Turkish Airlines restarts Libya flights after almost a decade
Istanbul, Turkey - Turkey's flagship carrier, Turkish Airlines, has resumed flights to Libya's capital, almost 10 years after they were suspended...
Business
Japan to restart funding to UN Palestinian refugee agency
Tokyo, Japan--Japan is preparing to resume funding to the UN's crisis-hit Palestinian refugee agency (UNRWA), which coordinates nearly all aid...
Geostrategy
Business
US to provide US$1.45bn per year in assistance to Jordan
The US will provide $1.45 billion per year in bilateral foreign assistance to Jordan, from 2023 to 2029.
- The United States supports providing $1.45 billion per year in U.S. bilateral foreign assistance to Jordan beginning in 2023 and ending in 2029
- According to the US State Department, the MOU represents a major commitment to Jordan’s stability and the durability of the strategic partnership
Business
US justice department gets a voice in Epic battle with Apple
One year after a Californian court ruled in favor of Apple, the US justice department wants to have its say...
- In 2021 a California judge ruled against Fortnite-maker Epic, which had accused Apple of acting like a monopoly in its shop for digital goods or services
- Attorneys for Apple, Epic and the justice department will all speak to the appeals court, which will also consider their written arguments
Business
Lazard hires Citi Saudi CEO
Al-Khatib will support the firm’s operations in MENA.
- Citigroup confirmed Al-Khatib's resignation and said that Carmen Haddad will be taking over as acting CEO
- The Saudi national was a leading figure in Saudi Aramco's initial public offering in 2019, the biggest ever share sale that raised almost $30 billion
Business
Digital payments help Middle East businesses recover
Widespread availability of cashless payment methods and universal access to affordable internet services are major facilitators of digital transformation in...
- Widespread availability of cashless payment methods and universal access to affordable internet services are major facilitators of digital transformation in the region
- The use of virtual corporate credit cards in the MENA region increased 126 percent between the third quarter of 2021 and the third quarter of 2022, reports suggest
Geostrategy
Abdullah bin Zayed meets Benjamin Netanyahu
UAE Minister of Foreign Affairs and International Cooperation Sheikh Abdullah bin Zayed Al Nahyan and Israeli Opposition Leader and former...
- With the signing of the Abraham Accords Peace Agreement in 2020, relations between Israel and the UAE have improved.
- The UAE top diplomat met with the former Israeli premier as part of his current official visit to the Israel..
Business
Union of Arab Banks appoints CS Events strategic partner
Dubai, UAE: Union of Arab Banks (UAB), the apex body of the $4 trillion banking industry in the Arab World,...
- As partner, CS Events will co-create, market and deliver UAB’s activities in the UAE and Saudi Arabia.
- Though Arab world’s banking sector’s assets surpassed $4 trillion, more than 50 percent population in the Middle East and Africa remains unbanked.
Geostrategy
South Korea to enhance ties with hi-tech firms in Middle East
South Korea wants to strengthen its relations with the Middle East with a focus on high-tech industries, according to Seoul’s...
- The focused hi-tech industries in the Middle East are energy, hydrogen, artificial intelligence and health.
- The South Korean Foreign Minister said that they are trying to upgrade their ties with all the countries.
Geostrategy
GCC-India ink MoU for consultations mechanism
India has signed a Memorandum of Understanding (MoU) with the Gulf Cooperation Council (GCC) Secretariat on the "mechanism of consultations"...
- The MoU was signed between India’s Minister for External Affairs Dr. S Jaishankar, and the GCC Secretary-General Dr. Nayef Falah Mubarak Al-Hajraf.
- India’s Ministry of External Affairs said, "both sides reviewed bilateral relations and discussed ways to enhance them"
Business
Dubai records weeklong realty transactions worth $2.49 billion
Dubai, UAE---A total of 2,317 real estate transactions worth AED8.9 billion ($2.49 billion) were conducted during the week ending 16...
- A total of 227 plots were sold for AED4.35 billion, and 1,560 apartments and villas were purchased for AED3.44 billion.
- The top three transactions were plots of land in Madinat Al Mataar that sold for AED988 million, AED259.24 million in Al Yufrah 1 and AED988 million in Madinat.
Market Report
Stocks mostly slide; pound hits 37-year dollar low
Stock markets mostly slumped Friday, while the British pound tanked to a 37-year dollar low as weak UK retail sales...
- Sales by volume dived 1.6 percent in UK last month, more than triple expectations.
- Sterling has hit a series of 1985 lows in recent weeks, also as the US Federal Reserve implements aggressive hikes interest rate hikes.
Most Read
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
Turkish Airlines restarts Libya flights after almost a decade
Istanbul, Turkey - Turkey's flagship carrier, Turkish Airlines, has resumed flights to Libya's capital, almost 10 years after they were suspended...
Business
Company News
Latest News
Sony hikes annual sales outlook
The company net profit for July-September sank 29 percent
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Business
Amlak Q3 net profit AED $73m
Amlak's total income for the third quarter decreased by 19%.
- Revenues from financing business decreased by 10 percent to AED 90 million during Q3 2023 as compared to AED 100 million in Q3 2022.
- The company recorded a net gain of AED 174 million on debt settlement arrangements and was able to reduce its debt burden by AED 531 million.
Business
Export Bahrain and Alibaba sign MoU to boost global trade
Manama, Bahrain--Export Bahrain and Alibaba.com have signed a memorandum of understanding (MoU) to boost global trade and economic growth in...
- The agreement signed during the 6th China International Import Exhibition held in Shanghai will enable Export Bahrain and Alibaba.com to leverage their respective strengths
- The collaboration between the two entities will enable the Chinese giant to train and support Bahraini suppliers in utilizing e-commerce platforms effectively
Business
Middle East companies moving towards cloud adoption
Adoption is driven by government initiatives, global cloud providers, and the need for agility and scalability in the region.
- 68% of Middle East companies want to migrate their operations to the cloud within the next two years
- To fund these initiatives, 76% of companies intend to increase their cloud budget over the coming year