Audi’s sustainable Middle East luxury drive
The Arab countries are experiencing a significant surge in the adoption of electric vehicles (EVs), particularly favoring premium models, says...
Business
Crypto soars in MENA even as it loses sheen elsewhere
A tech-savvy population sees cryptocurrencies a safe investment option as governments adopt progressive regulatory frameworks, offering innovation and investor protection.
Business
Business
KSA teams up with Novartis to ramp up pharmaceutical capacity
Saudi Arabia has partnered with Novartis, the Swiss pharmaceutical company, to ramp up the kingdom's bio pharmaceutical capacity.
- Novartis’ contribution to the kingdom’s gross domestic product is expected to reach $857 million by 2024
- The parties aim to build local talent and capabilities as they aspire to reach 75 percent Saudization
Business
A campaign in US to stop Musk buying Twitter
Twitter said that the deal for Musk to acquire the company was a step closer to being sealed with the...
- Twitter said that the deal for Musk to acquire the company was a step closer to being sealed with the passing of a deadline
- Musk became a major Twitter stockholder following his purchase of 73.5 million shares in early April
Geostrategy
Ukrainian envoy to Turkey accuses Russia of stealing grain
Ankara has also offered to help secure maritime corridors for the export of Ukrainian grain therefore Russian Foreign Minister Sergei...
- Ukraine's envoy to Ankara accused Russia of "stealing" grain and exporting abroad and said "we asked Turkey to resolve the issue"
- Ankara has maintained a delicate balancing act with Kyiv and Moscow, acted as mediator in the conflict
Business
UAE-based Grubtech ramps up international expansion
Grubtech’s entry into Egypt’s $22 billion food service industry highlights its rapid growth since being established less than three years...
- Grubtech’s entry into Egypt’s $22 billion food service industry highlights its rapid growth since being established less than three years ago
- The company recently secured $13 million in Series A funding to support its aspirations to become the platform of choice for restaurants and cloud kitchens
Business
Dubai police arrest British national over $1.7bn tax fraud
A 52-year-old Briton has been arrested in Dubai over a $1.7 billion dividend-tax fraud case in Denmark, the Gulf emirate's...
- They said the arrest was carried out in close cooperation with Emirati authorities and under a bilateral extradition treaty signed in March 2022
- Danish authorities welcomed the arrest and said the Danish public has been defrauded a staggering amount and should not be possible for perpetrators to hide in the Middle East
Business
ENEC, KEPCO discuss cooperation in nuclear sector, ways to curb carbon emission
The Barakah Plant will help in the decarbonization of the power sector in the UAE and the Arab World
- ENEC, KEPCO discussed prospects for future cooperation and exploring the opportunities available in the nuclear energy sector
- The overall completion rate of the Barakah Plant is now over 97 percent and the first and second units are producing electricity
Business
Cybersecurity challenges keep Gulf region on its toes
About 25% of ransomware data theft attacks in the GCC are reported from the UAE followed by Saudi Arabia (15.5%),...
- Home networks in the UAE were a magnet for cybercriminals who targeted systems, devices, and networks
- Saudi Arabia's Wired Telecommunications Carriers and Other telecommunications sectors ranked as the most targeted industries within the country
Business
Shell to build fuel stations in Saudi
Wafi will also operate car services for Shell Global in the kingdom.
- Shell Global is the largest operator of gas stations and car services in the world.
- Shell Global will transfer the latest expertise to Saudi to provide the latest technology.
Economy
US adds nearly 400,000 jobs in May, jobless rate 3.6 percent
Restaurants and hotels that were decimated due to Covid-19 showed a strong recovery in May, adding 84,000 positions, the data...
- The jobless rate held steady at 3.6 percent for the third consecutive month
- Employers have struggled to fill open positions, which has pushed wages higher
Economy
UAE economic growth in 2022 to reach 4.7 percent driven by oil and non oil sectors, says World Bank
UAE economy to improve in 2022 as the country's financial reserves reflect solid growth, a strong financial system and resilient...
- The UAE in 2022 is keen on increasing the competitiveness of the private sector, said the Economic Advisor, Ministry of Economy.
- The UAE government launched an economic stimulus package of AED 388 billion, said a senior official of the Ministry of Economy.
Audi’s sustainable Middle East luxury drive
The Arab countries are experiencing a significant surge in the adoption of electric vehicles (EVs), particularly favoring premium models, says...
Business
Company News
Latest News
Zain Group profit jumps 14%
Business
PIF announces pricing of inaugural $3.5bn global sukuk issue
RIYADH, SAUDI ARABIA - The Public Investment Fund (PIF) on Thursday successfully priced its first dollar-denominated Shariah-compliant trust certificates (sukuk)....
Business
Renault shares fall as sales disappoint
The company's strategy is to sell fewer cars but at higher prices.
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...
Business
Most Read
Business
Israel-Gaza conflict won’t impact Riyadh FII summit outcome: CEO
Riyadh, Saudi Arabia -- The tragic developments in Gaza won't have a huge impact on the overall outcome of the...
- Richard Attias. brushed aside the fears of slowdown in investment in the region due to the ongoing Israel-Palestinian conflict.
- He said that most investors take a long-term view, so the ongoing war won't have big impact on the overall investment climate.
Opinion
Women break barriers for gender equality in finance
This culture should recognize and value the contributions of women and prioritize their growth and development. By highlighting successful women...
- In the financial sector, diverse teams enhance decision-making and performance, yet women occupy just 10% of CEO roles in Fortune 500 companies
- Emirati women constitute 31% of the UAE's finance sector workforce, underscoring the crucial role of mentorship and role models in advancing their careers.
Business
Saudi Metrology Organization, Enterprise Singapore ink MoU on standardization
RIYADH, SAUDI ARABIA – The Saudi Standards, Metrology and Quality Organization (SASO) and Enterprise Singapore signed an MoU here, focusing...
- The pact encompasses cooperation and the exchange of best practices and experiences in metrology, calibration and safety of consumer products.
- The MoU includes provisions for training, capacity building and collaboration in the development of infrastructure for standards and quality.