Google to delete incognito search data
The suit filed in June of 2020 sought US$5bn in damages.
Debt, trade barriers drag Asian economies in 2024, says World Bank report
BANGKOK, THAILAND – Asian economies are not doing as well as they could and growth in the region is forecast...
Economy
Business
Arada awards two contracts
Under the $123m project, nine apartment blocks will be built.
- Consisting of 740 homes in total, the buildings include the five Sokoon blocks, two new apartment blocks located close to Aljada’s museum and the two Gate buildings.
- Valued at AED377 million, the contract to build the five Sokoon apartment buildings and the two apartment blocks located next to the museum was won by Airolink Building.
Business
Anaam to raise US$42m
The capital will be raised through a rights issue.
- According to a bourse filing, the capital increase is aimed at boosting the working capital, lowering the loan rates, and supporting the business growth of the company
- The capital hike is subject to the approval of the relevant official authorities and the company’s shareholders
Business
Why crypto’s big ‘merge’ is causing big headaches
Regulators have begun to pay attention, with US Securities and Exchange Commission Chairman Gary Gensler suggesting proof-of-stake looked like a...
- De Vries, whose Digiconomist website models the energy use of Bitcoin and Ethereum, said consumption had indeed plummeted by more than 99 percent on Ethereum
- Cryptocurrencies were envisaged as a decentralized alternative to the banks, corporations, and governments that failed so spectacularly during the global crash of 2008
Business
PIF’s green bonds to shore up market, says LSE official
The fund has hired a large group of banks including Citi and JPMorgan to arrange a debut issuance of multi-tranche...
- According to Shrey Kohli, the PIF targets those sectors for investment that are in line with the framework of green bonds and the fund offers complete transparency to investors
- The fund currently manages assets of over $600 billion
Business
GCC needs US$60-85bn for sustainable waste management: study
It will take $60-85 billion for the GCC to put in place a modern recycling system for waste management, according...
- This investment would cover design, collection, sorting, and recycling investment across these four key waste streams
- The GCC generates between 105 and 130 million tons of waste per annum, primarily from Municipal Solid Waste (MSW), Construction and Demolition Waste (CDW), and agricultural waste
Business
Startups adopt new strategy to survive post pandemic
Post pandemic, startups, SMEs, and entrepreneurs must adopt a new mentality to scale their enterprises and survive, says Awfa Mustafa,...
- The classic challenges that startups face revolved around getting funds, managing cash flow and acquiring the necessary skills and talents.
- During and after the pandemic everyone went online all of a sudden and no one was prepared for this shift, even though many startups thought they would benefit from it.
Business
Prisoner exchange deal reached with US, claims Iran; Washington silent
Iran and United States have arrived at a deal to exchange prisoners and unfreeze Iranian funds abroad, according to media...
- IRNA said that with prisoner exchange deal done, $7 billion of Iran's blocked resources will be released
- Billions of dollars in Iranian funds have been frozen in a number of countries -- notably China, South Korea and Japan -- since the US reimposed biting sanctions on Iran in 2018
Business
Qatar ports TEU records one percent growth in September
Doha, Qatar - The Qatar Ports Management Company (Mwani Qatar) said it received 123,000 TEUs in September- a one percent...
- Mwani Qatar stated it received 276 ships in September, registering a three percent increase.
- It said cars and equipment recorded 6048 units, and the number of livestock recorded was 6499.
Geostrategy
IEA urges Europe to reduce winter gas consumption
Europe must ramp down gas consumption to survive the winter given perilously low stocks amid fears of a total cut...
- The IEA warned of "unprecedented risks" of shortages unless demand is reined in, estimating cuts of nine percent are needed
- IEA said diversification had at least enabled gas stockage facilities to stand at almost 90 percent of capacity at the end of September
Geostrategy
Turkey, Libya sign maritime hydrocarbons agreement
Turkey's foreign minister signed a deal in Libya's capital Monday allowing for oil and gas exploration in 'Libyan waters'.
- The deal follows an agreement Turkey signed with authorities in Tripoli in 2019, which demarcated the countries' shared maritime borders.
- The deal came at the height of a year-long battle between rival governments vying for control of the capital.
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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
Google to delete incognito search data
The suit filed in June of 2020 sought US$5bn in damages.
Company News
DAE closes $1.6 billion loan
Business
Latest News
UAE’s Tawazun Council signs deals worth $1.27bn at Dubai Airshow
Dubai, UAE - UAE's Tawazun Council, an independent government entity that works closely with the Ministry of Defense and security...
Business
Foxconn reports 11% rise in profit
Foxconn is China's largest private-sector employer.
Emirates to build advanced $950m engineering facility at DWC
Dubai, UAE -- Emirates has unveiled a plans to build a $950 million cutting-edge engineering facility at Dubai World Central...
Business
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Business
ACWA Power, SEC sign PPAs
The agreements signed with SPPC are valued at $3.9 billion.
- The agreement, signed on November 13, pertains to the development, financing, construction, ownership, and operation of two expansive combined cycle gas turbines power plants.
- Named Taiba 1 and Qassim 1, these mega-projects are strategically situated in Madinah and Qassim, with a production capacity of 1,800 megawatts (MW) each.
1962 Ferrari auctioned for $51.7 m in New York: Sotheby’s
Dating from 1962, the legendary Scuderia sports car -- chassis 3765, four-liter engine developing 390 horsepower -- had finished second...
- The bright red roadster had been the property of an American collector for the past 38 years
- The 250 GTO went on sale Monday evening after a few minutes of bidding in the auction room
Business
Jet fuel sales to reach over billion gallons by end of 2023: ENOC
Dubai, UAE--ENOC Group will reach more than one billion gallons of jet fuel sales at the end of this year...
- The company in line with its long-term strategy intends to supply Sustainable Aviation Fuel (SAF) to Dubai Airports in 2024
- The company plans to enhance sales volume globally, apart from seeking potential acquisitions, partnerships, and greenfield projects