Qatar strikes new 15-year 3 mtpa LNG supply deal with Kuwait
Qatar agreed on Monday to supply Kuwait with 3 million tons per annum (mtpa) of liquefied natural gas (LNG) for...
Anthropic hit with class-action lawsuit over copyright infringement
Anthropic, the Amazon-backed artificial intelligence startup, on Monday, was hit with a class-action lawsuit in California federal court over alleged...
Business
Business
Dubai Multi Commodities Centre launches DMCC Gaming Centre
Dubai, UAE---Dubai Multi Commodities Centre (DMCC), which is currently home to more than 50 gaming companies, has launched the DMCC...
- Under the DMCC Gaming Centre, members will have access to the wider esports community through regular events and esports tournaments.
- Members will have the opportunity to join gaming specific acceleration and market entry programmes through DMCC ecosystem partner, AstroLabs.
Business
GPSSA clarifies conditions of insured individuals
ABU DHABI, UAE - The General Pension and Social Security Authority (GPSSA) said that the registration of insured individuals in...
- Emirati nationals should not be less than 18 years old nor over 60.
- Entities operating in the field of tourism and hotels, including in the free zones, who employ Emiratis are all subject to the provisions of the law.
Business
HUB71 startup community raises $1bn in venture capital
The milestone was achieved in a year which has seen Hub71 onboard 53 high growth technology companies.
- The milestone was achieved in a year which has seen Hub71 onboard 53 high growth technology companies
- Hub71 has built a diverse capital ecosystem of active investment partners ranging from Mubadala Investment Company to over 30 VC firms to family offices
Business
Masar signs $1.86 bn pact for construction of seven hotels in Makkah
Makkah, Saudi Arabia---Umm Al-Qura for Development and Construction Company, owner and developer of Masar Destination, an integrated urban destination in...
- Baytur Construction Company appointed main contractor and Al Dar to supervise the implementation.
- The agreement boasts the famous hospitality brand Kempinski and the international Taj chain for the first time in Makkah.
Economy
ECB mulls rate hike slowdown on ‘peak inflation’ hopes
As part of its monetary policy tightening, the ECB will on Thursday outline the next steps in its efforts to...
- Following two consecutive interest rate hikes of 75 basis points, markets are on tenterhooks to see whether the ECB will keep up the aggressive pace or downshift to 50 basis points
- This week's meeting of the ECB's 25-member governing council in Frankfurt will be the final one of 2022, a year that will be remembered for unprecedented consumer price shocks
Economy
Elon Musk targets US Covid response lead Fauci in viral tweet
Musk also posted a meme showing Fauci telling US President Joe Biden, "Just one more lockdown, my king..." -- in...
- Musk posted a meme showing Fauci telling US President, "Just one more lockdown, my king..." -- in apparent criticism of the Covid mitigation measure
- Vaccine scientist Peter Hotez called on Musk to delete the tweet, saying, "200,000 Americans needlessly lost their lives from covid due to such misinformation
Business
Algeria’s Sonatrach starts production in new gas field
The company announced the completion of production of the Tinrhert gas field at the end of November 2022.
- The company announced the completion of production of the Tinrhert gas field at the end of November 2022
- Algeria has signed many energy agreements with European countries during the current year
Business
ACWA Power signs deal with China
The $1.5bn deal will herald a new energy transition phase.
- The strategic partners from China include Industrial and Commercial Bank of China, Bank of China, SPIC Huanghe Hydropower Development Co, and China Southern Power Grid
- The deals will lay the ground for financing, investment and construction of ACWA Power’s global clean and renewable energy projects in Saudi Arabia and BRI countries
Business
Saudi Arabia and Kuwait to jointly develop Al-Durra gas field
Riyadh, Saudi Arabia—Saudi Arabia has signed a memorandum of understanding (MoU) with Kuwait on Sunday to develop Al-Durra gas field...
- In March the two countries had agreed to develop the Al-Durra submerged gas field
- The development of the field comes in implementation of the MoU signed by Saudi Arabia and Kuwait in 2019, which included the joint work to develop and utilize Al-Durra field
Business
Turkey’s auto sector grows 6% from Jan-Nov 2022
The sector witnessed the manufacturing of 1,210,331 cars in the period.
- The sector witnessed the manufacturing of 1,210,331 cars in the period
- The automotive exports grew by 5 percent over the past eleven months
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Qatar strikes new 15-year 3 mtpa LNG supply deal with Kuwait
Qatar agreed on Monday to supply Kuwait with 3 million tons per annum (mtpa) of liquefied natural gas (LNG) for...
Company News
Sipchem 9M net profit down 67%
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United Airlines Q3 profit up
Business
Air cargo demand up 3.8% in October
Geneva, Switzerland - Global air cargo demand increased by 3.8% compared to October 2022, the International Air Transport Association (IATA)...
Business
GCC equity markets record first gain in four months
The GCC equity market index rebounded notably in November 2023, with the MSCI GCC index rising 5.2%, led by Qatar...
Business
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Business
BAT takes shock $32bn hit
The impairment charge sent BAT shares sinking 7.6 percent.
- Companies like BAT face plunging demand for cigarettes in Western markets, where high taxes, smoking bans and health fears persuade many consumers to give up smoking
- The London-listed company added that its overall revenue growth for the current year was set to be at the "low end" of its previous guidance of between 3 and 5 percent
Business
Airlines expected to carry 4.7 billion passengers in 2024: IATA
"Some 4.7 billion people are expected to travel in 2024, an historic high that exceeds the pre-pandemic level of 4.5...
- Some 4.7 billion people are expected to travel in 2024, an historic high that exceeds the pre-pandemic level of 4.5 billion recorded in 2019," IATA said
- IATA also raised its profit outlook, expecting airlines to post $23.3 billion in net earnings in 2023, more than double the $9.8 billion it forecast in June
Business
People-positive approach needed in clean power transition: WEF paper
Dubai, UAE -- Building massive infrastructure for clean power projects in pursuit of climate goals will need nearly $4.5 trillion in...
- The white paper calls for a dialogue between the industry and community groups and NGOs to define common standards for a people-positive energy transition.
- It also urges governments to not only focus on the lowest price but also the wider societal value creation in their transition plans.