Saudi Arabia’s travel account surplus reaches nearly $13.27bn
Riyadh, Saudi Arabia -- Saudi Arabia's tourism sector achieved a record surplus in the 2024 travel account, reaching SAR49.8 billion...
Business
OpenAI says it raised $40 bn at valuation of $300 bn
San Francisco, United States - OpenAI on Monday said it raised $40 billion in a new funding round that valued...
Business
Economy
Eurozone’s unemployment drops to record low
The reading -- the lowest since Eurostat started compiling jobless figures in April 1998 -- was an indicator that the...
- Eurostat estimated that, for the entire 27-nation European Union, 12.95 million adults were unemployed in October
- Younger people had the highest unemployment rate in the EU and its eurozone, at 15.1 percent and 15.0 percent respectively
Geostrategy
US trade subsidies create unlevel playing field with Europe, says Macron
French President Emmanuel Macron repeated his frustration with US subsidies, saying they were hurting European companies by providing an unfair...
- Macron said that US industrial subsidies, which are part of Biden's huge green energy initiatives, are "super aggressive" towards European business.
- While Washington and Paris were "working closely together" on geopolitics and opposing Russia in its invasion of Ukraine, trade tensions remained, Macron said.
Market Report
World equities extend gains on Fed rate optimism
Global stocks rose as Federal Reserve boss Jerome Powell flagged a moderation in interest rate hikes, while China signaled a...
- Equities were also helped by signs that China is edging towards a more pragmatic approach to fighting the coronavirus.
- The dollar sank, having soared across the board this year as Fed monetary policy diverged more and more from other central banks.
Business
Hackers dump Australian health data online, declare ‘case closed’
In November the hackers demanded health insurer Medibank pay US$9.7 million to keep the records off the internet -- or...
- Medibank refused to pay at the urging of the federal government, which at the height of the crisis considered making it illegal for hacked companies to hand over ransoms
- Australian Federal Police Commissioner Reece Kershaw said in November the hackers were believed to be a group of "loosely affiliated cyber criminals" who were based in Russia
Business
Singapore has highest number of crypto job openings
Luxembourg has the second highest rate at 55.59 crypto jobs per million people.
- Luxembourg has the second highest rate at 55.59 crypto jobs per million people
- North America offers the best average salary for crypto jobs, amounting to annual earnings of $120,000
Economy
World Bank says remittances to lower income countries ease in 2022
The World Bank estimates that cash transfers to low income countries eased this year as high prices ate up migrants'...
- The World Bank says while the reopening of economies as the pandemic receded helped with employment, rising costs "adversely affected migrants’ real incomes"
- Rising oil prices and continued demand for migrant workers boosted remittances to Central Asian countries
Business
Gulf countries seek to procure India’s BrahMos missile
Reports said that the UAE’s discussions with the Indian government to procure BrahMos are already in advanced stages.
- Reports said that the UAE’s discussions with the Indian government to procure BrahMos are already in advanced stages
- The discussions with Saudi Arabia which got delayed due to Covid19 pandemic, too are reported to be in advanced stages
Geostrategy
Saudi Arabia inks MOU with Spanish company to build combat ships
The agreement was signed in presence of Saudi Defence Minister Prince Khalid bin Salman and Spanish Minister of Industry, Trade...
- The agreement was signed in presence of Saudi Defence Minister Prince Khalid bin Salman and Spanish Minister of Industry, Trade and Tourism MarÃa Reyes Maroto
- Navantia "would localize up to 100 percent of naval shipbuilding, integration of combat systems, and ship maintenance
Business
Musk says Twitter clash with Apple a ‘misunderstanding’
The world's richest person, Elon Musk opened fire on the planet's most valuable company early this week over fees and...
- Musk also tweeted a video clip of "Apple's beautiful HQ" in Cupertino, California, noting that he had had a "good conversation" with Cook
- The billionaire CEO had earlier tweeted that Apple "threatened to withhold Twitter from its App Store, but won't tell us why."
Business
DMCC signs agreement with Poland’s KSEZ to boost business ties
Dubai, UAE— Dubai Multi Commodities Centre (DMCC) has signed an agreement with the Katowice Special Economic Zone (KSEZ) to create...
- The agreement will see DMCC and KSEZ work closely together to exchange knowledge and professional expertise, in turn further connecting the two countries’ business communities
- DMCC has played a significant role in enhancing UAE-Poland commercial relations and is currently home to over 40 leading Polish businesses
Saudi Arabia’s travel account surplus reaches nearly $13.27bn
Riyadh, Saudi Arabia -- Saudi Arabia's tourism sector achieved a record surplus in the 2024 travel account, reaching SAR49.8 billion...
Business
Company News
Latest News
NMDC posts bumper profits
Business
Funding key challenge for Middle East innovators
Investigation
Funding key challenge for Middle East innovators
Investigation
Abu Dhabi fund CYVN invests $2.2bn in Nio
This follows an earlier investment of $738.5 million by CYVN in July.
Business
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Business
ACWA Power signs $800m agreement for South Africa renewable project
Dubai, UAE --Â Saudi-listed renewable energy giant ACWA Power has signed a $800 million power purchase agreement for ACWA Power Project...
- The project will reach around 50% local content in procurement during the construction and create more than 1,000 construction jobs at peak.
- Commencement of operations is scheduled by Q2 2026, adding significant dispatchable capacity onto the grid.
Business
BCI’s subsidiary secures US$100m loan from SIDF
RIYADH, SAUDI ARABIA - Basic Chemical Industries Co.'s (BCI) subsidiary Chemical Marketing and Distribution Co. Ltd. secured a loan from the Saudi...
- The US$100 million loan has a duration of seven years and three months starting from October 8, 2025.
- BCI mortgaged all fixed assets of the project as guarantees for financing, in addition to a corporate guarantee.
Business
Saudi EVIQ unveils R&D facility
It will be used to test a range of EV chargers and software.
- The CEO of EVIQ said that with the setting up of R&D facility the company was paving the way for the growth of a sustainable EV ecosystem in Saudi Arabia
- The company said that the facility will serve as a hub for developing the expertise and knowledge in EV charger technology, bolstering the EV market in the kingdom