Dubai SME, Danube Group partner to aid Emirati-owned SMEs
Dubai, UAE – Danube Group, a leading conglomerate in the Middle East and Dubai SME, a subsidiary of the Dubai...
Business
Algeria signs gas field deal with oil giant ExxonMobil
Algiers, Algeria - Algeria's state oil company announced Thursday it signed a memorandum with ExxonMobil to develop two gas fields, a...
Business
Business
ECI reviews programs, initiatives to align them with ‘Projects of the 50’
Dubai, UAE— Etihad Credit Insurance (ECI) has reviewed its programs and initiatives in a meeting chaired by Abdulla bin Touq...
- Abdulla bin Touq Al Marri commended ECI’s commitment to protecting foreign investments of local businesses and its efforts to enhance UAE exports
- Al Marri said the UAE has achieved significant milestones at the regional and global levels, establishing its position as a leading hub of trade and investment in the region
Business
Al Seer Marine orders 4 new tankers
South Korea's K Shipbuilding will deliver the tankers in 2024.
- K Shipbuilding will construct the medium-range (MR) IMO II/III product tankers at Jinhae Shipyard.
- With these four tankers, Al Seer Marine fleet now totals 12 vessels as the company prepares to transport the transition fuels like methanol.
Business
Google agrees to pay US$392m in a privacy settlement
A statement said it was the largest multi-state privacy settlement by state authorities in US history and included a binding...
- A joint lawsuit by 40 states grew from impatience over the failure of federal authorities to crack down on big tech amid legislative gridlock in Washington
- Since 2018, the US tech giants have faced strict rules in Europe, with Google, Amazon and others subjected to hefty fines over privacy violations
Business
Amazon to layoff 10,000 employees: report
The layoffs would follow an aggressive hiring spree. With business booming due to the coronavirus pandemic, as cooped up people...
- This represents a little less than one percent of the group's total payroll, which had 1.54 million employees worldwide at the end of September
- It doesn't include seasonal workers who are recruited during periods of increased activity like the Christmas holidays
Business
Twitter prank focuses unexpected spotlight on insulin prices
The backlash against Eli Lilly showcased the real-life potential of online disinformation to trigger chaos and financial loss. The company's...
- Eli Lilly stock price tumbled after a parody account stamped with a verification tag purchased for $8 tweeted that insulin was being made available for free
- The prank sparked panic inside Eli Lilly, with officials scrambling to contact Twitter representatives to take it down, but the platform did not react for hours
Geostrategy
UAE urges global efforts for trade at B20 Summit in Indonesia
BALI, INDONESIA - Speaking at the B20 Summit in Bali, Indonesia, Minister of State for Foreign Trade Dr. Thani bin...
- The UAE is working to help the global economy overcome current and future challenges.
- The economy of the future will be based on knowledge and innovation.
Business
Jeff Bezos to donate most of $124 billion fortune to charity
Amazon founder Jeff Bezos for the first time said he will give away most of his $124 billion fortune to...
- In a CNN interview released on Monday, Bezos said he and his partner Lauren Sanchez were "building the capacity to be able to give away this money."
- Asked whether he intended to donate most of his wealth within his lifetime, the 58-year-old Bezos said: "Yeah, I do."
Business
Emaar 9M revenue at US$5.1bn
Robust property sales helped firm enhance revenue.
- Emaar said that EBITDA in 9M 2022 increased by 47 percent to US$ 2.3 billion
- The property giant said net profit in 9M 2022 increased by 124 percent to US$ 1.6billion.
Business
ADNOC Drilling 9M net profit $568m
Onshore revenue for the period was $1.074 bn, up 25% YoY.
- The third quarter revenue was $372 million, up 33 percent year-on-year.
- Offshore revenue for the nine-month period was $431 million, broadly flat versus the prior year.
Geostrategy
UN chief hopeful Russia will extend grain deal
United Nations Secretary-General Antonio Guterres hoped Russia would extend the deal that gives safe passage to Ukrainian grain shipments. The...
- Russia has said it had yet to decide whether to extend the grain deal beyond November 19, the original date in the agreement.
- Both Ukraine and Russia are one of the world's top grain producers.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Dubai SME, Danube Group partner to aid Emirati-owned SMEs
Dubai, UAE – Danube Group, a leading conglomerate in the Middle East and Dubai SME, a subsidiary of the Dubai...
Business
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ADNOC signs pacts with 30 firms
Business
Endava to widen UAE operations
Business
GCC banks navigate rising rates with record lending
Despite global credit risks, GCC banks thrive with overall lending growth, bolstered by strong performances in Saudi Arabia and the...
Business
China announces 25 measures to aid private businesses
Beijing, China - China's central bank and several government agencies unveiled 25 new measures Monday to support private economy. These...
Business
Diamond industry adopts tracking as Russia sanctions loom
Antwerp, Belgium - As European capitals prepare to implement long-awaited sanctions on Russia's diamond exports, Belgian traders are bracing for new...
Business
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Geostrategy
It’s official: Saudi Arabia will host World Expo 2030
The Kingdom's selection as the host for World Expo 2030 marks a pivotal moment in its journey towards innovation, openness,...
- The Kingdom's selection as the host for World Expo 2030 marks a pivotal moment in its journey towards innovation, openness, and global connectivity.
- This monumental global event in Riyadh will showcase Saudi Arabia's transformation and commitment to a forward-looking and sustainable future.
Business
Abha Valley has potential to be a tourist destination
ABHA, SAUDI ARABIA - Extending over 34 kilometers, the Abha Valley Basin enjoys a variety of wildlife aspects, civilizational features...
- The Abha Valley abounds in environmental diversity, which explains its array of mountain plants.
- The rugged areas of the highest point of the valley form the right habitat for the Arab tiger,
Business
SNB Capital ignites Saudi derivatives revolution
SNB Capital's Single Stock Options debut marks a leap forward, enhancing liquidity and expanding investor choices.
- Tadawul transforms from a derivatives novice to a major player with diverse instruments, attracting global investors.
- Launching Single Stock Options amplifies market liquidity, providing new investment avenues, and managing risks effectively.