Ford to pay US$365m in US tariff fraud case
It will settle a civil suit linked to the disguising of imported vans.
Business
KPC posts bumper profits
Business
Boursa Kuwait profit declines
Business
Ooredoo posts 20% profit rise
Business
Bitcoin hits fresh record above $72,000
Bitcoin hit a fresh record above $72,000 on Monday as demand for the cryptocurrency picks up amid optimism that the...
Business
Saudi personal finance market posts 4.4% jump to $18.96bn
Saudi Arabia's finance companies have provided a whopping $18.96 billion in personal finance loans to the kingdom's citizens during the...
- The real estate loans increased by 1.3 percent to SR26 billion in the first quarter compared to the last quarter of 2021
- Compared to the fourth quarter of 2021, the real estate loans for corporates recorded a higher growth rate at 4.74 percent against 0.72 percent increase that was seen in retail loa
Economy
Morocco launches agency to regulate medicinal cannabis
Morocco's national regulatory agency overseeing the use of cannabis for medical use met for the first time Thursday in one...
- Chaired by Interior Minister Abdelouafi Laftit, the "National Agency for the Regulation of Cannabis Activities" approved its organisation chart and budget for the year 2022
- The agency will be responsible for controlling all stages of the production chain, from the import of seeds to the marketing of cannabis products
Business
Air bridge set to help airlines fly Fifa fans to Qatar
Many GCC airlines have teamed up to create an air bridge to fly the fans to watch World Cup games...
- Various airlines from Qatar, Kuwait, Saudi Arabia, Oman, and Dubai announced the establishment of a daily air bridge between Doha and the GCC countries during the World Cup
- The World Cup will draw a massive crowd with the International Football Association stating that it had received more than 23.5 million requests to purchase tickets
Opinion
Goal vs strategy: Aim remains same, mode may modify
The most successful active owners keep a ‘Plan B’ ready. Many real-life structural and organizational conditions need to be in...
- The most successful active owners keep a ‘Plan B’ ready. Many real-life structural and organizational conditions need to be in place to enable strategy optimization.
- A constructive board of directors, including vocal independent members and experts, is an indispensable ally of the active owner
Business
Fitch enhances Ras Al Khaimah rating to ‘A’, outlook upgraded to ‘positive’
The government spending, partly supported by significant revenues from government assets, have enabled Ras Al Khaimah to diversify its economy,...
- The government spending, partly supported by significant revenues from government assets, have enabled Ras Al Khaimah to diversify its economy, says the latest Fitch report.
- The emirate’s agility in terms of spending has led to a budget surplus in the government sector equal to 1.4 percent of GDP in 2021, adds US-based credit rating company.
Business
Jordanian firms forge trade partnerships at APAS Show 2022
Jordanian companies forged trade partnerships during their participation in the APAS Show 2022, an annual food and beverages exhibition held...
- Seven companies participated in the Jordanian pavilion, which was organized by the Jordanian-Brazilian Business Association and Jordan Exports.
- Jordan Chamber of Industry President Fathi Jaghbir said the "successful" Jordanian participation has laid the groundwork for future business.
Business
MA’ADEN, GlassPoint to develop heat plant
The facility will be the world's largest solar process heat plant.
- When completed, the 1,500 MW solar steam facility will help MA’ADEN achieve sustainability goals by reducing carbon emissions by over 600,000 tons annually.
- This represents more than 50 percent reduction of carbon footprint in MA’ADEN’s Alumina refinery and 4% of MA’ADEN’s overall carbon footprint.
Economy
OPEC to boost oil production as prices surge and EU bans Russian imports
Major oil producers led by Saudi Arabia and Russia on Thursday decided to open taps wider than expected amid soaring...
- Analysts had expected OPEC+ producers to stick to their policy of modest output increases, as they have done since May 2021.
- OPEC+ drastically slashed output in 2020 as demand slumped when the world locked down under the coronavirus pandemic.
Business
ADNOC L&S acquires 3 LNG vessels
In April the company announced it will acquire two LNG vessels.
- All five new-build LNG vessels will be built at the Jiangnan Shipyard in China.
- ADNOC L&S, the shipping and maritime logistics arm of ADNOC, is region’s largest shipping and logistics company.
Business
Kuwait crude oil export to Japan climbs 7.6% to 6.61m barrels
Kuwait's export of crude oil to Japan has climbed 7.6 percent to 6.61 million barrels, or 220,000 barrels per day...
- Kuwait overtook Qatar to become Japan's third-biggest oil provider last month
- Japan's overall imports of crude oil grew 9.9 percent year-on-year to 2.92 million bpd, up for the ninth month in a row
Most Read
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
Ford to pay US$365m in US tariff fraud case
It will settle a civil suit linked to the disguising of imported vans.
Business
Company News
KPC posts bumper profits
Business
Boursa Kuwait profit declines
Business
Ooredoo posts 20% profit rise
Business
Latest News
Vietnam plans to auction rights to its largest rare earth mine
Hanoi, Vietnam - Vietnam plans to auction the rights to exploit its largest rare earth mine, a project partner said Thursday,...
Business
ADNOC to deploy UAE-made drones
ADNOC's partnership with EDGE Group aimed at cutting emissions.
Business
Most Read
Business
ADNOC awards two contracts for Hail and Ghasha Offshore Development project
ABU DHABI, UAE – ADNOC on Thursday announced the final investment decision (FID) and award of contracts for the Hail...
- The first contract for the offshore facilities has been awarded to a joint venture between National Petroleum Construction Company and Saipem.
- The second contract will deliver the onshore scope, including carbon dioxide and sulphur recovery and handling and has been awarded to Tecnimont.
Business
Value of Dubai realty deals up 40 percent in third quarter 2023
Dubai, UAE -- The value of real estate deals in Dubai increased by 40 percent to reach AED 97.55 billion...
- The emirate's market surged 22 percent in terms of transactions, with Q3 2023 recording 31,216 transactions compared to 25,503 in the same period in 2022.
- In terms of the number of transactions, Jumeirah Village Circle topped with 1,418 transactions, followed by Arjan (1,163) and Sobha Hartland (1,115).
Business
Saudi Jisr raises $30m investment from Merak Capital
Riyadh, Saudi Arabia - Jisr, the largest platform for digitizing human resources operations in Saudi Arabia, has closed an investment...
- This marks the largest Series A investment round for a Software as a Service (SaaS) company in the Middle East
- Jisr, founded in 2016, stands as the first Saudi human resources management platform, supporting over 3,000 clients