Commercial vehicle sales in China soar 79.6% in January
Beijing, China--China's commercial vehicle sales soared 79.6 percent year on year to 324,000 units in January, according to industry data....
Business
Binaa Al Bahrain aims to create expansive mixed-use projects
ABU DHABI, UAE – Chairman of Eagle Hills International Mohamed Alabbar has said that US$4 billion joint venture Binaa Al...
Business
Business
e& of UAE to foray into international markets for growth
e&, the UAE telecom firm, is looking to widen its operations overseas and push growth across all business segments.
- The company intends to do this by pursuing regional growth opportunities as well as tapping into markets beyond telecom
- E&’s “telecom arm” will maintain its rebranding in the UAE and internationally
Business
Pakistan’s Fatima Group inks $1billion deals at Expo with Chinese, Saudi firms
Fatima Group, a Pakistani industrial conglomerate, has signed two MoUs of over $1 billion with two key global agriculture stakeholders...
- Fatima Group is known as Pakistan’s fastest-growing industrial conglomerate with investments in fertilizers, textiles, sugar and cement.
- The collaboration is expected to boost agriculture in Pakistani, which has 20 percent of the country’s GDP tied to it.
Business
Saudi stocks post gains in early trading as oil prices decline
Saudi stocks posted gains in the early hours of trading on Sunday due to a dip in the prices of...
- Arabian Mining Co, known as Ma'aden, gained 6.92 percent to top the gainers in early trading after posting a profit of SR5.23 billion ($1.4 billion) in 2021
- Aramco, the largest player in the Saudi oil market, gained 0.97 percent.
Business
‘Pick a side’: Ukraine invasion dilemma for US Big Tech
US Senator Mark Warner wrote to Meta, Reddit, Telegram, TikTok, Twitter and other tech giants to stop Russian disinformation spreading...
- Facebook and YouTube have curbed Russian media's ability to earn money on their platforms following Ukraine's request
- Experts have urged US companies to pick sides in geopolitical conflicts such as the one ongoing in Ukraine
Business
Adnoc arm inks storage deal
AG&P will use an Adnoc L&S vessel as a floating storage.
- The agreement is valid for 11 years, with the option of extension by 4 years
- The two parties have a 2021 agreement to provide another FSU in India
Economy
Sanctions seek to cripple Russian economy as Ukraine invasion continues
The sanctions came as the Russian military stepped up its bloody, multi-pronged assault against Kyiv and other Ukrainian cities.
- The measures were backed by the United States, Canada, the European Commission, Britain, France, Germany and Italy
- In a symbolic gesture likely to resonate in Moscow and the Kremlin, the stunning news was first delivered from Europe
Interview
GCC beauty sector puts best face forward
Consumers are spending more on beauty products and fragrances despite inflation, says Salem Kaissi, Vice-President of multi-brand luxury beauty concept...
- Brands have had to strategize and react quickly to continue resonating with consumers in the market
- According to Euromonitor International, the sector is estimated to be worth $58.3 billion by 2025
Business
Saudi Arabia and UAE drive real estate growth in the region
Saudi Arabia and the UAE are driving the real estate market in the Middle East region with the backing of...
- Kingdom’s residential real estate prices increased by 1.7 percent on an annual basis in the fourth quarter of 2021
- Apartment values in Riyadh and Jeddah accelerated by 17 percent and 12 percent, respectively, in the last 12 months
Business
Cryptocurrencies shine in shadow of Ukraine conflict
Having evacuated part of his team from Kyiv, Mike Chobanian, boss of cryptocurrency exchange Kuna, is watching the effects of...
- "Business is running, but we're in survival mode over here," the 37-year-old boss said during a video call from his current refuge after leaving the Ukraine capital
- The Ukrainian government on Friday imposed sanctions against the rouble, forcing Chobanian to halt cryptocurrency swaps with the Russian currency
Business
Arab world may suffer shortage of bread
Russia's invasion of Ukraine could mean less bread on the table in Egypt, Lebanon, Yemen and elsewhere in the Arab...
- The region is heavily dependent on wheat supplies from the two countries which are now at war
- Bread is already a luxury for millions in Yemen, where a seven-year war has pushed the country to the brink of famine
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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
Commercial vehicle sales in China soar 79.6% in January
Beijing, China--China's commercial vehicle sales soared 79.6 percent year on year to 324,000 units in January, according to industry data....
Business
Company News
Sipchem to pay 12.5% H1 dividend
Business
Latest News
Saudi Arabia’s economy and fiscal position strong due to Vision 2030: IMF
Riyadh, Saudi Arabia-- Saudi Arabia's economy is in a state of prosperity and growth, and that the kingdom's fiscal position...
Economy
Rani R Raad is new CEO of IMI
International Media Investments owns and operates a portfolio of media outlets.
Business
Global trade finance gap grew to record US$2.5trn in 2022: ADB
The Asian Development Bank survey found that rising interest rates, flagging economic prospects, inflation, and geopolitical volatility reduced the capacity...
Economy
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Business
Enbridge inks $14bn pact
The deal will make it North America's largest natural gas supplier.
- Enbridge, which operates the world's longest petroleum pipeline system, said it is doubling its gas distribution business with the acquisitions.
- The deal underscores the continued value producers are placing in natural gas even as countries strive to reduce fossil fuel dependence to curb greenhouse gas emissions.
Business
Apple, Facebook among tech giants to face tough new EU curbs
The European Commission, the EU's powerful antitrust body, named 22 "core platform" services belonging to five US tech behemoths identified...
- Brussels is working through a dense legislative agenda to build tougher regulation of big tech, arguing it needs to protect European consumers online.
- Observers say the law could open a new battlefront between digital titans and the European Union as some companies consider launching legal challenges.
Business
Production of pick-up trucks and vans in Iran rises by 52-70%
Tehran, Iran -- Production of pick-up trucks and vans in Iran in the first five months of the current Iranian...
- In total, 11,436 pick-up trucks were manufactured in the country in the first five months of the current Iranian calendar year.
- The number of vans produced in the country from March 21 to August 22, 2023 was 1,371, showing a 70 percent hike compared to the same period of last year.