Gold hits record, dollar drops as tariff fears dampen sentiment
With several markets still closed for the Easter holiday, business was limited ahead of a week that will see the...
Business
Saudi Arabia’s merchandise imports rise 8 percent to $19.34bn in Jan
Riyadh, Saudi Arabia -- Saudi Arabia’s merchandise imports increased 8 percent year-on-year (YoY) to SAR 72.6 billion ($19.34 billion) in...
Business
Meta to disallow ads targeted at teens based on gender
The company formerly known as Facebook is facing increasing pressure and fines to curb its practice of delivering narrowly targeted...
- Meta said that the changes reflected feedback from parents and experts and would comply with new rules in several countries on content geared at young people
- After a long legal tussle, Meta was handed a 390-million-euro ($413-million) fine last week as part of a years-long tussle with the European Union over advertising
Business
Foreign assets up 0.41% to $116bn in October 2022
The latest statistics of the Central Bank attributed the monthly increase in foreign assets to the rise in bank balances...
- The latest statistics of the Central Bank attributed the monthly increase in foreign assets to the rise in bank balances with banks abroad by 2.2 percent
- Central Bank statistics indicated that other foreign assets reached AED58.12 billion at the end of last October, a decrease on a monthly basis of 8.3 percent
Business
Dubai Chamber of Commerce launches printing and publishing unit
Dubai, UAE--Dubai Chamber of Commerce has launched the printing and publishing business group to boost the sector’s competitiveness and support...
- According to Sharjah Publishing City, the UAE’s publishing sector is expected to grow to US$650 million by 2030
- The newmbusiness group is part of the chamber’s plans to increase the number of business groups that represent economic sectors and activities in Dubai
Opinion
Modern management tools help employers manage operations in greater depth & detail, even remotely
As Emiratization and Saudization requirements are mandatory for all businesses operating in the region, and large expatriate workforces are also...
- In the fast-paced and adapting modern world, businesses must strive to stay on-top of ever-changing regulations and environments in which they operate
- Technology is helping to maintain business organization through detailed management software, to structure, analyse, review, assess and monitor employees as well as businesses
Business
Airbus tops Boeing in 2022 plane orders
Airbus sold 661 planes as against Boeing's 480.
- In terms of deliveries, Airbus finished the year having 661 planes arrive with clients, much higher than Boeing's 480
- Both companies have been forced to reset expectations about their capacity to build planes as quickly as the industry would like
Business
Privacy remains key concern as facial recognition technology makes GCC travel sector secure, efficient
Face and iris recognition technology vary by country in the region, and expecting it to be implemented in many airports...
- Facial recognition techniques vary in each country, and expecting it to be implemented in many large airports around the world in a short time is unrealistic, says an expert
- People and organizations involved in the passenger moving process must strike a proper balance in terms of how they can begin implementing biometric technologies, he adds
Economy
Saudi Arabia’s industrial production rose 8.6% in November 2022, says GASTAT
RIYADH, SAUDI ARABIA - The General Authority for Statistics (GASTAT) published Tuesday on its official website the results of the...
- In November 2022, mining and quarrying grew by 5.7 percent compared to November 2021.
- Manufacturing activity increased by 19.7 percent compared to the same month of the previous year.
ADNOC Gas set up as processing, operations and marketing firm
ADNOC said the company combines the operations, maintenance and marketing of the ADNOC Gas Processing and ADNOC LNG businesses into...
- Ahmed Mohamed Alebri has been appointed as Chief Executive Officer (Acting) of ADNOC Gas, Peter Van Driel as Chief Financial Officer, and Mohamed Al Hashemi as COO.
- As announced in November 2022, ADNOC intends to proceed with an initial public offering of a minority stake in ADNOC Gas on ADX.
Business
Masdar inks deal to produce 1GW of clean energy in Kyrgyzstan
ABU DHABI, UAE - Masdar has announced the signing of an agreement with the Ministry of Energy of Kyrgyz Republic...
- The projects, with a total capacity of up to 1 gigawatt (GW), start with a 200-megawatt (MW) solar photovoltaic (PV) plant.
- The 200 MW plant is scheduled to begin operation by 2026.
Market Report
Stocks mostly drop as traders track China, US rates
Major stock markets mostly dropped as warnings that US interest rates would continue to rise and remain elevated offset growing...
- Sentiment is still closely linked to the outlook for US monetary policy as the Federal Reserve battles to bring inflation down from four-decade highs.
- Policymakers appear determined to keep lifting borrowing costs until they achieve their goal of two percent inflation.
Gold hits record, dollar drops as tariff fears dampen sentiment
With several markets still closed for the Easter holiday, business was limited ahead of a week that will see the...
Business
Company News
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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...
Business
GCC Commercial Arbitration Centre to use AI in its operations
Manama, Bahrain-- The GCC Commercial Arbitration Centre has started to harness AI techniques, according to its secretary general, Dr. Kamal...
Business
Bahrain kicks off roadshow in China to boost tourism sector
Manama, Bahrain--The Bahrain Tourism and Exhibitions Authority (BETA) began a roadshow in Shanghai and Guangzhou, China, involving prominent travel, tourism,...
Business
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Business
Excel Astra to build facility in KEZAD
The fabrication unit will cost the firm US$5.44m.
- The new installation will benefit from the collective expertise of KEZAD and ASTRA to accelerate growth in the industry sector while creating jobs and providing products
- The business facility is expected to source $21.78 million worth of goods and services from the local market annually, thereby strengthening the local economy
Business
Saudi EXIM Bank ink $51bn deal with Turkish firms
Riyadh, Saudi Arabia - Saudi EXIM Bank signed line of credit agreements worth $51 million with Türkiye Finans Katılım Bankası...
- The agreement is likely to help boost trade between the two countries and facilitate the flow of Saudi non-oil exports to the Turkish markets
- The agreement with Türkiye Finans Katılım Bankası A.Ş values at $26 million, the one with Albaraka Türk Katilim Bankasi A.S. at $25 million
Business
UAE insurance sector assets rise US$3.1bn in 9M 2023
ABU DHABI, UAE - The UAE insurance sector continues to exhibit robust growth, as evidenced by a 9.6 percent increase...
- Central Bank of the UAE data shows that assets rose 3.05 percent from US$1 billion to US$ 34.7 billion between Q2 and Q3 of 2023.
- The UAE's leadership position within the Arab insurance landscape is further solidified by its consistent ranking among the top global performers.