Syria inks $7 bn energy deal with Qatari, Turkish, US firms
The agreement was sealed at the presidential palace in Damascus in the presence of interim President Ahmed al-Sharaa and US...
Business
ADNOC Drilling secures $1.15bn contract
The contract for two jack-up rigs begins in the second quarter.
Business
Business
OPEC Fund to provide $40m loan for Vietnam SME financing needs
Vienna, Austria -- The OPEC Fund for International Development (OFID) will provide a $40 million loan to Vietnam Maritime Commercial...
- The loan will support at least 80 local businesses, providing financing to meet critical needs to grow their businesses.
- Vietnam has more than 500,000 private firms, and more than 95 percent of these are micro and small enterprises,
Economy
Biden vows to fix ‘mess’ as US regulators rush to contain SVB fallout
Treasury Secretary Janet Yellen said the government wants to avoid financial "contagion" from the SVB implosion, as it ruled out...
- Joe Biden vowed to hold accountable the people responsible for SVB collapse and said he would deliver remarks Monday on maintaining a resilient banking system
- In a joint statement, financial agencies including US Treasury said SVB depositors would have access to "all of their money" starting Monday, March 13
Business
HSBC buys UK arm of SVB
In a rescue deal, it bought SVB for a nominal price of $1.2.
- Jeremy Hunt, finance minister, disclosed that no government cash was involved and all customer deposits have been safeguarded
- HSBC chief executive Noel Quinn said that the buyout made "excellent strategic sense for our business in the UK"
Market Report
ADNOC Gas gains US$9.2bn on first day after IPO
Shares in ADNOC Gas were heavily oversubscribed even after the offering was expanded from 4.0 to 5.0 percent of issued...
- Shares in ADNOC Gas were heavily oversubscribed even after the offering was expanded from 4.0 to 5.0 percent of issued share capital in response to strong interest
- The final price was set at 2.37 dirhams ($0.65) per share, towards the top of its range, raising about $2.5 billion and implying a market capitalization of around $50 billion
Economy
After SVB fall, US regulators shut down crypto-focused Signature Bank
Signature Bank was reeling from a bet on crypto banking that foundered after the sector imploded and banking regulators cracked...
- Signature Bank's collapse is the third in under a week after Silvergate Bank's voluntary liquidation and Silicon Valley Bank's shutdown
- The closure of the bank comes months after Signature said it would be reducing its exposure to the crypto sector
Geostrategy
UAE, Ukraine keen on parliamentary, economic ties
MANAMA, BAHRAIN - Speaker of the UAE Federal National Council Saqr Ghobash discussed ways to enhance cooperation with First Deputy...
- UAE, Ukraine discuss parliamentary cooperation through exchanging visits and enhancing coordination.
- The two sides deliberated on improving trade and economic ties between the two countries.
Business
VW to cut e-car prices
The price drop is seen as a direct response to cuts by Tesla.
- Volkswagen will start selling its ID.3 electric car model from March end for less than $42,000.
- That is a 3,000-euro markdown from the current ID.3 price tag, putting it on par with US rival Tesla's popular Model Y.
Videos
Real estate, e-commerce to push UAE growth
Global economic challenges have led the UAE to review priorities and investment trends, with a focus on five key sectors:...
- The UAE economy recorded its fastest growth rate in over a decade despite the global economic slowdown.
- The IMF expects the UAE’s non-oil economy to grow by about 4 percent in 2023 and accelerate over the medium-term.
Business
Saudi to create new airline in pursuit of 100 destinations goal by 2030
The Gulf kingdom is pursuing ambitious aviation goals as part of Crown Prince Mohammed bin Salman's wide-ranging "Vision 2030" reform...
- Creation of Riyadh Air is part of a plan to turn Riyadh into a global aviation hub rivalling regional leaders like Dubai and Doha.
- Last November officials announced plans for a new airport in Riyadh spanning 22 square miles, that is set to accommodate 120 million travelers by 2030.
Business
Tech sector fallout feared as SVB collapse freezes billions of startup dollars
New York, United States -- Silicon Valley Bank's stunning collapse has led to the freezing of tens of billions of dollars...
- The company, whose website says it is "the financial partner of the innovation economy," taken over by the US Federal Deposit Insurance Corporation to prevent further damages.
- For banks that are FDIC-insured, only $250,000 per account is guaranteed. But according to SVB's annual report, 96 percent of its total $173 billion in deposits was uninsured.
Syria inks $7 bn energy deal with Qatari, Turkish, US firms
The agreement was sealed at the presidential palace in Damascus in the presence of interim President Ahmed al-Sharaa and US...
Business
Company News
Q3 corporate earnings show mixed results in GCC
Market Report
Latest News
Microsoft becomes world’s largest company
The tech giant's market value has surged by over $1 trillion.
Business
Passenger traffic at Sharjah airport jumps to 15.3 million in 2023
Sharjah, UAE--The number of passengers travelling through Sharjah airport reached 15.3 million in 2023, as compared to 13.1 million in...
Business
S&P estimates UAE GDP to grow beyond 5% in 2024
According to Tatiana Leskova, Associate Director of Corporate Ratings at Standard and Poor's Global Ratings that the global economy while...
Economy
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Business
Aramco Digital, Intel to join hands
The aim is to help develop of Open RAN technologies.
- The facility is expected to drive innovation, foster technological advancements and contribute to the digital transformation landscape in the Kingdom.
- This collaboration aims to align with Saudi Arabia's Vision 2030, which focuses on technological advancements and economic diversification.
Business
Stock markets: Germany drags Europe down, Tokyo rises again
In Asia, Tokyo rose for a sixth successive day to build on last week's advances, which saw the Nikkei break...
- "European stock markets were softer... as the week got off to a relatively quiet, risk-averse start," noted Neil Wilson, chief market analyst at Finalto trading group
- In Asia, Tokyo rose for a sixth successive day to build on last week's advances, which saw the Nikkei break above 35,000 points for the first time since 1990
Business
Saudi Arabia unveils 45,000-seat multi-use stadium in Qiddiya City
RIYADH, SAUDI ARABIA - The Board of Directors of the Qiddiya Investment Company (QIC) announced on Monday the launch of...
- Upon opening, the stadium is anticipated to host some of Saudi Arabia’s biggest sports, entertainment, and cultural events.
- It aims to draw visitors from across the globe and revolutionize the traditional stadium experience with its immersive design.