Iran-Turkey trade expands to US$930m in first two months of 2024
Tehran, Iran--The trade exchanges between Iran and Turkey in the first two months of 2024 reached $930 million, showing a...
Business
ADQ launches new firm in healthcare sector
Arcera will aim to improve the quality of "human life."
Business
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 .
Business
Record Airbnb bookings in Q1
The firm says results signal travel rebound.
- Revenue in the first quarter was $1.5 billion, up 70 percent from the same period a year earlier, the company said.
- The booking platform has found traction around the globe, but is fighting various regulatory challenges in several jurisdictions.
Business
Qatar records real estate transactions worth $57m from Apr 17-21
Qatar recorded real estate transactions worth 207.8 million riyals ($57 million) during the third week of April, a decrease of...
- The deals in the third week include 32 vacant land deals worth 66.7 million riyals, accounting for 32 percent of the total value of the weekly transactions.
- The highest average price for residential properties was recorded in Doha Municipality, which witnessed the execution of six deals worth 36.05 million riyals.
Business
Activists urge ad boycott if Musk muddies Twitter water
The groups urged advertisers to require that Twitter maintain its content moderation policies as a non-negotiable term of doing business...
- Elon Musk’s $44-billion deal to buy Twitter must still get the backing of its shareholders and regulatory bodies
- He has voiced enthusiasm for dialing back content moderation and no longer banning people for misusing the platform
Business
Increase in Japan’s imports of UAE crude oil in March
This puts the UAE on the top of crude oil providers and at crucial importance for the Japanese energy needs.
- This puts the UAE on the top of crude oil providers and at crucial importance for the Japanese energy needs
- Japan's total oil imports in March amounted to 89.15 million barrels, compared to 78.51 million barrels in February
Analysis
Saudi real estate rides high on positive sentiment
Saudi Arabia's real estate sector continues to show promising signs, with increasing tourist numbers, consumers returning to retail stores, and...
- Q1 2022 saw an increase in the number of units built in Saudi Arabia's residential sector
- In Q1 2022, Saudi Arabia's house price index rose by 0.4 percent compared to Q1 2021
Business
Pfizer Covid pill sees demand
The drugmaker reported another round of strong earnings.
- The US pharmaceutical giant said its Paxlovid treatment for the virus would be a valuable means for governments to limit the severity of outbreaks
- Pfizer Chief Executive Albert Bourla said the company is seeing “very strong signs of increasing demand for Paxlovid as it remains one of the best tools we have.”
Business
VARA of Dubai to make entry into Metaverse through ‘Sandbox’
Dubai’s Virtual Assets Regulatory Authority (VARA) will enter into the Metaverse with the establishment of its Metaverse HQ in the...
- VARA is the world’s first regulator to make its debut in the Metaverse and seeks to ensure that the regulator is accessible to its industry
- It was established to provide a secure and progressive operating framework for the virtual asset (VA) sector to be able to scale
Business
Stock markets steady awaiting start of Fed meet
Major stock markets mostly steadied Tuesday, with traders braced for a sharp US interest rate hike to curb soaring inflation....
- With the increase widely forecast, investors will be closely looking for clues on the outlook for futures rate rises
- Central banks worldwide are tightening borrowing costs despite concerns such action could hamper financial recovery from the pandemic
Iran-Turkey trade expands to US$930m in first two months of 2024
Tehran, Iran--The trade exchanges between Iran and Turkey in the first two months of 2024 reached $930 million, showing a...
Business
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Waha Capital H1 2023 profit up 221%
Business
Zest Equity raises $3.8m seed round to digitize private market transactions
Abu Dhabi, UAE – Zest Equity, a venture-backed technology company offering digital infrastructure for private market transactions, has closed a...
Business
Qatar signs 27-year gas supply deal with France’s Total: state energy firm
Doha, Qatar - Qatar has agreed to supply France's TotalEnergies with natural gas for 27 years, its state energy company announced on...
Business
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Business
Samsung profits plunge
The company expects Q3 profits to fall nearly 80% to US$1.8bn.
- The company said in a statement that its operating profits for the July-September period will fall 77.9 percent to $1.8 billion
- Led by Samsung, South Korean chipmakers have enjoyed record profits in recent years as prices for their products soared
Business
First wind turbines reach Saudi green hydrogen plant, says CEO
RIYADH, SAUDI ARABIA - The first wind turbines have arrived at what Saudi officials bill as the world's biggest green hydrogen...
- Around 30 turbines are expected to be delivered by the end of the year along with the project's first solar panels.
- The $8.4 billion NEOM green hydrogen plant is expected to reach full production by the end of 2026.
Business
PIF sets up Tasaru Mobility Investments
The firm will drive strategic investments and partnerships
- The company will focus on developing local supply chain capabilities for the automotive and mobility industry in Saudi Arabia.
- PIF has invested in the future of mobility, including establishing Saudi Arabia’s first national electric vehicle brand, Ceer, in partnership with Foxconn.