Waldorf Astoria to open in Madinah by 2028
With more than 300 luxury rooms, three dining concepts, and various facilities, the hotel will merge global luxury with Madinah’s...
Business
No peak oil demand ‘on the horizon’, phaseout a ‘fantasy’: OPEC
Paris, France - OPEC said Tuesday that phasing out oil was a "fantasy", as the Saudi-led cartel forecast that demand would...
Economy
Business
Crypto lender’s meltdown crashes dreams
An Irishman at risk of losing his farm. An American having suicidal thoughts. An 84-year-old widow's lost life savings: People...
- Celsius owed $4.7 billion to its users, according to a court filing earlier this month
- Celsius clients reported heavy stress and feelings of deep shame for putting their money in the firm and now begging for refund
Business
CBUAE hikes DBR of SZHP loan beneficiaries to 60%
The Central Bank of the UAE (CBUAE) has decided to increase the debt burden ratio of the beneficiaries of home...
- The notice included details of the CBUAE decision, in agreement with SZHP and in line with Article (5) of the Regulations Regarding Mortgage Loans, issued in 2013
- The decision also stated that UAE nationals, with long-term loans, shall be provided the flexibility to obtain housing loans of SZHP
Business
GCC ups oil supply to Japan, fulfills 94% of its demand
Saudi Arabia and the UAE have supplied around 80 percent of Japan's oil demand for the month of June, followed...
- Saudi Arabia provided 27.39 million barrels, an increase from the previous month of 27.10 million barrels, 27.14 million barrels came from UAE
- In June, for the first time in years, there were no oil imports from Russia
Geostrategy
Saudi handshake fuels hope for energy-hit Europe
Mohammed bin Salman's recent Europe visit after US President Joe Biden’s trip to Jeddah suggests that KSA wants to diversify...
- Mohammed bin Salman's recent Europe visit after US President Joe Biden’s trip to Jeddah suggests that KSA wants to diversify its partners amidst global uncertainties, say experts
- Both Saudi Arabia and France want to play a crucial role in stabilization of the region. Paris, in particular, wants greater involvement of Riyadh in Lebanon
Business
Elon Musk files counter lawsuit against Twitter
A judge has ordered a five-day trial over Twitter's lawsuit against Musk to begin on October 17.
- The 164-page filing was submitted as being "confidential," meaning the documents were not accessible by the public.
- Musk's filed case against Twitter's claim that he is contractually bound to complete deal he inked in April to buy Twitter.
Business
Istanbul Airport first in Europe with 1,327 average flights daily
Istanbul Airport ranked first in Europe in terms of the average number of daily flights during the period of July...
- The Airport exceeded the French Charles de Gaulle Airport and Amsterdam Airport Schiphol by number of flights
- Istanbul Airport also topped the list of airports in terms of the number of passengers during the month of June
Business
Gazprom suspends gas export to Latvia as tensions escalate
Russian energy giant Gazprom Saturday suspended gas supplies to Latvia following tensions between Moscow and the West over the conflict...
- Gazprom suspended its gas supplies to Latvia due to "violations of the conditions" of purchase, the company said on Telegram.
- Gazprom drastically cut gas deliveries to Europe via the Nord Stream pipeline on Wednesday to about 20 percent of its capacity.
Economy
DEWA’s Marafeq Smart Feature speeds up issuing of NOCs
Dubai Electricity and Water Authority (DEWA)’s Marafeq Smart Feature has contributed to accelerating issuing of No Objection Certificates (NOCs) for...
- DEWA’s Marafeq Smart Feature has enhanced collaboration with other utilities in Dubai
- Till the end of June 2022, around 15,000 NOCs have been approved using this feature
Economy
‘Credit by national banks rose to US$3.5bn till April 2022’
Credit facilities provided by national banks to the business and industrial sector rose 1.92 percent to US$3.5 billion (AED13.1 billion)...
- The cumulative balance of credit provided by national banks to the sector on a year-on-year basis grew by 2.14 percent.
- Value of credit facilities extended by national banks to the sector accounted for 89.1% of gross accumulative credit balance.
Geostrategy
‘Kuwait an important partner in oil exploration sector’
Secretary-General of the Malaysian Foreign Ministry said Kuwait is an important partner in oil explorations sector, urging closer investment relations...
- Secretary-General, Malaysian Foreign Ministry says Kuwait is an important partner in oil explorations sector
- The official urges closer investment relations between the two countries.
Waldorf Astoria to open in Madinah by 2028
With more than 300 luxury rooms, three dining concepts, and various facilities, the hotel will merge global luxury with Madinah’s...
Business
Company News
Alantra sets up base in DIFC
Business
Lego first half profit dips 17%
Business
Latest News
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...
Business
Saudi Coffee Company launches its first model farm in Jazan
Riyadh, Saudi Arabia - Saudi Coffee Company, a wholly owned subsidiary of the Kingdom’s Public Investment Fund, on Sunday announced...
Business
Global AI economy will reach over $32 trillion by 2027
The emergence of AI-managed portfolios marks a notable change in the investment realm. Success in this evolving landscape will require...
Opinion
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Business
FGCC Chambers to hold GCC-Egyptian Business Forum in Saudi Arabia
AL-KHOBAR, SAUDI ARABIA - The Federation of Egyptian Chambers of Commerce (FEDCOC) is scheduled to host the first Gulf-Egyptian Business...
- The forum will address the most important economic and commercial issues.
- Gulf and Egyptian officials and entrepreneurs are slated to attend the forum.
Business
Saudi Arabia to continue voluntary oil cut until end of Dec 2023
Riyadh, Saudi Arabia -- Saudi Arabia has announced it will continue the voluntary cut of one million barrels per day,...
- Riyadh, the world's biggest crude exporter, first announced its cut after a June meeting of the 23-nation OPEC+ alliance, which also includes Russia.
- That decision riled the United States, which at the time accused Saudi Arabia, a security partner, of siding with Russia in the war in Ukraine.
Business
American defense companies firm on attending Dubai Airshow
Washington DC, United States -- In spite of escalating instability in the Middle East, several American defense firms have reaffirmed...
- The Dubai Airshow, to be held at Maktoum International Airport in the United Arab Emirates, is a biennial event and ranks among the world's most significant aerospace exhibitions.
- L3Harris told Breaking Defense, "We're monitoring current events like all our industry peers and have not scaled back our planned attendance."