BP to pour US$1.5bn into Egypt oil exploration
It plans to hike investments in the country to US$5 billion.
Business
Iran-EU trade surpasses US$5bn in 2023, says Eurostat
TEHRAN, IRAN - The Statistical Office of the European Union (Eurostat) reported that Iran and the 27 European Union member...
Business
Geostrategy
Two day long Water-Food-Energy Summit concludes in Dubai
In order to explore solutions for water, food, and energy challenges, the UAE, Jordan, and the Netherlands wrapped up the...
- The UAE, Jordan, and the Netherlands issued a trilateral declaration affirming their commitment to supporting a nexus approach that optimizes resource use
- The joint statement encouraged governments to incorporate practical solutions to water, food, and energy challenges into policy-making
Business
Dubai issues 72,152 new business licenses in 2021, 59 percent professional
Dubai issued 72,152 new business licenses in 2021, a growth of 69 percent compared to 2020 when 42,729 licenses were...
- Bur Dubai accounted for the largest share (48,562) of new licences issued followed by Deira (23,513).
- A total of 430,921 business registration and licensing transactions were completed in 2021, a growth of 24 percent compared to 2020.
Business
Dubai Airport Show 2022 to showcase digital innovation
Dubai Airport Show 2022, to be held in May, will showcase a diverse range of innovative products and will provide...
- The latest IATA Global Passenger Survey, conducted across 153 countries, revealed passengers expect technology to give them more "personal control over their travel experience"
- Digital queuing and biometric has been viewed as a priority to be implemented to modernize every component of the journey at airports
Business
Turkey is restarting ruptured oil link connecting Iraq
Turkey's state oil operator Botas said the fire at the pipeline had been fully extinguished late on Tuesday, but gave...
- Tuesday's blast along the Kirkuk-Ceyhan link in southern Turkey contributed to a rise in international crude oil prices to a seven-year high
- The pipeline normally carries more than 450,000 barrels a day from oil fields in northern Iraq to a Turkish port on the Mediterranean Sea
Business
Aramco signs 10 Korea deals
The signings took place at the Saudi-Korean Investment Forum.
- The deals aim to advance Aramco’s downstream strategy and support the development of low-carbon energy solutions
- They are also expected to create new financing options for the world’s largest oil and gas company
Business
ExxonMobil to go net-zero by 2050
The net-zero target is only for its operations, not products.
- Chief executive of ExxonMobil confirmed that the company has committed to have a Permian operations at net-zero carbon by 2030
- The company will release "detailed roadmaps" addressing 90 percent of operations-related greenhouse gas emission by the end of 2022
Business
OPEC Fund extends $35m loan to support Vietnam SMEs
The amount will reportedly be given to the Vietnam-based Southeast Asia Commercial Joint Stock Bank (SeABank) for on-lending.
- The money will be used to facilitate access to finance for SMEs and women-owned businesses in Vietnam
- It will also be used to promote climate funding for a sustainable economic recovery in the country
Investigation
Marka: From a star UAE retailer to a bankrupt firm
Flouting norms, massive mismanagement and lack of transparency and corporate governance have potential to take any company the Marka Holding...
- The recent Dubai court decision highlights that the funds of shareholders and creditors should be judiciously used. Else, the law of the land will catch you
- In October 2021, the UAE retail and leisure company Marka was declared bankrupt by a local court, and all of its assets were brought into liquidation
Business
Microsoft to buy Activision Blizzard
The $69-billion deal is the largest acquisition in the gaming world.
- The deal will make Microsoft the third-largest gaming company by revenue, behind Tencent and Sony
- This will be the largest acquisition in the industry, far ahead of Take-Two's $12.7-billion purchase of Zynga
Business
AT&T, Verizon agree to delay 5G activation at some airports
US Telecom giants AT&T and Verizon will delay the implementation of their 5G network on a "limited number" of towers...
- AT&T and Verizon agreed on partial delay of their 5G deployment as US airlines warned of "major operational disruptions" due to the rollout
- The FAA has approved some transponders to be safely operated within areas where 5G will be deployed
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BP to pour US$1.5bn into Egypt oil exploration
It plans to hike investments in the country to US$5 billion.
Business
Company News
Latest News
Saudi industry ministry and German firms to develop human resources
Berlin, Germany -- A delegation of Saudi Ministry of Industry and Mineral Resources, which visited Germany, discussed enhancing cooperation to...
Business
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...
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...
Economy
Most Read
Geostrategy
Iran’s BRICS membership to strengthen group, says XI
TEHRAN/ JOHANNESBURG, IRAN/ SOUTH AFRICA - The Iranian and Chinese presidents stressed the need to bolster bilateral cooperation and the...
- The BRICS heads of state held their 15th annual summit in Johannesburg.
- The heads of state called for the use of local currencies to facilitate trade.
Business
Saudi EXIM Bank, Evonik sign pact
The insurance policy will protect the risk of non-payment.
- The agreement was signed by the CEO of Saudi EXIM Bank, Saad Al-Khlab, and the General Manager of Evonik Industries, Abdulmohsen Al-Muhaidib.
- Al-Khlab said the collaboration is an extension of the bank's commitment to bolster the export endeavors of national institutions.
Arts & Culture
Most expensive American falcon sold for $146,000 at Saudi auction
Riyadh, Saudi Arabia -- An American pure ultra-white falcon cherrug sold for SAR550,00 ($146,000) at the third edition of the...
- The most expensive falcon, known locally as a Hur, belongs to the American MGE farm. It measures 18 inches in length and 18.5 inches in width and weighs 1.4kg.
- The bidding for the falcon started at SAR200,000 before being sold for SAR550,000 ($146,000).