Saudi Aramco CEO calls energy transition strategy a failure
Pointing to the still paltry share of renewable energy in global supply, the head of Saudi Aramco described the current...
Business
Business
The board of Al Rajhi Bank favors capital hike to $10.7bn
Al Rajhi Bank has recommended a sixty percent increase in the bank’s capital to $10.7 billion.
- The capital will be increased by granting SR15 billion in bonus shares to the bank’s shareholders
- The eligibility to get bonus shares will be given to shareholders owning the stocks by the end of the trading day of the bank’s Extraordinary General Assembly meeting date
Economy
UAE inks deal to make medications more affordable
The initiative will provide affordable medicines to uninsured and low-income expat patients or those whose insurance does not cover the...
- The MoU was signed by the Ministry of Health and Prevention of the United Arab Emirates (UAE)
- It was inked with Janssen Pharmaceutical Companies of Johnson & Johnson, and healthcare consulting firm Axios
Business
The price of love: Pandemic fuels romance scam
Cancelled dates over supposedly positive Covid tests and disrupted travel plans due to lockdowns are ruses that feed into the...
- Thousands of people fall prey to 'romance scams' every year, whose numbers rose during the Covid pandemic
- Cryptocurrencies and untraceable online transaction is fueling scams with bogus investments and gift cards
Analysis
Lebanon’s ‘zombie banks’ downsize to weather crisis
More than two years into a financial crisis that has seen the local currency lose 90 percent of its value,...
- The financial collapse that began in Lebanon in late 2019 has been deemed by the World Bank one of the world's worst since the 1850s
- However, before that the country had an oversized but prosperous banking sector, which has since come to be blamed for the economic crisis
Economy
Golden Visa to boost Bahrain business attractiveness: Expert
The Bahrain Golden Visa was recently announced during a Cabinet meeting chaired by Crown Prince and Prime Minister Salman bin...
- To qualify for the Golden Residency Visa, existing residents must have stayed in Bahrain continuously for at least five years
- They must also have earned an average basic salary of no less than BHD 2,000 ($5,305) per month throughout the duration
Business
Cloud tech gains strength in GCC
Cloud market in UAE is at emerging stage and is likely to witness rapid growth in the coming years due...
- Cloud market in UAE is at emerging stage and is likely to witness rapid growth in the coming years due to high adoption rate among SME’s and the digital transformation agenda.
- Saudi Arabia represents a significant revenue opportunity for cloud providers as times change and network connectivity becomes an inevitable necessity for businesses
Science
UAE sees climate action as catalyst of economic prosperity
UAE’s Minister of Industry and Advanced Technology, and UAE Special Envoy for Climate, Sultan Ahmed Al Jaber has said that...
- The minister noted the need to increase investments in agri-tech and leverage best practices that safeguard vulnerable nations' food and water security
- He was speaking at the Munich Security Conference titled "Scaling Up Climate Action" where he reiterated the UAE's support for robust climate finance
Business
UAE to allow cooperative associations to trade in markets
The UAE has announced that it will allow cooperative associations to trade their shares in financial markets, according to media...
- United Arab Emirate's cabinet of ministers has approved this new decision
- The move aims to strengthen the regulatory environment of the cooperative sector
Business
UAE and Hungary to collaborate in energy sector
UAE Energy Strategy 2050 aims to increase the contribution of clean energy in the total energy mix from 25 per...
- The two sides also discussed an exchange of expertize and best practices in infrastructure, housing and transport
- The ministers of UAE and Hungary met on the sidelines of Dubai Expo 2020 and discussed cooperation in energy
Business
Sisi of Egypt praises WHO for vaccine know-how to Africa
Egyptian President Abdel Fattah El-Sisi has praised the World Health Organization for its decision to pick Egypt and five other...
- In his speech at the European Union — African Union Summit, he stressed Egypt’s ability to use this technology to ensure the continued availability of vaccines to his country
- The WHO announced that Egypt, Tunisia, Kenya, Nigeria, Senegal and South Africa will be the first countries on the continent to obtain technology required to produce vaccine
Company News
H&M shares up
Business
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Iran and Cuba to set up joint ‘technology and innovation’ center
Tehran, Iran-- Iran and Cuba are looking to to set up a joint technology and innovation center to promote cooperation...
Economy
AI ‘no substitute’ for fashion designers’ creativity
Fashion innovator Calvin Wong, who has developed the world's first designer-led AI system, says 'we must treasure the designer's original...
Business
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Business
Gulf banks show resilient growth despite US Fed hikes
Major banks in the UAE and Saudi Arabia, including the Commercial Bank of Dubai and First Abu Dhabi Bank, reported...
- Major banks in the UAE and Saudi Arabia, including the Commercial Bank of Dubai and First Abu Dhabi Bank, reported record profits in the first half of 2023, says a report
- In H1 2023, Saudi Arabia exhibited outstanding credit facility performance as Al Rajhi Bank reported a net income of US$2.2m, while Riyad Bank achieved US$1bn after zakat
Economy
Saudi ministry inks economic pact with Alfaisal University
RIYADH, SAUDI ARABIA - The Kingdom's Ministry of Economy and Planning signed a deal with Alfaisal University to promote economic...
- Under the MoU, the two parties will cooperate to promote economic development, activate academic research.
- The Ministry of Economy and Planning will provide consultations on the use of university resources such as student research.
Business
California sues oil giants, alleges environment, climate-risks deception
The US state of California sued five of the world's largest oil companies, alleging the firms caused billions of dollars...
- The suit follows numerous other cases brought by US cities, counties and states against fossil fuel interests over the impact of climate change.
- The suit seeks the creation of an abatement fund to pay for future damages caused by climate disasters in California.