Capital One to buy Discover for US$35.3bn
Its shareholders will own 60% of the combined company.
Business
Construction in China-Saudi Arabia ethylene project begins
FUZHOU, CHINA - Construction of the main complex of a joint-investment ethylene project, which involves petrochemicals giant Saudi Basic Industries...
Business
Business
GCC chief stresses importance of serving requirements of joint market
GCC Secretary-General Naif Falah Al-Hajraf with the chairman of the Board of Directors of the FGCCC, Samir Abdullah Nas.
- The GCC chief has stressed the importance of building a distinctive integrative trade and investment base
- The base is expected to complete the requirements of the GCC joint market and develop GCC inter-trade relations
Business
Red Cross hacked
Hackers seized data of more than 515,000 extremely vulnerable people.
- The International Committee of the Red Cross said the hackers targeted an external company in Switzerland that it contracts to store data
- There was no evidence so far that the compromised information had been leaked or put in the public domain
Business
Insta creators can charge subs
The selected creators will be able to sell subscriptions.
- Social media users whose posts draw large audiences help platforms from Twitch and YouTube to TikTok and Instagram generate revenue
- The selected creators will be able to sell subscriptions for access to exclusive content, including live streams
Business
AT&T, Verizon roll out 5G in US without huge impact on flights
On Tuesday, both AT&T and Verizon agreed to scale back the launch of 5G near airports following an outcry from...
- A handful of international carriers removed flights to the United States from their schedules Wednesday
- However, there were no mass cancelations and some of those companies said they planned to resume service on Thursday
Business
Saudi, UAE and Egypt gaming to reach $3.14bn
A young population, increased user spending, robust govt backing for games and e-sports and new players are poised to push...
- Around half of the Middle East's population is reported to be under the age of 25, and electronic games constitute an integral component of their entertainment.
- Saudi Arabia, the UAE, and Egypt attained a total gaming revenue of US$1.76 billion in 2021.
Business
DEWA says 35% of work completed on Hatta power plant
The project is also part of DEWA’s initiative to develop the area to meet its social, economic, and environmental needs.
- The plant’s production capacity is set to reach 250 megawatts (MW) with a storage capacity of 1,500 megawatt-hours and a lifespan of up to 80 years
- This is the first of its kind in the Gulf region, with investments of around AED1.421 billion ($0.39billion)
Geostrategy
Islamic Development Bank keen to cooperate for achieving SDGs
The Islamic Development Bank (IsDB) affirmed that it would work together with all Multilateral Development Banks, International Finance Institutes, and...
- IsDB Group actively pursues counter-cyclical financing to its 57 member countries when they need it most, said its President Muhammad Al Jasser.
- To boost the economy and recovery of the member countries, the Bank has approved development programs and projects amounting to $1.6 billion.
Business
REIT signs $200m financing commitment with FAB
Masdar Green Real Estate Investment Trust (REIT) has signed a financing commitment to the tune of $200 million with First...
- The announcement was made during an official signing ceremony held at the 4th Abu Dhabi Sustainable Finance Forum during Abu Dhabi Sustainability Week
- In 2018, Masdar signed the first green revolving credit facility in the Middle East, helping to support its investments in global clean technology
Business
Pay only $11 to attend Qatar World Cup game
Qatar World Cup ticket sales were launched at reduced prices on Wednesday with residents and migrant workers able to attend...
- Authorities have not yet announced how many fans will be allowed into stadiums for the first World Cup in an Arab country
- Football's world governing body FIFA opened a draw which offers individual match tickets for as little as $69 for international fans
Business
Saudi PIF joins tripartite pact to produce green hydrogen for export
Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, POSCO and Samsung C&T signed here today a tripartite memorandum of...
- PIF, POSCO and Samsung C&T have signed an MoU on the sidelines of the Saudi-Korean Investment Forum.
- The MoU included the implementation of feasibility studies to develop a green hydrogen production project in Saudi Arabia for export purposes.
Most Read
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
Capital One to buy Discover for US$35.3bn
Its shareholders will own 60% of the combined company.
Business
Company News
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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...
Business
Algerian, South African ministers discuss ways to boost economic cooperation
JOHANNESBURG, SOUTH AFRICA - Algerian Minister of Finance Laaziz Faid discussed with South African Finance Minister Enoch Godongwan, ways to...
Geostrategy
Mawani and Rotterdam Port partner to develop smart ports
Jeddah, Saudi Arabia-- The Saudi Ports Authority (Mawani) has reached a partnership deal with Port of Rotterdam to collaborate in...
Business
Most Read
Meta’s Twitter rival Threads launches web version
One measure of usership, by company Similarweb, showed that daily active users on the Android version of Threads dropped to...
- A web version of Threads is seen as key to attracting professionals and media types who are the most active users of social media
- The rival to Twitter (now called X) was rushed out in early July by Meta, which invited its more than a billion Instagram users to download the app
Economy
Iraq and Turkmenistan reach preliminary agreement on gas import
Baghdad, Iraq - Iraq has signed a preliminary agreement with Turkmenistan to import gas. The agreement signed by the undersecretary...
- Turkmenistan is known for its status as a key gas producer regionally and globally
- The country’s natural gas reserves are estimated at 50 trillion cubic meters
Business
$73 bn in saving deposits held by UAE banks during H1 2023
Dubai, UAE - Savings deposits held by UAE banks, excluding interbank deposits, totaled approximately $73.01 billion (AED268.6 billion) by the...
- The saving deposits experienced a monthly growth rate of 5.8%, equivalent to an increase of around $4.02 billion
- The UAE Dirham accounted for the largest portion, constituting about 81.6% of the total, which is approximately $178.71 billion