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.
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
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Siemens to expand business
Business
Musk threatens to sue anti-defamation group for falling revenue
Billionaire Musk has also previously been accused of fueling anti-Semitic tropes, including attacks against Jewish philanthropist George Soros. According to...
ADEX and National Bank of Egypt sign $100m financing agreement
This is aimed at supporting UAE export transactions to Egypt.
Business
ADNOC to develop largest carbon-capture project in MENA
According to an ADNOC statement, the project will be able to capture up to 1.5 million tonnes of CO2 a...
Business
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Economy
Israel suspension of Gaza exports risks ‘catastrophe’: businesses
Osama Nofal, of the Gaza economic ministry, put the value of Gaza exports to Israel and the occupied West Bank...
- Israel's army chief on Monday ordered a halt to commercial deliveries from Gaza to Israel after an alleged attempt to smuggle explosives
- The Gaza Strip has been under a crippling Israeli blockade since the Islamist group Hamas seized power in the Palestinian territory in 2007
Business
stc buys stake in Telefónica
The group invests in information, communications and technology sectors.
- The group's growth strategy has resulted in investments in the Information, Communication and Technology sectors inside Saudi Arabia and globally
- The most recent investment being the acquisition by Tawal, a subsidiary of stc Group, of United Group’s telecommunications tower assets in Bulgaria, Croatia and Slovenia
Business
Smart factories transform manufacturing across GCC
Saudi Arabia and UAE lead the region in rapidly embracing the Fourth Industrial Revolution, shifting from traditional factories to smart...
- Saudi Arabia and UAE lead the region in rapidly embracing the Fourth Industrial Revolution, shifting from traditional factories to smart ones.
- Bahrain's commitment to transform 300 factories by 2026 solidifies the region's dedication to technological advancements in manufacturing.