Gaza truce talks resume in Egypt, without Israel for now
Mediators from Qatar, Egypt and the United States have been waiting for Hamas to respond to a proposal that, according...
Business
Top U.S. stock indices drop for third consecutive day on Wednesday
The S&P 500 dropped for a fourth consecutive session on Wednesday, as Nvidia and other struggling technology names put downward...
Business
Business
ACWA Power inks deal for Layla PV Solar project worth $107m
Saudi ACWA Power Co. has signed a power purchase agreement with Saudi Power Procurement Co. for the Layla PV Solar...
- The company won the contract for submitting the lowest bid of 11.2 halala/KWh
- ACWA Power will develop, construct, and operate Layla PV Solar IPP, a plant located in Riyadh
Business
UAE is determined to disrupt organized crime: Minister of Justice
A day after the arrest of a British national in Dubai over a $1.7 billion dividend tax fraud case in...
- For the past two years UAE authorities have worked closely with their Danish counterparts to compile a strong body of evidence in this case
- The UAE’s commitment to collaboration is also symbolized in the general extradition treaty signed with Denmark in March 2022
Business
German carmaker Mercedes recalls one million older vehicles
German carmaker Mercedes-Benz is recalling nearly one million older vehicles worldwide due to a potential problem with the braking system,...
- The KBA said that the recall affected cars built between 2004 and 2015, of the SUV series ML and GL and the R-Class luxury minivan
- The company said it would "start with the recall immediately" and contact the owners of the "potentially affected vehicles"
Business
Palestinian farmers battle foot-and-mouth outbreak
An outbreak of foot-and-mouth disease in the West Bank early this year has killed thousands of livestock, pushing Palestinian farmers...
- Palestinian farmers blamed the PA for halting a vaccinations program that had proven essential in protecting livestock against an endemic disease
- A new strain of foot-and-mouth disease (FMD), which causes potentially lethal fevers and blisters in young animals, was detected in livestock last November in Jordan
Science
UAE blazes a trail with AI, leads Europe and MENA
The Gulf country leads EMEA in the leverage of data, data science, and AI for the purposes of decision making...
- The UAE has established itself as a world leader in AI, having been the first nation to appoint a minister of state for AI
- Data science and AI are advancing, yet managers and non-managers in the UAE have different perceptions about data utility and AI's role
Business
Dubai Airports to divert 60% of DXB’s waste from landfills
Dubai Airports new waste management program will prevent 60 percent of all waste from entering landfills by the middle of...
- A food waste management plan has been created jointly by Dubai Airports’ and its partner BEEAH Group
- The waste treatment plan is expected to compost over 2,000 tonnes of food waste annually across Dubai International premises
Economy
Oman, Iran sign deals on oil field, two gas pipelines along maritime border
The two countries signed deals to develop two gas pipelines and an oil field along their maritime border, Oman's energy...
- The two sides have signed memoranda of understanding concerning oil and gas, but did not provide details
- A deal was reached about two decades ago to allow Iran to supply Oman with gas, but the project never materialised
Market Report
Saudi stocks lead declines among Gulf bourses
Saudi Arabia's benchmark index finished 1.3% lower, hurt by a 2.1% fall in oil giant Saudi Aramco and a 1.2%...
- Saudi Arabia's benchmark index finishes 1.3% lower, hurt by a 2.1% fall in oil giant Saudi Aramco and a 1.2% decline in country's biggest Islamic lender Al Rajhi Bank
- Abu Dhabi Stock Exchange witnesses a 0.5% drop in equities with the United Arab Emirates' largest lender First Abu Dhabi Bank losing 1.3%
Economy
Qatar’s Ministry of Labor launches package of electronic services
Qatar's Ministry of Labor says the new electronic services will streamline procedures and ensure better quality of services
- Qatar's Labor Ministry unveils electronic services for enhancing digital transformation and automation
- The electronic services will speed up transactions and streamline procedures, says Labor Ministry
Economy
Food prices fall in May after hitting record high in March, cereal production may drop
World food prices dipped in May for a second consecutive month after hitting a record high in March, although the...
- FAO says world food prices dipped in May for a second consecutive month although the cost of cereals and meat rose
- Global cereal production would drop in the 2022-23 season for the first time in four years, says FAO
Gaza truce talks resume in Egypt, without Israel for now
Mediators from Qatar, Egypt and the United States have been waiting for Hamas to respond to a proposal that, according...
Business
Company News
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Saudi Arabia, Singapore sign MoU on mutual recognition of halal certificate
Riyadh, Saudi Arabia - The Saudi Food and Drug Authority (SFDA) signed Thursday a memorandum of understanding (MoU) with the...
Business
Stocks slide as investors worry over Middle East crisis
London, United Kingdom - European and US stock markets fell Thursday as investors worried over rising US Treasury yields and the...
Business
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Business
Renault shares fall as sales disappoint
The company's strategy is to sell fewer cars but at higher prices.
- Sales grew 7.6 percent to 10.5 billion euros ($11 billion) as a drop in volume was offset by price increases for its vehicle lineup
- But investors were not impressed as company shares fell more than seven percent in morning trading in the Paris stock exchange
Business
EU launches enquiry on Meta and TikTok over disinformation
The European Union has built a powerful armory to challenge the power of big tech with its landmark Digital Services Act...
- The European Commission said it had sent formal requests for information to Meta and TikTok in what is a first procedure launched under the EU's new law on digital content.
- Meta and TikTok have until October 25 to respond, with a deadline of November 8 for less urgent aspects of the demand for information.
Business
Kadi Pay okayed for BNPL solutions
The company was approved by the Saudi Central Bank.
- With Kadi Pay, six authorized companies are now offering BNPL solutions in Saudi Arabia, bringing the total number of licensed/ permitted finance companies to 56.
- The BNPL solutions provide finance to customers wishing to buy products and services without incurring financing costs.