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
World’s longest diamond necklace set to break Guinness record at Sharjah show
Sharjah, UAE – Exhibitors at the 55th Watch and Jewelry Middle East Show, scheduled from May 28 to June 1,...
Business
Business
Saudi Enterprises Bank sets aside $2.79 billion to finance SMEs
Riyadh, Saudi Arabia -- The Small and Medium Enterprises Bank of Saudi Arabia's National Development Fund said Sunday it has...
- The Bank's direct and indirect lending programs, financing guarantee programs and investment programs will be financed over the next three years.
- These programs support the kingdom's Vision 2030 and to raise the contribution of SMEs to the GDP to 35 percent.
Business
Egypt’s exports to China increase by nearly 21 percent in 2022
Cairo, Egypt -- Egyptian exports to China rose by 20.8 percent to $1.7 billion in the first 11 months of...
- The trade exchange between Egypt and China increased by 2.6 percent during the first 11 months of 2022, reaching $14.9 billion.
- Fuel, mineral oils and distillate products, cotton, and fruits made up the top 10 categories of goods that Egypt shipped to China.
Business
Aramco reports bumper profits
It posted $161bn profits last year on high oil prices.
- The world's second most valuable company behind Apple, said in a filing with the Saudi stock market that net income for 2022 was $161.07 billion, up from $110 billion in 2021
- Energy prices are expected to stay elevated in 2023, in part because of production cuts approved last October by the OPEC+ cartel that Riyadh co-leads with Moscow
Business
SVB failure unnerves USDC, other cryptocurrencies
The FDIC on Friday took over SVB, a major lender to the tech world, in the second-largest bank failure in...
- It is widely believed that the process of liquidating the bank's assets can drag on for a long time, with no certainty of just how much will be recovered
- As per the California Department of Financial Protection and Innovation withdrawal orders from SVB reached a breathtaking $42 billion
Economy
Iraq impounds three million captagon pills on Syrian border
Iraq has scuttled a big smuggling operation of bringing into the country a large consignment of three million pills of...
- In recent months, Iraqi security forces have ramped up operations against such smuggling bids, with several high-profile drug seizures reported
- Iraqi police, a few weeks ago, announced a big seizure of more than six million pills of the stimulant in a major drug bust
Business
etisalat by e& announces first 5G satellite communications in UAE
ABU DHABI, UAE - etisalat by e& announced on Saturday the implementation of the Eutelsat Quantum satellite solution, becoming the...
- etisalat became the first telecommunications company in UAE to expand 5G network capabilities over a software-defined satellite.
- This deployment was a result of rigorous testing with customers for over a year to rapidly scale up the 5G mobile network deployment.
Business
Silicon Valley Bank demise has markets jittery, analysts say no contagion risk
Officially closed and put into receivership by US authorities on Friday, SVB was at risk due to a heavy concentration...
- SVB's woes are the result of "idiosyncratic stresses and not one that we see as systemic that would affect the banking industry," said CFRA Research's Ken Leon
- A note from analysts at Morgan Stanley put it simply, saying, "We want to be very clear here ... we do not believe there is a liquidity crunch facing the banking industry."
Business
Indonesia holds two-day event in Dubai to lure investment
Dubai, UAE--The Indonesian Investment Forum kicked off in Dubai to lure businesses and investments. The two-day event aimed to explore...
- The Dubai event will explore opportunities to lure foreign direct investment and widen markets for export products
- Bank Indonesia in collaboration with KJRI Dubai, the Indonesian Embassy in Abu Dhabi and many others hosted the event
Interview
Healthcare, education key focus of MENA: Amanat CEO
The region will benefit from investment in training institutes for nursing and health professionals, Amanat Holding CEO Mohamed Hamade tells...
- The region will benefit from investment in training institutes for nursing and health professionals, Amanat Holding CEO Mohamed Hamade tells TRENDS during an interview
- Hamade also sheds light on how Amanat Holding balances profitability with social responsibility. He also hints at potential future investment plans and IPOs in the region
Business
Meta confirms it is working on potential Twitter rival
SAN FRANCISCO, US - Facebook owner Meta is working on a new "text sharing" social media platform, it said Friday, in...
- Since billionaire Elon Musk's takeover of Twitter in October, the influential website has suffered outages, layoffs.
- Several advertisers have left the platform over the alleged lack of content moderation in recent times.
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
Company News
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Beltone 9M net profit at $2.7m
Business
Dubai set to navigate new realty landscape this year
In 2024, the real estate sector is expected to continue to evolve, offering challenges and opportunities for investors and residents...
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...
Business
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World Economic Forum
IMF chief at Davos: AI holds risks, opportunity for global economy
Artificial intelligence poses risks to job security around the world but also offers a "tremendous opportunity" to boost flagging productivity...
- "We must focus on helping low-income countries in particular to move faster to be able to catch the opportunities that artificial intelligence will present," Georgieva told AFP.
- Georgieva said 2024 is likely to be "a very tough year" for fiscal policy worldwide, as countries look to tackle debt burdens accumulated during the Covid-19 pandemic.
Business
Ummahat Island unveils world’s first net-zero 5G network towers
Tabuk, Saudi Arabia -- Red Sea Global (RSG), Zain KSA, and the French Serge Ferrari Group have developed and installed...
- In addition to being 100% solar powered, these towers are designed in a way that allows air circulation to reduce cooling costs, and do not require high maintenance.
- They are also aimed at preserving biodiversity and enabling tower sharing among all licensed telecom operators in KSA.
Business
Mammoet, Aertssen sign agreement
The two firms will provide heavy-lifting solutions in Qatar.
- Mammoet said in a statement that the collaboration will "capitalize on the individual strengths and capabilities of both companies".
- The solutions range from small mobile cranes for quick operations to complex engineered heavy lifting and transport projects.