Social media’s evolving role in GCC spotlighted at Doha conference
Doha, Qatar – The Qatar Investment and Innovation Conference, held on Wednesday, at Barahat Msheireb in Msheireb Downtown Doha, brought...
Content creation key to awareness, culture, human development: Dubai ruler
Dubai, UAE -- Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, attended part of...
Business
Business
Merak launches credit fund
The $53-million direct lending fund is Shariah compliant.
- The fund is Merak's first credit fund under the Capital Market Authority new regulation for direct financing investment funds.
- The fund aims to underwrite loans between 5 to 20 million SAR, targeting a portfolio of 20 borrowers, Merak said.
Business
SoftBank posts US$5.9bn loss
The group's Q3 loss coincides with a slump in the tech sector.
- SoftBank said that tts two Vision Fund investment vehicles alone lost 660 billion yen ($5 billion) in October-December
- Its CEO Masayoshi Son has regularly defended his strategy of making major bets on high-tech firms and start-ups
India’s Adani Enterprises shares rocket 25%
The group owned by tycoon Gautam Adani lost around $120 billion in value after claims of accounting fraud were levelled...
- Adani said Monday it was repaying early loans worth $1.1 billion, in a move meant to reassure investors
- Hindenburg accused Adani of "brazen stock manipulation and accounting fraud scheme" in "the largest con in corporate history"
Business
Hong Kong looks to encourage Aramco to list in city
Hong Kong-- Hong Kong is looking to persuade oil giant Aramco and its units to consider a secondary listing in...
- Hong Kong Chief Executive John Lee is embarking on his first official visit to the Middle East
- The chief executive said before leaving that Saudi Arabia’s and the UAE’s development vision and needs are “exactly in line” with Hong Kong’s advantages
Opinion
Increasing pressure from Saudi real estate projects to force Dubai to develop more distinctive offerings
At the moment, the market is solidly Dubai, which is recognised as the world leader in branded residential offerings with...
- Increasing pressure from Saudi real estate developments will, over the coming years, force Dubai to develop even more distinctive offerings, says an expert.
- This race may benefit both the development pipeline and the consumer in the region, writes Thomas Williams, Studio Director at Gensler Middle East
Business
GMG buys out Aswaaq LLC
It will add 22 supermarkets to GMG's retail network in the UAE.
- Last April, GMG acquired Géant operations in the UAE from Urban Foods by Dubai Holding, adding 18 hypermarket and supermarket outlets to its retail footprint
- The company has introduced over 120 brands and has announced plans to double its global workforce by 2025
Business
Iraqi Kurdistan suspends oil export via quake hit Turkey
"The Kurdistan Regional Government confirms the halt of oil exportation through #Turkey's Ceyhan due to the #earthquake that struck several...
- The autonomous Kurdish region of northern Iraq usually exports around 450,000 barrels of oil a day through Turkey.
- A 7.8-magnitude earthquake hit southern Turkey and neighboring Syria on Monday, killing more than 1,800 people.
Business
UAE tops globally in tertiary education
For the 12th year in a row, Switzerland leads the ranks on the Global Innovation Index. South Korea was the...
- The 2022 GII says it tracks the most recent global innovation trends against the background of the pandemic, slowing productivity growth and other evolving challenges.
- It looks at whether stagnation and low productivity growth are here to stay, or whether we are about to enter a new era, where new innovation spurts.
Business
Rothschild family to take investment bank private
The Rothschild family is set to take its investment bank private as its holding company announced plans to buy out...
- The offer would be priced at 48 euros per share, or 19 percent higher than Friday's closing price, the holding said in a statement.
- It is also 15 percent up from the all-time high reached in January 2022.
Business
Dubai records over $381 million in real estate transactions
Dubai, UAE-- Dubai real estate market recorded transactions worth AED1.4 billion ($381 million) on Monday, data released by Dubai's Land...
- The deals included 490 sales transactions worth AED1.17 billion, in addition to 86 mortgage deals of AED177.94 million.
- The sales included 441 villas and apartments worth AED898.41 million, and 49 land plots worth AED269.56 million.
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Social media’s evolving role in GCC spotlighted at Doha conference
Doha, Qatar – The Qatar Investment and Innovation Conference, held on Wednesday, at Barahat Msheireb in Msheireb Downtown Doha, brought...
Company News
Ryanair profits soar
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Luberef’s 9M profit up 2%
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Saudi Arabia jumps to second rank in ICT index among G20 nations
Riyadh, Saudi Arabia -- Saudi Arabia jumped 10 ranks to second place among the G20 countries according to International Telecommunication...
Economy
South Korea posts 32% jump in export of eco-friendly vehicles
Seoul, South Korea--South Korea's exports of eco-friendly vehicles surged 32.5 percent year-on-year to a record high during the first 11...
Business
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Science
Artists utilize technology against AI copycats
NEW YORK, US - Artists under siege by artificial intelligence (AI) that studies their work, then replicates their styles, have teamed...
- Created in just four months, Glaze spun off technology used to disrupt facial recognition systems.
- Glaze essentially outthinks AI models when it comes to how they train, tweaking pixels in ways indiscernible by human viewers
Business
Hamriyah, Deira ports report $3.30bn in customs declaration
Dubai, UAE -- Hamriyah and Deira ports have reported 62,454 customs declarations, totaling AED 12.133 billion ($3.30 billion), with 19...
- Khor Customs Centre and Deira Port successfully prevented an attempt to smuggle 243 kilograms of narcotics into the country.
- An advanced container X-ray inspection device, supporting increased inspection operations, is operational at te Hamriyah Port Customs Centre.
Business
Oman to expand production of green hydrogen to boost non-oil economy
Hong Kong - The government of Oman’s targets to expand local green hydrogen production could support key credit metrics, such as...
- The government aims to raise renewable energy-based hydrogen production to at least one million metric tonnes (mt)/year by 2030.
- Local state-owned enterprise Hydrogen Oman (Hydrom) signed six investment agreements, worth over US$38 billion, with partners in 2023.