Spain grabs 3% Telefonica stake after concerns over Saudi deal
Madrid, Spain - Spain's government has acquired a three-percent stake in telecoms giant Telefonica following concerns over a Saudi firm taking...
Business
OPEC chief calls for more investments in oil industry to meet energy demand
Abu Dhabi, UAE--The Organisation of the Petroleum Exporting Countries (OPEC) has called for increased investments in the oil industry to...
Business
Business
Warner Music Group buys out Qanawat Music
Warner Music Group has bought out Qanawat Music, the Middle East and North Africa’s leading music distributor, for an undisclosed...
- This comes as part of the multinational entertainment and record label conglomerate's plans
- Qanawat Music will act as WMG's key domestic distributor and source of upstreaming opportunities
Business
ADNOC to collaborate with Germany for clean hydrogen
Abu Dhabi National Oil Company (ADNOC) has entered into a partnership with German counterparts to speed up collaboration in clean...
- The agreements were announced during the visit of Dr. Robert Habeck, German Federal Minister for Economic Affairs and Climate Action, to the UAE
- As part of its ambitious decarbonisation drive, the German government’s National Hydrogen Strategy expects clean hydrogen demand of up to 3 million tonnes per annum (Mtpa) by 2030
Economy
90 percent of Arab transactions made in six currencies: AMF director general
Six currencies account for 90 percent of transactions in the Arab world, said Dr. Abdulrahman bin Abdullah Al Hamidy, Director-General...
- The currencies are the Emirati Dirham, the Saudi Riyal, the Egyptian Pound, the Jordanian Dinar, the US Dollar and the Euro.
- Buna Payment Platform is the first regional cross-border and multi-currency payment system that supports Arab transactions in investment: AMF
Business
Aramco to launch new projects
Aramco will start 140 new projects in the next three years.
- Murad Al-Sayed said the registration mechanism will be presented to contractors interested in becoming a part of Aramco’s list of qualified contractors
- It has so far contributed to raising the local content in the company’s different projects from 35 to 60 percent, he added
Business
Qatar Airways rebuffs Airbus $220m compensation claim
Qatar Airways has denied that it owes Airbus $220 million in compensation for the rejected A350 aircraft. The Gulf carrier...
- It argues that Airbus has not provided clear guidelines on how it has arrived at the figure
- In response to this, Airbus has canceled orders for two A350s and a separate order of 50 smaller planes, A321s
Business
Mubadala, Aris Gold sign agreement
The pact is meant for operation of Soto Norte Gold Project in Colombia.
- Through a joint venture company, Aris Gold will acquire a 20 percent ownership interest in Sociedad Minera de Santander SAS and Sociedad Minera Calvista Colombia.
- On closing, Aris Gold and Mubadala will enter into a comprehensive agreement to govern the joint venture company.
Business
US drought pushes cotton prices to ten-year high
The plant fiber reached $1.3171 per pound (about 453 grams) on the key US futures contract, the highest since July...
- The plant fiber reached $1.3171 per pound (about 453 grams) on the key US futures contract, the highest since July 2011
- Rainfall has been exceptionally low since early January in the northwest part of Texas which produces about 40 percent of all US cotton production
Geostrategy
Kuwait, KSA agree on plan to develop joint offshore gas field
The project is a joint endeavor between the Saudi-based Aramco Gulf Operations Company and Kuwait Gulf Oil Company.
- The project is a joint endeavor between the Saudi-based Aramco Gulf Operations Company and Kuwait Gulf Oil Company
- The gas output will be divided evenly between the Gulf Arab neighbors, at a time where soaring consumption has led to growing demand for energy in the two countries
Business
Debt-ridden Evergrande urges investor ‘caution’ as audit result delayed
Evergrande has urged its investors to exercise caution as debt-ridden Chinese giant faces financial challenges.
- Evergrande has urged its investors to exercise caution as debt-ridden Chinese giant faces financial challenges
- Earlier, IMF warned that the property funding crisis could affect the broader economy and global markets
Science
April 2 will be first day of Ramadan: International Astronomical Center
It will be possible to see the crescent with a telescope, but not the naked eye, from parts of the...
- Seeing the crescent on Friday, April 1, is not possible with the naked eye from anywhere in the Islamic world
- It can be viewed only through a telescope, but with great difficulty, from parts of Africa and the Americas
Spain grabs 3% Telefonica stake after concerns over Saudi deal
Madrid, Spain - Spain's government has acquired a three-percent stake in telecoms giant Telefonica following concerns over a Saudi firm taking...
Business
Company News
Latest News
Technical glitch stifles production at Volkswagen
According to financial daily Handelsblatt, production came to a complete standstill in Wolfsburg and at the company's plants in Emden,...
Oil prices climb up to highest level in a year
The jump in oil prices came in the wake of a a surprising drop in US crude inventories. Oil prices...
Business
Meta putting AI in smart glasses, assistants and more
Zuckerberg made his announcements at the Connect developers conference at Meta's headquarters in Silicon Valley, the company's main annual product...
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Business
Evergrande pauses trading on Hong Kong exchange
The Chinese company had only just resumed trading a month ago, after it was suspended for 17 months for not...
- Trading in its two other units -- the property services and electric vehicle groups -- also stopped "at 9:00 am today"
- The halt in trading comes a day after a Bloomberg report that Evergrande's billionaire boss Xu Jiayin was being held by police
Business
QatarEnergy signs US$3.90bn deal with HD Hyundai to build LNG carriers
Seoul, South Korea--QatarEnergy has signed US$3.90 billion worth agreement with Korea's HD Hyundai Heavy Industries (HHI) for the construction of...
- The agreement with the South Korean firm marks the start of the second phase of QatarEnergy's LNG ship acquisition program
- QatarEnergy's ship-building program is the largest of its kind and will play a pivotal role in meeting its future shipping requirements
Business
Lucid Group opens Saudi Arabia’s first-ever car manufacturing facility
Jeddah, Saudi Arabia - Lucid Group, which is partially owned by the Public Investment Fund, launched Wednesday its first international...
- The manufacturing unit extends over an area of about 31% of the total area allocated to the automotive industry in Jeddah's Special Economic Zone
- In May 2022, Lucid Motors signed a contract to begin construction of its factory in KAEC with a production capacity of 155,000 vehicles