OPEC+ sticks to oil output plan after Trump’s price demand
In a bid to boost prices, the Organization of the Petroleum Exporting Countries (OPEC) headed by Saudi Arabia and Russian-led allies...
Business
‘Global Collaboration Village aims to digitize and democratize WEF dialogues’
DAVOS: The future of global collaborations is being shaped by innovation and the ubiquitous embrace of immersive technologies, which continue...
Economy
Business
Madbouly invites Qatari businesses to invest in Egypt
Egypt is focused on rebuilding the state and infrastructure. The country has dropped unemployment levels from 18 percent to 7.2...
- Qatar businesses are invited to invest in the Egyptian economy and benefit from the opportunities, says the Egypt’s Prime Minister Dr Mostafa Kamal Madbouly
- Egypt's infrastructure projects have contributed to creating economic dynamism and provided the appropriate framework to stimulate the private sector, he adds
Interview
What’s keeping CIOs across Middle East up at night?
Lack of relevant skills, constant innovation in a highly disruptive world while keeping in mind budget constraints and cybersecurity remain...
- Lack of relevant skills, driving constant innovation in a highly disruptive world while keeping in mind budget constraints and cybersecurity remain key concerns, says IDC official
- Cybersecurity spending in the region is about US$4.8bn with prominent spenders being the public sector followed by banking and financial services, telecom and oil & gas, he adds
Business
French court sets aside NGOs lawsuit against TotalEnergies
PARIS, FRANCE - A French court on Tuesday dismissed a landmark case against TotalEnergies for a massive oil project in Uganda...
- The six NGOs argued the development of the East African Crude Oil Pipeline (EACOP) failed to adhere to a "duty of vigilance"
- It is a 2017 law that compels companies to avoid grave harm to human rights, health, safety and the environment
Business
Tesla to open plant in Mexico
The plant is going to be established in Monterrey.
- "The plant is going to be established in Monterrey," Lopez Obrador told reporters after speaking with Musk.
- He said the US company had promised to address the problem of water scarcity in Monterrey.
Business
Yahsat 2022 revenue up 6%
The company recorded a revenue of $433 million for 2022.
- For the twelve-month period, Yahsat delivered growth in revenue and adjusted EBITDA, which increased 6 percent and 7 percent respectively year-on-year.
- Other highlights include Adjusted EBITDA of AED946 million ($258 million), up 7 percent year-on-year, delivering a margin of 60 percent.
Market Report
US, European stocks dip as traders mull US rates outlook
US and European stocks dipped as dealers fretted that the Federal Reserve would push interest rates higher than expected and...
- Oil prices rebounded, while the pound extended gains won on Brexit deal alterations.
- Eurozone bond yields surged higher, with the yield on the benchmark German 10-year government bond rising to a 12 year high.
Business
Iraq, OPEC’s second largest producer, imports oil products
Dubai, UAE-- Iraq has imported oil derivatives - gasoline, kerosene and gas oil - worth more than $5 billion in...
- Iraq produces 4.58 million barrels per day and aspires to reach production of 6 million barrels by 2025
- The total imported quantities of oil derivatives for 2022 increased by 60.43 percent compared to 2021
Business
SABIC 2022 profit down 28%
The firms said margins will continue to be under pressure in H1.
- The net profit of SABIC, which is one of the largest petrochemical companies in the world, after taxes was 16.5 billion riyals ($4.4 billion).
- In a statement, SABIC said that its fourth quarter 2022 net income was 290 million riyals, 84 percent lower compared to Q4 2021.
Economy
Khalifa Fund announces winner of CEO Program
ABU DHABI, UAE - Khalifa Fund for Enterprise Development, in partnership with the Abu Dhabi Department of Economic Development (ADDED)...
- The CEO program is a rigorous nine-month program that aimed to cultivate entrepreneurship and innovation skills.
- The program also helps build and grow ag-food tech ventures and contribute to the UAE's Food Security Strategy.
Business
Bayer 2022 profits $4.3 billion
The profit in 2021 was 1 billion euros, the company said.
- Sales rose by 8.7 percent to 50.7 billion euros, in line with analyst expectations.
- The results were boosted by record sales in the company's agricultural division, up more than 15 percent year-on-year to 25 billion euros.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
OPEC+ sticks to oil output plan after Trump’s price demand
In a bid to boost prices, the Organization of the Petroleum Exporting Countries (OPEC) headed by Saudi Arabia and Russian-led allies...
Business
Company News
GA-ASI partners with EDGE
Business
Latest News
IsDBI begins building digital marketplace for Islamic finance
Jeddah, Saudi Arabia -- The Islamic Development Bank Institute (IsDBI) has kicked off the development of the Islamic Finance Knowledge...
Business
Saudi insurance sector shows 14.6 percent growth in Q3 of 2023
RIYADH, SAUDI ARABIA- The Insurance Authority (IA) has issued its first report on the performance of the sector in the...
Business
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Business
Qatar’s foreign merchandise trade surplus $4.58 billion in Nov 2023
Doha, Qatar -- Qatar's foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus...
- Total exports of goods amounted to around QR 26.5bn in Nov 2023, showing a decrease of 28.6 percent compared to Nov 2022, and a decrease of 8.8 percent compared to Oct 2023.
- In Nov 2023, China was at the top of the countries of destination of Qatar's exports with close to QR 5.4 billion, a share of 20.4 percent of total exports.
Business
PGA works to extend ‘active and productive’ Saudi merger talks
An update on the PGA Tour website regarding talks said the memo, which reportedly was obtained by The Golf Channel...
- The update to players in a memo from Monahan came hours ahead of the year-end deadline to approve a framework agreement merging the PGA Tour, DP World Tour and PIF
- Tour commissioner Jay Monahan said the PGA Tour had made "meaningful progress" in separate negotiations to have Strategic Sports Group (SSG) become a tour minority investor
Business
Iran-Azerbaijan trade registers 46 percent jump in 2022
Tehran, Iran-- Trade between Iran and Azerbaijan has registered a 46 percent jump in 2022, according to the deputy prime...
- The deputy PM was speaking at the inauguration ceremony of the new Astara-Astara border bridge
- He said the two countries would see significant growth in the transit sector in the coming years