Exclusive: Green investments lead to tangible returns, says WEF’s PhilipsÂ
Public-private partnerships are essential for advancing sustainable urban development and meeting net-zero targets, Vivian Brady Phillips, Head of Strategic Initiatives,...
Risks are interconnected, need collaborative solutions, says WEF’s Mark Elsner
Davos, Switzerland – Mark Elsner, Head, Global Risks Initiative, World Economic Forum sat with TRENDS during WEF’s summit in Davos...
World Economic Forum
Business
Dubai first half dhow trade up 21 percent: PCF Corporation
Dubai, UAE--The Marine Agency for Wooden Dhows has facilitated the entry of more than 6,000 wooden dhows during H1, reflecting...
- Since its establishment in July 2020 by Dubai’s Ports, Customs and Free Zone Corporation (PCFC), the emirate has witness a robust growth in dhow trade, PCFC said.
- he Agency supervised the movement of 6,052 wooden dhows during H1 2022, which ferried 1 million metric tons of merchandise from countries across the MENA region and beyond.
Business
Yahsat to pay $53.5m H1 dividend
The dividend will be paid by 14 Oct to all shareholders.
- The Group said it is on track to deliver a total dividend of at least AED393.3 million for the full 2022 financial year.
- The second and final dividend for 2022 is expected to be paid in April 2023.
Business
Wizz to set up fleet in KSA
It aims to set up a fleet of 50 aircraft in the kingdom.
- More than a quarter of the flights in the unit will be domestic, with about 50 percent focusing on the wider Middle East and the rest primarily on Europe
- The company plans to start its services to Saudi Arabia next week, starting with flights to the Gulf city of Dammam from Rome, Vienna and Abu Dhabi
Business
Spotify plans to sell 300,000 audiobook titles to US users; eyes expansion
Nir Zicherman, Spotify's Vice President and Global Head of Audiobooks and Gated Content said it's a starting point to expand...
- The company's decision to offer audiobooks on a pay-per-download basis is a departure from the monthly subscription model it uses for music and podcasts
- Spotify's expansion places it in competition with other audiobook giants including Audible, an arm of Amazon, which currently dominates the market
Business
Qatar emir says football fans will not face “discrimination”
Seeking to placate the concerns raised by rights groups, the ruler of Qatar has said that all fans will be...
- Organizing committee and government officials have said that the million plus fans expected to attend the World Cup should respect local cultural norms
- The host nation has struggled to convince rights groups with its message that "all will be welcome" despite the law
Business
Air passengers number up, reveals global aviation meet in Dubai
Some of the greatest minds in the aviation industry took to the stage at this year’s Global Aviation Conference in...
- Air passenger numbers are expected to exceed 80 percent of pre-pandemic levels this year.
- The surge would be driven by strong pent-up demand, eased travel restrictions, and growing employment rates.
Business
Saudi China’s largest oil supplier in Q1 despite Beijing’s Russia imports
Riyadh, Saudi Arabia - Saudi Arabia topped the list of oil suppliers to China for the first time in four...
- Saudi’s oil exports rebounded last month to 8.475 million tons, or 1.99 million barrels per day (bpd).
- The Kingdom remained the biggest supplier to China this year, shipping 58.31 million tons of oil till Aug.
Business
Czech billionaire throws lifeline to French leftist daily
Daniel Kretinsky has already heavily invested in French media as owner of Elle magazine and part-owner of the daily Le...
- Despite increasing its circulation by more than 10 percent over the past year, Liberation has been unable to stem losses.
- Kretinsky's high-profile investments in France include minority stakes in retail chain Casino, and in the electronics, books and media group Fnac Darty.
Business
Binance gets MVP license from Dubai virtual assets authority
Dubai, UAE--Binance, the leading global blockchain services provider, said Tuesday it has received the Minimal Viable Product (MVP) license from...
- The transition to an MVP License from a provisional license means Binance can open a client money account with a domestic bank and benefit from new services.
- Â It can offer services to qualified retail and institutional investors in Dubai within its internationally benchmarked legislative framework for virtual asset service providers.
Geostrategy
Putin accuses European Union of blocking Russian fertilizer
Putin accused the European Union of blocking 300,000 tons of Russian fertilizer from reaching the world's poorest countries. "Our offer......
- In July, an agreement was signed which allowed Russia to export its agricultural products and fertilizer despite Western sanctions.
- The West imposed a litany of sanctions on Russia after it sent troops into Ukraine on February 24.
Exclusive: Green investments lead to tangible returns, says WEF’s PhilipsÂ
Public-private partnerships are essential for advancing sustainable urban development and meeting net-zero targets, Vivian Brady Phillips, Head of Strategic Initiatives,...
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Middle East’s M&A activity outpaces global trends
With a focus on economic diversification and technological advancements, the region is setting a precedent for strategic growth and innovation...
Business
US markets up after Nvidia reports $9.2 billion in third-quarter profit
New York, United States - Wall Street stocks resumed their upward climb early Wednesday following strong results from artificial intelligence player...
Business
Crude prices slip 4% after OPEC+ reschedules Vienna meeting
The current output strategy by OPEC+ that saw nine members led by Riyadh to cut production in recent months to...
Business
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Business
Does Anghami and OSN+ collab make financial sense?
A first of its kind in the region, the combination will offer consumers digital services of the best and latest...
- The OSN Group will invest in Anghami at a valuation of $3.65 per share, 3.9x the stock's average price for the past month.
- The combined entity will bring together over 120 million registered users and will be one of MENA’a largest streaming platforms.
Business
43% people in Saudi likely to make more cross-border payments in 2023
Riyadh, Saudi Arabia -- Nearly 43 percent of people in Saudi Arabia expect to send cross-border payments more frequently in...
- The report also details that 40 percent of people in Saudi Arabia expect to receive more cross-border payments in the next year.
- Notably, 88 percent of SMEs say they use an app to make cross-border payments — the second highest percentage across the markets surveyed.
Business
Binance to pay billions in US in money laundering case
Binance's guilty plea is part of coordinated action including with the Treasury Department's Financial Crimes Enforcement Network and Office of...
- Zhao pleaded guilty to failing to maintain an effective anti-money laundering program
- Binance's agreements with the Treasury Department's agencies include a civil money penalty of $3.4bn