ADNOC Gas announces $5 billion investment in Rich Gas Project
Abu Dhabi, UAE -- ADNOC Gas announced Tuesday it has made a final investment decision on the first phase of...
Business
US aerospace manufacturers insist they have no use for tariffs
New York, United States -- US airlines and aerospace manufacturers insist they have no use for tariff protections, warning that...
Business
Economy
Saudi Arabia’s Q4 2022 unemployment rate drops to 8 percent
Dubai, UAE -- Saudi Arabia's unemployment rate dropped in the fourth quarter of 2022, compared to the previous quarter, mainly...
- Legislation and Emiratization programs, job support and follow-up of establishments from all relevant government agencies has led to this rate of unemployment.
- GASTAT said Saudi women's unemployment rate decreased from 20.5 percent in the third quarter of 2022 to 15.4 percent in the fourth quarter.
H&M stays in the black
The company's profit more than doubled in the first quarter.
- Shares in H&M surged following the announcement, rising 9% in the early hours of trading on the Stockholm stock exchange
- The world's second largest clothing retailer posted a net profit of 540 million kronor ($51.9 million) for its first quarter
Business
Aldar, Mubadala to develop new commercial assets on Al Maryah Island
Abu Dhabi, UAE - Aldar Properties and Mubadala Investment Company have signed an agreement to develop commercial assets in Al...
- The addition of the new tower will bring Aldar Investment’s total net leasable area of commercial office space to over 400,000 sqm
- Aldar’s active asset management and the increased leasing activity, office leasing occupancy of the four ADGM office towers have reached 96%
Business
Empower to pay $116m dividends
The amount makes 42.5% of the company's paid-up capital.
- The dividends are approved for the second half of the year 2022, and are set to be paid to shareholders in April
- The company expects to pay a minimum dividend $231 million per annum in the first two fiscal years following its DFM listing
Business
Poland asks EU to limit ‘destabilizing’ Ukrainian grain
Warsaw, Poland - Poland's prime minister on Wednesday appealed to Brussels to limit the amount of Ukrainian grain entering the European...
- Ukraine, one of the world's largest grain exporters, saw its traditional Black Sea export routes blocked or limited by Russia's invasion.
- The European Union has since allowed the war-torn country's grain exports to transit through the bloc to other countries.
Business
Credit Suisse hid $700m in undeclared accounts: US Senate
The Senate report "describes legacy issues, some from a decade ago," which the bank has sought to address by implementing extensive...
- The findings of the two-year Senate Finance Committee probe add to the woes of the Swiss investment bank.
- Credit Suisse pleaded guilty in 2014 to attempting to aid and assist US taxpayers in filing false income tax returns.
Business
SES seeks merger with Intelsat
The tie-up would lead to the creation of a $10 billion plus group.
- The satellite communications sector has been seeking to consolidate in the wake of the arrival on the scene of billionaire players Elon Musk and Jeff Bezos.
- The sector is now notably awaiting the upcoming merger of France's Eutelsat with UK counterpart OneWeb, as well as that of US provider Viasat.
Business
Dubai records real estate deals worth $1.25bn in two days
Dubai, UAE -- Dubai real estate market recorded real estate deals worth AED1.8 billion ($490 million) on Wednesday, Dubai Land...
- Deals worth $490 million were recorded in Dubai on Wednesday, while $762 million in real estate transactions were recorded in Tuesday.
- The deals on Wednesday included 526 sales transactions worth AED1.16 billion, in addition to 89 mortgage deals of AED628.25 million.
Business
$35m rare pink diamond to go under hammer in New York
The 10.57-carat stone is being marketed as the most valuable purplish-pink diamond ever brought to auction, with the highest ever...
- Pink diamonds are among the rarest and most sought-after gems in the world and considered a major draw for investors.
- The record for highest-ever auction price for such a stone is held by the CTF Pink Star, which was sold for $71.2 million in Hong Kong in 2017.
Business
Aramco JV HAPCO breaks ground
The complex is expected to be operational by 2026.
- On March 27, Aramco also announced it had signed definitive agreements to acquire a 10 percent interest in Shenzhen-listed Rongsheng Petrochemical for $3.6 billion.
- Combined, the partnership with Rongsheng and the HAPCO joint venture would see Aramco supply a total of 690,000 bpd of crude to high chemical conversion assets in China.
ADNOC Gas announces $5 billion investment in Rich Gas Project
Abu Dhabi, UAE -- ADNOC Gas announced Tuesday it has made a final investment decision on the first phase of...
Business
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Spotify cuts 17% jobs
Business
HPDC, HDC ink agreement
Business
Healthcare industry globally faces data hacking threat
DUBAI, UAE - In an age where data is a cornerstone of modern healthcare, the industry faces an escalating threat...
Business
Cinema ticket prices in Saudi Arabia decline by 16% in 2023
Riyadh, Saudi Arabia - The average cinema ticket prices decreased by over 16% in 2023 compared to the previous year,...
Business
Crypto market sees drop in scams, stolen funds
The cryptocurrency sector recorded a promising recovery in 2023, with a significant decline in crypto scams and stolen funds revenue,...
Business
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Business
Qatar real estate trading volume reaches US$91m between January 7-11
DOHA, QATAR - The volume of real estate trading in sales contracts at the Department of Real Estate Registration at...
- Total sales contracts for residential units in the Real Estate Bulletin from January 7 to January 11 were US$15 million.
- The volume of real estate trading in sales contracts from December 31, 2023 to January 4, 2024, exceeded US$222 million.
Business
Tata Steel to slash 2,800 UK jobs
Tata Steel employs about 8,000 staff in the United Kingdom.
- The company confirmed the closure of two blast furnaces at the Port Talbot steelworks in Wales, according to a statement.
- The Mumbai-based conglomerate had threatened to shut the plant unless it received state aid to help decarbonize production and cut emissions.
Business
France flooded with applications for electric car leasing scheme
Paris, France - The French government has been flooded with applications from low-income households to lease a subsidized electric car from...
- Some 90,000 people have applied to the scheme since the start of the month, French Environment Minister Bechu said.
- President Emmanuel Macron unveiled the plan on social media in December as part of efforts to reduce carbon emissions in France.