Dow, S&P 500 hit fresh records, but Nasdaq ticks lower
The tech-rich Nasdaq slipped by 0.3 percent to 15,996.82 -- a day after surging by 3.0 percent following strong earnings...
Business
Aramco head calls for sustained investment in oil sector
Saudi Aramco President and CEO Amin H Nasser urged companies and governments to continue investing in the oil sector to...
- Nasser revealed that Aramco continued investing in 2020 even during the COVID-19 pandemic
- Aramco increased the spare capacity from 12 million barrels per day to 13 million bpd in 2020
Business
Syria accords rare approval to telecom firm to begin operations
Syrian authorities on Monday granted a rare license to a new telecommunications company that will start operating in nine months,...
- Wafa Telecom will become Syria's third telecoms operator in a market currently controlled by Syriatel and MTN
- Wafa Telecom CEO Ghassan Saba said the company relied on foreign expertise, amid reports of Iranian investments in his firm
Business
Bahrain-based GFH Financial Group launches GCC $100m Sukuk Fund
GFH Financial Group (GFH), a Bahrain-based Islamic investment bank, has announced that is has launched and seeded a $100 million...
- The bank signed an agreement with Credit Suisse to provide financing and fund administration services.
- GFH said it aims to generate returns to the fund through active asset allocation, credit selection, optimal leverage and duration management.
Geostrategy
Using alternative sources of energy saved UAE $191 bn: Suhail Al-Mazroui
UAE has saved $191 billion by using alternative sources of energy, according to Suhail Al-Mazroui, UAE energy minister. Speaking at...
- Energy minister Suhail Al-Mazroui said his country is working on 40 international projects helping other countries implement solar and wind projects.
- UAE has plans to capture 25 percent of the global hydrogen market share, Al-Mazroui told IPTC 2022 Riyadh.
Business
Kuwait Airways to buy 31 jets from Airbus for $6bn
Kuwait Airways announced an expanded, $6 billion deal with Airbus that includes 31 new planes on Monday, restructuring an agreement...
- The deal comes after occasionally "heated" negotiations following probes over allegations of kickbacks surrounding the initial, 25-plane order
- The new agreement includes nine Airbus A320neo, six A321neo, three A321neo LR, four A330-800neo, seven A330-900neo and two A350-900
Business
Net foreign investment on Abu Dhabi Exchange the highest ever in 2021
ADX’s market liquidity jumps five-fold in 2021 amid IPO boom, as traded values on the exchange increased 407 percent from...
- Traded values on the exchange increased 407 percent from AED 145 billion ($39.47 billion) in 2020 to AED 739 billion in 2021.
- Local investors accounted for 70 percent of the exchange’s traded value, while foreign institutional investors accounted for 30 percent.
Business
Jordan records 17% spike in export of agricultural products
Jordan has recorded a seventeen percent increase in the export of agricultural products to JD734 million in 2021, compared with...
- Khaled Hneifat, Minister of Agriculture, said that agricultural exports comprised 17.1 percent of the Kingdom's total exports in third quarter of 2021
- Hneifat noted about 61,000 tons of imported agricultural produce were either resent to origin or destroyed after failing to meet Jordanian standards
Business
Bahrain lays foundation stone for United States Trade Zone
The ceremony among others was attended by the Minister of Industry, Commerce and Tourism Zayed bin Rashid Al Zayani and...
- The ceremony among others was attended by the Minister of Industry, Commerce and Tourism Zayed bin Rashid Al Zayani and US Ambassador to the Kingdom of Bahrain Steven C. Bondy
- The USTZ project follows the visit of the UAE's Crown Prince and Prime Minister Salman bin Hamad Al Khalifa to the USA in November 2019
Geostrategy
Israel’s economy minister visits Morocco to cement trade ties
The minister is visiting Rabat, economic capital Casablanca, and tourist hub Marrakesh as well.
- Israel Economy Minister Orna Barbivai arrived in Morocco for a visit aimed at developing economic and trade ties
- Rabat purchased Israeli defense technology after an a visit by the Israeli defense minister in November 2021
Business
DIMC, P&O Marinas ink deal to promote marine sports in Dubai
The deal they signed is expected to support the development in various activities and events in the field of marine...
- DIMC is the government entity responsible for organizing marine sports activity in the emirate
- Dubai-based marina operator and yacht destination P&O Marinas is a subsidiary of DP World
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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
Company News
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Business
PIF to set up pharma firm Lifera
Business
Latest News
Microsoft gambles big on Hollywood-esque ‘Starfield’ video game
The ever-evolving game is the tech giant's bid to lock players into its Xbox subscription service after some eye-poppingly enormous...
Business
Gaming industry posts exponential growth in Saudi Arabia: PayerMax COO
Riyadh, Saudi Arabia-- The gaming industry has witnessed exponential growth in Saudi Arabia with an average revenue per paying user...
Business
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Business
Real estate exchange transforms Saudi market
The stock exchange offers indices, real estate services, and wealth management. It ensures supply-demand balance, and swift transactions, while delivering...
- MENA's first real estate stock exchange, launched recently in Saudi Arabia, plans to digitize 180 million documents while offering comprehensive financing services
- New Saudi platform saw US$270 million transactions in first two days with 140,000 beneficiaries as real estate prices increased 0.8% in the second quarter of 2023
Business
Turkish Airlines orders 10 A350 Airbus
The airline disclosed no financial details in a statement.
- Turkish Airlines now has 14 A350-900s and 20 Boeing 787-9 Dreamliners, which is the European jet's main competitor in the long-range.
- An A350-900 was worth 317.4 million euros ($343 million) in 2018, when the aircraft manufacturer's price catalogue was last released.
Geostrategy
Israel and Bahrain agree to increase trade volume, boost tourism
"The foreign minister and I agreed that we should work together to increase the number of direct flights, the tourism,...
- Israeli Foreign Minister Cohen arrived in Bahrain on Sunday, accompanied by a business delegation of more than 30 companies.
- Earlier on Monday, he met Crown Prince Salman bin Hamad Al-Khalifa and discussed "the importance of advancing a free trade agreement".