Hermes overtakes LVMH as world’s most valuable luxury group
Paris, France -- French group Hermes overtook LVMH as the world's most valuable luxury company on Tuesday after shares in...
Business
EU to probe use of personal data by X’s AI chatbot
Ireland's data protection watchdog, acting on behalf of the European Union, launched an inquiry Friday into the use of personal...
Business
YouTube TV wins right to broadcast NFL games starting in 2023
YouTube TV subscribers, who now pay $64.99 a month for a viewing package, will have to pay an added fee...
- Google will pay around $2 billion a year over seven years, US media reported, for the right to broadcast Sunday games on its subscription YouTube TV service
- NFL's YouTube channel currently has more than 10 million subscribers, who regularly watch short videos showing high points from one of the world's most powerful sports
YEARBOOK 2023
Consulting business to boom in UAE, KSA in 2023
High growth rates in the UAE and Saudi Arabia economies are positive indicators for consultancies, says Vijay Valecha, Chief Investment...
- Saudi Arabia’s consulting market, rose 18.8 percent in 2021, recording the fastest growth in the region
- In the United Arab Emirates, the region’s second-largest market, consulting grew 16.6 percent
YEARBOOK 2023
Middle East witnesses increase in green M&As in 2022
With 283 deals worth $23.8 billion in the first three quarters of 2022, the region’s M&A activity has returned to...
- With 283 deals worth $23.8 billion in the first three quarters of 2022, the region’s M&A activity has returned to pre-pandemic levels, a BCG report has highlighted
- As the focus shifts to environmental considerations, green M&A deals across the region increased from 5 percent in 2020 to 10.3 percent in 2021, the report added
Economy
Turkey raises yearly minimum wage for third time as inflation jumps
Turkey's latest economic crisis started when Erdogan -- a lifelong opponent of high interest rates -- pressured the central bank...
- Erdogan relied on support from the working classes to rise to power nearly two decades ago, and will need it again to secure re-election.
- On Thursday the Turkish leader said the country would boost the monthly take-home pay to a minimum of 8,500 liras ($455).
Business
BHP to face trial in UK
The firm must stand trial to face US$12 billion damages claim
- More than 400,000 claimants could eventually join the compensation claim against the Australian company in London's High Court.
- The 2015 tragedy unfolded after the dam in Brazil's Minas Gerais region ruptured.
Business
GCC’s digital economy forging ahead rapidly, says Oman IT minister
Muscat, Oman - Saeed bin Hamoud Al Maawali, Omani Minister of Transport, Communications and Information Technology, has said that the...
- He stressed the importance of promoting cooperation between the GCC and its international partners to increase the pace of digital transformation.
- He also noted the need to enhance the cooperation between the UAE and Oman in developing the digital economy infrastructure.
France fines Microsoft 60 million euros over advertising cookies
The French regulator said that after investigations it found that "when users visited this site, cookies were deposited on their...
- CNIL said Microsoft's search engine Bing had not set up a system allowing users to refuse cookies as simply as accepting them
- Google and Facebook were sanctioned by French regulator with fines of 150 million and 60 million euros respectively for their use of cookies
Economy
UAE launches corporate tax public awareness program
ABU DHABI, UAE - UAE's Ministry of Finance (MoF) has launched a Corporate Tax Public Awareness Program following the issuance...
- The program has been designed to raise awareness of the UAE corporate tax law among the largest audience possible.
- While the sessions are open to the public, the primary target audience includes business leaders from all sectors.
Business
New CBUAE money laundering, terror financing guidelines for insurance sector
Abu Dhabi, UAE---The Central Bank of the UAE (CBUAE) has issued a new guidance on anti-money laundering and combatting the...
- Insurance operators are required to perform, document, and keep up to date an enterprise risk assessment.
- They should maintain transaction monitoring systems equipped to identify patterns of activity that appear unusual and potentially suspicious.
Economy
DEWA launches construction work of Hatta Sustainable Waterfalls project
DUBAI, UAE - MD & CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer has launched the...
- The Hatta Sustainable Waterfalls project is unique for its innovative architectural idea.
- The Hatta Sustainable Waterfalls project will use the slope of the upper dam of Hatta plant to create a natural waterfall.
Hermes overtakes LVMH as world’s most valuable luxury group
Paris, France -- French group Hermes overtook LVMH as the world's most valuable luxury company on Tuesday after shares in...
Business
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EITC Q3 profit soars 57.7%
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...
Business
Institutional investors purchase $1.9bn in UAE stocks during 2023
Abu Dhabi, UAE -- Institutional investors boosted their acquisition of domestic stocks in 2023, purchasing nearly AED 7 billion ($1.9...
Business
ADDED, Siemens Energy to support sustainable industrial development in Emirate
ABU DHABI, UAE - Abu Dhabi Department of Economic Development (ADDED), represented by Industrial Development Bureau (IDB), and Siemens Energy...
Economy
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Economy
Saudi Arabia jumps to second rank in ICT index among G20 nations
Riyadh, Saudi Arabia -- Saudi Arabia jumped 10 ranks to second place among the G20 countries according to International Telecommunication...
- The index monitors the economies of 169 countries to measure their progress in ICT services through two main pillars ‘universal connectivity’ and ‘meaningful connectivity.
- It reflects the robust and developed digital infrastructure, with an increase of 99 percent of Internet penetration rate in Saudi Arabia.
Business
Al Saqr names chairman of board
The insurance firm made a slew of new appointments.
- Saud Saleh Al-Arifi, an independent member, will be the new chairman of the board of directors
- The company named Naif Rashed Alarfaj, also an independent member, as new vice chairman
Business
South Korea posts 32% jump in export of eco-friendly vehicles
Seoul, South Korea--South Korea's exports of eco-friendly vehicles surged 32.5 percent year-on-year to a record high during the first 11...
- According to the Korea Automobile and Mobility Association, the export of automobiles came to 662,307 units during the January-November period
- The export volume of eco-friendly cars last year reached a record high of 554,000, and the value also hit an all-time high of US$1.61 million