UAE records more than 25% growth in international card spending in 2023
Dubai, UAE--Total spending using international cards in the UAE witnessed a growth of more than 25% during the year 2023....
Business
Business
Aramco sustainability report lays down plans for net-zero ambition
Aramco publishes its first sustainability report which outlines ways in which the company plans to further tackle emissions while delivering...
- The report provides information on Aramco's efforts to support the broader energy transition
- Aramco expects to update the sustainability report on an annual basis
Business
Israel, Egypt to export gas to EU in its bid to cut Russian imports
Russia's war against Ukraine has exposed our European dependency on Russian fossil fuels, and we want to get rid of...
- The memorandum of understanding on gas exports between Egypt, Israel and the EU was signed at the East Mediterranean Gas Forum.
- Under a $15 billion deal in 2020, Israel already exports gas from an offshore field to Egypt, where it is liquefied and shipped to Europe.
Business
Gazprom to cut Italian energy giant Eni’s gas supply by 15 percent
Russia's Gazprom told Eni it would cut its gas supply by around 15 percent for Wednesday, the Italian energy giant...
- Italy buys the majority of its natural gas from overseas -- and more than 40 percent of its imports come from Russia.
- Since Russia invaded Ukraine, triggering unprecedented Western sanctions against Moscow, Italy has been scrabbling to cut that reliance.
Economy
China’s recovery to take oil demand to pre-Covid levels by 2023: IEA
Demand is set to grow to 101.6 million barrels per day in 2023, according to the IEA, which advises developed...
- Soaring oil prices and weaker economic growth is likely to temper the growth of demand in the second half of this year.
- The IEA expects global oil demand to grow to 99.4 million barrels per day in 2022 -- higher than its previous estimates.
Business
Qatar Chamber and Jordan to enhance private sector cooperation
Qatar Chamber and the Jordanian Ministry of Labor discussed Tuesday ways to enhance bilateral relations and the private sector's role...
- Qatar Chamber First Vice-Chairman Mohamed bin Twar Al Kuwari met with Jordanian Minister Nayef Stetieh.
- Jordanian Minister of Labor Nayef Stetieh pointed to the Qatari initiative to employ 20,000 Jordanians in Qatar.
Economy
1970s-style inflation, shrinking economy: Rebalance your investments
The painful combination of chronic 1970s-style inflation and a shrinking economy means that you might need to rebalance your investments,...
- Inflation in Latin America's largest economies is the highest it's been in 15 years, while the overall rate in Sub-Saharan Africa is expected to grow to 12.2 percent this year.
- What remains unknown is how long this difficult period of high inflation will go on for and what will be its lasting ‘legacy, said deVereGroup CEO Nigel Green.
Business
OIC aims for 25 percent trade among member states by 2025
OIC has set a target of 25 percent trade among member states in the next three years by 2025 and...
- Organization of Islamic Cooperation has set a target of 25 percent trade among member states by 2025
- Biennial general trade fair is vital for promotion of trade and services among OIC member states
Business
Dubai ruler issues decree establishing toll operator Salik as company
Dubai road toll operator Salik has been established as a Public Joint Stock Company according to a law issued by...
- According to a law issued by Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum the Dubai Government owns all the shares of Salik Company.
- The Executive Council of Dubai is authorized to determine the percentage of shares that can be offered for subscription either through an IPO or private placement.
Business
Half of finance firms in UK, US prefer internal data collection
Half of all financial services organizations in the US and UK prefer managing web scraping practices internally, compared to just...
- 50 percent of financial services organisations manage web scraping internally
- 38 percent, combine internal practices and outsourcing to third parties.
Business
Bear market triggered by panic-selling presents investment opportunities
Fortunes will be made in this current bear market as in-the-know investors use the 20 percent drop as a major...
- A bear market is the term used to describe the plummeting of financial markets by 20 percent or more from their most recent all-time high.
- “Your future self will thank you. The average bear market lasts less than a year and they typically rebound stronger than before," Nigel Green, CEO and founder of deVere Group,
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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
Company News
Estithmar H1 profit rises 3.7%
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Adidas posts $92m Q2 profit
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Zest Equity raises $3.8m seed round to digitize private market transactions
Abu Dhabi, UAE – Zest Equity, a venture-backed technology company offering digital infrastructure for private market transactions, has closed a...
Business
Qatar signs 27-year gas supply deal with France’s Total: state energy firm
Doha, Qatar - Qatar has agreed to supply France's TotalEnergies with natural gas for 27 years, its state energy company announced on...
Business
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Business
Samsung profits plunge
The company expects Q3 profits to fall nearly 80% to US$1.8bn.
- The company said in a statement that its operating profits for the July-September period will fall 77.9 percent to $1.8 billion
- Led by Samsung, South Korean chipmakers have enjoyed record profits in recent years as prices for their products soared
Business
First wind turbines reach Saudi green hydrogen plant, says CEO
RIYADH, SAUDI ARABIA - The first wind turbines have arrived at what Saudi officials bill as the world's biggest green hydrogen...
- Around 30 turbines are expected to be delivered by the end of the year along with the project's first solar panels.
- The $8.4 billion NEOM green hydrogen plant is expected to reach full production by the end of 2026.
Business
PIF sets up Tasaru Mobility Investments
The firm will drive strategic investments and partnerships
- The company will focus on developing local supply chain capabilities for the automotive and mobility industry in Saudi Arabia.
- PIF has invested in the future of mobility, including establishing Saudi Arabia’s first national electric vehicle brand, Ceer, in partnership with Foxconn.