Xi, Biden in Peru for APEC summit, pre-Trump face-to-face
uncertainty over Trump's next moves now clouds the APEC agenda -- as it does for the COP29 climate talks underway...
Altegio in UAE market to local boost digital transformation
Unlike other automation platforms that redirect customers to third-party websites, Altegio keeps booking processes within the client’s own ecosystem.
Business
Economy
Microsoft to cut staff
The computer industry stalwart has some 220,000 workers.
- The computer industry stalwart could announce layoffs in its engineering divisions as early as Wednesday
- Wedbush is expecting staff cuts of another 5 to 10 percent across the tech sector, Ives told investors
Economy
Auto sales in Europe drop to a three-decade low in 2022
Paris, France--New vehicle registrations in Europe dropped to their lowest level since 1993 last year as component shortages continued to hinder...
- The overall number of EU registrations fell 4.6 percent to 9.3 million, a level last seen three decades ago
- Volkswagen remained the European market leader with 2.3 million vehicles sold, a 5.2 percent decline, for a stable market share of 25.1 percent
Business
Qantas flight lands at Sydney after mid-air mayday alert
The plane, a Boeing 737-800, appeared to land safely at Sydney airport before coming to a stop on the runway,...
- The flight -- QF144 -- was believed to be carrying more than 100 passengers from New Zealand, an ambulance spokeswoman said
- NSW Ambulance earlier said they were on standby at the airport after the plane issued a mid-air mayday call over the Tasman Sea bet
Business
Iraq to partner with General Electric to build 400 energy plants
Baghdad, Iraq--Iraq has begun constructing 400 energy plants of high-quality specifications in all regions across the country. In a press...
- Iraqi Minister of Electricity Ziyad Ali Fadel said that the Ministry in this regard has discussions and contracts with General Electric and other American companies
- He said the ministry is engaging in negotiations with Siemens to maintain and rehabilitate the old generating plants manufactured by the company
YEARBOOK 2023
Consumer spending in KSA, UAE set to stay strong
Both Gulf countries reported an increase in non-essential spending from 2021 to 2022, with the expectation that this trend will...
- Both Gulf countries reported an increase in non-essential spending from 2021 to 2022, with the expectation that this trend will continue into 2023, says an expert.
- Online purchasing remains a popular channel for both UAE and Saudi shoppers, owing to the ease of purchase, cost savings, variety, and ease of delivery, a research points out
Business
Saudi businessman bids US$2.6m for Messi-Ronaldo game
A real estate businessman from Saudi Arabia has won a ticket to see Cristiano Ronaldo and Lionel Messi face off...
- It will mark the first time Ronaldo has played any football in the kingdom since signing a contract with Al Nassr
- The proceeds from the auction are due to go to the national charity campaign known as Ehsan
Economy
UAE Ministry of Finance, Dubai Free Zones Council sign MoU on sharing of information
DUBAI, UAE - UAE Ministry of Finance (MoF) Tuesday signed a Memorandum of Understanding (MoU) with the Dubai Free Zones...
- The Ministry of Finance makes efforts to ensure that government entities in the UAE are committed to international tax pacts the country has signed.
- Dubai Free Zones Council will provide the necessary tax information to the ministry of finance.
Science
WEF launches initiative to channelize US$3trn for climate and nature
The World Economic Forum launched the Giving to Amplify Earth Action (GAEA), to help unlock the US$3 trillion of financing...
- Present funding is slow and inadequate, and a new approach is needed to get capital flowing.
- Philanthropic giving is nimble, more tolerant of risks and is driven by values and long-term outcomes rather than quarterly returns.
Business
Four firms to partner for Co2 removal
ADNOC, FNRC, Masdar and 44.01 to pilot a technology in Fujairah.
- The technology permanently mineralizes carbon dioxide (CO2) within rock formations found in the Emirate of Fujairah.
- Fujairah has been selected for this pilot for to its abundance of peridotite, a form of rock that naturally reacts with CO2 to mineralize it.
Business
QIB profits grow by 12.7% in 2022
The return on the share amounted to QR 1.62.
- The return on the basic share amounted to QR 1.62 for the past fiscal year, compared to QR 1.42 in 2021
- The total assets for 2022 amounted to QR 184 billion, while financing assets accounted for QR 119.3 billion
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Xi, Biden in Peru for APEC summit, pre-Trump face-to-face
uncertainty over Trump's next moves now clouds the APEC agenda -- as it does for the COP29 climate talks underway...
Company News
Chevron Q3 profit falls
Business
Latest News
Russia’s Gazprom sets new daily record for gas supplies to China
Moscow, Russia--Gazprom has set a new record for daily gas supplies to China via the Power of Siberia pipeline on...
Business
GCC media outlets think outside the box to stay afloat
Reeling from a calamitous drop in advertisement revenues and public trust, news media organizations are reworking strategies to create "niche"...
Business
Most Read
Geostrategy
Plan to end e-vehicle subsidies sparks anger in Germany
BERLIN, GERMANY - The German government on Sunday faced a backlash after abruptly ending an electric car subsidy scheme in a...
- The economy ministry said on Saturday that Sunday would be the last day prospective buyers could apply for the scheme.
- Under the scheme, the government paid out thousands of euros per customer to partially cover the cost of buying an electric car.
Business
King Abdulaziz International Airport top Saudi performer in November
Riyadh, Saudi Arabia -- King Abdulaziz International Airport in Jeddah, King Fahd International Airport, Abha International Airport, Al-Ahsa International Airport...
- Among international airports with more than 15 million passengers annually, King Khalid International Airport in Riyadh bagged the second place with 82% compliance rate.
- For domestic airports, Gurayat Airport topped with a 100 percent compliance rate, surpassing peers in terms of total average waiting time for flights departing and arriving.
Business
SAMA issues rules regulating ‘buy now pay later’ companies
Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) has issued rules for regulating buy now pay later (BNPL) companies,...
- Under these rules, BNPL activity is defined as "a type of financing that allows a consumer to purchase goods or services without a term cost payable by the consumer".
- The rules aim to regulate the licensing of BNPL companies and set minimum standards and procedures required to offer BNPL services.