WTO launches US$50m fund for women entrepreneurs in developing countries
ABU DHABI, UAE - The director general of the World Trade Organization, Ngozi Okonjo-Iweala, on Sunday launched a $50 million fund...
Geostrategy
Global challenges hit M&A activity in Middle East, GCC
Sovereign Wealth Funds emerge as pivotal players, driving economic diversification and strategic cross-border partnerships, says Riccardo Molinari of Bain &...
Business
Economy
Saudi Arabia overall export rose 62.6% y-o-y in December
GASTAT data said the value of exports amounted to SAR106.3 billion ($28.35 billion) in December 2021.
- The total value of exports amounted to SAR106.3 billion ($28.35 billion) in December 2021
- This was up from the SAR65.3 billion ($17.41 billion) that Saudi Arabia had in December 2020
Business
UAE Defense Ministry signs deals worth $544m at UMEX & SimTEX
Deals worth more than AED2 billion ($544 million) were made by UAE’s Ministry of Defense during the fifth edition of...
- This was the largest edition of this event in terms of exhibition area and exhibitors, with 134 exhibitors from 26 countries from around the world.
- The Ministry of Defense’s deals on the third and final day of UMEX & SimTEX 2022 included deals with local companies valued at AED 51 million.
Business
Mercedes-Benz posts strong results
Mercedes saw the key measure rise 19.2 bn euros.
- Mercedes, which changed its name from Daimler at the beginning of the month, saw the key measure rise $21.6 bn
- The group's net profit increased almost six-fold to 23.4 billion euros from four billion euros in 2020
Business
Aluminum price hits record high on Ukraine Attack
Aluminum has beaten the previous peak in price hike of $3,380.15, reached in July 2008.
- The lightweight metal price has been increased as high as $3,382.50 per tone
- Analyst Daniel Briesemann said that the rise in price of the metal was expected
Economy
Russian central bank to intervene as ruble, Moscow exchange plummet
The ruble-dominated Moex index opened down 13.97 percent, while the dollar-dominated RTS was down 20.16 percent.
- The central bank measures are intended to provide ‘additional liquidity to the banking sector’ in Russia
- This, as Western sanctions loom after the military operation announced by Vladimir Putin against Ukraine
Geostrategy
Russia attack on Ukraine turns Europe eyes to Saudi Arabia, Qatar
Qatar and Saudi Arabia host American troops, but their economic and political relations with Russia have grown over the years.
- Russian gas accounts for about 40 percent of the European market, leaving it highly exposed to supply disruptions due to the conflict
- A similar logic applies to the 2.3 million barrels of Russian crude that heads west each day through a network of pipelines
Business
Meta lays out moves being made to build the metaverse
The metaverse is a 3D virtual world where people will be able to interact using sensors, head gear and other...
- The metaverse is a 3D virtual world where people will be able to interact using sensors, head gear and other gadgets
- Formidable rivals such as Apple, Google and Microsoft seem poised to compete with Meta on the new virtual terrain
Business
Petrobras 2021 profit hits $20bn
Debt dropped to $47.62 billion in 2021 from $63.17 billion in 2020.
- Net profit for the final quarter last year came in at $5.64 billion, bringing 2021's total to $19.88 billion
- Petrobras said this was a stark contrast to 2020's total of just over $1 billion due to effects of the pandemic
Geostrategy
Oil price break $100 on Russian ‘military operation’ in Ukraine
According to the UN, a full-scale Russian invasion on Ukraine would have a devastating global impact that would likely spark...
- The crisis comes as governments struggle to contain runaway inflation fueled by demand as life returns after recent Covid-19 lockdowns,
- World Markets have been hammered since a week as the Kremlin recognized Ukraine's rebellion and said it would provide "peacekeepers" to the regions
Analysis
GCC turbulence mires Airbus rise
Airbus has been mired in controversy despite its best efforts to increase its customer base, across the world in general...
- Qatar Airways and Airbus have tussled for months over the deterioration of aircraft paint and lightning protection
- Kuwait plans to announce an agreement to restructure the national airline fleet of Airbus aircraft
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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 launches US$50m fund for women entrepreneurs in developing countries
ABU DHABI, UAE - The director general of the World Trade Organization, Ngozi Okonjo-Iweala, on Sunday launched a $50 million fund...
Geostrategy
Company News
QSE unveils new trading system
Business
Latest News
Tech titans prepare for EU’s tougher market restraints
Brussels is working through a dense legislative agenda to build tougher regulation of big tech, arguing it needs to protect...
Business
Israel suspension of Gaza exports risks ‘catastrophe’: businesses
Osama Nofal, of the Gaza economic ministry, put the value of Gaza exports to Israel and the occupied West Bank...
Economy
stc buys stake in Telefónica
The group invests in information, communications and technology sectors.
Business
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Business
Iran’s IKCO to buy electric vehicles from Chinese firm Dongfeng
Tehran, Iran - The CEO of Iran’s largest car manufacturing company, IKCO (Iran Khodro Industrial Group), said that his company...
- IKCO’s CEO Alimardan Azimi said on Monday that EV imports by the company will amount to 6,000 units by March 2024.
- The announcement comes days after the unveiling of more than a dozen EV charging stations in the Iranian capital Tehran.
Business
L’Occitane shares nosedive
Shares dropped 29% after talks on taking the firm private called off.
- The firm, headquartered in Luxembourg and Geneva, said last month it was considering a possible take-private deal with an offer price of no less than HK$26 ($3.30) per share.
- The group's portfolio includes L'Occitane en Provence, French beauty brand Melvita, Korean skincare line Erborian, and Elemis, a British care product brand
Business
UAE looks to deepening trade relations with ASEAN bloc
Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, led the UAE delegation to Jakarta, Indonesia, the...
- Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, led the UAE delegation to Jakarta, Indonesia, the host of ASEAN Business and Investment Summit.
- UAE and Indonesia agreed to work in unison to ensure they deliver on the projection of US$10 billion in bilateral non-oil trade within five years.