinTech sector is booming with CBDCs revolutionizing cross-border transactions and a surge in innovations boosting financial inclusivity, efficiency, and accessibility.
- In the Middle East, unique dynamics in decentralized finance and cryptocurrencies, coupled with a projected 25% annual growth in open banking, are driving financial innovation.