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
Cross-border deals fuel M&A surge in MENA region in Q1 2025
Dubai, UAE -- The Middle East and North Africa (MENA) region has kicked off 2025 with a remarkable surge in...
Business
Business
JCC discusses trade, commerce in economic summit in France
AMMAN, JORDAN - The Jordan Chamber of Commerce (JCC) took part in the fourth Arab-French Economic Summit 2023 in Paris....
- Jordan Chamber of Commerce spoke of closer ties with trade and commercial bodies in the European Union member states.
- Topics like environment and water, industry, modern construction projects, food, nutrition, healthcare, banking, medicine, funds, climate were discussed.
Business
DP World 2022 revenue up 58%
The EBITDA increased by 31 percent to $5 billion.
- In a statement to WAM, DP World announced that revenue increased by AED23.31 billion in 2022, compared to 2021, supported by acquisitions and like-for-like revenue growth.
- It added that cash generated from operating activities increased by 20.6 percent to a record AED16.34 billion in 2022, compared to AED13.55 billion in 2021.
Business
TAQA to pay dividend
The company also announced new dividend policy for 2023-25
- Similar to the previous policy, TAQA will continue to pay the fixed dividends on a quarterly basis.
- The company expanded the size of its Board of Directors from nine to eleven and elected members for a three-year term.
Business
US tells TikTok to snap ties with ByteDance to avert ban
The ultimatum to TikTok came from the US interagency board charged with assessing risks foreign investments represent to national security....
- Wall Street Journal and other US news outlets reported that the White House set an ultimatum: if TikTok remains a part of ByteDance, it will be banned in US
- TikTok claims it has more than a billion users worldwide including over 100 million in the United States, where it has become a cultural force
Business
TRENDS poll reveals women in GCC not paid less salaries than men
While many women still believe they are not adequately compensated, men, in contrast, have a different view, with many saying...
- Nearly 38 percent of the Twitter poll respondents were female, while some 62 percent were male
- Around 21 percent felt they needed support in taking on leadership roles at their current workplace
Business
Credit Suisse to borrow up to $53.7bn to shore up group after stocks dip
In February 2021, Credit Suisse shares were worth 12.78 Swiss francs, but since then, the bank has endured a barrage...
- Credit Suisse, hit by a series of scandals in recent years, saw its share price plummet Wednesday after the Saudi National Bank declined to inject more money into the group
- In February 2021, Credit Suisse shares were worth 12.78 Swiss francs, but since then, the bank has endured a barrage of problems that have eaten away at its market value
Business
GCC banks face minimal impact of US banking crisis
The impact of SVB failure on regional banks and corporates may remain limited due to the diversity of Gulf investment...
- The impact of SVB failure on regional banks and corporates may remain limited due to the diversity of Gulf investment portfolios, Junaid Ansari of Kamco Invest tells TRENDS
- The decline in regional indices reflects shaken investor sentiment in global markets, the volatility of interbank rates and uncertainty related to bankruptcy crisis, he adds
Business
Saudi airline Riyadh Air plans new orders ahead of 2025 take-off: CEO
Riyadh, Saudi Arabia -- Saudi Arabia's new national airline plans more aircraft orders as it prepares to operate its first flights...
- The carrier, Riyadh Air, was officially unveiled on Sunday, and on Tuesday announced an agreement to purchase 39 Boeing Dreamliners, with options for 33 more jets.
- The White House said the value of the deal could reach $37 billion. It is the fifth largest deal by value in Boeing's history.
Economy
Stock markets sink on banking crisis fears, oil prices fall
Global markets have been rattled by the collapse of tech sector lenders Silicon Valley Bank and Signature, which forced US...
- Oil prices also dropped, with the main US contract WTI down more than 5% as it fell under $70 per barrel for the first time since Dec 2021.
- Shares of Credit Suisse, Switzerland's second biggest bank, crashed by more than 30 percent to hit a record low.
Business
October 2022 OPEC+ oil pact will stay the course, says Saudi energy minister
Riyadh, Saudi Arabia -- As uncertainty in the global economy is limiting clarity about the outlook for oil markets, the...
- Prince Salman said that sticking to the October agreement is the "sensible and only course of action” for OPEC and its allies.
- He said Saudi Arabia has proactively embarked on expanding our capacity to 13.3 million barrels a day by 2027.
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
Company News
Latest News
Shell halts Red Sea shipments over attack fears, say report
WASHINGTON, US - British oil giant Shell has paused transit through the key Red Sea shipping route indefinitely, over fears of...
Geostrategy
Emirates to recruit 5,000 crew members in 2024
DUBAI, UAE – Emirates will hire 5,000 people as it awaits the arrival of its fleet of Airbus A350s. The airline...
Business
Nespresso faces $330 m lawsuit in Switzerland over capsules
Zurich, Switzerland - A French television star and a group of investors are demanding 280 million Swiss francs ($330 million) from...
Business
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Business
Markets drop as Middle East tensions rise, rates cut delayed
While inflation is on a general downward path, there is a worry that it could pop back up anytime, particularly...
- Equities soared at the end of 2023 as falling inflation saw the Fed indicate that it was preparing to reverse more than a year of hikes to US interest rates
- However, January has seen the wind come out of the sails with Fed officials saying they were keen to keep rates elevated for some time
Business
Goldman Sachs profits up 58%
Revenues rose seven percent to $11.3 billion.
- In the fourth quarter, Goldman Sachs' revenues from equity trading surged 26 percent, while the bank's own holdings in public equities also enjoyed a hefty increase.
- Rival financial heavyweight Morgan Stanley reported a 35 percent drop in profits to $1.4 billion on a one percent rise in revenues to $12.9 billion.
Business
Sales of $10m-plus homes in Dubai grow by record 92% in 2023
Dubai, UAE -- The total number of US$10 million plus home sales in Dubai grew by 92.4 percent to 431...
- The total value of sales above this price point grew by 91 percent last year to US$7.6 billion, 28 percent of which was achieved in Q4 alone.
- The Palm Jumeirah remains at the epicenter for luxury home sales in Dubai, according to Knight Frank.