Future of Humanity – TRENDS’ yearly Special Issue now online
Dubai, UAE -- TRENDS’ yearly Special Issue is out. This year’s edition, titled Future of Humanity, explores key global shifts...
Geostrategy
Billionaire Bezos announces restrictions on Washington Post opinion coverage
Washington, United States - The Washington Post will no longer run views opposed to "personal liberties and free markets" on...
Business
Business
Red Cross to cut 1,500 jobs over funding crunch
GENEVA, SWITZERLAND - The Red Cross announced Tuesday that it would cut 1,500 jobs over the next 12 months in a...
- The Red Cross said an expected drop in humanitarian assistance budgets over the next two years was forcing it to make significant cuts.
- The Geneva-based organization said its governing board on March 30 had approved US$474 million in global cost reduction through early 2024.
Business
Virgin Orbit files for bankruptcy, plans to sell business
Virgin Orbit, the satellite launch company founded by Richard Branson, has filed for Chapter 11 bankruptcy and will sell the...
- Virgin Orbit suffered a major setback earlier this year when an attempt to launch the first rocket into space from British soil ended in failure.
- The company had organized the mission with the UK Space Agency and Cornwall Spaceport to launch nine satellites into space.
Business
Iraq, Kurdish region sign accord to resume oil export
The deal, thrashed out in talks between federal and regional officials, spells the end of independent oil exports by the...
- The agreement was signed in Baghdad in the presence of Prime Minister Mohamed Shia al-Sudani and Kurdish premier Masrour Barzani.
- The deal comes two days after Iraq, Saudi Arabia and several other major oil exporters announced a sharp reduction in their production from May.
Videos
Saudi Arabia hub of big healthcare firms
The current healthcare expenditure in the Gulf Cooperation Council region is expected to reach $135 billion in 2027, implying an...
- The kingdom will need 19,000 to 20,000 additional hospital beds by 2030, which calls for an investment of $33.8 billion to $35.6 billion.
- Saudi Arabia's healthcare has seen tremendous growth and it continues to be one of the few sectors that have not been affected by economic fluctuations.
Business
SEC to raise $2bn from sukuk
The firm announced 10-year and 30-year tranches.
- The firm offered a total of 10,000 bonds in the 10-year green sukuk tranche of $1.2 billion and a 30-year conventional tranche of $800 million.
- The sukuk offering was made under the company’s newly established international sukuk program. Reportedly, the two tranches drew more than $15 billion in demand.
Business
Prominent firms in DIFC to tap into wealth across region
DUBAI, UAE - Over 300 prominent wealth and asset management (WAM) firms have established themselves in Dubai International Financial Center...
- The financial center's 300 wealth and asset management firms should help in providing a conducive environment for businesses in the region.
- DIFC's world-class legal and regulatory framework and access to competitive markets have bolstered the depth of its asset management ecosystem.
Business
Dogecoin price surges Musk changes Twitter logo to ‘meme dog’
His decision to change the logo to a Shibu Inu dog, whether permanent or another short-lived joke, caused the price...
- The Shiba Inu dog became a popular meme in 2013 when posters on forums like Reddit and 4chan began using its pictures alongside messages written in broken English.
- The cryptocurrency was launched as a joke later that year and remained largely without value for years -- like thousands of other coins.
Business
Credit Suisse chiefs apologize to shocked shareholders
ZURICH, SWITZERLAND - Credit Suisse chairman Axel Lehmann said Tuesday he was "truly sorry" that the beleaguered bank could not be...
- The 167-year-old bank's final AGM was the first chance Credit Suisse shareholders had to voice their frustrations.
- "I can understand the bitterness, the anger and the shock of all those affected," Credit Suisse chairman Axel Lehmann said.
Business
Hotpack to build plant in KSA
The packaging plant will be one of the largest in the world.
- The company signed an MoU with the kingdom's Ministry of Investment and the Ministry of Industry and Minerals for the project that will cost 1 billion Saudi riyals ($266 million).
- With an expected employment to the tune of 1200, the project will also help Hotpack to acquire a significant market share in Saudi Arabia, the statement added.
Business
AD Ports Group gets $2bn corporate loan from 13 banks’ syndicate
Abu Dhabi, UAE - AD Ports Group on Tuesday announced the signing of a General Corporate Facility agreement with a...
- The multi-currency facility includes three tranches amounting to EUR 600 million, US$620 million, and AED2,863 million
- The demand for the facility was overwhelming, with commitments of US$7.4 billion in total from the participating banks
Most Read
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
Future of Humanity – TRENDS’ yearly Special Issue now online
Dubai, UAE -- TRENDS’ yearly Special Issue is out. This year’s edition, titled Future of Humanity, explores key global shifts...
Geostrategy
Company News
Latest News
Gulf Air hit by data breach
Economy
Bullish Bitcoin: Halving looms, miners face squeeze
Bitcoin’s mass adoption is growing and projected in the next four years to have around 1 billion users.
Business
Saudi, UAE report highest levels of gross debt
Among the Arab countries, Egypt recorded the highest debt-to-GDP ratio of 92.7 percent while US and China are on an...
Infographics
Five new residency programs to attract talent to Saudi Arabia
These residency products offer several benefits, including the ability to conduct business and invest in Saudi Arabia, own real estate,...
Business
Most Read
Business
UAE and India sign MoUs to deepen ties in renewable energy, healthcare
Abu Dhabi, UAE--The UAE Ministry of Investment has signed three memorandums of understanding (MoUs) with India, setting out frameworks for...
- Trade between the UAE and India touched $84.5 billion between April 2022 and March 2023, and is expected to reach $100 billion by 2027
- The MoU in the renewable energy focuses on forging effective collaboration by building relationships between public and private organizations
Business
GCC telecom firms turn to Europe, Asia for expansion
Wielding piles of cash and cutting-edge technology, many Arab telecom firms are scouting overseas markets to expand business beyond home...
- Lower valuations of international telecom companies are enticing GCC companies to venture into newer markets with a lot of potential for growth
- Many experts feel expansion will provide diversification of the portfolio beyond the GCC to mitigate risks associated with economic fluctuations
False tweet from US regulator briefly sends bitcoin soaring
The jump in the price of bitcoin to almost $48,000 came immediately after the SEC published a message on its...
- Just after 4 pm local time, the price of the world's largest digital currency in terms of circulation surged towards its highest level for more than 22 months, before falling again
- "The unauthorized tweet regarding bitcoin ETFs was not made by the SEC or its staff," an US Securities and Exchange Commission's spokesperson later told AFP