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
Tehran, Baghdad to launch maritime passenger transport line
TEHRAN, IRAN – Iran and Iraq will launch the first maritime passenger transport line within the next two months, an...
Geostrategy
Business
Saudi Arabia, Seychelles to expand cooperation in tourism sector
Saudi Arabia and Seychelles will form a partnership to boost cooperation and exchange expertize in tourism sector which includes planning,...
- Saudi’s tourism ministry signed an MoU with the Ministry of Foreign Affairs and Tourism of Seychelles.
- The MoU aims at supporting the efforts of tourism institutions and associations via holding conferences.
Business
‘GCC businesses must adapt to latest digital changes’
Firms must have a specific and clear target list. What applies to real estate won't necessarily succeed in the automotive...
- Firms in the region must have a specific and clear target list. What applies to real estate won't necessarily succeed in the automotive sector, says 199X MD Khaled El Masry
- All industries must be online with right content that can target right audience. What applies to real estate won't necessarily succeed in the automotive sector, he adds
Business
ADNOC’s Borouge IPO its largest ever, oversubscribed 42 times
ADNOC and its partner Borealis AG have announced the completion of bookbuild and public subscription for the IPO of Borouge,...
- The book was covered within less than one hour of the start of the public subscription process.
- Borouge is the fourth company that ADNOC has brought to market since 2017 and follows the successful IPOs of ADNOC Distribution, ADNOC Drilling and Fertiglobe.
Business
ICD net profit $2.74 bn
The Group's revenue was AED 169.4 bn, up 24.5 percent.
- The rise in revenue was attributed to rallying commodities prices in oil and gas, higher levels of activity in transportation.
- The Group's share of equity decreased by 1 percent to AED190.6 billion.
Business
French companies show interest in Saudi entertainment market
Major French companies have expressed their interest in accessing the Saudi market and investing in the tourism and entertainment market...
- These companies can inaugurate headquarters in Riyadh to maximize benefits from these opportunities, said Laurent Germain, president of Saudi-French Business Council.
- Germain said that Saudi Arabia has amazed the world with the entertainment industry within a short period of time.
Geostrategy
EU leaders ban most Russian oil, as Moscow advances in Donbas
European Union leaders have agreed to ban more than two-thirds of Russian oil imports, tightening economic screws on the country...
- EU chief Ursula von der Leyen said the ban will effectively cut around 90 percent of oil imports from Russia to the EU by the end of the year
- Participants in Monday's EU summit, however, hatched a compromise deal that exempts deliveries by pipeline from the oil import ban
Investigation
Fuel costs, falling pay add to UAE gig workers’ woes
Nothing changes for delivery workers of online food delivery aggregator platforms even as they resume work after protest against low...
- Even as social media was flooded with comments demanding better treatment and fair pay for the riders, nothing changed and they eventually went back to work
- The gig economy is coming under pressure from governments around the world as they look to enact protective policies and regulations, says a food critic and blogger
Economy
US Central Bank needs to hike interest rates till inflation drops : Governor
The US central bank needs to keep raising interest rates in big steps until inflation starts to come down, Federal...
- The Fed early this month announced the biggest increase in the benchmark interest rate since 2000.
- Markets could tighten by a total of 2.5 percentage points this year, including the 0.75 point of increases.
Economy
Qatar’s Export Unit Value Index surges by 61 percent in Q1
Qatar’s Export Unit Value Index (EXUVI) has increased by 61.05 percent in Q1 2022 compared to Q1 2021. The Planning...
- The Planning and Statistics Authority (PSA) released its Quarterly EXUVI for Q1 2022 as a new chain is added to statistical indicators calculated by PSA.
- The addition is as per the policy of PSA in providing accurate statistical information and data that support the decision-maker.
Economy
Qatar government, banks behind its strong economic show: CEOs
The measures adopted by Qatar’s government and Qatar Central Bank proved decisive in countering the negative impacts of pandemic and...
- The CEOs focused on various issues like environmental and social practices, corporate governance.
- Future prospects of Qatar's economy are stable, as its banking sector enjoys flexibility and quality with high capital and liquidity, said Qatar National Bank CEO.
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
Company News
Yahsat H1 net income up 5%
Business
QEWC reports 12% profit jump
Business
Latest News
Dlala posts net loss in H1
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
Markets in retreat on growing fears of Middle East war
With Benjamin Netanyahu building up a huge force ahead of an expected land incursion into Gaza, Iran has warned of...
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...
Business
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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
Business
Saudi Central Bank to collaborate with monetary authority of Singapore in fintech
Riyadh, Saudi Arabia - The Saudi Central Bank (SAMA) signed an agreement with the Monetary Authority of Singapore (MAS) on...
- The agreement seeks to facilitate activities of both organizations in international markets
- It will also provide a framework for cooperation between their innovation departments
Business
KSA builds on MENA construction with $44bn contracts
Despite global economic challenges, the region showcased resilience in the first half of 2023, backed by a robust performance in...
- Despite global economic challenges, the region showcased resilience in the first half of 2023, backed by a robust performance in the construction sector
- Future projections indicate growth, with Egypt's construction market expected to expand and Saudi's diversification efforts fueling further development