Electric cars credited with lower CO2 emissions in US neighborhoods
LOS ANGELES, US – The booming use of electric vehicles in parts of California is reducing CO2 emissions in those areas,...
Business
OPEC+ decides to keep oil production levels unchanged
Vienna, Austria--The participants of the 53rd Meeting of the Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum...
Business
Business
Asian stocks climb up, but inflation sours mood
Asian equities were up on Monday after a rally on Wall Street last week, but analysts say fears of a...
- Asian market opened with a generally positive performance with Tokyo, Sydney, Singapore and Manila trading up throughout the day
- Analyst call it relief as Shanghai's vice mayor announced that reopening of businesses in the city would begin "in stages"
Business
Dubai lures world investors with promise of big returns
Defying grim expectations of economic recession battering the world economy, Dubai has burnished itself by attracting a heavy dose of...
- The emirate has won over more than 600 FDI projects, including greenfield projects last year
- Dubai’s economy grew 6.3 percent in the first nine months of 2021
Business
Facebook loses shine, decade after its stock debut
The likes of TikTok, LinkedIn, Pinterest, Twitter and even Apple now vie with Meta for people's online attention as Facebook...
- Facebook remains the biggest social media platform with 2.94 billion monthly users
- But like other free online platforms, Facebook makes its money from ads targeted at people's interests
Business
e& buys stake in Vodafone
It bought a 9.8% stake for $4.4bn in the British firm.
- Formerly known as Etisalat, the company has acquired around 2,766 million shares in Vodafone Group
- The transaction comes in line with the telecom company’s efforts to become a global player in the field and increase its exposure to international markets
Business
Workplace diversity is both cultural & business issue
One of the biggest challenges for women in the GCC is the lack of possibilities in the workplace, Novonda founder...
- Companies must make sure to have a diversity-friendly personnel policy and HR practices, says Novonda founder Jean-Pierre Calvez
- Digitalization and flexible working strategies have been crucial for the workforce, he adds
Business
Sanctions-hit Iran considering gas exports to Europe: official
Iran is considering the possibility of exporting gas to Europe, an oil ministry official said Sunday against the backdrop of...
- Russia's invasion of Ukraine in February sent global oil and gas prices soaring, with many European countries dependent on energy imports from Russia.
- Tehran and Baghdad had signed a memorandum of understanding a few weeks ago that will see the country increase gas exports to Iraq.
Business
PIF launches Saudi Coffee Company
The Public Investment Fund (PIF) today announced the launch of the Saudi Coffee Company. The company is established to enable...
- The launch of the Saudi Coffee Company aligns with PIF’s strategy, which focuses on developing and enabling 13 promising sectors
- The Saudi Coffee Company’s primary goal is to ensure the national coffee industry is enabled along its entire value chain, from bean to cup
Business
Tech titans curb hiring in a ‘challenging macro environment’
From e-commerce colossus Amazon to social networking star Facebook, US tech firms that once grew with abandon have reined in...
- Twitter confirmed that it has flat-out suspended hiring, and even showed a few senior executives the exit, as it faces a takeover by Elon Musk, the richest person on the planet.
- Amazon, Â the second largest employer in the United States, revealed that its ranks are overly plump after ending last year with more than twice as many workers as it had in 2019.
Interview
GCC firms should focus on digital change: QIB chief
Bassel Gamal, the Group CEO of Qatar's second-largest bank, tells TRENDS that leaders should empower their employees to make decisions.
- "Today, all GCC economies are recovering from the pandemic thanks to higher oil prices, supporting government spending and normalizing business activity."
- "The leadership has shifted towards a more collaborative approach, fostering teamwork, productivity, innovation and creativity."
Business
Aramco Q1 profit up 82%
Surge in oil prices benefited the world's most valuable company.
- Aramco's net income of $39.5 billion was up from $21.7 billion in 2021, "primarily driven by higher crude oil prices and volumes sold, and improved downstream margins."
- The latest financial results were published four days after Aramco dethroned Apple as the world's most valuable company, with shares worth $2.42 trillion
Electric cars credited with lower CO2 emissions in US neighborhoods
LOS ANGELES, US – The booming use of electric vehicles in parts of California is reducing CO2 emissions in those areas,...
Business
Company News
DAE H1 profit up 13%
Business
Latest News
Mubadala invests in Aligned
Business
TECOM Group profit soars 13%
Business
Dubai’s economy grows 3.2 percent in H1 2023
DUBAI, UAE – The Emirate's economy grew 3.2 percent in H1 2023 to reach US$60.9 billion (AED223.8 billion). The performance...
Economy
Marakeb first firm to develop maritime applications in SAVI cluster
Abu Dhabi, UAE -- The Abu Dhabi Investment Office (ADIO) announced that Marakeb Technologies will become the first anchor company...
Business
Phoenix set for IPO on ADX
It is the first crypto entity to be listed on a Middle East bourse.
Business
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Geostrategy
IMF agrees on rise in funding, extra Africa board seat
The IMF announced member nations agreed to increase their contributions to the global lender and give sub-Saharan Africa a third...
- The quotas, which are based on the size of a country's economy, determine how much funding a nation should provide to the IMF.
- IMF chief Kristalina Georgieva and World Bank President Ajay Banga used this week's meetings to urge members to step up funding.
Geostrategy
UAE, South Korea ink MoU to enhance air transport relations
ABU DHABI, UAE - The United Arab Emirates, represented by the General Civil Aviation Authority (GCAA), has signed a Memorandum...
- This MoU includes an agreement to increase the number of national carrier flights between the two countries to 21 flights per week.
- The signing of this MoU followed discussions held in Seoul on October 12 and 13, 2023, with representatives from both countries' aviation sectors.
Business
SFD to provide US$20m loan to Central African Republic for development projects
MARRAKESH, MOROCCO - The CEO of the Saudi Fund for Development (SFD), Sultan bin Abdulrahman Al-Marshad, signed an additional US$20...
- The agreement was signed on the sidelines of the 2023 World Bank and International Monetary Fund Annual Meetings in Morocco.
- The US$20 million loan agreement aims to finance development projects in CAR, including the establishment of a 250-bed hospital.