Russia becomes world’s fourth-biggest LNG producer, says PM
MOSCOW, RUSSIA – Prime Minister Mikhail Mishustin said the country became the world’s fourth-biggest LNG producer last year. The Russian...
Business
Tesla reports drop in auto sales
The decline was in part due to a weak sales market in China.
Business
Business
Aafaq Islamic Finance picks new CEO
The company has appointed Hisham Hammoud to the post.
- Hisham Hammoud is considered one of the pioneers in the banking and financial sectors
- He has more than 25 years of experience in the fields of banking and Islamic banking
Business
Companies envision taxis flying above jammed traffic
Companies such as Archer, Joby and Wisk are working on electric-powered aircraft that take off and land vertically like helicopters...
- Neighborhood parking garage rooftops or shopping mall lots could serve as departure or arrival pads for electric vertical take-off and landing aircraft
- Commuters would make it the rest of the way however they wish, even synching trips with car rideshare services such as Uber
Business
Nigerian airlines suspend flights over soaring fuel prices
The cost of fuel has soared worldwide since Russia invaded its neighbor Ukraine in February and the West responded by...
- A customer will have to pay 120,000 naira ($289) for a one-hour flight as fuel price soared which is unaffordable for Nigerians, so Airlines decided to stop flying
- Aviation ministry urged airlines to "consider the multiplier effect of shutting down operations, on Nigerians and global travelers"
Business
Oman natural gas production sees slight increase
The country’s National Center for Statistics and Information has announced that the country’s production of natural gas at the end...
- The consumption of natural gas in industrial areas rose 13.9 percent in March this year, compared to the same period in 2021
- Gas consumption witnessed a decrease in oil fields by 7 percent and in power plants by 3.3 percent at the end of last March
Analysis
Beauty, fashion brands eye NFT advantage
There is enormous potential for NFTs in the fashion and beauty business, says Louis Chen, EVP and Chief Strategy Officer...
- Brands are using NFTs and blockchain technology to attract, verify, and engage consumers globally
- GCC brands should take advantage of the trend to engage with customers in new, innovative ways
Business
UAE stocks shed gains as most GCC markets remain shut
In a week truncated by the Eid holidays across the Middle East, stocks on the UAE exchanges shed gains, while...
- UAE stock exchanges plummeted as the Dubai index lost more than 1% and Abu Dhabi index slipped 0.1% on Friday
- Before the Eid Al-Fitr holiday, the Saudi market index closed with gains of 4.9%
Business
Saudi Arabia okays six tourism projects worth $400 million
Saudi Arabia has okayed six tourism projects to the tune of $400 million in the first quarter of 2022.
- Saudi Arabia’s Tourism Development Fund, on its official Twitter account, stated that it launched three main programs
- The fund also concluded partnerships and agreements with the Ministry of Culture, the Cultural Development Fund, Radisson Blu and Deutsche Hospitality
Business
Boehly consortium to buy Chelsea for record $5.2bn
Chelsea confirmed on Saturday that a consortium led by LA Dodgers co-owner Todd Boehly has won the battle to buy...
- Owner Roman Abramovich put Chelsea on the market in early March, just days before he was sanctioned by the British government following Russia's invasion of Ukraine
- The total value of the deal smashes the previous record for the sale of a sports team -- $2.4 billion for the New York Mets baseball franchise in 2020
Business
Sharjah Ramadan Festival concludes with over AED250m in sales
The event drew a huge number of shoppers and visitors of different nationalities driven by the great deals, promotions and...
- The event drew a huge number of shoppers and visitors of different nationalities driven by the great deals, promotions and discounts that met their needs
- Over 2,000 shops participated in the festival, offering a wide range of products in all cities and regions of Sharjah with discounts of up to 75 percent on the most popular fashion
Business
Facebook accused of blocking Australian health sites
"Facebook intentionally put lives at risk to protect its bottom line," said Whistleblower Aid chief Libby Liu.
- US based organization said that Facebook "overblocked" websites in Australia that were providing support for vulnerable people
- Australia had passed a law to force Facebook to negotiate with news content providers after the five days of blackout
Russia becomes world’s fourth-biggest LNG producer, says PM
MOSCOW, RUSSIA – Prime Minister Mikhail Mishustin said the country became the world’s fourth-biggest LNG producer last year. The Russian...
Business
Company News
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QGIRC net profit down
Business
Jarir’s 9M profit down marginally
The fall was attributed to an increase in non-operating expenses.
Business
Pro-business policies make UAE global investment hub
"While the world has abundant funds, there's a need for innovative strategies to channel them into vital sectors like sustainable...
Business
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Business
Birkenstock to list on NYSE
The German sandals maker has set its share price at $46.
- A total of 32.26 million ordinary shares will be offered in its initial public offering, trading under the symbol BIRK
- Birkenstock recorded revenues of $1.17 billion for the nine months ending June 30, up 21 percent from the same period in 2022
Business
ExxonMobil to acquire Pioneer
This is the company's biggest takeover since 1990 acquisition of Mobil.
- ExxonMobil will buy Texas-based Pioneer for $59.5 billion based on ExxonMobil's closing price on October 5.
- ExxonMobil said the takeover is the company's biggest since the late 1990s acquisition of Mobil by Exxon.
Geostrategy
EU asks X and Meta to regulate fake news, disinformation
Thierry Breton, EU commissioner and self-styled "digital enforcer", raised the alarm in letters sent to Elon Musk, owner of X,...
- EU official Breton demanded both X and Meta must provide details within 24 hours on what they were doing to ensure "illegal content and disinformation".
- He said Brussels was taking "extremely seriously" the risk of "fake and manipulated images and facts generated with the intention to influence elections".