Risks are interconnected, need collaborative solutions, says WEF’s Mark Elsner
Davos, Switzerland – Mark Elsner, Head, Global Risks Initiative, World Economic Forum sat with TRENDS during WEF’s summit in Davos...
World Economic Forum
Rudolph Lohmeyer: The Gulf is redefining the global future, not just adapting to it
The Middle East must counter global economic divergence by enhancing regional financial integration to drive collective growth, Rudolph Lohmeyer tells...
Business
Business
Aramco completes acquisition of Valvoline’s products business
Dubai, UAE-- Saudi energy giant Aramco has completed the acquisition of US motor and oil maker Valvoline's global products business...
- The acquisition will help Aramco to enter the integrated, branded lubricants players
- Valvoline Global Operations will continue to be headquartered in Lexington, Kentucky
Economy
More interest rate hikes may be needed, says ECB’s Lagarde
FRANKFURT, GERMANY - More interest rate increases may be needed beyond the one coming later this month, European Central Bank president...
- The ECB has lifted rates at an unprecedented pace in recent months to cool inflation.
- ECB president said the pace of future hikes was "impossible" to predict and would be decided by the economic data available at the time.
Geostrategy
UAE, Bahrain explore ways to boost collaboration in infrastructure, transport
ABU DHABI, UAE - UAE Minister of Energy and Infrastructure (MoEI) Suhail bin Mohammed Al Mazrouei Thursday had a meeting...
- Bahrain’s Minister applauded the advanced processes at UAE Ministry of Energy and Infrastructure , particularly the AI-enabled systems for planning new infrastructure projects.
- The Bahrain’s Minister and his delegation toured the Road Control Center that was recently established at the ministry’s Sharjah offices.
Business
Apple to spend $1bn on chip hub
The investment will be spread over the next six years.
- This comes on top of an earlier one-billion-euro commitment announced in 2021, when Apple made Munich the European headquarters of its "Silicon Design Centre."
- The move is part of Apple's strategy to develop its own chips for iPhones, iPads, MacBooks and other products, in order to reduce reliance on outside suppliers
Business
Green energy meets 80 percent of Abu Dhabi demand: EWEC
Abu Dhabi, UAE--- Emirates Water and Electricity Company (EWEC) has, for the first time, met 80 percent of total power...
- EWEC supplied approximately 6.2 gigawatts (GW) of the total 7.7GW system power demand.
- By 2030, EWEC aims to raise Abu Dhabi’s solar power generation to approximately 7GW and produce more than 90 percent of its water using reverse osmosis.
Economy
Qatar’s industrial investments in 2022 vault to US$81 billion
Doha, Qatar-- The the SMEs sector grew by 2.6 per cent, as the number of operating factories in the state...
- Sheikh Khalifa also affirmed the Chamber's interest to enhance the national industry and help investors in this sector to promote their products
- Chairman of Qatar Chamber Sheikh Khalifa bin Jassim Al-Thani inaugurated the Engineering Factory for Carpets in its new headquarters in the New Industrial Area
Musk eyes torrid growth at Tesla, but offers no big new reveals
After years of losses, Tesla has hit its stride in terms of financial performance, scoring an impressive string of earnings...
- Reviewing the company's quickly expanding EV production, Musk and a team of executives promised more outsized growth through streamlined manufacturing processes
- But shares fell throughout the event as Musk and his team avoided specifics on what the next generation of vehicles would look like, or when they might be ready
Business
Emiratization: ACTVET, Al Fardan Exchange to hire 1,000 Emiratis in financial sector
The MoU also aims to educate and train 5,000 citizens at the Al Fardan Exchange Training Institute, which was recently...
- The MoU also aims to educate and train 5,000 citizens at the Al Fardan Exchange Training Institute, which was recently established at ACTVET’s Innovation Park in Abu Dhabi
- The companies will collaboratively oversee the implementation of the MoU and support the education and training of 5,000 UAE nationals through specialised training programmes
Business
Aramco, Renault, Geely ink deal
The new firm will focus on internal combustion.
- Geely and Renault are expected to retain equal equity stakes in the new independent entity, according to a statement
- Earlier, reports said that the car makers were working to finalize a deal with Aramco to develop and supply gasoline engines
Business
Users feel more people should adopt ChatGPT, TRENDS poll finds
Nearly 25 percent of respondents believe educational institutions should avoid the use of AI platforms, and many feel creative writers...
- The top respondents for the poll question were from Bahrain (25.6 percent), followed by Qatar (25 percent), Lebanon (24.1 percent), and UAE (22.7 percent)
- Respondents were mainly from the age 20 to 29 years old (46.4 percent), followed by the age range 30 to 39 years (38.6 percent), and 40 to 49 years (10.3 percent)
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Risks are interconnected, need collaborative solutions, says WEF’s Mark Elsner
Davos, Switzerland – Mark Elsner, Head, Global Risks Initiative, World Economic Forum sat with TRENDS during WEF’s summit in Davos...
World Economic Forum
Company News
Chemanol to buy stake in ACC
Business
Latest News
ADIB-Egypt introduces Shariah-compliant private banking services for HNWIs
Cairo, Egypt – ADIB-Egypt has launched its exclusive portfolio of Private Banking Services, providing a Shariah-compliant banking proposition for its high-net-worth...
Business
Gupco begins pumping oil in Egypt
The production started at the first well in the Gulf of Suez.
Business
New investors throng Dubai Financial Market to open accounts
Dubai, UAE--Brokerage firms at the Dubai Financial Market (DFM) opened 57,054 new investor accounts in 2023, marking a significant increase...
Business
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Business
Maisarah leads Oman government’s successful sukuk issuance
MUSCAT, OMAN - Maisarah Islamic Banking Services, Islamic window of BankDhofar, acted as an Issue Manager for the Sovereign Sukuk...
- The Sukuk-Al-Ijara structure has a seven-year maturity and was conducted through private placement to sophisticated investors in Oman.
- The issuance has been listed on the Bonds and Sukuk Market, operating under the Muscat Stock Exchange.
Business
Cerberus buys HSBC France retail
The takeover was finalized for an undisclosed amount.
- The operation will see HSBC France's nearly 250 retail branches with their 800,000 clients and 3,500 staff become CCF
- The move is part of London-headquarters HSBC's efforts to simplify and refocus operations on its major region of Asia
Business
Albilad Capital to pay dividend
The distribution ratio of the NAV stands at 0.10 percent.
- Albilad Capital confirmed that the dividends would be based on the unitholder register as of the end January 3, 2024.
- The total amount of distributed dividends has been declared at US$24,183, an indication of the fund's robust performance