Saudi National Bank launches US dollar-denominated sukuk
RIYADH, SAUDI ARABIA - Saudi National Bank (SNB) commenced the US dollar-denominated senior unsecured sukuk issuance through a special-purpose vehicle. The sukuk are offered to qualified...
Business
Consumer products sector grows amid rising prices
The consumer products sector enjoys tremendous growth, with retail sales value for the industry globally rising by close to 10...
Business
Business
Emirates partners with the Bahamas to boost tourism
Emirates has signed a partnership agreement with the Bahamas to explore joint initiatives to bring more tourism to the island...
- The Bahamas is one of the most sought-after tourism destinations in the Caribbean offering a rich mix of leisure and cultural activities for visitors
- the airline is also making available to customers and its travel retail partners across its markets, a range of travel packages including hotels and flights to The Bahamas
Business
‘World first’ hydrogen shipment set to leave Australia for Japan
A state-of-the-art liquid hydrogen tanker readied for loading in Australia Friday ahead of shipment to Japan, in what Canberra described...
- The Suiso Frontier is docked near Melbourne and is being loaded with super-cooled hydrogen, a source of fuel that supporters hope could one day rival LNG.
- Hydrogen produces only steam and no carbon dioxide when burnt, making it an attractive possible alternative to dirtier fossil fuels.
Business
Investors’ forum discusses privatization scene in Saudi Arabia
Several investment companies and investors interested in privatization projects attended an investor forum organized by Saudi Arabia’s National Center for...
- The forum was organized by the National Center for Privatization in cooperation with Riyadh Bank.
- A series of opportunities are expected to be presented in the coming years, the Center said.
Business
Saudi launches Boutique Group to convert palaces into ultra-luxury hotels
Boutique Group, a new hospitality brand that will manage and convert a collection of iconic historic and cultural palaces in...
- The first phase of the project will focus on the development of three historic palaces in cooperation with the private sector.
- Al Hamra Palace will offer 77 keys including 33 luxury palace suites and 44 luxury villas in Jeddah.
Business
Sharjah Islamic Bank’s net profit up 27%
The bank also reported AED850.7 million in operating profits, an increase by 21.9 percent, compared to AED697.7 million in the...
- The bank also reported AED850.7 million in operating profits, an increase by 21.9 percent, compared to AED697.7 million in the previous year
- The statement of financial position of the bank showed an increase in total assets by 2.5 percent to reach AED 55.0 billion as of 31 December 2021
Business
Airbus cancels Qatar Airways plane order as feud deepens
The order was worth $6 billion at catalogue prices, though airlines are usually charged less for large purchases.
- Airbus has cancelled an order of 50 A321neo planes from Qatar Airways, one of its major customers
- This is in response to the airline grounding several of its A350 aircraft due to an issue with fuselage surfaces
Business
Bitcoin crash tears through investor confidence
The cryptocurrency has lost more than 40 percent of its value since its $67,582.60 peak on November 8 last year.
- The world watched on Friday as the price of Bitcoin first dropped below $40,000 for the second time this month
- It then slid further to go under $39,000, a level it had not seen since August 2 last year, when it had closed at $38,191
Business
UAE Space Agency plans Space Economic Zone at Masdar City
The aim of the venture is said to be to create an integrated business ecosystem to propel startups and SMEs.
- The Space Economic Zone in Masdar City is expected to encourage the development of the national space industry
- The economic zone will apparently do that by offering world-class infrastructure and an enabling environment
Business
Google appeals EU fine
It was fined €2.4-billion for abusing its search engine dominance.
- The case centers on Google's shopping service and is one of three against the search engine giant currently in the EU's appeals system
- The fine had come after seven years of investigation over complaints from other price-comparison services against Google Shopping
Analysis
Online learning booms in GCC during pandemic
"While online learning is a supplement to a broader educational experience, course enrollment statistics strongly imply that it is a...
- Online education is a valuable addition to a greater educational experience for many, especially busy professionals
- The number of educational providers will expand, as will student adoption of more flexible options
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Saudi National Bank launches US dollar-denominated sukuk
RIYADH, SAUDI ARABIA - Saudi National Bank (SNB) commenced the US dollar-denominated senior unsecured sukuk issuance through a special-purpose vehicle. The sukuk are offered to qualified...
Business
Company News
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AI risks repeating social media mistakes, says Microsoft president
NEW DELHI, INDIA - Breakneck development of artificial intelligence risked repeating mistakes made by the tech industry at the start of...
Science
Bing, LinkedIn vow more ads transparency
It comes as EU rules on tech platforms enter into force.
Business
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...
Economy
Most Read
Business
Country Garden withholds repayment vote
The builder has accumulated debts of more than $150bn.
- The company has asked to extend payment on a 3.9 billion yuan ($535 million) note until 2026, originally setting an online vote among bondholders to end on Friday.
- Country Garden's cash flow problems have ignited fears that it could collapse and spread turbulence through China's economy and financial system.
Business
Dubai records realty deals worth $6.28 bn during week ending 25 Aug
Dubai, UAE -- A total of 3,229 real estate transactions worth over AED 23.1 billion ($6.28 billion) were conducted during...
- The DLD report showed that 183 plots were sold for AED 1.33 billion, while 2,361 apartments and villas were purchased for AED 5.77 billion.
- The top three apartment and villa transfers included three in Palm Jumeirah sold for AED 65 million, AED 57 million, and AED 54 million.
Business
Borouge’s PP5 unit generates $209m sales in H1 2023
ABU DHABI, UAE - Borouge's Chief Operating Officer Dr. Hasan Karam has said the fifth polypropylene unit (PP5) played a...
- Demand for products made from polypropylene is set to rise in the coming decades thanks to its versatility and recyclability.
- Polypropylene market in Asia, Africa and the Middle East is valued at $10 billion and is predicted to grow by 5.5 percent annually.