ADNEC to organize first Bitcoin MENA Conference in Abu Dhabi
Abu Dhabi, UAE--ADNEC Group has announced the launch of the region's first Bitcoin MENA Conference 2024 set to take place...
Business
Finland firm to slash 1,150 jobs
Business
Tecom secures $2.06bn loan
Business
Over 70% report revenue surge in UAE from digital payments, Visa finds
Dubai, UAE - More than 70% of surveyed retailers in the UAE have experienced increased revenue and higher customer footfall since...
Business
Business
Tadweer inks deals worth $64m
The deals were signed at the eighth edition of EcoWASTE.
- EcoWASTE 2022, where the deals were signed, was held at Abu Dhabi National Exhibition Centre
- It was organized as part of Abu Dhabi Sustainability Week in strategic partnership with Tadweer
Economy
Kuwait, Saudi Arabia should develop trade, investment cooperation: KCCI
Chairman of Kuwait Chamber of Commerce and Industry (KCCI) Mohammad Al-Saqer called for more bilateral efforts to achieve the desired...
- Chairman of Kuwait Chamber of Commerce and Industry (KCCI) Mohammad Al-Saqer called for more bilateral efforts to achieve the desired economic goals
- On ongoing economic and political developments in the Kingdom, Al-Saqer noted that the Kingdom is an ideal example to follow
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
ADNEC to organize first Bitcoin MENA Conference in Abu Dhabi
Abu Dhabi, UAE--ADNEC Group has announced the launch of the region's first Bitcoin MENA Conference 2024 set to take place...
Business
Company News
Tawuniya Q1 2023 net profit $20m
Business
Finland firm to slash 1,150 jobs
Business
Tecom secures $2.06bn loan
Business
Latest News
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...
Business
Iran’s IKCO to buy electric vehicles from Chinese firm Dongfeng
Tehran, Iran - The CEO of Iran’s largest car manufacturing company, IKCO (Iran Khodro Industrial Group), said that his company...
Business
L’Occitane shares nosedive
Shares dropped 29% after talks on taking the firm private called off.
Business
Most Read
Business
Arm seeks $52bn valuation
Arm is a world leader in designing chips that are used in smartphones.
- Arm's IPO is being closely watched by the financial markets, with large tech IPOs something of a rarity in recent months.
- Tech giants including Nvidia, Apple, Samsung Electronics and Intel are interested in investing in Arm once the company is listed.
Business
Saudi Arabia and Russia extend oil cuts, Brent crude price up
The Saudi production cut of one million barrels per day which first took effect in July will continue "for another...
- Brent crude rose above $90 per barrel on the news for the first time since November, while West Texas Intermediate, the main US futures contract, jumped 1.9 percent to $87.16.
- Riyadh, the world's biggest crude exporter, first announced its cut after a June meeting of the 23-nation OPEC+ alliance, which also includes Russia.
Infographics
Saudi construction sector employs 3 million workers
GCC countries employ close to 20 million foreign workers, who are subject to vastly different conditions and wags compared to...
- The Gulf Cooperation Council countries have a high reliance on foreign labor. In 2020, foreign workers accounted for 60 percent of the total labor force.
- GCC countries face high unemployment among nationals, shortage of skilled labor and a mismatch between the skills of nationals and the requirements of the labor market.