Oil may rise to $100, gold to hit $3,000 by 2025, says Citi
ABU DHABI, UAE - Oil prices could rise to $100 per barrel and gold prices could reach $3,000 per ounce...
Economy
Business
Qatar and US talk gas supplies as Russia threatens Ukraine
Qatar is in talks with the US and other gas exporters to prepare a contingency plan for a possible disruption...
- The talks with Qatar and some EU nations have focused on new ways to secure alternative seaborne liquefied natural gas cargoes
- Officials are concerned that Europe could face widespread chaos, with blackouts and industrial disruption, if Russian gas exports fall sharply following an invasion
Business
Interconnection Authority enables Middle East save $3bn
The setting up of the Gulf Cooperation Council Interconnection Authority in 2019 has enabled countries in the Middle East to...
- Savings have come from a reduced need for new generation plants, thus lower operating and maintenance expenses, and reduced carbon emissions
- In a two-day meeting, the parties agreed on preparing a business case to explain the benefits of electrical connection and to complete the required procedures
Business
UAE and Singapore explore ways to boost trade
The UAE and Singapore will explore ways to enhance bilateral relations in light of the agreement signed between the two...
- The ideas to boost ties were discussed in a meeting between Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Teo Chee Hean, Singapore’s Senior Minister
- They also discussed various issues of mutual interest including global efforts to speed up recovery to reach pre-pandemic levels
Business
Deliveroo’s new UAE service
Deliveroo Plus allows customers to receive unlimited free delivery.
- Deliveroo Plus allows customers to receive unlimited free delivery on all orders above AED 30 for only AED 39 per month
- Deliveroo Plus allows customers to receive unlimited free delivery on all orders above AED 30 for only AED 39 per month etc
Business
Qatar Airways counters Airbus order cancellation with A350 video
The move came within mere hours of Airbus cancelling an order of 50 of its A321neo aircraft, which it was...
- The order was estimated to be worth $6 billion based on Airbus’ catalog price
- However, but airlines are known to get better deals from plane-makers
Business
TASI rises for 10th session, UAE bourses fluctuate
The surge in oil prices fueled the start of the week's high for the Saudi stock market, while the UAE...
- First Abu Dhabi Bank's share price rose by 3.9 percent to support the 1.6 percent advance in the Abu Dhabi index
- With Al-Rajhi Bank up 1.5 percent and SABIC's share up 1.8 percent, the Saudi index rose 0.5 percent on Wednesday
Business
Points of Sale terminals in Saudi exceed 1 million, says SAMA
The Saudi Central Bank (SAMA) announced that the number of Points of Sale (PoS) terminals inside the kingdom have exceeded...
- These terminals can be found at commercial sales outlets in more than 180 cities and villages.
- PoS terminal transactions reaching more than 5 billion by the end of 2021, compared to 2.8 billion transactions in 2020.
Business
Lebanon to sign a deal with Jordan to ease power shortage
Crisis-hit Lebanon will sign a deal with Jordan next week to bring in electricity via Syria to help ease grueling...
- The agreement is part of a wider government effort to eventually provide state electricity for eight to 10 hours a day
- The deal will provide Lebanon with up to 250 megawatts of electricity during the day and 150 megawatts at night
Business
S&P warns of fewer sukuk issues during 2022
Sukuk issuance volumes will not grow significantly in 2022 as global interest rates rise and funding needs for Gulf economies...
- Central bank interest rates tend to respond to moves from the US Federal Reserve, particularly those in the Gulf where currencies are pegged to the dollar
- While sukuk issuance is likely to be subdued this year, the market is likely to grow in the long run
Business
Intel to build two chip factories
The company will invest $20 bn, hire 3,000 new workers for the sites in Ohio.
- Construction of the plants is scheduled to begin at the end of the year. Chip production could start as early as 2025.
- Recent problems in global supply chains have highlighted the fundamental importance of semiconductors, which are used in a growing number of products including cars, TVs.
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Oil may rise to $100, gold to hit $3,000 by 2025, says Citi
ABU DHABI, UAE - Oil prices could rise to $100 per barrel and gold prices could reach $3,000 per ounce...
Economy
Company News
Inditex posts record profit
Business
Latest News
BRICS secures 47% global oil with Saudi Arabia, UAE, Iran inclusion
Tehran, Iran - The inclusion of Saudi Arabia, the UAE, and Iran, will significantly increase BRICS’ weight in the oil...
Economy
DP World to invest $510m to develop mega-container terminal in India
New Delhi. India - DP World on Friday signed a concession agreement with the Deendayal Port Authority to develop, operate...
Economy
Rising data breach hits Middle East’s financial sector
In 2023, data breach costs in the Middle East soared to $8 million, marking a 155.9% rise over a decade,...
Business
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Business
Bing, LinkedIn vow more ads transparency
It comes as EU rules on tech platforms enter into force.
- Internet giants must now enforce the milestone EU's Digital Services Act (DSA), which demands they protect users online from harmful content.
- Microsoft-owned LinkedIn said in a blog post they had implemented this change for the desktop and mobile version of the network.
Economy
US Federal Reserve prepared to raise interest rates further
The US Federal Reserve is prepared to raise interest rates higher - and hold them there - to bring down...
- After 11 rate hikes in less than 18 months, the US benchmark lending rate now sits at a range between 5.25 and 5.5 percent - its highest level for 22 years.
- The rapid cycle of interest rate increases has failed to definitively quash inflation, which remains stuck above the Fed's long-term target of two percent.
Geostrategy
All eyes on tech firms as strict EU digital rules come into effect
The landmark Digital Services Act (DSA) compels tech companies to better police content to protect European users against disinformation and...
- The first phase of the regulation affects 19 "very large" digital platforms including social media networks, websites and online retailers with at least 45m monthly active users.
- They are: Alibaba AliExpress, Amazon Store, Apple AppStore, Booking.com, Meta-owned Facebook and Instagram, Google's Maps, Play, and Shopping, LinkedIn, Pinterest.