Meta secures nuclear energy in 20-year Illinois plant deal
Washington, United States -- Facebook owner Meta announced Tuesday a 20-year nuclear energy agreement with US-based Constellation Energy to secure...
Business
Silicon Valley VCs navigate uncertain AI future
The generative AI frenzy unleashed by ChatGPT in 2022 has propelled a handful of venture-backed companies to eye-watering valuations.
Business
Geostrategy
UAE, Serbia discuss cooperation in R&D, innovation
BELGRADE, SERBIA - UAE Minister of State for Public Education and Advanced Technology Sarah Al Amiri discussed cooperation in research...
- The UAE minister discussed ways to enhance cooperation between the two nations in her visit to Serbia.
- She also discussed ways and means to strengthen the education system and vocational schools.
Business
AD Ports to invest $200m for building port in Egypt, signs 5 pacts
Dubai, UAE -- AD Ports Group said Sunday it has signed a concession agreement to develop and operate a multi-purpose...
- These agreements are aimed at enabling a major expansion of the AD Ports’ activities into Egypt, the Group said in a statement.
- Safaga terminal will be developed over an approximate area of 810,000 square meters and is set to be operational in Q2 2025.
Business
Qatar-France trade grows to US$4.5bn, in sign of warming ties
Doha, Qatar--In a sign of growing business ties between Qatar and France, trade between the two countries has increased by...
- Qatar Chamber took part in the Arab French Economic Summit 2023 in Paris run under the theme "a partnership that must be forged in a world in crisis"
- Khalifa bin Jassim Al-Thani, Chairman of Qatar Chamber, affirmed his keenness to enhance cooperation between the Qatari and French private sectors
Business
Qatar releases blockchain ‘blueprint’ to foster climate for entrepreneurship
Doha, Qatar-- Qatar’s Communications Regulatory Authority (CRA) released the National Blockchain Blueprint prepared in partnership with Hamad Bin Khalifa University...
- The initiative is designed to build a legislative basis for blockchain, establishing a strong foundation for the government’s strategy in this sector
- The blueprint outlines critical blockchain prerequisites and offers suggestions for attaining the intended goals
Business
Tadawul market cap vaults 477% to US$2.6trn over last 5 years: CMA
Riyadh, Saudi Arabia-- The market capitalization of Tadawul, the Saudi stock exchange, has shot up 477 percent to $2.6 trillion...
- Yazid Al-Dumaiji disclosed that there are almost 80 applications under review for initial public offering (IPOs)
- He said Tadawul witnessed a rise of 388% in foreign investments to reach a historical level of US$93 billion in 2022
Business
SVB crash may hit GCC investments in US tech firms
Saudi Arabia and US tech firms have numerous partnerships and investments, with the PIF investing over US$7bn in American companies...
- Saudi Arabia and US technology firms have numerous partnerships and investments, with the PIF investing over US$7bn in American companies and banks, with key focus on tech sector
- Middle East startups, however, have become resilient and resistant to setbacks, with a well-established network of startup incubators in Dubai, Abu Dhabi, Riyadh, Manama, and Doha
Geostrategy
Ukraine grain deal extended, says Turkey’s President
Turkey announced the extension of a deal that has allowed exports of Ukrainian grain to resume following Russia's invasion, but...
- Turkey and the United Nations did not specify the duration of the grain deal.
- A deal brokered by Turkey and the United Nations in July 2022 - and signed by Kyiv and Moscow - had allowed for the safe passage og grain supplies.
Geostrategy
Jordan Chamber of Commerce, Hungarian envoy discuss economic ties
AMMAN, Â JORDAN - Â Vice President of the Jordan Chamber of Commerce (JCC) Jamal Rifai discussed with Hungarian Ambassador to Jordan...
- The joint Jordanian-Hungarian committee aims to present investment opportunities in the two countries.
- In 2022, Jordan's exports to Hungary was worth US$1.15 million and imports were US$34 million, as per official data.
Economy
S&P, Moody’s revise Saudi Arabia’s outlook to ‘positive’
Riyadh, Saudi Arabia -- The global credit rating agency S&P Global Ratings updated its credit report for Saudi Arabia, raising...
- The agency highlighted the kingdom's strong real GDP growth of 8.7 percent in 2022, the highest among the G-20 economies
- It forecasts the non-oil sector to remain strong through 2026 due to service sector growth supported by the ongoing social reforms
Business
UAE banks provide $23bn in financial facilities to SMEs in 2022
Abu Dhabi, UAE – The UAE banks provided AED 83.3 billion ($23 billion) in financial facilities to small and medium-sized...
- Loans to SMEs accounted for 10.4 percent of the total accumulated balance of financial facilities for the trade and industrial sector
- The SMEs sector represents more than 95 percent of the total number of companies operating in the country, according to Ministry of Economy
Meta secures nuclear energy in 20-year Illinois plant deal
Washington, United States -- Facebook owner Meta announced Tuesday a 20-year nuclear energy agreement with US-based Constellation Energy to secure...
Business
Company News
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Eve Air Mobility, flynas ink MoU
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...
Business
UAE launches new ‘EcoMark’ green accreditation framework for MSMEs
Davos, UAE - The UAE has announced plans to develop the first-ever sustainability accreditation framework explicitly for micro, small and...
Economy
Watch: Experts discuss how Arab world reshapes future
At the HUB Davos 2024 conference, UAE's Minister of Economy Abdulla Bin Touq Al Marri highlights the nation's commitment to...
Business
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Business
Qatar Islamic Bank profit up
It posted a 7.5% jump in net profit to US$1.18bn last year.
- The bank's basic earnings per share for the year 2023 are QAR 1.73 compared to QAR 1.62 for 2022
- Its board of directors proposed a dividend distribution to shareholders of QAR 0.725 per share
Business
Mawani reports rise in container handling
The growth aligns with the aims of national logistics strategy.
- Saudi Arabia's overall ports recorded a 9.01% increase in annual container handling for 2023, reaching 11,380,302 TEU compared to 10,439,620 TEU in 2022
- Transshipment containers also experienced an 8.96% increase in volume, with 3,237,490 TEU transshipped in 2023 compared to 2,971,233 TEU in 2022
Opinion
Disinformation, misinformation hurt global businesses
"These risks are serious because they limit our ability to tackle the big global challenges we are facing. Changes in...
- Rebuilding trust and fostering global collaboration are essential to address the present challenges.
- The role of AI and digital innovation in combating misinformation and boosting productivity.