Qualcomm to Alphawave for $2.4 bn
The deal makes Alphawave the latest tech company to depart London.
Business
Gamers get hold of Nintendo’s hotly awaited Switch 2
Tokyo, Japan -- Gamers finally got their hands on Nintendo's new Switch 2 on Thursday, the console that could score...
Business
Videos
UAE and Saudi to lead GCC e-commerce boom
The UAE is likely to remain the top e-commerce market in the GCC in 2023 but Saudi represents the largest...
- E-commerce in the GCC, according to a recent research report, has expanded by 22 percent over the previous two years.
- Over 46 percent of online buyers in Saudi Arabia and the UAE planning to continue relying on online retail stores rather than visiting shopping malls.
Economy
Bahrain posts highest real GDP growth in nearly a decade
The kingdom witnessed 6.2 percent non-oil real GDP growth, the highest since 2012 and higher than the 5 percent annual...
- The kingdom also reported a drop in deficit to GDP to -1.1 percent, a drop in debt to GDP to 100 percent and a primary surplus of 3.3 percent.
- The Economic Recovery Plan is one of Bahrain’s biggest programs, with over $30 billion catalyzed for investment and reforms made to improve ease of doing business.
Business
ADNOC, BP place $4bn bid for half of Israel’s NewMed Energy
The participation of Emirati firm ADNOC is the latest sign of the quickening normalisation of relations between Israel and the...
- NewMed, which holds 45% of Israel's Leviathan offshore gas field, said the offer was received on Monday, noting it had appointed an audit committee to examine the deal
- BP said that together with ADNOC, it has made offer to take NewMed through an acquisition of the free float and a partial acquisition of its holding company Delek
Economy
Russian oil sales to India surge as European buyers turn to other markets
Moscow, Russia--Russian oil sales to India surged more than twentyfold last year as European buyers turned to other markets following the...
- When EU nations began ending thier reliance on Russian energy supplies, Moscow shifted its oil exports to India and China
- Compared to last year, Russia's oil-export revenue dropped by almost half in February, according to the International Energy Agency
Business
Borouge supplies ‘made in UAE’ materials worth $32m in MENA
Abu Dhabi, UAE -- Borouge is supplying sustainable “Made in UAE” polyethylene materials worth AED120 million ($32 million) that are...
- Borouge’s contribution to these mega projects is driven by collaboration with the local manufacturing companies.
- The pipes used in these projects were made from various grades of Borouge BorSafe™ PE100 polyethylene materials.
Business
Qatar opens new derivatives market, investors can trade options, futures
Doha, Qatar--Qatar's bourse intends to open a new derivatives market that will allow investors to trade options and futures on...
- The country's financial regulator has issued a new regulatory framework for listed derivatives after a long consultation with investors and market participants
- Qatar is now focused on building its equities market by opening it up to a wider investor base and introducing more listings
Business
G42 is leading listings of tech companies on ADX: Presight chairman
Abu Dhabi, UAE - Mansour Ibrahim Al Mansouri, Mansour Ibrahim Al Mansouri, Chairman of the Board of Directors of Presight,...
- Al Mansouri said that Presight has a plan for regional and international expansion and the provision of solutions to customers in big data and artificial intelligence
- Group 42 (also known as G42) is an artificial intelligence and cloud computing company that was founded in Abu Dhabi, United Arab Emirates in 2018
Business
Presight stock jumps 143%
The stock rocketed to AED3.7 from an offer price of AED1.34.
- Its initial public offering (IPO), which was oversubscribed 136 times, received total gross demand amounting to US$25.8 billion
- The company's listing gives investors a chance to buy shares in the region’s leading international big data analytics company powered by AI
Business
Sovereign wealth set to boost M&A activity in MENA
The region's corporate/M&A activity is expected to grow this year on the back of an unprecedented Sovereign Wealth movements in...
- The region's corporate/M&A activity is expected to grow this year on the back of an unprecedented Sovereign Wealth movements in Abu Dhabi and Saudi Arabia, says an expert
- The region continues to defy the global declining trend, with a 13% rise in M&A transactions in 2022, adds Fraser Dawson, CFA, Partner at Corporate Finance, Addleshaw Goddard
Business
EU closer to banning fossil fuel car sales after Berlin lifts veto
Brussels, Belgium - The 27 EU member states approved Monday a deal between Brussels and Germany that lifted Berlin's block on...
- The ban on internal combustion engines is key to the EU's ambitious push to become a "climate neutral" economy by 2050, with net-zero greenhouse gas emissions.
- Germany blocked the deal at the 11th hour, calling for an exemption for cars that run on synthetic fuels.
Qualcomm to Alphawave for $2.4 bn
The deal makes Alphawave the latest tech company to depart London.
Business
Company News
ENEC, Kazatomprom ink pact
Business
ADNOC-Tabreed G2COOl opens
Business
Latest News
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...
Business
15 million tons of Lithium deposits found in Thailand
Bangkok, Thailand - Thailand has discovered nearly 15 million tons of lithium deposits, a government spokesman said Friday, a boost for...
Business
In Davos, AI excitement persists but fears over managing risks
A recent IMF report said AI would affect nearly 40 percent of jobs around the world, and some 60 percent...
World Economic Forum
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Business
Middle East only region to overcome pre-Covid tourism levels: UNWTO
"International tourism is expected to fully recover pre-pandemic levels in 2024, with initial estimates pointing to 2.0 percent growth above...
- Europe, the world's most visited region, also saw a strong performance with tourism reaching 94 percent of its 2019 figures, with African figures reaching 96 percent.
- In relative terms, the Asia-Pacific region was the weakest with just 65 percent of pre-pandemic levels, despite China's lifting of health restrictions a year ago
Business
Tesla’s Musk throws down the gauntlet
Amid declining sales and safety concerns, CEO covets more control, seeking solace in SpaceX's success.
- Tesla has lost over US$90 billion in market cap, a rough landing in 2024, and a continuation of a slide that could crash the EV maker’s stock value, data from Refinitiv revealed.
- There is declining growth in EV production and a wider slowdown in the market that has Tesla investors nervous.
Business
Dubai World Trade Centre to host Japan trade exhibition next week
Dubai, UAE--The first edition of the Japan Kyoto Trade Exhibition 2024 is all set to kick off this Monday, 22nd...
- The event is expected to attract around 20,000 visitors, and more than 100 Japanese exhibitors
- The exhibitors will represent a diverse range of industrial sectors, like technology and animation