Stocks mostly rise, oil falls as Trump fans Ukraine peace hopes
London, United Kingdom -- Major stock markets mostly rallied and oil prices retreated Thursday on hopes for an end to the...
Business
Altman rejects Musk’s US$97.4 billion bid to buy OpenAI, as feud continues
After receiving backing from his OpenAI board, Sam Altman informed an Elon Musk-led group of investors that sought to buy...
Geostrategy
UAE, Serbia discuss cooperation in R&D, innovation
BELGRADE, SERBIA - UAE Minister of State for Public Education and Advanced Technology Sarah Al Amiri discussed cooperation in research...
- The UAE minister discussed ways to enhance cooperation between the two nations in her visit to Serbia.
- She also discussed ways and means to strengthen the education system and vocational schools.
Business
AD Ports to invest $200m for building port in Egypt, signs 5 pacts
Dubai, UAE -- AD Ports Group said Sunday it has signed a concession agreement to develop and operate a multi-purpose...
- These agreements are aimed at enabling a major expansion of the AD Ports’ activities into Egypt, the Group said in a statement.
- Safaga terminal will be developed over an approximate area of 810,000 square meters and is set to be operational in Q2 2025.
Business
Qatar-France trade grows to US$4.5bn, in sign of warming ties
Doha, Qatar--In a sign of growing business ties between Qatar and France, trade between the two countries has increased by...
- Qatar Chamber took part in the Arab French Economic Summit 2023 in Paris run under the theme "a partnership that must be forged in a world in crisis"
- Khalifa bin Jassim Al-Thani, Chairman of Qatar Chamber, affirmed his keenness to enhance cooperation between the Qatari and French private sectors
Business
Qatar releases blockchain ‘blueprint’ to foster climate for entrepreneurship
Doha, Qatar-- Qatar’s Communications Regulatory Authority (CRA) released the National Blockchain Blueprint prepared in partnership with Hamad Bin Khalifa University...
- The initiative is designed to build a legislative basis for blockchain, establishing a strong foundation for the government’s strategy in this sector
- The blueprint outlines critical blockchain prerequisites and offers suggestions for attaining the intended goals
Business
Tadawul market cap vaults 477% to US$2.6trn over last 5 years: CMA
Riyadh, Saudi Arabia-- The market capitalization of Tadawul, the Saudi stock exchange, has shot up 477 percent to $2.6 trillion...
- Yazid Al-Dumaiji disclosed that there are almost 80 applications under review for initial public offering (IPOs)
- He said Tadawul witnessed a rise of 388% in foreign investments to reach a historical level of US$93 billion in 2022
Business
SVB crash may hit GCC investments in US tech firms
Saudi Arabia and US tech firms have numerous partnerships and investments, with the PIF investing over US$7bn in American companies...
- Saudi Arabia and US technology firms have numerous partnerships and investments, with the PIF investing over US$7bn in American companies and banks, with key focus on tech sector
- Middle East startups, however, have become resilient and resistant to setbacks, with a well-established network of startup incubators in Dubai, Abu Dhabi, Riyadh, Manama, and Doha
Geostrategy
Ukraine grain deal extended, says Turkey’s President
Turkey announced the extension of a deal that has allowed exports of Ukrainian grain to resume following Russia's invasion, but...
- Turkey and the United Nations did not specify the duration of the grain deal.
- A deal brokered by Turkey and the United Nations in July 2022 - and signed by Kyiv and Moscow - had allowed for the safe passage og grain supplies.
Geostrategy
Jordan Chamber of Commerce, Hungarian envoy discuss economic ties
AMMAN, JORDAN - Vice President of the Jordan Chamber of Commerce (JCC) Jamal Rifai discussed with Hungarian Ambassador to Jordan...
- The joint Jordanian-Hungarian committee aims to present investment opportunities in the two countries.
- In 2022, Jordan's exports to Hungary was worth US$1.15 million and imports were US$34 million, as per official data.
Economy
S&P, Moody’s revise Saudi Arabia’s outlook to ‘positive’
Riyadh, Saudi Arabia -- The global credit rating agency S&P Global Ratings updated its credit report for Saudi Arabia, raising...
- The agency highlighted the kingdom's strong real GDP growth of 8.7 percent in 2022, the highest among the G-20 economies
- It forecasts the non-oil sector to remain strong through 2026 due to service sector growth supported by the ongoing social reforms
Business
UAE banks provide $23bn in financial facilities to SMEs in 2022
Abu Dhabi, UAE – The UAE banks provided AED 83.3 billion ($23 billion) in financial facilities to small and medium-sized...
- Loans to SMEs accounted for 10.4 percent of the total accumulated balance of financial facilities for the trade and industrial sector
- The SMEs sector represents more than 95 percent of the total number of companies operating in the country, according to Ministry of Economy
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
Stocks mostly rise, oil falls as Trump fans Ukraine peace hopes
London, United Kingdom -- Major stock markets mostly rallied and oil prices retreated Thursday on hopes for an end to the...
Business
Company News
AJEX, MODON sign partnership
Business
Latest News
Ahli Islamic signs agreement with AAOIFI to support Islamic banking
MUSCAT, OMAN - As part of its ongoing efforts to support the Islamic banking industry, ahli Islamic signed a Memorandum...
Business
Turkish Airlines grounds Boeing 737 MAX 9 jets amid inspection orders
Turkish Airlines said that it would stop flying five Boeing 737 MAX 9 jets in its fleet even as the...
Geostrategy
Madinah on list of top five regions for e-commerce records
Madinah, Saudi Arabia -- The number of existing electronic-commerce records in Madinah reached 1,834 during the 4th quarter of 2023,...
Business
Most Read
UAE startups eye Saudi Arabia for growth, expansion
With both nations offering substantial markets and supportive environment for innovation, startups are exploring new opportunities in the Kingdom.
- UAE-based startups are increasingly turning to Saudi Arabia, leveraging the Gulf's largest economy to scale up their operations.
- With both nations offer substantial markets and supportive environment for innovation, startups explore new opportunities in the Kingdom.
Business
Dragon Oil, Turkmennebit ink MoU
Aim is to expand Dragon Oil’s investments in Turkmenistan.
- Dragon Oil has been engaged in oil and gas cooperation with Turkmenistan on the basis of a production sharing agreement since 2000.
- The company’s primary focus is on the extraction of hydrocarbon resources in the Caspian Sea, in the Cheleken Contract Area.
Business
Aramex partners with Bollywood film Dunki starring Shah Rukh Khan
DUBAI, UAE - Aramex, a global provider of comprehensive logistics and transportation solutions, announced a collaboration with the movie, Dunki...
- The partnership marks Aramex as the official brand partner for the movie and is a showcase of the brand’s commitment to expanding its presence in India.
- In a scene from the film, Shah Rukh Khan’s character receives a package from Aramex at a hotel, putting a spotlight on the brand’s global delivery services.