Digital transformation fuels GCC banks’ growth
The banking sector across the GCC has demonstrated formidable growth and profitability, with Qatar leading in several key performance indicators,...
Business
UAE and Kenya sign agreement to enhance digital, tech cooperation
Abu Dhabi, UAE--The UAE and Kenya have signed an investment memorandum establishing a framework for investment cooperation in digitalisation and...
Market Report
World markets plunge on growing recession fears
Stock markets tumbled, the pound crashed against the dollar and oil prices slumped on growing recession fears after central banks...
- In the eurozone, recession fears deepened as data showed its economic activity fell once again in September.
- Traders were keeping a close eye also on developments following the Japanese finance ministry's intervention to support the yen.
Business
ADNOC, TAQA conclude $3.8 bIllion offshore decarbonization deal
Abu Dhabi, UAE---ADNOC and Abu Dhabi National Energy Company (TAQA) Friday announced the financial closing of their $3.8 billion project...
- This is a first-of-its-kind high-voltage direct current (HVDC) sub-sea transmission network in the MENA region.
- A Consortium will build, own, operate and transfer the transmission system alongside ADNOC and TAQA, with the full project returned to ADNOC after 35 years of operation.
Economy
‘Barakah Nuclear Power Plant promotes clean, safe energy’
UAE Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei said that the start-up of Unit 3 of Barakah...
- The nuclear plant plays a key role in promoting the transition to safe and environmentally friendly energy sources.
- Several countries began to focus on developing nuclear power to meet the challenges of energy security and climate change.
Business
Borouge to pay dividend of $325m
This is the first payment of the total $975m dividend for 2022.
- The interim dividend payment reflects Borouge's strong financial performance in H1 2022 and its outlook for the remainder of 2022, the company said.
- In the first half of 2022, Borouge reported a 16.4 percent increase in revenue to $3.5 billion (AED12.7 billion) versus the same period last year.
Business
Up to 10 million Australians hit by telcoms hack
Optus chief executive Kelly Bayer Rosmarin said a "sophisticated" actor was behind a cyberattack, which gained access to information about...
- It is not yet clear whether the attack came from a state-based or criminal organization, but Bayer Rosmarin said no ransom demand had been made
- The Australian Competition and Consumer Commission warned Australians that they could be at risk of identity theft
Business
US charges Boeing with misleading investors on 737 MAX safety, fined $200 mn
Boeing agreed to the penalty to settle charges it "negligently violated the antifraud provisions" of US securities laws, the Securities...
- The settlement is the latest hit to Boeing over the MAX following the Lion Air Crash in Indonesia in October 2018
- US air safety authorities cleared Boeing's 737 MAX to resume service in November 2020 following a 20-month grounding after the crashes
Geostrategy
Facebook whistleblower launches nonprofit to take on big tech
The new Beyond the Screen nonprofit said that its first project will be to document ways big tech is failing...
- Haugen last year leaked reams of internal studies showing executives knew of their site's potential for harm, prompting a renewed US push for regulation
- Since leaving Facebook in 2021, Haugen has advocated in the US and other countries for legislation meant to make social media platforms safer
Analysis
Uncertainty rules even as MENA crypto market grows
Crypto investors fear a possible global recession, especially amidst weak economic activity data, Wael Makarem, Senior Market Strategist - MENA...
- Crypto investors fear a possible global recession, especially amidst weak economic activity data, Wael Makarem, Senior Market Strategist - MENA at Exness, tell TRENDS
- As cryptos are revolutionizing the financial industry, many institutions drafting regulations are trying to make the currency fit into the existing financial regulations
Economy
South Africa seeks wind energy to resolve power situation
South Africa inked the first three of a series of agreements with independent producers to supply wind energy amid worsening...
- The coal-dependent country picked 25 wind and solar projects to generate a total of 2,583 megawatts.
- Official data earlier this month confirmed that GDP of South Africa shrank partly owing to the energy crisis.
Geostrategy
UK government revokes gas fracking ban in England
Britain lifted England's moratorium on controversial gas fracking to boost energy security, despite breaking the ruling Conservative party's manifesto pledge.
- Fracking is carried out by blasting a mixture of water, sand and chemicals underground to release shale oil and gas.
- But environmentalists argue that the process contaminates water supplies, hurts wildlife, causes earthquakes and contributes to global climate change.
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Digital transformation fuels GCC banks’ growth
The banking sector across the GCC has demonstrated formidable growth and profitability, with Qatar leading in several key performance indicators,...
Business
Company News
Latest News
Qatar records 17-percent jump in building permits issued in October
Doha, Qatar--Qatar's Planning and Statistics Authority has given out 769 building permits in various municipalities in the country during the...
Business
Saudi Arabia, South Africa sign protocol for import of cattle, sheep and goat meat
Riyadh, Saudi Arabia--The Saudi Food and Drug Authority (SFDA) and South Africa’s Department of Agriculture, Land Reform and Rural Development...
Business
Dubai witnesses green transit revolution
Dubai is actively implementing climate adaptation strategies and technologies in transportation and infrastructure to mitigate climate change effects and enhance...
Business
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Business
Saudi Arabia sets ambitious goals for mining sector
"We have begun discussions with 80 countries participating in the mining sector. ... An international platform has been established in...
- Saudi Arabia focuses on maximizing value from natural resources and developing mining investments.
- The Kingdom creates platforms for collaboration in mining, targeting the Middle East and Central Asia.
Business
EDGE buys 50% stake in Flaris, marking strategic expansion into aviation technology
Abu Dhabi, UAE -- The UAE’s EDGE Group, one of the world’s leading advanced technology and defence groups, has announced...
- The two companies will also establish a joint venture, enabling EDGE to further develop Flaris’ portfolio of jets
- The innovations resulting from this joint venture will be showcased at the upcoming Dubai Airshow 2023
Business
BCCI yet to hear officially about Saudi interest for stakes in IPL
NEW DELHI, INDIA - Recent reports of Saudi Arabia expressing an interest in buying a stake in the Indian Premier League...
- The plan is being seen as another move by the oil-rich kingdom to be the biggest ‘soft power’ in the West Asian region.
- Saudi Arabia is now the sole bidder for the 2036 FIFA World Cup and the Saudi Pro League boasts the crème de la crème of global footballers