WTO ministers struggle to forge deals as talks go into overtime
ABU DHABI, UAE – World trade ministers were locked in disagreement Thursday on fisheries subsidies, agriculture and digital customs duties as...
Geostrategy
Electronic Arts announces job cuts
The company is cutting about 5 percent of its workforce.
Business
Hackers steal over $600m in major crypto heist
Sky Mavis, maker of battle and trading game Axie Infinity, discovered the security breach on Tuesday, March 23, after a...
- Ronin Network, investigating the hack, said the attack targeted its blockchain and netted 173,600 ether and $25.5 million worth of stablecoin
- The digital cash heist was initially valued at $545 million, but reached the value of $615 million based on prices on Tuesday, March 30
Economy
Dubai summit highlights future to governments
This year’s summit has brought together 190 countries, over 500 speakers, and 4,000 participants worldwide to discuss the future of...
- The summit’s topics focused on policies that drive progress and government development, sustainability, and future technology
- The Investopia Summit was launched as part of the WGS 2022 to improve global economic and investment sectors
Business
Ericsson board censured for graft
Shareholders sanctioned it for alleged payments to terror groups.
- Ericsson has been under scrutiny after a media investigation coordinated revealed that an internal probe from 2019 was never made public
- The internal probe had identified possible corruption in 2011-2019 in the group's Iraqi operations, including the potential payment of bribes
Business
Artificial intelligence will add $10 trillion to global economy: IBM CEO
Greater adoption of AI in the UAE could also add up to $200 billion in productivity gains by 2030, he...
- Arvind Krishna, Chairman and CEO of IBM, was speaking at the World Government Summit 2022
- He warned that the planet lacks skilled people to keep up with the pandemic-induced disruptions
Business
Qatar to invest $5bn in Egypt, with an eye on offshore gas
The move is being seen as another sign of a growing rapprochement between the two countries following last year's restoration...
- A Cairo statement said Qatar was to plough $5 billion in ‘investments and partnerships’ in Egypt, but did not give specifics
- However, QatarEnergy announced an agreement with ExxonMobil to acquire a 40% interest in a gas exploration block off Egypt
Business
DFM, DME to jointly explore financial products opportunities
The Dubai Financial Market (DFM) and Dubai Mercantile Exchange (DME) will jointly explore financial products opportunities following the signing of...
- The two exchanges are planning to create a working group, following Dubai’s strategy to further develop financial markets.
- DFM plans to launch a new retail product derived from the Oman Crude Oil Futures, DME’s flagship contract that provides investors an opportunity to access this asset class.
Business
Nahdi shares fall 1.26 percent
The firm made a strong debut on the Saudi stock exchange on Mar 22.
- Nahdi's initial public offering price was SR131, raising $1.36 billion in the biggest Saudi IPO since oil giant Aramco.
- Its profits dropped to SR813 million ($216.63 m) from SR849 million ($226.22 m) a year earlier, according to a bourse filing.
Business
Global Entrepreneurship Conference records $7.71bn in deals on Day 2
The Global Entrepreneurship Conference (GEC) recorded 28.9 billion ($7.71 billion) worth of agreements and launches on the second day. The...
- Monsha’at signed a memorandum of understanding with Amazon to enable local companies to sell their products to millions of customers across the Kingdom on the Amazon Saudi store.
- On Day 2, a total value of innovative financing banking programs, amounting to more than SAR 7.3 billion ($2 billion) for the next five years was announced.
Business
Amak of KSA sees 30% jump in shares on first trading day
Shares of Saudi mining firm Amak surged 30 percent on its debut on the kingdom's main stock exchange.
- The company saw its share price surge to a closing price of SR81.9 ($22), against an initial public offering price of SR63
- In its IPO, the firm saw strong demand from institutional and retail investors, generating SR95.8 billion worth of orders collectively
Business
Waha approves dividend in 2021
Shareholders of Waha Capital have approved a cash dividend of 7.55 fils per share and a stock dividend of 2.45...
- The company recorded investment gains and fee income of AED902 million and a net profit of AED603 million.
- Waha Capital had total assets of AED5.8 billion as at 31 December 2021, compared to AED5.1 billion in 2020.
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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
WTO ministers struggle to forge deals as talks go into overtime
ABU DHABI, UAE – World trade ministers were locked in disagreement Thursday on fisheries subsidies, agriculture and digital customs duties as...
Geostrategy
Company News
Verition opens office in DIFC
Business
Latest News
$15m paid in compensation to passengers in 2021-22 in Saudi Arabia, says GACA
RIYADH, SAUDI ARABIA - The General Authority of Civil Aviation (GACA) said that national airlines in the Kingdom have issued...
Geostrategy
Erdogan invites Musk to establish his next Tesla factory in Turkey
"President Erdogan called on Tesla to establish its seventh factory in Turkey," the Turkish leader's office said.
Business
Aramco, IHC among biggest companies in Middle East
Energy, banking and financial services, and industrial sector companies are among the largest in the Middle East, especially the Gulf...
Infographics
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Business
EIH buys stake in Al Ain Pharmacy
Move aligns with EIH's aim to diversify sources of investment.
- The acquisition is vital for EIH as it seeks to strengthen its investment in healthcare through its subsidiary Health Plus Holding.
- The move will help provide additional and sustainable value to investors and achieve the maximum return on investment.
Business
Shares in Chinese property giant Evergrande plunge after employees’ arrest
Evergrande, the world's most-indebted property developer with an estimated debt of $328 billion (307 billion euros) at the end of...
- Evergrande's stock price dipped to 0.47 around 9 am in Hong Kong (0100 GMT) on Monday, before ticking back up, after closing at 0.62 Hong Kong dollars on Friday
- The drop comes two days after police of the Shenzhen said in a statement that several employees of Evergrande's financial subsidiary were arrested
Business
QOIS inks share purchase, swap deal
QOIS is a Qatari public shareholding company.
- QOIS purchased the shares of the National Real Estate Development and Investment (OSOS) in Muzn Oman, for $1,984,318
- QOIS then exchanged its share in Muzn Oman of 37.68 percent, for the 10 percent share of Omani Ministry of Defense Pension Funds in OSOS