Rise in remittances hikes demand for Jordanian dinar, says chamber of commerce
AMMAN, JORDAN – Rising remittances from the Kingdom’s citizens working abroad has contributed to increasing demand for Jordanian dinar. Exchange...
Economy
Saudi Arabia weighs handing state airline Saudia over to PIF
Riyadh, Saudi Arabia - Saudi Arabia is considering transferring ownership of its national carrier, Saudia, to the sovereign wealth fund,...
Business
Business
Sixteen European news agencies launch joint Brussels newsroom
The 16 agencies -- dpa, AFP, AGERPRES, ANSA, APA, ATA, Belga, BTA, EFE, Europa Press, FENA, HINA, MIA, STA, Tanjug and...
- The hope is that by working more as a network, the agencies' pooled resources will provide a deeper understanding of European news to readers in their home national markets.
- Journalists from the smaller European agencies will share workspaces in Belga's Brussels headquarters and offices near EU headquarters, as well as training opportunities.
Business
Mubadala Petroleum rebranded
The company achieved the 500,000-boed milestone this year.
- In 2017, Mubadala Energy shifted its strategy to natural gas, a transition that saw the company realize key projects.
- Other major gas projects include Mubadala Energy's operated Pegaga gas field in Malaysia.
Business
Lufthansa pilots to strike again, escalating wage dispute
A week after the airline was forced to cancel all flights due to a pilots’ walk-out on Friday, affecting 130,000...
- The pilot union is seeking a 5.5 percent wage increase by the end of the year, automatic compensation for inflation and adjustments on its salary grid
- Lufthansa has said the entire package sought by Cockpit would raise pilot personnel costs by 40 percent or $900 million
Business
Tabby launches in Egypt
The shopping app looks to widen its market in MENA.
- Tabby works with multiple brands to offer flexible payments at checkout
- It is currently ranked among the top 10 shopping apps in the Middle East with more than 2 million active shoppers
Business
Porsche to enter stock market before the end of 2022: VW
The auto giant officially signalled its intention to go ahead with the IPO on February 24, the day that Russia...
- The luxury brand continues to attract the attention of investors, who value Porsche between 60 and 85 billion euros
- Suitors including the Qatari sovereign wealth fund and luxury brands group LVMH have registered an interest in the high-end carmaker
Business
US says oil supply must shore up growth after OPEC+ cut
In a thinly veiled criticism of the OPEC's decision to cut supply, the US said that oil production must be...
- The United States had pressed OPEC+ to increase output to bring down energy prices that have fueled decades-high inflation
- The G7 group of industrialized powers, in a bid to curb Moscow's funding of its war in Ukraine, agreed Friday to move towards capping the price of Russian oil
Business
DMCC puts on display world’s largest pink diamonds at DDE
DMCC has hosted the unveiling of one of the world’s largest internally flawless fancy vivid pink diamonds – the "Williamson...
- The 11.15 carat flawless pink diamond started its roadshow in Dubai, one of the world’s leading diamond trade hubs
- Expected to fetch over US$21 million, the Williamson Pink Star diamond has the potential to set a new price per carat record given its incredible purity
Business
Despite sanctions, Russia energy exports vault to US$158bn
In spite of the Western sanctions, Russia has raked in some $158 billion in energy exports in the six months...
- While the EU has stopped purchases of Russian coal, it is only progressively banning Russian oil and it has not adopted any limits on the imports of natural gas
- The G7 countries, meanwhile, vowed Friday to push forward urgently to impose a price cap on Russian crude, a move that would deprive Russia of much of the revenue
Opinion
ESG strategy of firms in Middle East must not derail
Winning firms are exploring innovative alternatives, guided by a strong sense of purpose and a flexible strategy. Disruption doesn’t demolish...
- Over the past few years, shifting investor and customer expectations cemented the importance of ESG in the corporate world, allowing it to withstand these kinds of shocks
- The ESG has become an explicit decision-making consideration for companies, rising to the level of finance concerns, risk, operational integrity, and customer impact
Business
Saudi Arabia appoints new crypto chief to further its digital program
The kingdom is the largest economy in the Middle East, making it a key market for any firm operating in...
- Until now, Saudi had shown a circumspect approach on virtual assets, as officials questioned the speculative nature of them.
- With the emergence of UAE as a global crypto hub, Saudi displayed urgency to draft formal rules pertaining to the asset class.
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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
Rise in remittances hikes demand for Jordanian dinar, says chamber of commerce
AMMAN, JORDAN – Rising remittances from the Kingdom’s citizens working abroad has contributed to increasing demand for Jordanian dinar. Exchange...
Economy
Company News
stc buys stake in Telefónica
Business
L’Occitane shares nosedive
Business
Latest News
Arm seeks $52bn valuation
Business
First SAF-powered Emirates flights cleared for take-off from Dubai
Dubai, UAE -- The first Emirates flights operating with sustainable aviation fuel (SAF) provided by Shell Aviation have taken off...
Business
Saudi Arabia launches second phase of Visiting Investor Visa
RIYADH, SAUDI ARABIA – The Kingdom’s ministry of investment and ministry of foreign affairs launched the second phase of issuing...
Business
Most Read
Business
Ryanair profits soar
Its net profit is US$2.4bn in the six months to September end.
- Profit after tax came in at $2.4 billion in the six months to the end of September compared with 1.3 billion euros in the equivalent period one year earlier
- Chief executive Michael O'Leary said the carrier's full-year outlook "remains highly dependent on the absence of any unforeseen adverse events
Business
Luberef’s 9M profit up 2%
The company's third-quarter net profit dropped 28 percent.
- The nine-month profit was spurred by lower Zakat and income tax expenses, as Luberef has become subject to tax after listing its shares, Argaam reported.
- Luberef’s bottom line dropped 25.2 percent quarter-on-quarter (QoQ) from SAR 454.86 million in Q2 2023, hurt by lower base oil crack margins, according to Argaam.
Business
Sharjah looks to boost economic, investment ties with Uganda and Kenya
Sharjah, UAE-- The emirate of Sharjah is seeking to boost economic and investment cooperation with Uganda and Kenya. In this...
- In order to boost trade with Uganda and Kenya, the Sharjah Chamber of Commerce and Industry (SCCI) will dispatch a trade mission to the African countries
- The trade mission will explore ways to enhance development and foster stronger ties as part of the chamber's commitment to supporting the local business community