Boeing to cut 10% of workforce
The company has projected a large third-quarter loss.
Waldorf Astoria to open in Madinah by 2028
With more than 300 luxury rooms, three dining concepts, and various facilities, the hotel will merge global luxury with Madinah’s...
Business
Business
Stop and smell the metaverse roses
Immersive technologies that can better lives, whether helping people treat dementia or learn to pilot fighter jets, is the future...
- Some entrepreneurs at the annual CES gadget fest that ends Sunday in Las Vegas were eager to combine real and virtual worlds to help people stop and smell the roses.
- French startup SocialDream has also designed its own mixed-reality headset adapted to its virtual world content –- imagery that stimulates memory in Alzheimer's patients.
Business
Auto industry races into metaverse at CES technology show
Las Vegas, United States--Allowing the driver of an autonomous vehicle to watch a movie, a dealer to sell automobiles from a...
- Holoride, a start-up backed by automaker Audi, is already selling a virtual reality headset intended solely for rear-seat passengers
- The metaverse can play a role in designing new products or more easily testing them in differing environments
Business
Ronaldo to play first game for Al Nassr on January 22
Cristiano Ronaldo may make his Saudi Arabian debut on January 22 after the Portuguese star was successfully registered by new...
- Ronaldo will now be available for the January 22 home game against Ettifaq after completing a two-match ban issued in November for smashing a fan's mobile phone
- He joined Al Nassr in a deal believed to be worth around 200 million euros that has shone an unprecedented light on the Saudi Pro League
Business
Dubai records over US$2.72bn in weeklong real estate transactions
DUBAI, UAE - A total of 2,173 real estate transactions worth over US$2.72 billion (AED 10 billion) were conducted during...
- A total of 2,173 real estate transactions were conducted during the week ending January 6, 2023.
- A total of 270 plots were sold for US$612 million, 1,903 apartments and villas were sold for US$1.33 billion.
Jack Ma: tycoon who soared on China’s tech dreams grounded by regulators
A reshuffle of Ant's shareholding structure will now see Ma cede control of the fintech giant he founded in 2014....
- The most recognisable face in Asian business, Ma has seen his fortune fall by around half to an estimated $25 billion
- Chinese regulators torched the planned listing of Ma's Ant Group in Hong Kong and Shanghai, and the following year hit Alibaba with a record $2.75 billion fine
Business
Market cap of Arab bourses hits US$4trn at end of 2022
Abu Dhabi, UAE--The market cap of Arab stock exchanges has vaulted to $4 trillion by the end of 2022, according...
- The AMF said the market value of the Saudi Stock Exchange was $2.63 trillion and that of the Qatar Stock Exchange was $167.09 billion
- The market cap of the Boursa Kuwait was $152.7 billion and that of the Muscat Stock Exchange was $61.6 billion
Geostrategy
Jordan imported 3.65m barrels of Iraqi oil from September 2021 to December 2022
AMMAN, JORDAN - Jordan's total imports of Iraqi oil between September 2021 to December 2022 amounted to 3.65 million barrels,...
- The Jordanian Minister said that the Kingdom purchases Iraqi crude oil to meet part of its annual oil needs at a rate of 10,000 barrels per day.
- As per the MoU, the Kingdom provides basin tanks for transporting crude oil from the Kirkuk depot in Iraq to the Jordanian oil refinery in Zarqa.
Market Report
GCC stocks end the week in decline after a few days of gain
Abu Dhabi Securities Exchange finished 2022 with a gain of almost 20 percent, making it the highest performer among GCC...
- Despite declines in oil and financial firms, the Saudi stock index closed Thursday (January 5, 2023) slightly up.
- On Monday (January 2, 2023), the First Abu Dhabi Bank contributed to a 0.6 percent point increase in the Abu Dhabi Securities Exchange index.
Business
Qatar records weekly real estate deals worth $612 million
Doha, Qatar-- Real estate sales worth more than 2.25 billion Qatari Riyals ($612 million) were registered at the emirate's Real...
- The weekly bulletin issued by the Real Estate Registration Department stated that the list of real estate traded for sale included vacant lands, residences.
- Most of the deals were concentrated in the municipalities of Doha, Al Rayyan, Al Wakra, Umm Salal, Al Daayen, Al Khor, and Al Thakhira.
Geostrategy
Bayern head to Doha promising to review Qatar Airways deal
Berlin, Germany--Bayern Munich CEO Oliver Kahn said on Friday the side was reviewing whether to renew its sponsorship arrangements with Qatar...
- Bayern have come under criticism for their ties to Doha and the state-owned carrier in relation to alleged human rights issues in Qatar.
- In Qatar, the German national side backtracked on a promise to wear a 'One Love' armband in support of human rights and diversity.
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
Boeing to cut 10% of workforce
The company has projected a large third-quarter loss.
Company News
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NEOM unveils Utamo, a $500bn project to showcase world’s mega artists
NEOM, Saudi Arabia - Saudi Arabia's $500 billion mega project, has introduced Utamo, a new art and entertainment destination set...
Business
Somalia to get US$4.5bn in debt relief from creditors: IMF
The IMF said the debt relief will facilitate access to additional financial resources that will help it strengthen economy, reduce...
Business
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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"...
- Many believe news media outlets have been distracted from their role to safeguard space for informed debate on public issues
- Several well trusted media outlets with deep pockets are battling against thinning revenues and being forced to think differently
Business
OpenAI to pay Axel Springer to use journalism in ChatGPT
Berlin, Germany -- Axel Springer said Wednesday it was partnering up with the maker of ChatGPT, OpenAI, which will pay the...
- The chatbot's answers would include material otherwise kept behind a pay-wall and offer "links to the full articles for transparency and further information," they said.
- Axel Springer CEO Matthias Doepfner has previously warned that AI threatened to "replace" journalism, while the group has been pursuing its own AI-driven ventures.
Business
Qatar records real estate transactions worth $400 million in Nov
Doha, Qatar -- Qatar reported a total of 321 real estate transactions worth QR 1.46 billion ($400 million) in November...
- Top-performing municipalities in financial value included Doha, Al Rayyan, and Al Dhaayen. Doha led with transactions worth QR 603 million.
- Mortgage transactions totaled 88, amounting to QR 3.19 billion. Al Rayyan dominated with 38 transactions, followed by Doha with 25.