Saudi Arabia’s sports fund invests in DAZN streaming service
Paris, France - Saudi Arabian sports investment fund SURJ, linked to the kingdom's sovereign wealth fund, has acquired a minority stake...
Business
Economy
Kuwait’s never-ending political crisis hurts economy
It suffers from constant stand-offs between elected lawmakers and cabinets installed by the ruling Al-Sabah family, despite a parliamentary system...
- Kuwait, home to seven percent of the world's crude reserves, has little debt and one of the strongest sovereign wealth funds in the world
- The oil-rich country, posting large deficits during the Covid-19 pandemic, was buoyed by the rise in oil prices last year
Business
AD Ports launches new service to boost trade between UAE and Kuwait
Abu Dhabi, UAE-- In order to improve commercial connectivity and trade between the UAE and Kuwait, AD Ports Group launched...
- The preliminary data for 2022 has shown a rise in non-oil trade exchange between the two countries to $12 billion
- Owing to a series of partnerships, trade acitivity between the UAE and its neighboring countries has witnessed significant growth
Business
Turkey stops handling oil exports from Kurdistan region: Iraq
The Iraqi oil ministry said that Turkey stopped oil exports from Iraq's autonomous Kurdistan region on Saturday in the wake...
- Iraq had initiated the proceedings against the neighboring country in 2014, claiming exclusive rights over Kurdistan's oil exports
- The regional government in Arbil though, in defiance of Baghdad, continued to export oil through Turkey at a rate of around 450,000 barrels a day
Banks face reduced profits as CBDCs gain traction
The emergence of interoperable central bank digital currencies may lower costs and reduce settlement risks, but may hit bank revenues...
- The emergence of interoperable central bank digital currencies may lower costs and reduce settlement risks, but may hit bank revenues from cross-border transactions, warns Moody's
- Although CBDCs promise faster, cheaper, and safer services, they could diminish banks' roles in the new economic landscape, affecting revenues from cross-border payments, it adds
Market Report
Saudi Arabia’s TASI ends the week higher while UAE markets fall
Several factors contributed to the fall in UAE markets, including a decline in oil prices, worries about multinational banks' health.
- The primary index of the Abu Dhabi Securities Exchange fell by 0.5 percent, while the Dubai market's main index dropped by 0.9 percent.
- In Dubai, losses in the industrial and financial services sectors led to a 0.5 percent drop in the main index on Monday.
Business
Qatar Islamic Bank owner again offers to buy Manchester United
Manchester United have received a second Qatari bid to buy the English football giants, British media reported. The reports said...
- Bidders were initially told they had until 2100 GMT on Wednesday to submit new offers, but reports say that has been extended.
- No figures have been revealed but one or more of the initial bids were understood to be in the region of US$5.5 billion
Geostrategy
UAE highlights food, energy insecurity at G20 Finance Track meeting
CHENNAI, INDIA - The UAE spoke on food and energy insecurity and their implications in the second Framework Working Group...
- The UAE delegation highlighted emerging uncertainties in the finance sector.
- The delegation discussed effective ways to promote global financial stability.
Science
EU, Germany reach deal on fossil fuel car phaseout
BRUSSELS, BELGIUM - The European Union and Germany on Saturday said they had struck a deal after a dispute over the...
- A landmark deal to prohibit new sales of fossil fuel cars from 2035 is key to the bloc's ambitious plan to become a "climate-neutral" economy by 2050.
- Germany demanded that the EU provide assurances the law would allow the sales of new cars with combustion engines that run on synthetic fuels.
Business
Apple enjoys ‘symbiotic’ relationship with China, Cook says
Cook, who is in China to attend the high-profile China Development Forum, said "Apple and China grew together," during an...
- Cook's visit comes as Apple, the world's biggest company by market value, is trying to move production out of China
- The CEO has pledged to increase Apple's spending on its rural education program in China to 100 million yuan ($15 million)
Business
Demand for green goods grows amid global trade slow down in H2 2022: UNCTAD
The market for electric cars, solar and wind energy, green hydrogen is expected to quadruple in value by 2030 to...
- Trade in green goods grew by four percent in the second half of 2022, reaching a record $1.9 trillion in 2022
- The market for electric cars, solar and wind energy, green hydrogen is expected to quadruple by 2030 to reach $2.1 trillion
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
Saudi Arabia’s sports fund invests in DAZN streaming service
Paris, France - Saudi Arabian sports investment fund SURJ, linked to the kingdom's sovereign wealth fund, has acquired a minority stake...
Business
Company News
Latest News
MBC Group IPO plea okayed
Business
Apple’s Vision Pro headset available in US on February 2
WASHINGTON, US - Apple on Monday said it will release its highly anticipated Vision Pro mixed reality headset in the United...
Business
Energy companies to test CO2 capture in Brazil undersea oil field
PARIS, FRANCE - A consortium of Brazilian, British, French and Chinese energy firms will test new technology aimed at capturing CO2...
Business
A short history of the Boeing 737 MAX
The plane, which suffered a dramatic blowout of a fuselage panel during a flight over the US state of Oregon,...
Business
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Business
Qatar sees 36.1 percent surge in visitor arrivals in Nov 2023
Doha, Qatar -- Qatar witnessed a 36.1 percent increase in the number of inbound visitors in November 2023, compared to...
- The highest number of visitors was from the Gulf Cooperation Council (GCC) at 46 percent.
- The total number of registered new vehicles during November 2023 has reached 8046 new vehicles.
Business
Rolls-Royce makes record deliveries
It delivered 6,032 cars in 2023, the highest in its 119-year history.
- The United States was the group's biggest market in 2023, followed by China.
- The emblematic British car brand became part of German auto giant BMW in 1998.
Business
Baims acquires Orcas Edtech
The firm plans to incorporate one-to-one tutoring services.
- Baims specializes in providing online tailored recorded courses for university students in Saudi Arabia, Kuwait, Bahrain, and Jordan.
- Capitalizing on its market share in Saudi Arabia, Baims is poised to launch a specialized AI-driven test preparation product.