Bitcoin hits fresh record above $72,000
Bitcoin hit a fresh record above $72,000 on Monday as demand for the cryptocurrency picks up amid optimism that the...
Cryptocurrency Ether witnesses meteoric rise since launch
NEW YORK, US – Bitcoin has captured the limelight in recent weeks as it surged to a new record high, yet...
Business
Business
Saudi central bank to use Bloomberg for repo operations from January
Bloomberg's Auction System is a part of Bloomberg's enterprise solution for central banks and government financial agencies.
- The Saudi central bank has announced that it will use Bloomberg's Auction System from January
- It will use the system to conduct repo, reverse repo, and Open Market Operations with locally operating banks
Business
Ikea to hike prices by 9%
The hike is due to pandemic-fueled supply-chain snarls.
- Ikea faced higher operating costs in North America and Europe
- It is now passing on that cost burden to its customers
Business
AD Ports Group revenue grows 22% to US$760mn in 2021
AD Ports Group signed several partnerships to accelerate trade and the development of industry in the UAE and beyond, including...
- AD Ports Group closed 2021 with the signing of a number of strategic agreements with the Aqaba Development Corporation
- The Group received global interest in its issuance of a US$1 billion bond and subsequent listing on the ADX and the LSE
Business
Masdar to build Georgia’s biggest solar energy plant
Renewable energy company Masdar will be developing Georgia's largest solar power plant, with a capacity of 100 megawatts (MW), jointly...
- The 100-megawatt plant will be built jointly with Georgian Energy Development Fund (GEDF).
- GEDF is a joint-stock company, founded by the Ministry of Economy and Sustainable Development, and wholly state-owned. Georgia.
Business
GCC’s first tire storage and distribution hub coming up in Abu Dhabi
AD Ports Group has signed an agreement with China-based Shandong Port Group, to establish a Tyre Hub at KIZAD for...
- China's Shandong Port Group and AD Ports Group sign an agreement to set up a hub at KIZAD for the storage and distribution of tires.
- AD Ports Group will provide space for an upcoming 150,000 sqm facility in KIZAD under its Industrial Cities and Free Zone Cluster.
Business
Major M&A deals in the UAE in 2021
M&As result in savings in manufacturing and service, increased competitiveness, and increased financial capabilities and efficiency, among other things.
- Agreements worth $11 billion were signed in the UAE in the first eight months of 2021
- M&A are considered a means of resolving crises and encouraging economic growth
Business
Emirates upbeat on growth despite global surge in Covid cases
Aviation giant Emirates said Thursday it expects business to grow next year despite the surge in global coronavirus cases fueled...
- The carrier said in November it was already on the path to recovery as six-month losses dropped by more than half from a year earlier.
- The carrier posted an April-September loss of $1.6 billion, compared with losses of $3.4 billion during the same period in 2020.
Business
EGA repays Al Taweelah loan
The repayment four years and seven years early totaled $361 million.
- The project finance facilities had been extended by 13 export credit agencies and banks for the development of the company’s Al Taweelah smelter in Abu Dhabi.
- EGA’s said its financing has been reduced by over $1 billion in the last two years and now consists of a senior term loan facility of $5.5 billion
Business
NMDC wins $354m contract
The contract is for the Shamal Development marine works.
- The Shamal Development is part of the Khalifa Port located in Taweelah in Abu Dhabi
- It was built on a reclaimed artificial island reaching 4.5 km offshore
Interview
2021 recap: UAE startups lead MENA region
As the startup ecosystem takes off in the MENA region, TRENDS helps experts deliver valuable advice for entrepreneurs.
- International investors are flocking to Saudi enterprises, and the value of investments is likely to increase in 2022
- Startups in the UAE, Jordan, and Egypt attracted the most venture-capital funding, accounting for 73 percent of total deal value in November 2021
Bitcoin hits fresh record above $72,000
Bitcoin hit a fresh record above $72,000 on Monday as demand for the cryptocurrency picks up amid optimism that the...
Company News
Autoliv to cut 11% workforce
Business
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ADNOC L&S secures big contract
Business
Shams signs MoU with South Korean firm to develop media content
Sharjah, UAE--Sharjah Media City (Shams) has signed a memorandum of understanding (MoU) with Munhwa Broadcasting Corporation (MBC), the largest television...
Business
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Geostrategy
EU okays updated Pfizer and BioNTech’s anti-Covid vaccine
Adults and children over five require a single shot "irrespective of their Covid-19 vaccination history" while younger children may get...
- The European Medicines Agency said it "has recommended authorizing an adapted Comirnaty vaccine targeting the Omicron XBB.1.5 subvariant".
- Known as Comirnaty Omicron XBB.1.5, the mRNA vaccine is to be used to prevent Covid-19 in adults and children from six months.
Business
Lego first half profit dips 17%
But the toy giant's market share grew as sales rose slightly.
- The company's CEO said revenue surged 10 percent faster than the market, as its revenue touched $4 billion in the first half of 2023.
- Lego credited the growth in revenue to success of products like Star Wars and Lego Icons, also including Lego City, Lego DREAMZzz.
Business
Another Saudi sports push: PIF buys stake in US mixed martial arts league
Combining elements of everything from boxing to judo and Muay Thai, mixed martial arts (MMA) had a limited following in...
- It is the first deal sealed by SRJ Sports Investments, a new company unveiled earlier this month by the Saudi fund known as the Public Investment Fund.
- Sports have been a major component of the oil-rich Gulf kingdom's effort to rebrand as a global business and tourism destination under the Vision 2030 reform agenda.