Nvidia expects $5.5 bn hit as US targets chips sent to China
Nvidia on Tuesday notified regulators that it expects a $5.5 billion hit this quarter due to a new US licensing...
Business
Maaden posts net loss in Q3
Business
NMDC, AD Ports Group ink MoU
Business
Saudi Arabia’s space economy reaches $8.7 billion in 2024
Riyadh, Saudi Arabia -- The Communications, Space, and Technology Commission (CST) has said that the Saudi space economy reached $8.7...
Business
Kuwait exports first shipment of quality diesel to shortage-hit Europe
Kuwait City, Kuwait-- Kuwait National Petroleum Company has exported the first shipment of the advanced diesel fuel to the European...
- Kuwait National Petroleum Company shipped 66,000 tons, and the shipment was produced with special specifications that fulfil the European markets' requirements.
- The energy sector in Europe faces unprecedented crisis and upsurge in the prices of electricity and gas, especially after launch of Russian-Ukrainian war.
Economy
Saudi Arabia and Japan bolster energy ties, sign new deals
Seeking to deepen energy ties, Saudi Arabia and Japan have signed two sets of cooperation agreements in the fields of...
- The deal was signed at the first ministerial meeting of the Saudi-Japanese Ministerial Dialogue for Energy in Riyadh
- Nishimura will be in Saudi Arabia, Japan’s largest importer of crude oil, until Monday and will then go to Oman, a supplier of LNG, on Tuesday
Business
Bloomberg denies plan to buy Dow Jones
It refuted reported plan to acquire Wall Street Journal or the Washington Post.
- News website Axios reported on Friday that Bloomberg was interested in acquiring either Wall Street Journal parent company Dow Jones, or the Washington Post
- A spokesperson for the Washington Post, which Bezos bought in 2013 for $250 million, said on Friday it was not for sale
YEARBOOK 2023
UAE leads GCC with 48% share in realty transactions
In the first nine months of 2022, real estate transactions in the region totaled more than US$143bn, surpassing the full-year...
- In the first nine months of 2022, real estate transactions in the region totaled more than US$143bn, surpassing the full-year US$136.9bn figure during 2021, says Kamco Invest
- Strong demand and price gains were witnessed by luxury residential properties, while the affordable segment also witnessed healthy gains, the report highlights
Business
Pact to transform Makkah, Madinah into business hubs for Islamic world
The Makkah Chamber of Commerce, Madinah Chamber of Commerce and the Islamic Chamber of Commerce will sign the agreement at...
- The partnership would boost the business sectors in the holy cities through exhibitions and forums, lectures, workshops and dialogues with decision-makers from the Islamic world.
- Chairman of the Board of Directors of the Madinah Chamber, Munir Muhammad Nasser bin Saad, said the agreement will contribute towards promoting cultural heritage of the holy cities
Economy
UAE Ministry of Climate Change organizes first meeting of Farmers’ Council
DUBAI, UAE - UAE Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri presided over the first meeting...
- The meeting highlighted the government directions to promote sustainable modern farming systems across the UAE.
- The meeting discussed the government's decisions to increase the agricultural sector’s productivity, commercial value and enhance food security.
Business
Export Bahrain, BCCI to facilitate global market access for local businesses
Manama, Bahrain---Â Export Bahrain and the Bahrain Chamber of Commerce and Industry have signed an MoU to support Bahrain-based businesses in...
- The two entities will facilitate the business community in Bahrain to attract strategic investment partnerships and enhance the competitive work environment in the Kingdom.
- The access to markets will be enabled through seminars, webinars, workshops and trade exhibitions.
Business
DEWA 9th Sustainability Report showcases its progress in sustainable development
DUBAI, UAE - The ninth Sustainability Report 2021 issued by Dubai Electricity and Water Authority (DEWA) highlights its efforts and...
- The Sustainability Report 2021 introduces partners, relevant entities and all stakeholders to its performance and practices in sustainability.
- The report demonstrates the progress made by DEWA, and its contributions to achieving the United Nations Sustainable Development Goals 2030.
Geostrategy
Saudi grants almost 450,000 metric tons of oil to Yemen
AL-MAHRA, YEMEN - The second batch of the new Saudi oil derivatives grant of 4,491,000 metric tons of diesel was...
- The grant comes as part of the Kingdom's support for the Yemeni people under the directives of Saudi King Salman and the Crown Prince
- It also comes as an affirmation of the Saudi Arabia's keenness to achieve security, stability and development for the Yemeni people
Market Report
Gulf markets fluctuate due to geopolitics, oil prices
Saudi market's primary index fell for the eighth week in a row. Abu Dhabi index fell for four of five...
- First Abu Dhabi Bank, Global Holding and Aldar Properties contributed to the fall of the Abu Dhabi index.
- The drop in DEWA shares price, Emirates NBD Bank among others also contributed to the fall in the Dubai index.
Nvidia expects $5.5 bn hit as US targets chips sent to China
Nvidia on Tuesday notified regulators that it expects a $5.5 billion hit this quarter due to a new US licensing...
Business
Company News
Maaden posts net loss in Q3
Business
NMDC, AD Ports Group ink MoU
Business
Latest News
Toyota’s Daihatsu suspends all domestic production
The company said it had been manipulating safety tests since at least 1989, affecting 64 models, including some sold under...
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Business
UAE stocks generate over US$272m cash flows on Monday
Abu Dhabi, UAE--UAE stocks generated strong cash flows Monday, with market liquidity surpassing $272 million. International Holding Company (IHC) and...
- ADX notched up $241.25 million in liquidity, as compared to the $31.31 million gained by the Dubai Financial Market (DFM), with $56.50
- The market capitalisation of listed stocks reached reached $980 billion on Monday, divided into $792 billion in ADX and AED 676.8 billion in the DFM.
Business
KPMG’s global revenue touches $36bn
The company has outlined a collective investment of $4.2b.
- The announcement came in after KPMG International declared the annual globally aggregated revenues for KPMG firms of US$36b for FY23
- The financial figures highlight robust year-on-year growth of the company, reinforced by a multi-disciplinary approach
Business
Makkah, Morocco’s Beni Mellal-Khenifra Chambers of Commerce ink pact
MAKKAH, SAUDI ARABIA - The Makkah Chamber of Commerce and Industry and the Chamber of Commerce, Industry, and Services of...
- Beni Mellal Chamber of Commerce, Industry and Services delegation head said that Saudi Arabia is Morocco's largest trading partner.
- In 2022, the volume of Saudi Arabian exports reached US$4.6 billion, while the value of imports was US$87 million.