Gold, bitcoin pull back from records as US stock markets slip
On Wall Street, the Dow and the S&P 500 both finished 1.0 percent lower, while the tech-rich Nasdaq composite ended...
Over 105m people visit Dubai Mall in 2023
DUBAI, UAE – Dubai Mall welcomed a record 105 million visitors in 2023, a jump of over 19 percent on...
Business
Business
Digital banks set to flourish in Saudi Arabia, UAE
Ongoing loan restructurings and the gradual withdrawal of pandemic-related support packages may put further pressure on asset quality. However, the...
- In November 2021, Saudi Central Bank (SAMA) Governor Fahd Al-Mubarak reportedly said that the Kingdom is going to license more digital banks.
- UAE’s Emirates NBD, Mashreq and Commercial Bank of Dubai were among the first to offer digital-only services.
Business
TINDER SWINDLER: When women fight back
Four years after being scammed by a conman, and three months after Netflix made the 'most-watched documentary' out of their...
- The docu-drama highlights the plight of three women who were scammed by a conman posing as a billionaire
- More than 60 percent of victims of romance scams are women, according to the British police reporting center Action Fraud
Business
Prince Alwaleed bin Talal now sees Musk as ‘excellent leader’ for Twitter
Saudi investor Prince Alwaleed bin Talal, who initially spurned Elon Musk’s bid for Twitter, agreed to roll his $1.89 billion...
- On April 14, Alwaleed opposed Musk’s buyout bid saying the price offered by him did not come close to the intrinsic value of Twitter given its growth prospects.
- Alwaleed agreed to roll his $1.89 billion stake into the deal rather than cashing out.
Business
TikTok to unveil ad revenue-sharing program for creators
TikTok on Wednesday announced an ad revenue-sharing program with the social media platform's most prominent creators, moving closer to a...
- The short-video format app has become wildly popular in recent years with more than a billion active users globally
- Under the new TikTok Pulse program, companies can place their ads next to user content in specific categories, including health, fashion, cooking, gaming and others
Business
Lufthansa cuts Q1 losses
German carrier set its sights on a record summer for traffic.
- The airline group's net loss over the first three months of 2022 came to 584 million euros ($620 million)
- The number of passengers on Lufthansa flights "more than quadrupled" in the first quarter to 13 million
Business
Sell seized Russian assets to rebuild Ukraine: EU chief
The EU should confiscate and sell Russian assets it has seized and use the proceeds to rebuild war-scarred Ukraine, EU...
- The EU said early last month it had frozen 30 billion euros ($32 billion) in assets linked to blacklisted Russian and Belarusian individuals
- Last week, US President Joe Biden proposed oligarchs' seized assets be "sold off" to "remedy the harm Russia caused and to help build Ukraine"
Business
AD Ports to develop Egypt projects
AD Ports to develop, operate, and manage a terminal in Safaga seaport.
- Abu Dhabi Ports Group and Egypt's Red Sea Ports Authority sign a term sheet and a head of terms agreement for the development of these projects.
- AD Ports Group will also develop plans for cruise ships lines linking Abu Dhabi, Hurghada, Sharm El Sheikh and Aqaba.
Drone swarms can now fly autonomously through thick forest
It's only a matter of a few years before we see such drones deployed in real-life work, said a roboticist...
- Swarms could be used during natural disasters as they do not rely on any outside infrastructure, such as GPS
- Pentagon expressed interest in carrying out its own tests on swarms that shows, it could be weaponized by militaries
Business
TOP CEO to discuss post-Covid GCC business scene
CEOs and market veterans from the region will review how the pandemic, which accelerated digital transformation, has given a competitive...
- CEOs and market veterans from the region will review how the pandemic, which accelerated digital transformation, has given a competitive edge to innovative businesses.
- The conference’s mission is to facilitate connections, generate growth opportunities, recognize the GCC's most prominent executives and allow participants to exchange ideas freely.
Business
Egypt to launch project for capturing and storing carbon di oxide
There will be a total of three projects on which Egypt and the Italian company Eni will work together.
- Egypt's Minister of Petroleum & Mineral Resources Tarek El Molla announced that investment cost of project is $25 million.
- The first project focuses on the extraction of 350,000 tons of algae oil annually to be used in biofuel production .
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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
Gold, bitcoin pull back from records as US stock markets slip
On Wall Street, the Dow and the S&P 500 both finished 1.0 percent lower, while the tech-rich Nasdaq composite ended...
Company News
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SALIC buys 10.7% stake in BRF
Business
ADIA acquires hotel portfolio
Business
GCC, Pakistan ink preliminary free trade agreement
RIYADH, SAUDI ARABIA - Secretary-General of the Gulf Cooperation Council (GCC) Jasem Mohamed AlBudaiwi said that preliminary free trade agreement...
Geostrategy
EDGE acquires 50% stake in SIATT
SIATT is Brazilian smart weapons and high-tech systems specialist.
Business
UAE’s EDGE acquires 50 percent stake in Brazil’s SIATT
Sao Paulo, Brazil - The UAE’s EDGE Group, one of the leading advanced technology and defence groups, has announced the...
Business
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Business
Chinese high-end EV brand Zeekr to make Middle East debut
Dubai, UAE - Chinese luxury electric vehicle manufacturer Zeekr, a subsidiary of Geely, is set to make its debut in...
- Zeekr's expansion will begin in four Middle Eastern countries: Saudi Arabia, the United Arab Emirates, Qatar, and Bahrain
- Chen Yu, a Vice President at Zeekr, expressed the brand's intention to adopt a competitive pricing strategy targeting traditional premium car brands like BMW and Aud
Economy
Saudi Arabia eyes global EV role following Lucid’s plant setup
Riyadh, Saudi Arabia -- Saudi Arabia aims to become a global player in manufacturing electric vehicles (EVs) and related products,...
- “The EV industry is one of 12 strategic industrial sectors covered by the National Industrial Strategy to boost the growth of industry across the Kingdom,” the minister added
- Lucid Group’s choice of Saudi Arabia as the headquarters of its plant in the Middle East reflects the importance of kingdom’s unique geographical location, he added
Business
UAE, Egypt central banks ink currency swap deal
ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) and the Central Bank of Egypt (CBE) on Thursday...
- The CBUAE is keen to deepen its cooperation with the CBE to positively impact the trade and investment, said the Governor of UAE’s central bank.
- This step will bolster cooperation between the financial sectors in both the currencies, said the Governor of Egypt’s central bank.