US stocks open mixed ahead post fresh economic data
New York, US- Wall Street stocks saw a mixed start to Thursday, as traders digested the latest economic data ahead of...
Market Report
China’s Xiaomi to enter EV market
China's EV sector has grown rapidly in recent years.
Economy
Lebanon central bank not bankrupt, says governor
Lebanon’s Deputy Prime Minister Saadeh al-Shami claimed on Monday that the country and its central bank had gone bankrupt. The...
- Lebanon is in the third year of a financial implosion, which is widely blamed by experts on decades of corruption and bad policies
- These have led the currency to crash in value by more than 90 percent since end-2019, and banks to lock most savers out of hard currency
Business
Amazon inks satellite deals
Satellites in low orbit to provide internet service to people below.
- Amazon said that its contracts with Arianespace, Blue Origin and United Launch Alliance (ULA) are the largest commercial procurement of launch vehicles in history.
- The overall cost and timing of launches booked to make Amazon's Project Kuiper a reality were not disclosed.
Infographics
Islamic banking tipped to grow in GCC
Of recent, Islamic banking has been getting quite a boost from governments and financial institutions in the Gulf Cooperation Council.
- Islamic banks are prohibited from collecting or paying interest, which raises the question: How do they make a profit, or even stay in business?
- The answer is that they make money through equity participation, which requires a borrower to give the bank a share of their profits
Economy
Oman to generate 25 GW of solar, wind energy
The country aims to produce 25 gigawatts (GW) of renewable solar and wind energy, which will be used to produce...
- The country aims to produce 25 gigawatts (GW) of renewable solar and wind energy, which will be used to produce over 1.5 million tons of carbon-free hydrogen per year.
- Najla Zuhair Al Jamali, Executive Manager of Alternative Energy at OQ said that GEO is at the vanguard of mega-scale green fuels projects
Business
Dubai Financial Services Authority inks MoU with Central Bank of Mauritius
The MoU places an emphasis on technologies pertinent to financial services, regulation and supervision.
- The MoU places an emphasis on technologies pertinent to financial services, regulation and supervision
- The two authorities will foster open dialogue on operational and technology risk supervision and anti-money laundering
Business
ACI exports up 50% in Q1
The growth was driven by medical supplies, dermatology, knitting sector.
- The United States, India, Saudi Arabia and Iraq imported JD940 million worth of ACI exports, which is more than half
- India came first with JD373 million imported in the first quarter of 2022 compared to JD157 million in the same period of 2021
Business
Saudi Arabia launches platform with Homeland of Dates tag
The Saudidates platform is expected to help the center promote digital transformation and digitize markets and the entire sectors.
- The National Center for Palms and Dates in Saudi Arabia has launched a platform called Saudidates
- The platform is one of the center’s projects to invest in the history and culture of the kingdom
Economy
Saudi Arabia to import 625,000 tons of wheat later this year
The wheat is being procured from Europe, North and South America, and Australia, and will arrive in Saudi Arabia from...
- The Russian invasion of Ukraine has threatened the food supply of not just Saudi Arabia but the entire Middle East and North Africa region
- Saudi Arabia buys wheat, beef, and milk from both Ukraine and Russia and relies on them for various products, particularly agricultural products
Business
Elon Musk buys 9.2% Twitter stake
The investment is worth $2.9 billion based on Friday's share price.
- Musk became Twitter’s largest shareholder following the purchase of 73.5 million shares or 9.2 percent of common stock
- The Tesla founder is currently the world's richest man, with a net worth of $287.6 billion, according to various sources
Business
Captagon trade tops $5b in MENA, raises health risk concerns
Exponential growth in the trade of the amphetamine-type stimulant captagon poses an increasing health and security risk to the region
- The figure is a jump from an estimate of around $3.5 billion in 2020 and only reflects the retail value of the pills seized last year
- The real amount of seized pills is likely higher and still only a fraction of the total amount of captagon produced
US stocks open mixed ahead post fresh economic data
New York, US- Wall Street stocks saw a mixed start to Thursday, as traders digested the latest economic data ahead of...
Market Report
Company News
ADNOC Gas signs deal with IOCL
Business
Latest News
Central Bank of Oman foreign assets up by 27% by July end
Muscat, Oman -- Foreign assets at the Central Bank of Oman (CBO) grew by 27.4 percent to RO 6.855 billion...
Business
European telecom firms urge EU to make tech, streaming giants pay
Telecoms giants say that they need more money to maintain and update the infrastructure to meet Europe's voracious data needs,...
Business
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Business
RSI buys stake in First Fix
The company acquires 51 percent stake in First Fix.
- The selling shareholders will receive a deferred sum of US$78.4 million upon the fulfilment of certain relevant conditions.
- Red Sea International will have the option to capitalize debt through the issuance of additional shares in First Fix.
Business
Ducab bags 30 major contracts
The contracts were secured in the oil, gas and petrochemical sector.
- The company said it had produced and supplied more than 10 billion meters of cable products in 2023 alone.
- The company will be showcasing its advanced range of PetroBICC cables at ADIPEC.
Market Report
Global economic concerns hit GCC equity performance
Influenced by global inflation concerns and high rates, Gulf markets faced second consecutive monthly dip in September. Only Dubai and...
- Gulf equity markets experienced a downturn for the second consecutive month in September 2023, reflecting global economic concerns
- While major indices like the MSCI World Index and the S&P 500 saw declines, only Dubai and Qatari markets managed to post gains