Government chiefs and tech leaders gather in Paris for AI summit
Political and tech industry leaders were set to descend on Paris Monday for a two-day summit on artificial intelligence, hoping...
UAE non-oil foreign trade up by 14.6% in 2024 to reach $816bn
Abu Dhabi, UAE -- UAE's non-oil foreign trade increased by a record 14.6 percent in 2024, compared to 2023, reaching...
Business
Business
OPEC Fund to provide $40m loan for Vietnam SME financing needs
Vienna, Austria -- The OPEC Fund for International Development (OFID) will provide a $40 million loan to Vietnam Maritime Commercial...
- The loan will support at least 80 local businesses, providing financing to meet critical needs to grow their businesses.
- Vietnam has more than 500,000 private firms, and more than 95 percent of these are micro and small enterprises,
Economy
Biden vows to fix ‘mess’ as US regulators rush to contain SVB fallout
Treasury Secretary Janet Yellen said the government wants to avoid financial "contagion" from the SVB implosion, as it ruled out...
- Joe Biden vowed to hold accountable the people responsible for SVB collapse and said he would deliver remarks Monday on maintaining a resilient banking system
- In a joint statement, financial agencies including US Treasury said SVB depositors would have access to "all of their money" starting Monday, March 13
Business
HSBC buys UK arm of SVB
In a rescue deal, it bought SVB for a nominal price of $1.2.
- Jeremy Hunt, finance minister, disclosed that no government cash was involved and all customer deposits have been safeguarded
- HSBC chief executive Noel Quinn said that the buyout made "excellent strategic sense for our business in the UK"
Market Report
ADNOC Gas gains US$9.2bn on first day after IPO
Shares in ADNOC Gas were heavily oversubscribed even after the offering was expanded from 4.0 to 5.0 percent of issued...
- Shares in ADNOC Gas were heavily oversubscribed even after the offering was expanded from 4.0 to 5.0 percent of issued share capital in response to strong interest
- The final price was set at 2.37 dirhams ($0.65) per share, towards the top of its range, raising about $2.5 billion and implying a market capitalization of around $50 billion
Economy
After SVB fall, US regulators shut down crypto-focused Signature Bank
Signature Bank was reeling from a bet on crypto banking that foundered after the sector imploded and banking regulators cracked...
- Signature Bank's collapse is the third in under a week after Silvergate Bank's voluntary liquidation and Silicon Valley Bank's shutdown
- The closure of the bank comes months after Signature said it would be reducing its exposure to the crypto sector
Geostrategy
UAE, Ukraine keen on parliamentary, economic ties
MANAMA, BAHRAIN - Speaker of the UAE Federal National Council Saqr Ghobash discussed ways to enhance cooperation with First Deputy...
- UAE, Ukraine discuss parliamentary cooperation through exchanging visits and enhancing coordination.
- The two sides deliberated on improving trade and economic ties between the two countries.
Business
VW to cut e-car prices
The price drop is seen as a direct response to cuts by Tesla.
- Volkswagen will start selling its ID.3 electric car model from March end for less than $42,000.
- That is a 3,000-euro markdown from the current ID.3 price tag, putting it on par with US rival Tesla's popular Model Y.
Videos
Real estate, e-commerce to push UAE growth
Global economic challenges have led the UAE to review priorities and investment trends, with a focus on five key sectors:...
- The UAE economy recorded its fastest growth rate in over a decade despite the global economic slowdown.
- The IMF expects the UAE’s non-oil economy to grow by about 4 percent in 2023 and accelerate over the medium-term.
Business
Saudi to create new airline in pursuit of 100 destinations goal by 2030
The Gulf kingdom is pursuing ambitious aviation goals as part of Crown Prince Mohammed bin Salman's wide-ranging "Vision 2030" reform...
- Creation of Riyadh Air is part of a plan to turn Riyadh into a global aviation hub rivalling regional leaders like Dubai and Doha.
- Last November officials announced plans for a new airport in Riyadh spanning 22 square miles, that is set to accommodate 120 million travelers by 2030.
Business
Tech sector fallout feared as SVB collapse freezes billions of startup dollars
New York, United States -- Silicon Valley Bank's stunning collapse has led to the freezing of tens of billions of dollars...
- The company, whose website says it is "the financial partner of the innovation economy," taken over by the US Federal Deposit Insurance Corporation to prevent further damages.
- For banks that are FDIC-insured, only $250,000 per account is guaranteed. But according to SVB's annual report, 96 percent of its total $173 billion in deposits was uninsured.
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Government chiefs and tech leaders gather in Paris for AI summit
Political and tech industry leaders were set to descend on Paris Monday for a two-day summit on artificial intelligence, hoping...
Company News
Dubai Investment posts profit
Business
Latest News
King Abdulaziz International Airport serves 42.7m passengers in 2023, a 36% growth
Jeddah, Saudi Arabia — King Abdulaziz International Airport served over 42.7 million passengers in 2023, reflecting a remarkable growth rate...
Business
UAE and Jordan discuss boosting trade and investment ties
Amman, Jordan--The UAE and Jordan discussed enhancing trade and investment relations in order to stimulate joint economic growth and create...
Business
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Business
Asia stocks track global losses as traders step back after rally
Hong Kong, China - Asian markets fell Wednesday in line with a sell-off across most of the world as traders took...
- On Wall Street, the Nasdaq slumped 1.6 percent and the S&P 500 was also in the red, though the Dow enjoyed a small gain
- And the negative mood continued in Asia, where Hong Kong, Sydney, Seoul and Taipei were among the biggest losers
Business
UAE creates ‘Parkin’ to oversee parking space operations in Dubai
Dubai, UAE - The UAE has issued a law establishing ‘Parkin’, a public joint stock company (PJSC) that will oversee...
- Parkin PJSC is likely to be tasked with creating, planning, designing, operating and managing public parking spaces
- The newly established company will have financial, administrative and legal autonomy to fulfil its responsibilities
Business
Most owners holding on to Burj Khalifa homes longer: Report
Dubai, UAE -- The total number of homes available for sale in Dubai’s Burj Khalifa declined by 52 percent during...
- Burj Khalifa homes available for sale dropped 52% in 2023, but total deals climbed 22%, reflecting long-term investor interest.
- Dubai prime residential prices soared 16% in 2023, making it one of the world's most "affordable" luxury markets.