Federal Reserve begins two-day talk on interest rates
Washington, United States - The US Federal Reserve began two days of discussions on Tuesday at which policymakers are expected to...
Economy
Saudi EXIM bank surpasses 2023 credit goals by 33%
Riyadh, Saudi Arabia -- The Saudi EXIM Bank has given credit facilities amounting to SAR16.5 billion ($4.455 billion), surpassing the...
Business
Business
Tabreed H1 profit $65 million
The profit saw an increase of 3 percent over H1 2021.
- Total connected capacity reached 1,241,331 Refrigeration Tons (RT); 31,235 Refrigeration Tons (RT) of new customer connections added.
- Group revenue increased by 12.3 percent to AED 975.7 million (H1 2021: AED 869.0 million).
Economy
More than 10 million visit UAE govt portal in first half of this year
The Telecommunications & Digital Government Regulatory Authority (TDRA) said that over 10 million people visited the Official Portal of the...
- Over 24 million pages were viewed through the visits to U.AE portal in H1 of 2022
- These results indicate the high value of U.AE as a prime source of information and services
Market Report
ADX market value rises in Q2, 2022 to US$542.42bn
Abu Dhabi Securities Exchange has recorded its highest rise in terms of market value and trading value at end of...
- The ADX ranked first in Arab region in terms of market value increase, says the Arab Monetary Fund
- The Abu Dhabi Securities Exchange rose from $513.19bn at the end of Q1 of 2022 to $542.42bn in Q2 of 2022
Business
‘Most IT security officials believe firms threat strategy poor’
A global survey conducted among 2,100 IT Security Decision Makers (ITSDMs) reveals that 60 percent of respondents believe their organizations...
- Only 16 percent of respondents in the UAE and Saudi Arabia say they are able to keep pace with the threat landscape
- Most organisations (91 percent) surveyed in the UAE and Saudi Arabia experienced identity-related security breach in the past 18 months.
Business
NMDC, James Fisher sign MoU
They will collaborate on key oil and gas projects.
- The two groups will focus initially on exclusive diving projects in the Middle East and turnkey decommissioning opportunities in the North Sea and internationally.
- They will develop a series of collaborative joint ventures and consortia to deliver major projects across multiple sectors, markets, and geographies.
Business
Aldar acquires Doubletree
DoubleTree by Hilton Resort & Spa Marjan Island is a beachfront resort.
- The property, which benefits from above-market average occupancy levels, is located on the first section of Al Marjan Island, a growing tourism hub.
- Aldar now has a total of over 4,250 keys, and brings Aldar’s total investment in Ras Al Khaimah to AED2 billion.
Business
Komainu set to bring digital asset custody services to Dubai
The Government of Dubai’s Virtual Assets Regulatory Authority (VARA) on Wednesday granted provisional regulatory approval to Komainu.
- The Government of Dubai’s Virtual Assets Regulatory Authority (VARA) on Wednesday granted provisional regulatory approval to Komainu
- Komainu acts as a key gatekeeper to institutions gaining exposure to the digital asset industry with the provision of secure and regulated digital asset custody services
Business
ADNOC awards $2bn in contracts
The contracts were awarded to ADNOC Drilling.
- The contracts comprise $1.3 billion (AED4.89 billion) for integrated drilling services and fluids and $711 million (AED2.6 billion) for providing four Island Drilling Units.
- A third contract, valued at $681 million (AED2.5 billion), was also awarded to ADNOC Logistics & Services for providing offshore logistics and marine support services.
Business
Israel’s Teva reaches potential $4.25 bn US opioid settlement
If the deal is finalized, Teva would become the latest major company to reach a settlement over the crisis which...
- If the deal is finalized, Teva would become the latest major company to reach a settlement over the crisis which caused hundreds of thousands of deaths across the country
- Teva reached the potential agreement on the terms of a "nationwide opioids settlement" with a working group of state attorneys general and lawyers for Native American tribes
Business
Microsoft earnings fall
The poor performance result of sagging demand.
- The US technology giant reported profit of $16.7 billion on revenue of $51.9 billion, topping the same quarter a year earlier but missing market forecasts.
- The earnings stumble was due mostly to foreign exchange rates and shutdowns of personal computer factories in China
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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
Federal Reserve begins two-day talk on interest rates
Washington, United States - The US Federal Reserve began two days of discussions on Tuesday at which policymakers are expected to...
Economy
Company News
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BAE to acquire Ball Aerospace
Business
Funding key challenge for Middle East innovators
Deep-tech companies in the Middle East are facing challenges due to limited funding and inadequate R&D centers, leaving entrepreneurs seeking...
Investigation
Markets fall as traders wary due to Gaza war, Fed interest rates
Paris, France - Stock markets slid on Monday, extending last week's sell-off n fears of a regional conflict in the Middle...
Market Report
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Business
Total of 52 MoUs signed in Saudi-Korean Investment Forum
RIYADH, SAUDI ARABIA – A total of 52 memorandums of understanding (MoUs) were signed at the Saudi-Korean Investment Forum here....
- The private sector inked 48 MoUs in sectors ranging from transportation, tourism, energy, technology, infrastructure and cybersecurity.
- The pacts aim to enhance investments between Saudi Arabia and South Korea which reflect the efforts towards collaboration between the two nations.
Business
Qatar Airways’ CEO to quit
Akbar Al Baker led the state-owned airline for over 25 years.
- According to the reports which cited a memo to staff, Baker, who led the firm for over 25 years, is due to step down from November 5.
- Akbar Al Baker has been widely credited with transforming the fortunes of the fledgling airline he took control of in 1997,
Business
Chevron to acquire Hess
Chevron last year posted a record profit of $35.5 billion.
- Chevron's deal values Hess's equity at $53 billion, while the total enterprise value of the transaction, including debt, is $60 billion.
- The deal will further diversify Chevron's interests, with Hess's assets including an offshore exploration scheme in oil-rich Guyana.