Dubai vs Doha: The Battle for Creator Economy Supremacy and Innovation in the Middle East
Dubai’s aggressive initiatives like the 1 Billion Followers Summit and specialized creator visas put it ahead in attracting global talent,...
Business
Cybersecurity in 2024: From talent shortages to resilience against emerging tech risks
In 2024, cybersecurity remained central, addressing skill gaps and the impact of generative AI. A Strategic Cybersecurity Talent Framework offered...
Business
Court denies Ben & Jerry’s effort to prevent sales in Israeli settlements
The company, known for its political activism, took the unusual step seeking an injunction after London-based Unilever announced it had...
- In July last year, Vermont-based Ben & Jerry's announced it would no longer sell its ice cream in the Palestinian territories
- However, Israeli license-holder Avi Zinger had continued to produce the ice cream in his factory in the suburbs of Tel Aviv and distribute it to the Israeli settlements
Business
Sumou signs $144m deal
The Saudi real estate firm will build 507 villas in Madinah.
- The company said in a bourse filing that it will develop villas for Al-Samiya, a residential project located in Al-Madinah
- The construction is expected to be completed in 42 months and will be financed based on equity and off-plan sales
Business
GCC and UK set sights on signing Free Trade Agreement
Dr. Nayef Al Hajraf, Secretary-General of the GCC, voiced hope that the talks would lead to an ambitious Free Trade...
- Dr. Nayef Al Hajraf, Secretary-General of the GCC, stressed the importance of the friendly relations between the GCC and the UK in serving the common interests of both sides
- The joint statement, signed with British Trade Secretary Anne-Marie Trevelyan on 22nd June, laid the groundwork for launching the negotiations today
Business
OPEC+ has ‘means’ to deal with oil volatility: Saudi Arabia
Prince Abdulaziz bin Salman said in an interview with Bloomberg that OPEC+ has the commitment, the flexibility, and the means...
- OPEC and 10 allies led by Russia a group known as OPEC+ agreed last month to raise production by 100,000 bpd in September
- They had agreed to increases of almost 650,000 bpd in July and August, but the cartel has struggled to meet its quotas
Business
Retail sector in Gulf region stares at slump in business
Market experts predict a hard summer for the GCC retail industry as rising costs keep shoppers away from malls and...
- With high inflation biting into family budgets, households have cut back on spending on essential commodities because of the high cost of goods
- While the high-end malls and stores can fall back on their deep reserves of cash to get over the crisis, it is the small and medium-sized businesses that are struggling to survive
Business
Saudi Fisheries posts losses
The news of the loss of $6.4m in H1 led to a slide in firm's stock.
- The news of the poor financial results dragged down the company's stock by 3.35 percent to SR37.55
- The firm reported a 34 percent surge in revenue during the same period to reach $7.73 million
Business
Elon Musk subpoenas former Twitter chief Jack Dorsey
Records made public on Monday show Dorsey was served with a legal order to give Musk any communications or documents...
- The company accuses Musk of contriving a story to escape a merger agreement that he no longer found attractive
- Twitter co-founder Dorsey in November of last year ended his second stint as chief of the company and had voiced support for Musk taking it over
Business
Airfares increase as demand soars for flights to UAE
Demand for air tickets to destinations outside the UAE also surged in June and July, even as the travel costs...
- Demand for air tickets to destinations outside the UAE also surged in June and July, even as the travel costs grew sharply due to rising oil prices and global inflation
- Even as airfares to Dubai rise up to 40 percent, ticket costs are expected to decrease in September once all passengers living in the UAE return home
Market Report
Stocks slide as traders mull Fed outlook, gas price spike
World stocks sank Monday and the dollar rallied on concern the Federal Reserve will stick to its interest rate-hiking plans...
- The euro is under pressure after Russia's Gazprom said late Friday that the Nord Stream pipeline would be closed for maintenance.
- Oil slumped on speculation over an Iran nuclear deal that could ease a supply crunch caused by producer Russia's invasion of Ukraine, as well as recession fears.
Market Report
Foreign investors in Arab exchanges buy $119.6bn in 2021
The Arab Monetary Fund (AMF) said that the Abu Dhabi Securities Exchange (ADX) was ranked first in the Arab region...
- ADX was ranked first in the Arab region in 2021, in terms of buy and sell transactions by foreign investors, says AMF
- Buying transactions by foreign investors in ADX totaled $32.2 billion at the end of last year
Dubai vs Doha: The Battle for Creator Economy Supremacy and Innovation in the Middle East
Dubai’s aggressive initiatives like the 1 Billion Followers Summit and specialized creator visas put it ahead in attracting global talent,...
Business
Company News
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Emirates, flydubai among Boeing’s big customers at Dubai Airshow
Emirates, the Middle East's biggest airline, made the largest purchase with its $52 billion order for 55 Boeing 777-9s, 35...
Business
Saudi pioneering solutions for water scarcity
The kingdom is forging partnerships with major corporations to revolutionize water technologies and achieve water self-sufficiency.
Analysis
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Business
ADIB lists $500m green sukuk on LSE
The bank marked the issuance of its $500 million green sukuk.
- London Stock Exchange has welcome ADIB’s listing, as the world’s first dollar denominated green sukuk.
- This follows the bank’s recent successful listing of US$750 million AT1 perpetual sukuk.
Business
Salik records $138m in Q3 revenue
This is the toll operator's highest Q3 revenue since 2007.
- The 14.6 percent year-on-year revenue growth was supported by a strong growth in tourism and residency.
- Salik reported a net profit of AED255 million during the third quarter of 2023, up 5.3 percent against the prior year.
Business
Sustainability in style: UAE’s couture goes green
The UAE is shifting from Western influences to eco-friendly practices in its apparel market. 2023 marks the nation's commitment to...
- In the UAE, environmentally friendly, competitively priced, stylish, and high-quality products are increasingly being offered by brands
- They use organic cotton and other environmentally friendly materials like bamboo, hemp, and recycled polyester