Stock markets rise on fresh hopes for Trump’s tariff approach
Investor sentiment has been jolted in recent weeks by fears that the president's hardball policies could deal a painful blow...
Business
Perplexity eyes TikTok buy
TikTok faces a deadline to divest from its Chinese owner or be banned in the US.
Business
Business
Mubadala acquires stake in ACX
ACX is setting up a carbon trading exchange in Abu Dhabi.
- ACX, based in Hub71, is a global environmental commodities exchange that uses distributed ledger technology leveraging blockchain architecture to create securitized carbon credits.
- In March, the Abu Dhabi Global Market teamed up with ACX to create the “world’s first fully regulated” carbon trading exchange in Abu Dhabi.
Business
Siemens posts Q4 profit of $3bn
Firm posts FY 2021-22 net profits of around US$4.6 billion.
- Siemens Energy's loss-making wind turbine maker subsidiary, Siemens Gamesa, has faced huge struggles.
- Siemens Energy was spun off in 2020 from Siemens, which still owns a 35 percent stake.
Economy
Travel-weary Saudi superfan awaits World Cup at ‘home’
Saudi officials are putting on 240 weekly flights linking the kingdom to Qatar, up from six normally, and easing overland...
- This year's World Cup in neighboring Qatar, by contrast, has the feel of a home game for Saudi fans as Doha is a mere two-hour flight from Jeddah
- Turkistani, a Saudi fan is ready to welcome his other fellow citizens in Doha, having stocked up on green-and-white t-shirts, plastic blowhorns, drums and balloons to distribute
Geostrategy
Saudi Arabia, South Korea agree to boost energy and defence ties
Among the agreements was Saudi investment for South Korean refiner S-OIL's Shaheen project, which would build petrochemical production facilities in...
- Saudi Crown Prince Mohammed Bin Salman arrived in Seoul Wednesday. His Asian tour is aimed at shoring up the Gulf nation's ties with Saudi's biggest energy market.
- During the visit, the two governments and companies from both countries signed about 20 deals in areas from agriculture to railways.
Business
HSBC Oman, Sohar International Bank decide to merge
The banks said in two separate regulatory announcements that all assets and liabilities of HSBC Oman will be transferred to...
- The banks said in two separate regulatory announcements that all assets and liabilities of HSBC Oman will be transferred to Sohar International
- Earlier in 2012 HSBC Bank Middle East’s operations in Oman merged with Oman International Bank to create a HSBC Bank Oman
Business
Etihad Airways preps for tourists
It is expecting 1.5m travelers at Abu Dhabi International Airport.
- The travelers to Abu Dhabi can experience events like Formula 1 Etihad Airways Abu Dhabi Grand Prix this weekend and many more attractions over the winter season
- The airport service will provide a faster check-in experience and can accommodate a greater number of guests, without them having to stand in queues
Business
Masdar-led consortium to develop 4 GW green hydrogen projects in Egypt
Egypt enjoys abundant solar and wind resources that can allow for the generation of renewable power at a competitive cost.
- Egypt enjoys abundant solar and wind resources that can allow for the generation of renewable power at a competitive cost
- Egyptian authorities are reportedly working to revise the country’s renewable energy strategy to include green hydrogen
Business
Musk tells Twitter staff to work long hours or leave
New York, United States— Twitter's new boss Elon Musk has asked staff to choose by Thursday between being "extremely hardcore" and...
- Elon Musk has come under fire for radical changes at the social media company, which he bought for $44 billion late last month
- Staff have been asked to follow a link to affirm their commitment to "the new Twitter" by 5:00 pm New York time
Business
QatarEnergy, Chevron Phillips to build US$8.5bn Texas plastic plant
Doha, Qatar— QatarEnergy and Chevron Phillips Chemical (CPChem) have announced they have reached a final investment decision to build an...
- The plant will include an ethylene cracker unit with a capacity of 2.08 million tons per annum, making it the largest in the world
- It will be owned by Golden Triangle Polymers Company LLC, a joint venture in which QatarEnergy holds a 49 percent equity interest with 51 percent held by CPChem
Business
Floating success: Marine industry helps Qatar cruise towards economic diversification at a greater pace
The floating hotel "MSC World Europa", which arrived at Doha Port last week, is one of three floating hotels designated...
- The marine industry is very important to tourism and the long term economic and cultural connections it brings, says Akbar Al Baker, head of Qatar Tourism and Qatar Airways Group
- Qatar has taken significant steps to consolidate its position as a world-class destination for cruise tourism and the Arabian Gulf is an important gateway for it, adds Al Baker
Stock markets rise on fresh hopes for Trump’s tariff approach
Investor sentiment has been jolted in recent weeks by fears that the president's hardball policies could deal a painful blow...
Business
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G42’s split from China could spur other GCC firms to follow suit
Dubai, UAE - With the UAE-based G42's decision to align with US directives by severing ties with Chinese tech partners...
China, Saudi Arabia sign 60 pacts worth $25bn at Beijing conference
Beijing, China - China and Saudi Arabia signed over 60 MoUs and agreements worth over $25 billion at the investment...
Economy
Nasdaq Dubai lists Philippines ‘ROP Sukuk Trust’ worth US$1bn
Dubai, UAE--Nasdaq Dubai has welcomed the first Sukuk listing by the Republic of the Philippines, "ROP Sukuk Trust", underscoring the...
Business
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COP28 UAE
Expo City Dubai and Japan’s UMI sign MoU to support startups
Dubai, UAE--Expo City Dubai and Universal Materials Incubator (UMI), a Japanese venture capital firm, have teamed up to identify and...
- With the signing of the agreement, the two sides consolidated their partnership in innovation, economic growth and sustainable development
- By joining forces, they will facilitate and host networking events, workshops and specialised training programmes to help startups scale and grow
Business
CBUAE joins the Gulf payments system AFAQ
Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) joined AFAQ Payments System, which is operated by the Gulf...
- Along with the CBUAE, Barclays Bank joined the AFAQ system, becoming the first financial institution operating in the UAE to achieve this step and begin using the system’s services
- To date, the Central Bank of Bahrain, the Saudi Central Bank, and the Central Bank of Kuwait have joined "AFAQ", in addition to a number of commercial banks from these countries
Economy
Global trade likely to decline in 2023 due to changing trade patterns, geopolitics
DUBAI, UAE - The outlook for 2024 remains “highly uncertain and generally pessimistic,” UNCTAD says in the Global Trade Update,...
- Other elements affecting trade include lower demand in developed countries, less trade in East Asia and an uptick in trade-restrictive measures.
- The elements also include an uptick in trade-restrictive measures and lengthening supply chains, particularly between China and the US.