Will sign US$13.7bn deal with Airbus, says Korean Air
SEOUL, SOUTH KOREA – South Korean flag carrier Korean Air said on Thursday it will sign a US$13.7 billion deal with...
Business
Gold hits fresh record above $2,200 on rate cut hopes
The gains have been helped by a weaker dollar and the gold's attraction as a safe haven as geopolitical tensions...
Economy
Region needs tourism to beat inflation
Despite the global closures and economic crisis, the tourism sector in the Gulf region fared well in 2021 due to...
- Despite global closures and the economic crisis, the tourism business thrived in 2021
- The sector is likely to rebound in 2022 after faltering due to lifting travel restrictions
Business
Italy looks to Algeria to cover possible gas shortage
Italy imports around 95 percent of the gas it uses, and around 45 percent of that comes from Russia.
- Russia last week invaded Ukraine, causing the United States and its allies to impose sanctions on Moscow
- The conflict also sparked alarm among countries like Italy, which depend on Russia for their energy needs
Business
Saudi Arabia regulates reporting of capital market violations
This regulation reportedly aims to improve the manner of the reporting of violations of the Capital Market Law and its...
- The Board of Directors of Saudi Arabia’s Capital Market Authority gave its approval to this regulation
- The move is said to be part of the authority’s efforts to better control and develop the local capital market
Infographics
PCR testing is a business success in the region
A large number of kits of the PCR test has been manufactured and used across the world in general and...
- The WHO has said the PCR test is one of the most efficient to detect a Covid-19 infection, but also costlier than other methods
- The organization describes has said the test needs to be run at a molecular laboratory, which contributes to the higher cost
Business
Tech giants clamp down on Russia state-linked news
Facebook's parent Meta said it would be restricting access in the European Union to RT and Sputnik.
- Facebook's parent Meta said it would be restricting access in the European Union to RT and Sputnik
- Twitter and Facebook have both been hit with access restrictions in Russia since the invasion of Ukraine
Business
TikTok videos get longer
The app is now letting users upload videos as long as 10 minutes.
- Longer videos could also enable TikTok creators make more money and boost the platforms advertising business
- YouTube recently laid out goals for this year that included making the lives of creators easier and boosting a popular format
Business
Dubai records realty transactions worth more than $430m on Monday
Dubai’s real-estate market on Monday recorded a total of 301 transactions with a total value of AED1.59 billion ($433.22 million).
- In all, there were 294 sales transactions worth AED666.33 million ($181.44 million) throughout the day
- According to the data, Dubai also saw mortgage deals that amounted to AED915.77 million ($249.36 million) on Monday
Economy
Saudi job market to stay upbeat in 2022
During the past four years, the kingdom has created 555,000 new jobs as part of its plan to develop $1...
- Slump in other job markets makes candidates open to moving the kingdom for employment.
- Working on infrastructure projects underway in the kingdom will demonstrate future companies' capacity to work within different cultures and adapt to different cultures.
Business
Nadec appoints new CEO
The Riyadh-based firm has appointed Solaiman Abdulaziz Altwaijri as its CEO
- Hadsbjerg resigned for "personal reasons", and also left the company's board, according to a bourse statement
- The National Agricultural Development Company is one of the biggest agricultural and food-processing share stock companies in the MENA region
Business
Amiantit appoints new CEO
Feras Bin Ghassab Al-Harbi has held several leadership positions.
- The company took the decision after resignation of its previous CEO.
- The new CEO is already working with Amiantit Co. as the Group CFO.
Will sign US$13.7bn deal with Airbus, says Korean Air
SEOUL, SOUTH KOREA – South Korean flag carrier Korean Air said on Thursday it will sign a US$13.7 billion deal with...
Business
Company News
Subscription opens to Alinma EMF
Business
Saudi Catering, RSG ink pacts
Business
Latest News
Stocks fall after Federal Reserve says it may hike interest rates
Global stocks sank after the US Federal Reserve hinted it could hike interest rates again this year to tame inflation...
Market Report
RAKEZ team wraps up roadshow to boost trade in China’s Guangdong province
RAS AL KHAIMAH, UAE - A delegation from Ras Al Khaimah Economic Zone (RAKEZ), led by Group CEO Ramy Jallad,...
Geostrategy
End of era as Toshiba completes $13.5 bn offer to go private
Pressure from activist shareholders and a takeover offer from private equity group CVC prompted aborted attempts to split the company...
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Economy
GCC countries hold interest rates following US Fed decision
Abu Dhabi, UAE -- In the wake of the US Federal Reserve's decision to maintain its interest rates, GCC countries,...
- The US Federal Reserve, on Wednesday, voted to keep interest rates at a 22-year peak, suggesting that these rates might need to persist at these highs to tame inflation.
- The CBUAE will continue to set the rate for short-term liquidity borrowing at 50 basis points above the Base Rate.
Business
Yahsat announces cash dividend for H1-23
The second dividend for 2023 is expected to be paid in May 2024.
- To qualify for this dividend, investors must acquire shares by September 27, 2023, or be shareholders as of October 2, 2023
- On an annual basis, the company is on track to deliver a dividend of at least $4.48 cents per share, amounting to $109 million
Business
UK to revoke plan to attain net zero emissions by 2050
LONDON, UK- The UK looked set to backtrack on Wednesday on policies aimed at achieving net zero emissions by 2050 with...
- The move comes amid growing concern over the potential financial cost of the government's policies to achieve net zero carbon emissions by mid-century.
- Prime Minister Sunak said while the government was committed to the net zero target, it would try to achieve it "in a better, more proportionate way".