Microsoft cutting more jobs from its gaming unit amid industry layoffs
San Francisco, United States- Microsoft is cutting about 650 more positions from its gaming unit as it continues to tighten its...
Business
2024 Crypto Crime Update Part 2: China-based cybercrime networks on the rise
In part 1 of our mid-year crime update, we discussed trends related to ransomware and stolen funds. While aggregate illicit...
Business
US proposes $300 mn fine over huge robocall ‘scam’ campaign
The operation placed about 5.2 billion calls to more than 550 million wireless and residential phones between January and March...
- The Federal Communications Commission said the "auto warranty scam" campaign included "international cohorts" in Panama and Hungary
- Cox and Jones, who are both from the United States, were banned from making telemarketing calls under earlier US actions
Crypto firm Binance endures wild weeks in wake of FTX collapse
On Friday, accountancy firm Mazars, engaged by Binance to provide a "proof of reserves" report, abruptly halted work with all...
- After the collapse of its rival FTX in a hail of allegations of fraud and criminality last month, trust in the entire sector has crumbled
- Customers pulled more than $3 billion from Binance in a single day last week as part of a three-day frenzy that saw more than $6 billion withdrawn
YEARBOOK 2023
UAE set to lead GCC’s e-commerce markets next year
“E-commerce sales via marketplaces will continue to grow in double-digit percentages in 2023, driven by a higher proportion of cross-border...
- From 2020 to 2022, there was an expected additional six percent annual market growth in ecommerce due to Covid-19, a latest report by Statista points out
- E-commerce in the MENA region is fast catching up with global powerhouses such as China, with many online retailers scaling up their services to avoid Covid-induced disruptions
Business
Most Middle Eastern nations lack crypto regulations
The adoption of digital currencies can help open new business segments as the use of these assets increases with time,...
- The adoption of digital currencies can help open new business segments as the use of these assets increases with time, Daniel Takieddine, CEO of MENA BDSwiss, tells TRENDS
- The digital currency market had a challenging year in 2022 as significant cryptocurrencies were down more than 50 percent from their all-time highs in late 2021
Business
DP World sells assets stake to Saudi Hassana Investment Company
Saudi Hassana will invest $2.4 bn in some of DP World's assets.
- Hassana is the investment manager for the General Organisation for Social Insurance (GOSI), which owns one of the world’s largest pension funds.
- The investment by Hassana implies a total enterprise value of approximately $23 billion for the three assets.
Business
Dubai records over $490 million in real estate transactions Tuesday
Dubai, UAE---Dubai real estate market recorded deals worth AED1.3 billion ($490 million) on Tuesday, said Dubai Land Department. The deals...
- The deals included 495 sales transactions worth AED1.32 billion, in addition to 81 mortgage deals of AED454.83 million, and 24 gift deals amounting to AED34.33 million.
- The sales included 479 villas and apartments worth AED1.28 billion, and 16 land plots worth AED45.98 million.
Economy
Crypto can cause global economic turmoil: India’s central bank chief
Mumbai, India - India's central bank governor warned Wednesday that cryptocurrency markets risked causing the next global financial crisis, saying the...
- The comments close out a challenging year for India's millions of crypto owners, who are already reeling from a global market collapse and steep domestic taxes.
- Cryptocurrencies have been under the scrutiny of Indian regulators with a rise in fraudulent transactions leading to a central bank ban in 2018.
Business
UAE, Morocco discuss ways to boost cooperation in energy, industry
Rabat, Morocco - UAE and Morocco discussed ways of boosting their cooperation and investment opportunities in industry, economy, investments, culture,...
- The discussion occurred between Sultan Ahmed Al Jaber, UAE's Minister of Industry and Advanced Technology and Aziz Akhannouch, Prime Minister of Morocco.
- Al Jaber also held meetings with Riyad Mazour, Moroccan Minister of Industry and Trade, and Leila Benali, Moroccan Minister of Energy Transition and Sustainable Development.
Business
SABIC introduces new plastic
The high-density polyethylene complements its Trucircle range.
- The company said the new product is part of the company's commitment to contribute in promoting the circular economy of plastics.
- The new material was specially developed for motor oil and lubricant oil bottles manufactured through blow molding technology.
Business
ADNOC acquires 24.9% stake in OMV
After the transaction, OMV will hold 31.5 percent.
- Through this investment in OMV, which holds a 75 percent stake in Borealis, ADNOC will increase its shareholdings in both Borealis and Borouge.
- ADNOC will acquire the stake from Mubadala. Financial details of the transaction are not being disclosed.
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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
Microsoft cutting more jobs from its gaming unit amid industry layoffs
San Francisco, United States- Microsoft is cutting about 650 more positions from its gaming unit as it continues to tighten its...
Business
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Volkswagen revenue up
Business
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Business
Latest News
Cloud security challenges haunt firms in UAE and KSA
Rapid cloud adoption in the two GCC countries is accompanied by increased security risks, leading to costly data breaches, reveals...
NDMC secures syndicated international loan worth $11bn
Riyadh, Saudi Arabia -- The National Debt Management Center (NDMC) completed the arrangement of a syndicated international loan worth $11...
Business
NEOM launches ‘Topian’ to ensure climate-proof agriculture in Saudi
NEOM, Saudi Arabia: NEOM, a mega-city project in Saudi Arabia characterized by futuristic urban planning and advanced technologies, Sunday announced the...
Business
Most Read
Regenerative business models keep UAE ahead globally
With 57% of C-suite executives in the UAE prioritizing regenerative models, the country is leading the global shift towards sustainable...
- With 57% of C-suite executives in the UAE prioritizing regenerative models, the country is leading the global shift towards sustainable and regenerative business practices.
- This trend, especially notable in the retail and energy sectors, marks a significant paradigm shift in how businesses approach sustainability and societal impact.
COP28 UAE
OPEC implores members to oppose any COP28 deal targeting fossil fuels
Dubai, UAE--The head of OPEC has urged members of the oil cartel to reject any deal at UN climate talks...
- The OPEC chief urged members to reject any text or formula that "targets energy i.e. fossil fuels rather than emissions"
- On Friday, negotiators released an updated text that still includes various options for exiting oil, gas and coal
Business
Bahrain and Germany look to boost cooperation in health sector
Manama, Bahrain-- Bahrain and Germany have held discussions to boost ties in the health field as the two countries seek...
- Chairman of the SCH, Lieutenant-General Dr. Shaikh Mohammed bin Abdulla Al Khalifa, expressed Bahrain’s interest in developing cooperation with Germany in all fields
- Both the sides pushed for an exchange of specialized medical, technological and technical expertise, training, medical research between the two countries