Saudi Aramco, BYD form alliance to develop low-carbon automotive innovations amid EV growth
Saudi Aramco, the world's largest producer of oil, "is exploring a number of ways to potentially optimize transport efficiency, from...
Anti-hero Star Wars series “Andor” heads towards its finale
Paris, France -- If "Andor" -- which returns from Tuesday for its second and final season -- has been received...
Business
Business
US SEC charges crypto firm owned by Winklevoss twins
The charges came as US officials crack down on the sector after the uproar caused by the bankruptcy of FTX...
- Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors, said SEC Chair Gary Gensler
- Gemini was founded by Tyler and Cameron Winklevoss who were made famous as jilted investors in the movie, "The Social Network" about the birth of Facebook
Business
Islamic banks’ assets reach $166bn by October 2022
According to the Apex Bank, Islamic banks' credit climbed by 5.7 percent year-on-year to $108 billion by the end of...
- According to the Apex Bank, the banks' credit climbed by 5.7 percent year-on-year to $108 billion by October 2022
- Deposits in the banks climbed by around 1 percent year-on-year from $115 billion in October 2021
YEARBOOK 2023
Middle East cybersecurity market set to grow in 2023 as region sees surge in internet, social media users
Nearly 60 percent of organizations in the region had increased their cybersecurity spending in 2022, Abhay Pandey, Founder and CEO...
- Nearly 60 percent of organizations in the region had increased their cybersecurity spending in 2022, Abhay Pandey, Founder and CEO at MAST Consulting Group, tells TRENDS
- In SaudiArabia, there are 29.3 million YouTube users, 28.4 million use WhatsApp, 20.3 million are on Snapchat, 14.2 million on Twitter and 11.6 million use Messenger
Geostrategy
Iraq’s Prime Minister heads to Germany for energy talks
BAGHDAD, IRAQ - Iraq's Prime Minister Mohammad Shia al-Sudani left Thursday for Berlin to meet with German Chancellor Olaf Scholz and...
- Despite its oil riches, Iraq is beset by crumbling infrastructure, endemic corruption and decades of war.
- Dependent on its powerful neighbor Iran for much of its energy needs, Baghdad seeks to diversify its sources of gas and electricity supply.
Economy
US inflation falls to lowest level in over a year
Consumer inflation in the United States slipped in December to the lowest level in over a year, government data showed,...
- The Federal Reserve hiked its benchmark lending rate at a pace unheard of since the 1980s, in hopes of cooling the world's biggest economy.
- The consumer price index in December 2022 rose 6.5 percent from a year ago, the smallest increase since October 2021.
Business
Saudi Red Sea Film Foundation invests in new Johnny Depp film
Paris, France--A Saudi film fund announced Thursday that it is investing in Johnny Depp's new movie, a French period drama...
- The Red Sea Film Foundation said in a statement that it was backing the new film, "Jeanne du Barry", directed by France's Maiwenn, who also stars in the title role.
- The Saudi foundation, formed in 2019, has already funded some 170 African and Arab movies, it said, but this is its first foray into European cinema.
Business
Middle East airlines traffic up by 84.6 percent in Nov 2022: IATA
Geneva, Switzerland-- Middle Eastern airlines had an 84.6 percent growth in traffic in November compared to the same month in...
- Globally, traffic is now at 75.3 percent of November 2019 levels, according to the report. Total traffic in November 2022 rose 41.3 percent compared to November 2021.
- The Asia-Pacific continued to report the strongest year-over-year results with all regions showing improvement compared to the prior year, media reports said.
Geostrategy
UAE takes part in financial inclusion meet under India G20 Presidency
ABU DHABI, UAE - The UAE participated in the Global Partnership for Financial Inclusion (GPFI) meeting in the Finance Track...
- The meeting was held to discuss the Global Partnership for Financial Inclusion work plan for 2023.
- G20 members, invited countries, GPFI members, and international organizations such as the World Bank and OECD attended the meeting.
Business
DP World, Maersk sign partnership
They will collaborate on decarbonizing solutions, customer service.
- Maersk will deploy two of its solutions for customers moving their cargo through Jebel Ali Port
- In Jan 2022, DP World entered a strategic partnership with the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping, a non-profit organization.
Business
TSMC posts Q4 profit of US$9.7bn
The Taiwanese company predicts slowing sales for 2023.
- TSMC operates the world's largest silicon wafer factories and produces some of the most advanced microchips.
- It is regarded as a global economic bellwether because so many of its chips are in such a wide array of devices.
Saudi Aramco, BYD form alliance to develop low-carbon automotive innovations amid EV growth
Saudi Aramco, the world's largest producer of oil, "is exploring a number of ways to potentially optimize transport efficiency, from...
Company News
EDGE acquires 52% of ANAVIA
Business
Latest News
UAE announces reduction in fuel prices for January
ABU DHABI, UAE - The prices of petrol and diesel are set to decrease in the country in January following...
Business
From climate action to global aid: Inside UAE’s remarkable year
Abu Dhabi, UAE -- The UAE is bidding farewell to 2023, dubbed the ‘Year of Sustainability'. From hosting the relatively...
YEARBOOK 2023
45 percent of Saudi employees work over 40 hours per week
Riyadh, Saudi Arabia -- Nearly 45.8 percent of employees in Saudi Arabia work more than 40 hours per week and...
Business
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Geostrategy
Maersk halts ships’ transit via Red Sea strait for 48 hours
COPENHAGEN, DENMARK - Shipping giant Maersk said on Sunday it was suspending the passage of vessels through a key Red Sea...
- The Maersk Hangzhou, a Singapore-flagged, Denmark-owned container vessel reported being struck by a missile while transiting the Bab al-Mandab Strait.
- It appeared to be undamaged in that attack and "was able to continue its transit north", said Maersk, one of the world's largest shipping companies.
Business
Saudi AZM gets independent director
Omar bin Fahd Al-Sunaidi's term will extend until Jun 2026.
- The decision was made at the firm’s Fourth Ordinary General Assembly meeting.
- The assembly concluded with the appointment of PricewaterhouseCoopers (PwC) as the auditor for the Company's 2024 fiscal year.
Business
13 million merchandise tons shipped via special corridor, says Ukraine
The corridor was created in August to link Ukraine's ports to the Bosphorus Straits, several weeks after Moscow refused to...
- Ukraine, on the Black Sea, has pushed Russia's much larger navy away from its coasts, allowing the resumption of grain exports
- Russia had threatened to target ships arriving and leaving Ukrainian ports, and has attacked port and grain storage facilities