Total value of Saudi Arabia’s export of dates reaches US$389m in 2023
RIYADH, SAUDI ARABIA - According to data released by the National Center for Palms and Dates (NCPD), the value of...
Business
Gold hovers near a month high on slowing US inflation
ABU DHABI, UAE- Gold prices hovered near a month high on Friday after data suggested easing US price pressures, while...
Business
Business
Meta virtual money moves could include ‘Zuck Bucks’: Report
Facebook's parent company Meta is exploring the potential of digital money referred to internally as "Zuck Bucks" in a play...
- Meta abandoned its effort to create a global cryptocurrency -- first called Libra but eventually re-branded as Diem
- The founder and chief Mark Zuckerberg has spoken about the importance of e-commerce and financial tools to his vision for an immersive online world called the metaverse
Economy
Saudi Arabia hosts annual joint meetings of Arab financial institutions
The meetings are taking place under the patronage of the Custodian of the Two Holy Mosques and Saudi ruler King...
- The Arab financial institutions hold these annual meetings to review the performance of each entity and the topics on its agenda
- The meetings also reportedly contribute to financing development projects in vulnerable countries
Business
Samsung predicts 50% rise in Q1 profit
The company likely to release full results on April 28.
- Analysts said the forecast was likely driven by strong smartphone sales, but warned of an expected drop in profits in the memory chip division
- The coronavirus pandemic has wreaked havoc on the world economy, but it has helped many tech companies boom
Employee wellbeing key to unlock productivity
As business leaders are armed with the knowledge that hybrid working can form a part of the future, previously reluctant...
- In business, productivity is key to maximize the value organisations provide to customers, whether in increased output or commercial savings brought about by increased efficiency
- Now, finding new ways of doing business with customers is a reality for many organisations. That means the old metrics used to measure productivity may become irrelevant
Business
Amazon tactics under US scanner
Amazon is accused of using merchant info for its own products.
- Former Amazon employees have said the online retail titan used data of other sellers on its platform without their permission
- Amazon gathered information about sales trends by third parties at its website to develop private-label products, said reports
Business
More checks needed as crypto scams hit all-time high
Blockchain expert Kim Grauer offers insights into why people fall prey to scammers, how they can protect their crypto assets...
- In 2021, cryptocurrency-based crime reached an all-time high, with criminal addresses receiving $14 billion.
- By the end of 2021, criminals had accumulated $11 billion in crypto from known sources, compared to $3 billion in 2020.
Business
Middle East and Africa may add 14 GW of wind power capacity
The Middle East and Africa can add 14 gigawatts of new wind power capacity in the next five years, according...
- Between 2022 and 2026, South Africa (5.4 GW), Egypt (2.2 GW), Morocco (1.8 GW) and Saudi Arabia (1.3 GW) would lead the new wind capacity addition
- The report said 2021 was the second-best year ever for the global wind industry after 2020 with almost 94 GW of capacity added
Economy
Foreign Direct Investment into UAE reaches $20.7 billion in 2021
UAE received $20.7 billion in Foreign Direct Investment in 2021, recording a 3.9 percent growth over 2020. The country’s FDI...
- The country’s FDI balance now stands at AED 630 billion ($171.6 billion) by the end of 2021, a 13.7 percent growth over 2020.
- UAE's outward FDI flows reached nearly AED 82.6 billion ($22.5 billion) in 2021, with an annual growth of 19.1 percent.
Business
Saudi Arabia to ban import of trucks older than five years
Saudi Arabia has declared a ban on the import of trucks older than five years in order to raise the...
- Saudi Arabia's Public Transport Authority said the decision will take effect on May 5, 2022
- It applies to all heavy transport trucks designed for transporting goods and includes locomotives, trailers, and semi-trailers
Business
Aramco, Saudi varsity sign MoU
An Artificial Intelligence center will be set up at King Abdullah University.
- The center will support research, development and marketing of advanced artificial intelligence technologies.
- It will combine leading innovations of digital transformation adopted by Saudi Aramco and the globally accredited academic excellence at KAUST.
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Total value of Saudi Arabia’s export of dates reaches US$389m in 2023
RIYADH, SAUDI ARABIA - According to data released by the National Center for Palms and Dates (NCPD), the value of...
Business
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QNB H1 2023 net profit at $2bn
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eXtra’s H1 2023 profit falls 35%
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Ajman’s exports rise 19 percent in H1 2023
AJMAN, UAE – The Ajman Chamber of Commerce and Industry (ACCI) has revealed that the volume of exports from the...
Business
Stocks fall after Federal Reserve says it may hike interest rates
Global stocks sank after the US Federal Reserve hinted it could hike interest rates again this year to tame inflation...
Market Report
Most Read
End of era as Toshiba completes $13.5 bn offer to go private
Pressure from activist shareholders and a takeover offer from private equity group CVC prompted aborted attempts to split the company...
- Remaining shareholders will be "squeezed out" after the $13.5-billion tender offer and Toshiba shares will be delisted after more than 70 years on the stock market, Toshiba said
- Toshiba traces its roots back to 1875 and evolved into a vast conglomerate in the 20th century synonymous with Japan's postwar economic revival and its technological innovation
Business
Kuwait buys 40% stake in Egypt offshore energy project
Kuwait City - Kuwait's Foreign Petroleum Exploration Company (KUFPEC) has entered into an agreement to acquire a 40% stake in...
- The move aligns with KUFPEC's strategy of expanding its operations in collaboration with international partners active in specialized exploration areas
- Khaled Kasem, Chairperson of Shell Egypt's office, highlighted that the partnership will facilitate the exchange of expertise
Economy
GCC countries hold interest rates following US Fed decision
Abu Dhabi, UAE -- In the wake of the US Federal Reserve's decision to maintain its interest rates, GCC countries,...
- The US Federal Reserve, on Wednesday, voted to keep interest rates at a 22-year peak, suggesting that these rates might need to persist at these highs to tame inflation.
- The CBUAE will continue to set the rate for short-term liquidity borrowing at 50 basis points above the Base Rate.