EU to tell big tech firms to curb election risks or face fines
BRUSSELS, BELGIUM – The EU will put more pressure on the most popular online platforms, like X and TikTok, to tackle...
Geostrategy
Eurozone business activity stabilizes in March
Brussels, Belgium - Business activity in the eurozone stabilized in March thanks largely to a "modest recovery" in the service sector,...
Economy
Business
Inaugural session of Qatar-Nigeria Economic Forum begins
The Qatar-Nigeria Economic Forum kicked off in Lagos, the economic capital of the Federal Republic of Nigeria.
- The Forum aims to enhance economic cooperation and review business opportunities between the two countries
- A special focus will be placed on cooperation in the fields of manufacturing, construction, oil and gas and technology
Business
East Pipes of KSA gets $133m financing
East Pipes of Saudi Arabia has secured a Shariah-compliant working capital financing of $133 million from Bank Albilad.
- The capital will be used to “finance the working capital of one the company’s projects”, the Dammam-based company said in a bourse filing
- East Pipes, which joined the Saudi stock exchange earlier this year, was established in 2010 and specializes in manufacturing steel pipes
Business
World’s first robot citizen Sophia to attend Dubai audit conference
The humanoid robot Sophia, the world's first robot citizen, will arrive in Dubai on Tuesday, March 8, to participate in...
- Sophia will attend largest smart conference for internal auditors, the 20th Annual Regional Audit Conference from March 7- 9.
- Sophia became the world's first robot citizen after Saudi Arabia granted her citizenship in October 2017.
Business
Tadawul posts 17% jump in net profit to $157m in 2021
Tadawul Group has posted a seventeen percent jump in net profit to $157 million in 2021, according to a bourse...
- There was an 8 percent rise in revenue to SR1.17 billion during the year due to “solid growth in trading services, post-trade services
- With strong earnings, the company’s board proposed an annual dividend payout of SR3 per share
Business
Shurooq picks acting COO
It has appointed Ahmed Obaid Al Qaseer to the post.
- Al Qaseer is expected to continue the concerted efforts to achieve Shurooq’s vision of developing world-class projects
- The new acting COO is also expected to bolster efforts to drive national and foreign investments into the emirate
Science
Jordan inventors use TechWorks to realize dreams
TechWorks is a Jordanian platform aimed at bringing together youth, ideas and resources to jump-start innovations.
- Set up in 2018, TechWorks says its mission is ‘to plug into entrepreneurial and innovation ecosystems’ and turn ideas into reality
- Affiliated with a foundation set up by Crown Prince Hussein, it is equipped with technology such as 3D printers
Geostrategy
Russia threatens Ukraine ‘statehood’ as sanctions tighten
Since Russia's invasion 10 days ago, the economic and humanitarian toll of the war has spiraled, sending more than one...
- Russia has threatened a wider war if a no-fly zone is set up by any Western power
- Ukraine has received weapons, ammunition and funds from its Western allies
Business
Iran seeks barter trade with Pakistan to strengthen ties
The option of barter trade was available to cement the mutual relationship between Iran and Pakistan, an Iranian envoy has...
- The Consul General of the Iran has stressed the need for his country to sign a barter agreement with Pakistan
- Hamid Reza Ghomi said he was eying such a deal between the Pakistan Chambers of Commerce and Iranian provinces
Business
Umm Al Qura inks $800m deal
The project will see an investment of SAR3 billion ($800 million).
- The development of Masar destination has reportedly been planned according to a modern concept
- It is based on complementary and interrelated foundations, including environmental and urban aspects
Business
Visa, Master card suspend operation in Russia
The cards would continue to work on Russian territory because all payments in Russia are made through a national system...
- Mastercard decided to suspend its network services in Russia while Visa will cease all Russians transactions over the coming days
- Russia's central bank has warned Russians traveling abroad that they should carry alternate means of payment
EU to tell big tech firms to curb election risks or face fines
BRUSSELS, BELGIUM – The EU will put more pressure on the most popular online platforms, like X and TikTok, to tackle...
Geostrategy
Company News
Latest News
Verition opens office in DIFC
Business
Saudi Arabia’s economy joins trillion-dollar club
The Kingdom now ranks 17th in global economic rankings and 17th out of 64 countries for global economic competitiveness.
Economy
UAE-Saudi non-oil trade reaches US$159bn in 2018-22
ABU DHABI, UAE - The volume of trade exchange between the UAE and the Kingdom of Saudi Arabia grew by...
Business
US and China seek improved ties via new working groups
Chinese state broadcaster CCTV also announced the launch of an "Economic Working Group" and "Financial Working Group," saying both will...
Geostrategy
Most Read
Business
Dubai ranks fifth globally on key shipping development Index
Dubai, UAE -- Dubai has maintained its ranking among the top five global maritime centres on the 2023 International Shipping...
- The city also ranked first in the Arab world for sea freight and logistics services on the 2023 International Shipping Centre Development (ISCD) Index.
- Dubai is the only Arab city on the list. Singapore, London, Shanghai and Hong Kong secured the top four ranks on the Index.
Business
ADIB completes $750m sukuk redemption
The sukuk, issued on Sept 20, 2018, carried profit rate of 7.125%.
- ADIB redeemed them at the trustee call amount, equivalent to the prevailing face value of the certificates along with any outstanding payments as of September 20, 2023.
- Earlier in July 2023, ADIB had successfully raised an additional $750 million through the issuance of new additional tier-one (AT1) perpetual sukuk.
Business
Cisco buys Splunk for US$28bn
Splunk is a software platform that uses AI to identify malware.
- Cisco will pay a premium of $157 per share, up from the $120 Splunk traded at before the announcement.
- According to the company's website, Splunk was founded in 2003 and holds over 1,100 patents.