Musk to exit US government role after rare break with Trump
Washington, United States - Billionaire Elon Musk on Wednesday announced he was leaving his role in US government, intended to...
Business
ADNOC’s listed companies post over $2.3 billion net profit in first quarter
Abu Dhabi, UAE -- ADNOC Group's publicly traded portfolio companies combined to deliver over $2.3 billion (AED8.4 billion) in first...
Business
Business
US closes SVB in biggest collapse since 2008
The move sends sent global banking shares sputtering, as markets fretted over possible contagion from America's biggest banking failure since...
- The move sends sent global banking shares sputtering, as markets fretted over possible contagion from America's biggest banking failure since the 2008 financial crisis
- SVB specialized in financing start-ups and had become the 16th largest US bank by assets. At the end of 2022, it had $209bn in assets and approximately $175.4bn in deposits
Business
Weeklong real estate deals worth $3.51 billion recorded in Dubai
Dubai, UAE -- Dubai recorded a total of 3,332 real estate transactions worth AED 12.9 billion ($3.51 billion) during the...
- A Dubai Land Department report said that 274 plots were sold for AED 3.17 billion, while 2,370 apartment and villa sales totaled AED 4.93 billion.
- Al Hebiah Fifth recorded the most transactions for this week with 117 sales transactions worth AED 320.97 million, followed by Jabal Ali First.
Business
Masdar, Cote d’lvoire to develop 70MW solar power plant
Abu Dhabi, UAE -- Masdar has signed an agreement with the Cote d'lvoire's energy ministry to explore the development of...
- The agreements were signed under the umbrella of the Etihad 7 initiative, a UAE-led program that aims to build 20GW renewable energy in Africa.
- The plant would support the Republic of Côte d'Ivoire’s goal of 42 percent of its energy mix coming from renewable sources by 2030.
Business
Mohamed bin Zayed issues law to establish Abu Dhabi Transport Company
ABU DHABI, UAE - In his capacity as the Ruler of Abu Dhabi, President Sheikh Mohamed bin Zayed Al Nahyan...
- An affiliate of the Supreme Council for Financial and Economic Affairs, the company will support the emirate’s integrated transport ecosystem.
- It will develop transport systems, and contributing to effective and sustainable transport services for citizens and residents.
Business
QCB issues treasury bills worth $832m for up to nine months
Doha, Qatar -- Qatar Central Bank (QCB) has issued treasury bills worth QR 3 billion ($832 million), attracting a total...
- One of bills, valued QR 1 billion had a tenor of one week and a yield of 5.005 percent.
- The bank issued treasury bills worth $274 million for a one-week term on Feb 26.
Business
Saudi Arabia meet discusses upcoming GCC-UK free trade negotiations
Riyadh, Saudi Arabia -- A meeting was held in Riyadh Thursday to prepare for holding the third round of free...
- The negotiations are scheduled to take place from March 12 to March 16, 2023, at the GCC General Secretariat headquarters in Riyadh.
- The meeting was attended by the heads of negotiating technical teams, directors of departments, and coordinators of technical teams.
Business
Credit Suisse delays yearly report
Delay has had no effect on its annual financial statement.
- The publication of the yearly report which includes information about the company's functioning, was due on Thursday
- The bank had reported a net loss of 7.3bn Swiss francs ($7.9 billion) - the biggest since 2008, in its 2022 financial statement
Business
Aramco’s $7 billion petrochemical project breaks ground in South Korea
Dubai, UAE -- Saudi energy giant Aramco broke ground for its 26.25-billion-riyal ($7 billion) Shaheen Petrochemical Project, its biggest in...
- Scheduled for completion by 2026, the Shaheen project is aimed at converting crude oil into petrochemical feedstock.
- With an annual production capacity of up to 3.2 million tons, Shaeen is Aramco's biggest project in South Korea.
Market Report
Global stocks mixed as markets await US jobs data
Wall Street rose but European stock markets fell as investors brace for US jobs data that they fear could prompt...
- The US Federal Reserve raised rates by a quarter basis point in December, lower than previous decisions.
- European wholesale natural gas prices dived to the lowest level since August 2021, due to high storage levels.
Business
Villas, apartments form bulk of $490m realty deals in Dubai
Dubai, UAE -- Dubai real estate market recorded deals worth AED1.8 billion ($490 million) on Thursday, Dubai Land Department said....
- The deals included 502 sales transactions worth AED1.2 billion, in addition to 98 mortgage deals of AED388.51 million.
- Mortgages included 76 villas and apartments worth AED182.63 million and 22 land plots valued at AED205.88 million.
Musk to exit US government role after rare break with Trump
Washington, United States - Billionaire Elon Musk on Wednesday announced he was leaving his role in US government, intended to...
Business
Company News
Beltone 9M net profit at $2.7m
Business
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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...
Business
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...
World Economic Forum
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...
Business
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Geostrategy
Saudi Arabia, China ink MoU in accounting and auditing
RIYADH, SAUDI ARABIA – The Kingdom and the People’s Republic of China signed on Monday in Beijing a memorandum of...
- The MoU is similar to other agreements that GCA has reached with counterpart organizations in different countries.
- These agreements underscore GCA's elevated professional standing, at both regional and international levels.
Business
China Construction Bank lists $600m green bond in Nasdaq Dubai
DUBAI, UAE - Nasdaq Dubai has welcomed the listing of a US$600 million green bond by China Construction Bank (DIFC...
- The total value of bonds listed on Nasdaq Dubai by CCB, comprising the issuances by Hong Kong and Dubai branches, stands at $2.45 billion.
- The cumulative value of outstanding debt from Chinese issuers on Nasdaq Dubai stands at US$11.95 billion through 22 issuances.
Business
Qatar Chamber and CzechTrade look to boost trade cooperation
Doha, Qatar--Qatar and Czech Republic are looking to ramp up trade and investment cooperation between the two countries. In this...
- The two sides looked at ways to bolster cooperation between Qatari companies and their counterparts from Czech Republic
- The trade volume between the two countries reached $183m in 2022, reflecting a 10% increase compared to the previous year