Iran signs deals worth US$13bn to boost oil production
The oil ministry and Iranian businesses signed deals worth $13 billion to increase daily oil production in six major fields....
Business
ExxonMobil makes new oil discovery
The oil and gas strike is the first of 2024.
Business
Twitter lawsuit accuses Elon Musk of contract breach
Twitter on Tuesday sued Elon Musk for breaching the $44 billion contract he signed to buy the tech firm, calling...
- The social media company's shares edged up slightly in after-market trading when the news broke
- Legal experts and market analysts see Twitter as having a strong upper hand heading into court
Economy
Closing the gender gap in MENA may take 115 years
Closing gender gaps remains a critical driver of national prosperity. Countries that invest in all of their human capital and...
- At 63.4%, Middle East and North Africa have the second-largest gender gap yet to close, with the UAE, Israel and Lebanon being the highest performing countries
- After a big COVID hit, the gender gap hasn’t bounced back across the globe, according to the World Economic Forum’s Global Gender Gap Report 2022
Interview
GCC expects moderate impact of global recession
The region is better placed to deal with global slowdown as oil and gas prices will stay high due to...
- The region is better placed to deal with global slowdown as oil and gas prices will stay high due to supply restrictions, Jean Claus, CEO of Allianz Trade Middle East, tells TRENDS
- Regional GDP growth is expected to be +2.7 percent in 2023 in an 'adverse scenario', slightly lower than the +3.1 percent expected in the baseline scenario, Claus adds
Economy
Euro strikes parity with Dollar for first time in nearly 20 years
The euro struck parity with the dollar Tuesday for the first time in nearly 20 years as a cut in...
- Oil prices meanwhile fell heavily on concerns of a wider recession as central banks hike interest rates to fight decades-high inflation.
- European stock markets fell approaching the half-way mark and in the wake of overnight losses in Asia and on Wall Street.
Business
Middle East airlines’ traffic rises more than 300 percent in May 2022: IATA
The International Air Transport Association (IATA) said the Middle Eastern airlines’ traffic rose 317.2 percent in May compared to May...
- IATA announced passenger data for May 2022 showing that the May capacity rose 115.7 percent.
- Global traffic is now at 68.7 percent of pre-crisis levels as it rose 325.8 percent versus May 2021.
Business
Cyber attacks on network infra focus of MENA ISC 2022 in Riyadh
Rising cyber attacks on network infrastructure in countries across the world, which pose a significant threat to the economies of...
- This edition’s theme is “Cyber Fusion: Converging Cyber Intel: Critical Network Infrastructure IT, OT, and IoT."
- It is currently estimated that companies in Saudi Arabia lose about $6.53 million per cyber attack.
Economy
Dubai to host World Corporate Summit in November
Dubai will host the first edition of the World Corporate Summit which will discuss sports and multi-sectoral business growth as...
- The summit will be attended by decision-makers from multinational corporations, UAE-based firms and government institutions
- The WCS will exchange insights, explore collaborative partnerships and opportunities for business growth
Business
SirajPower, Cleanco sign agreement
SirajPower will develop a fully financed 2 MVA solar-diesel-battery.
- This will provide reliable power to Cleanco via a hybrid system consisting of solar PV, diesel generator, and battery.
- CWT’s currently diesel-powered waste treatment plant will be able to reduce its fuel consumption, operational expenditures, and carbon footprint.
Business
Guyana to ‘remove bureaucratic hurdles’ for Saudi investors
Guyana has pledged to a group of Saudi investors visiting the South American country to remove all hurdles in the...
- Mohamed Irfaan Ali, President of Guyana, made this promise to a 65-member Saudi delegation from the private and public sectors
- Al Badr said his government would set up a Saudi desk at the Ministry of Finance to help facilitate trade
Economy
Egypt invests $1.5bn to improve energy efficiency in petroleum projects
Egyptian energy sector has implemented low-cost measures to improve energy efficiency in 31 petroleum companies.
- Egyptian energy sector has implemented low-cost measures to improve energy efficiency in 31 petroleum companies
- Five energy efficiency technical reviews are being implemented, in cooperation with the European Union and other major global oil companies
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Iran signs deals worth US$13bn to boost oil production
The oil ministry and Iranian businesses signed deals worth $13 billion to increase daily oil production in six major fields....
Business
Company News
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Ma’aden Q2 revenues hit $1.86bn
Business
Netflix subscriber base swells with ads and password crackdown
Netflix shares leapt more than 12 percent to $43.31 in after-market trades on the Nasdaq exchange. The streaming service said...
Business
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Business
Bahrain EDB attracts $295m in IT sector as part of total investments worth $1.4bn
Manama, Bahrain--Bahrain Economic Development Board (Bahrain EDB) has attracted $295 million in direct investments within the Information and Communications Technology...
- The direct investments from 14 local and international projects for the ICT sector are expected to generate over 1,600 jobs within three years
- A top EDB executive said the growth of the ICT sector is a priority for Bahrain and remains a contributor to the diversification of the national economy
Business
Saudi Arabia offers to fund Iraq’s largest housing project
Baghdad, Iraq - Saudi banks have offered to fund Iraq's largest housing project, which was previously stalled by South Korea's...
- Some Saudi banks have expressed their interest in contributing funds, along with several Iraqi banks and foreign investment companies
- The Bismaya project had already seen the construction of approximately 30,000 out of the planned 100,000 houses near the capital Baghdad
Business
G42 and OpenAI partner to provide UAE with AI solutions
Dubai, UAE-- G42 has announced a partnership with OpenAI to deliver cutting-edge AI solutions to the UAE and regional markets....
- The collaboration will leverage OpenAI’s generative AI models in domains where G42 already has deep expertise, like financial services, energy, healthcare and public services
- Owing to the solutions created by G42, organisations in the UAE will be able to simplify the process of integrating AI capabilities into their existing enterprise landscapes