New WEF report reveals how tech convergence will reshape industries
Geneva, Switzerland – The World Economic Forum today released a new report examining how emerging technology combinations are reshaping industries...
Geostrategy
Oil under $65 a boon for consumers, but a burden on producers
London, United Kingdom -- US President Donald Trump's tariffs, his call to "drill baby drill" and especially a decision by...
Business
Business
Emirates NBD arranges sukuk
The inaugural $600m sukuk saw orders of over $2.2 billion.
- The profit rate was tightened by 30 basis points to 5.85%, at a spread of 185 basis points over US treasuries due to the robust order book.
- Middle Eastern investors received 80 percent of the sukuk allocation, Emirates NBD said.
Business
Haute couture to upcycled outfits: Iraq fashionistas champion climate-friendly vintage wear
Haute couture has given way to upcycled outfits, sourced entirely from used clothes, as the models strut, pause and pivot...
- The global fashion industry accounted for two percent of greenhouse gas emissions in 2019, according to the World Resources Institute
- Campaigners and a growing number of climate-conscious social media influencers have led a push toward sustainable fashion
Business
SRC, Alrajhi sign refinance deal
SRC is looking to expand its refinancing portfolio.
- SRC said that the agreement is the latest in a series of similar deals to support mortgage financiers and originators
- It will provide liquidity, capital management, and balance sheet de-risking solutions to enhance real estate financiers’ capacity
Economy
US government seeks to avoid ‘bailout’ label amid banking turmoil
Days after SVB's collapse this month, the Treasury Department, Federal Reserve and Federal Deposit Insurance Corporation (FDIC) announced that its...
- In the 2008 financial crisis, authorities spared shareholders and bondholders, said David Smith, professor of commerce at the University of Virginia
- But "there's no bailout" this time in the sense that officials are protecting depositors rather than shareholders and bondholders, Smith said.
Business
Amazon plans more job cuts
The online retail giant axed 18,000 jobs in January.
- The layoffs account for a smaller percentage of Amazon's total workforce, which ran up to 1.5 million people in December 2022, than the cuts seen at some other tech giants.
- The cuts would mainly impact Amazon's cloud computing, human resources, advertising and Twitch videogame streaming businesses, Amazon CEO Andy Jassy said.
Business
Gas price in Europe slips below US$43 for first time since 2021
LONDON, UK- Europe's natural gas price slid Monday below US$43 for the first time in more than a year and a...
- Monday's low is almost nine times less than the record high struck after key gas producer Russia invaded Ukraine more than one year ago.
- Energy bills remain high for many households and businesses, however, with wholesale costs taking time to filter down to the end consumer.
Business
Rosneft 2022 profit at $10.5bn
Firm said non-monetary factors played a role in earnings.
- Western powers have imposed sanctions against Russia due to the Ukraine war.
- Rosneft said that the profit level forms a solid basis for paying dividends.
Business
ACWA Power to invest $2.5bn in Uzbekistan green energy projects
Dubai, UAE -- Saudi ACWA Power has signed three power purchase agreements and investment agreements valued at $2.5 billion with...
- In August 2022, ACWA Power committed $10 billion of new investments in the next five years in addition to the already committed $5 billion.
- Uzbekistan’s aims to generate 35 percent of its electricity (15,000 MW) from renewable sources by 2030.
Business
24 firms join Dubai International Chamber’s Kazakh mission
Dubai, UAE -- A total of 24 companies headquartered in Dubai, representing 16 economic sectors, have attended a business forum...
- Astana in Kazakhstan was Dubai International Chambers' second destination under its New Horizons Mission to Central Asia.
- The Mission is aimed at driving the international expansion of Dubai businesses into new select markets.
Business
European banking sector is resilient, says ECB
FRANKFURT, GERMANY - The European financial system is "resilient" and has sufficient liquidity, the European Central Bank said Monday, as banking...
- Switzerland announced that UBS would buy Credit Suisse for $3.25 billion, in a bid to prevent economic turmoil from spreading.
- ECB, European Banking Authority, EU's Single Resolution Board said they welcome the actions of the Swiss authorities to ensure financial stability.
New WEF report reveals how tech convergence will reshape industries
Geneva, Switzerland – The World Economic Forum today released a new report examining how emerging technology combinations are reshaping industries...
Geostrategy
Company News
Latest News
Dubai Taxi IPO raises US$315m
Business
Honda to make electric mopeds
Business
Aramco chief expects oil demand to rise by 1.5 mbpd in 2024
Riyadh, Saudi Arabia - Saudi Aramco's President and CEO, Amin Nasser, anticipates a surge in global oil demand, projecting an...
Business
Government, financial sectors top cyberattack targets
The Middle East's oil and gas sector also stays on hit list of of cyberattackers, Trellix CEO Bryan Palma tells...
Interview
Maersk and Hapag-Lloyd ink deal
The cooperation deal between the two will begin February 2025.
Business
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Business
EDGE, Baykar collaborate
EDGE smart weapons will be integrated into Bayraktar UAVs.
- The integration programme is part of a Strategic Alliance Agreement between the two groups to collaborate on advanced technology solutions in the defense sector.
- Under the program, EDGE will integrate their DESERT STING 16 precision-guided munition onto the Baykar TB2 UAV.
Business
Emirates Steel Arkan signs $2bn deal
The 5-year, iron-ore pellets supply deal was signed with BSC.
- Under this agreement, Bahrain Steel will supply high-grade iron ore oxide pellets annually to Emirates Steel Arkan.
- Saeed Ghumran Al Remeithi, Group CEO at Emirates Steel Arkan, said the agreement will also cement ties within the GCC.
Business
Aramco injects $4 billion into its global venture capital arm
Dhahran, Saudi Arabia -- Aramco has allocated an additional $4 billion to its global venture capital arm Aramco Ventures, more...
- This will take Aramco’s overall venture capital allocation to $7.5 billion, which also includes the $500 million venture capital fund Wa’ed Ventures,
- Through Aramco Ventures, we aim to support pioneers with big ambitions, and ultimately help bring their ideas to life, said Aramco Executive Vice President of Technology.