Economy
S&P degrades Russia’s forex payments rating to ‘selective default’
Credit rating agency S&P Global Ratings on Saturday downgraded Russia's foreign currency payments rating to "selective default" after Moscow paid...
- The agency does not expect investors to be able to convert the ruble payments to dollars equivalent to the amounts originally due
- Russia's finance ministry on Wednesday announced it had made a payment of almost $650 million due on April 4 in rubles
Business
EDGE picks up a new CEO
Saif Ali Al Dahbashi will be the CEO of AL TAIF, an EDGE firm.
- AL TAIF is part of the Land division within EDGE Group’s Platforms & Systems cluster
- The firm is the eading UAE in-country provider of lifecycle support for military land platforms and systems through maintenance, repair and overhaul
Business
Taaleem of Dubai in discussions with banks for IPO
Taaleem, the Dubai school operator, is in initial stage of talks with banks for an initial public offering in Dubai.
- The Dubai government last week decided to freeze tuition fees for the year 2022-2023, its third year in a row to help ease the financial burdens on parents
- In a report to clients, ratings agency Moody’s last month said the tuition fee freeze was credit negative for Dubai’s largest education provider Gems
Business
Iran seizes fuel-filled boat in Gulf, arrest 11
Iran's Revolutionary Guards have seized a foreign boat smuggling fuel in the Gulf and arrested its 11 crew members, a...
- "Naval forces have seized a foreign vessel carrying smuggled fuel in Persian Gulf waters," said Mojtaba Ghahramani, justice chief for Iran's southern Hormozgan province
- That seizure came days after Iran announced the release of the Vietnamese-flagged MV Sothys tanker, which they had seized in October
Business
UAE stock markets gain almost $6bn in first week of Ramadan
The two bourses have been adhering to the Monday-to-Friday workweek — the norm across most of the world — since...
- The ADX broke the 10,000-point barrier for the first time amidst increased demand for IHC's Apex National Investment
- The DFM advanced 0.74 percent to 3,541.6 points following 5,251 transactions worth AED520.5 million ($141.73 million)
Business
Vaccine factory to come up in Khazaen City with $52m outlay
The first phase of the project is expected to be set up on a total area of 37,000 square meters.
- The agreement was signed by Khazaen CEO Salim Al Thuhli and Opal’s Chairman of the Board of Directors, Sa’ad Moosa Al Junaibi
- Al Thuhli was quoted by the official sources as saying that the project would be the first vaccine factory in Khazaen Economic City
Business
North Sea oil project wins Israeli takeover boost
A North Sea oilfield project off Scotland's coast opposed by environmentalists and paused after energy giant Shell decided to exit...
- Ithaca Energy, owned by Tel Aviv-listed Delek Group, announced late Thursday a deal to buy Siccar Point Energy for an initial $1.1 billion
- The new owner added that Cambo and Rosebank "represent an opportunity for Ithaca to develop fields that will contribute significantly to the UK's energy security."
Business
Rising prices threaten Petrobras
It is caught in a political tug of war, with the president on one side.
- Jair Bolsonaro, the right-wing President of Brazil, is widely blamed by the public for the country's double-digit inflation and high fuel prices
- Even as Brazil's economy recovers from the pandemic, fuel prices rose 33 percent and the war in Ukraine made the situation worse
Business
Cryptocurrency miners in Texas going solar
The crypto-creation center would be located in west Texas and equipped with Tesla solar panels and batteries.
- Block and Blockstream are said to have invested $6 million to produce 0.1 bitcoin per day
- The project would be located in west Texas, aiming to make cryptocurrencies less expensive and more eco-friendly
Business
Twitter employees to meet Musk
They are concerned about his influence on the company board.
- The social media company named Tesla Chief Executive Elon Musk to the board on Tuesday
- It came after he acquired a more-than-9-percent stake in the company, making him Twitter's largest shareholder
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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
Company News
Invictus plans $272m expansion
Business
Latest News
Agriculture deals worth $471m inked at China-Arab States Expo
Beijing, China -- A total of 34 deals worth approximately AED1.73 billion ($471 million) were signed at the conference on...
Geostrategy
YouTube announces new AI products for content creation with focus on MENA
New York, United States - YouTube has unveiled a suite of innovative AI-powered tools aimed at revolutionizing the world of...
Business
Yahsat bags $5.1 bn satellite capacity contract from UAE govt
Dubai, UAE - Yahsat Government Solutions (YGS), the government services arm of Yahsat has been awarded $5.1 billion satellite capacity...
Business
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Business
Cybersecurity vital for UAE’s banking, customer trust
"The banking and financial sector, being a prime target for cybercriminals, necessitates evolving solutions and strategies for protection. Regulatory compliance...
- Cybersecurity is paramount to the banking sector, a crucial driver of the global economy, says UAE Banks Federation Director-General Jamal Saleh
- The digital age has transformed financial transactions and asset management, making the protection of our financial systems essential, he adds
Business
Cash transactions dominate Dubai’s property market
This trend, driven by affluent investors and global rate hikes, underscores the city's robust economic allure and the confidence investors...
- This trend, driven by affluent investors and global rate hikes, underscores the city's robust economic allure and the confidence investors place in its property market
- Dubai's elite neighborhoods see a 49% annual growth in prime values, with current cash purchase rates at historic highs, surpassing even pre-2008-09 levels
Business
MODON inks $133 m pact
The pact will help manufacture vaccines in Saudi Arabia.
- MODON and Vaccine Industrial Company will set up a joint venture factory in Sadeer City to strengthen the pharmaceutical security system.
- It is in line with MODON's strategy to create an integrated industrial and investment community to attract national and foreign investor partners.