Asian markets rally after Wall Street highs, oil prices slide
"The weakness of yesterday's US retail sales release have given market doves a new lease of life and allowed them...
Business
Business
Abu Dhabi Global Market to begin Monday-Friday workweek from Jan 1
Abu Dhabi Global Market (ADGM) has announced that it will commence a Monday to Friday working week from 1 January...
- ADGM said the new working week brings Dubai's business community and financial sector closer to global markets and real-time economic and trading activities.
- More than 3700 entities are registered with the ADGM and it has a strong pipeline of growth, said the IFC in a statement.
Business
Jordan bank plans acquisition
Central Bank will acquire the Societe Generale Bank Jordan.
- The acquisition is said to be part of a drive to expand the Central Bank's foothold regionally and domestically
- Its chairman Bassem Al Salem said the bank would also issue $100 million in perpetual bonds to help drive growth
Business
Spider-Man first $1bn post-pandemic movie
No Way Home has grossed $467.3 million in North America and $587 million internationally since its release earlier this month.
- Spider-Man has become the first billion-dollar-grossing film of the pandemic era
- The movie took an estimated $81.5 million in North America over the Christmas weekend
Business
Evergrande vows to deliver homes
The Chinese real-estate firm has $300 billion in liabilities.
- In recent months, Evergrande has repeatedly said it will finish its unfinished projects and deliver them to buyers
- This, despite the company having missed a payment of more than $1.2 billion earlier this month
Business
Ecommerce changes GCC buyers, sellers forever
As ecommerce expands, companies are becoming more aware of the region's shifting consumer behavior and needs, say experts.
- Retailers in the region are becoming more aware of the necessity to create ‘brand.com’ sites
- AR and AI will become more commonly used to improve the consumer experience
Business
KPMG Lower Gulf revenues up, workforce rises by 21 percent
KPMG International announced annual aggregated revenues for KPMG firms globally of $32.13 billion for the fiscal year ending 30 September 2021....
- KPMG International announced annual aggregated revenues for KPMG firms globally of $32.13 billion for the fiscal year ending 30 September 2021.
- Advisory grew 17 percent, Audit 4 percent and Tax & Legal Services at 8 percent, the firm said.
Business
Saudi Arabia Pavilion at Dubai Expo2020 records 2 million visitors
Fireworks and laser lights were launched to announce the new record as pavilion’s employees and public gathered in the ‘opportunities’...
- This is a new record as nearly 30 percent of the total number of visitors to Expo visited the Saudi Pavilion since its official opening.
- The Kingdom's pavilion at Expo 2020 Dubai succeeded in increasing its visitors through its various economic events and cultural activities.
Business
Dubai launches one-stop-shop online portal for timeshare operators
Dubai’s Department of Economy and Tourism (DET) has launched an online portal that provides a ‘One-Stop-Shop’ for timeshare operators to...
- The Timeshare Portal supports the legal framework created by Dubai’s new Timeshare Law.
- It allows allows potential operators to register and submit their applications for timeshare properties and obtain a permit as a licensed timeshare operator.
Business
Bahrain closes two eateries over violation of Covid-19 protocols
Inspectors also visited a total of 193 restaurants and cafes and took required measures against 17 outlets.
- The Ministry of Health announced that it had taken the required measures prior to referring both food outlets to legal authorities
- This came during an inspection campaign conducted in cooperation with the Ministry of Interior and the Ministry of Industry
Business
Omicron hits Christmas weekend travel: Over 6,000 flights scrapped
More than 6,000 flights have been canceled worldwide over the long Christmas weekend and thousands more were delayed, a tracking...
- Pilots, flight attendants, and other employees have been calling in sick or having to quarantine after exposure to Covid-19
- A scramble to reroute pilots and planes and reassign employees was underway, but Omicron's surge has upended business
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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
Asian markets rally after Wall Street highs, oil prices slide
"The weakness of yesterday's US retail sales release have given market doves a new lease of life and allowed them...
Business
Company News
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Advanced secures $586m loan
Business
Dubai real estate market records deals worth $653 million
Dubai, UAE -- Dubai's real estate market recorded deals worth AED 2.4 billion ($653 million) on Thursday, according to Dubai...
Business
Falconers meet in Abu Dhabi for special auction from Sept 2-8
Abu Dhabi, UAE -- Following the success of the Falcon Auction in the last edition of Abu Dhabi International Hunting...
Arts & Culture
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Business
DP World H1 EBITDA $2.6bn
The company's revenue grew 13.9 percent to $9.03 billion.
- CEO Sultan Ahmed bin Sulayem said the company's balance sheet remains robust, and it continues to generate high levels of cash flow.
- DP World's focus on high-margin cargo, end-to-end bespoke supply chain solutions and cost optimization has been crucial in securing these results.
Ooredoo partners with Tech Mahindra, Google Cloud
Doha, Qatar - Ooredoo Group has announced new partnerships with Tech Mahindra and Google Cloud that will see the company...
- Ooredoo's IT operations will be modernized by deploying a digital platform-based approach, which will enhance performance
- Tech Mahindra is an Indian multinational information technology services and consulting company
Economy
Disparity remains as Saudis, Emiratis see wealth gains
The financial landscape of Saudi Arabia and the UAE is undergoing a significant transformation, with most adults in the region...
- The net worth per adult in Saudi Arabia surged by an impressive 8.6 percent in 2021, followed by a 6.6 percent increase in 2022, both measured in US dollars.
- The Gini coefficient for wealth inequality in 2022 was 86.7 in Saudi Arabia and 86.9 in the UAE, placing both nations among the highest in global wealth inequality rankings.