Stock markets diverge before Nvidia results, Federal Reserve minutes
Stock markets diverged as traders awaited earnings from US tech darling Nvidia, in addition to minutes from the Federal Reserve...
Market Report
Business
Iran says Russia will invest $83.58m in Sirik power plant
Iran has confirmed that Russia will invest $83.58 million in Sirik power plant based in southern Iran.
- After discussions, the Russian Ministry of Finance agreed to invest in the 1400-megawatt (MW) gas-powered plant
- Some seven Iranian companies are working in the project, employing 250 manpower directly and indirectly
Business
Iraq keen to benefit from Egypt: Central Bank Governor
Iraq is keen to benefit from the Egyptian Investment Authority, the Governor of Iraq’s Central Bank Mustafa Ghaleb said on...
- Iraq’s Central Bank Governor Mustafa Ghaleb met Mohamed Abdel Wahab, CEO of the Egyptian General Authority for Investment and Free Zones
- Mustafa Ghaleb praised "the development witnessed by the Arab Republic of Egypt in all sectors, especially the business and investment sector"
Business
SHUAA helps Anghami to list on NASDAQ
Last year, the firm helped Anghami in arranging $30 million investment.
- SHUAA has been working closely with the Anghami team as an advisor and investor to further develop and secure the PIPE investment and deliver a successful listing on NASDAQ
- Founded in 2012, Anghami is the first music streaming platform in the Middle East and North Africa (MENA)
Business
Lebanon women get FAO grants to fund their businesses
Four women groups from the South, the North, Mount Lebanon, and the Bekaa received grants.
- The grants were disbursed under the project Support to Women’s Cooperatives and Associations in the Agri-food Sector of Lebanon
- Funded by Canada, the project is implemented by the FAO and Lebanon’s Ministry of Agriculture and the General Directorate of Cooperatives
Analysis
Saudi, UAE indices fluctuate through the week
From oil prices to company stocks buoyed by positive results, several factors resulted in changes in key benchmark indices.
- Emaar Properties’ 1.7 percent share price reduction weighed on the index on Tuesday as it fell 1 percent
- With the Commercial Bank of Dubai up 8.4 percent and Emirates NBD Bank up 0.8 percent, the Dubai index recovered previous losses
Business
Meta debuts ‘personal boundary’ tool to curb harassment
Horizon's anti-harassment feature makes an avatar's hands vanish if it tries to inappropriately touch another virtual character.
- The "personal boundary" function in the immersive platform puts a ring of space around users' digital proxies to prevent invaders to enter your avatar's personal space
- Facebook parent Meta has opened its Horizon Worlds virtual reality platform to the public in December
Business
Saudi Telecom Company signs over 15 pacts at LEAP22
The Saudi Telecom Company (STC) has signed fifteen agreements with major international companies, including Microsoft, Huawei, Ericsson, and Cisco, in...
- The company has already announced an initiative to establish a $1billion main digital center “MEAN Hub” for the Middle East and North Africa
- The company also announced an initiative to establish a factory to localize data centers in the Kingdom, in partnership with Huawei
Business
Rockstar Games confirms Grand Theft Auto 6
More than 230 million copies of Grand Theft Auto, referred to as GTA, have been sold overall.
- New York-based Rockstar Games did not say when Grand Theft Auto 6 would hit the street
- It also did not reveal how it would be different from the previous edition, released in 2013
Analysis
Growth picks up as MENA drives into EV market
Rising prices of metals, elements, and compounds used in EVs could be a headache, but the MENA region and the...
- EVs use more than the 1,400-odd chips that normal cars use has not helped matters
- Chip shortage and supply-chain bottlenecks could hamper EV adoption in the MENA region
Economy
Policy reforms help Saudi FDI inflow rise 326%
The Kingdom seeks to increase its net FDI inflow by 1,816 percent between 2021 and 2030, raising it to $103.5...
- The Kingdom is likely to witness an increase in net FDI by 1,816 percent between 2021 and 2030
- The country’s wholesale and retail sectors issued more than 44 percent of new FDI licenses in Q4, 2021
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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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HSBC relaunches SVB UK
Business
Dubai’s realty builds on innovation and sustainability
Dubai's skyline epitomizes modern development, with its appeal bolstered by strong property management and developers capitalizing on increasing sales.
Business
EU okays updated Pfizer and BioNTech’s anti-Covid vaccine
Adults and children over five require a single shot "irrespective of their Covid-19 vaccination history" while younger children may get...
Geostrategy
Lego first half profit dips 17%
But the toy giant's market share grew as sales rose slightly.
Business
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Business
GCC asset management market $500bn by 2026
Strong capital inflows, a young and growing population and growing awareness about asset management will drive the sector's growth in...
- The rise of a middle class is increasing the demand for investment products and services.
- Strategy& Middle East estimates that currently more than 70 percent of regional private wealth is in offshore accounts.
Business
UAE first half non-oil foreign trade hits all-time high of $337 billion
The results are buoyed by record non-oil exports, which reached AED 205 billion in H1 2023, an 11.9 percent growth...
- Imports increased to AED 693 billion, up 17.5 percent compared to the first half of 2022 and 2.6 percent more than the second half of 2022.
- China has retained its position as the UAE’s leading global trading partner, followed by India, the US and Saudi Arabia.
Business
Saudi Arabia’s imports from GCC countries fall by 19% in June
Riyadh, Saudi Arabia -- Saudi Arabia’s imports from Gulf Cooperation Council (GCC) countries fell 19 percent year-on-year (YoY) to SAR...
- UAE accounted for 65.6 percent, or SAR 3.61 billion, of the total Saudi imports, down 13 percent YoY, Argaam reported.
- The Kingdom's imports from Qatar only registered a growth (of 49 percent) to SAR 48 million, from 32 million a year ago.