Higher prices boost Coca-Cola sales despite Middle East hit
Chief Executive James Quincey described consumers in North America as "holding up well," although he acknowledged "a little softening" through...
Business
EU excuses Apple and Microsoft products from tougher tech curbs
Brussels, Belgium - Apple's iMessage and Microsoft's Bing search engine got a reprieve from tougher EU rules curbing how tech titans...
Business
Business
Governments helped arms firms avoid Covid-19 slump
Governments around the world passed measures to help their big weapons firms, according to the Stockholm International Peace Research Institute...
- Top 100 arms producers recorded rise in profits by 1.3 percent on 2019 to $531 billion
- Of the top countries in the weapon industry, only France and Russia saw a fall in their firms' sales last year
Business
Oxford Business Group, QDB report maps Qatar’s start-up and SME ecosystem
A new report produced by Oxford Business Group (OBG) in partnership with Qatar Development Bank maps out the country’s efforts to...
- The Business Journey Report combines analysis, key data and infographics relating to the socio-economic landscape.
- The key focus for Qatar's vision 2030 is the country’s ongoing economic diversification and private sector development agenda.
Business
OFID’s $80m loan expected to boost trade in Africa
The OPEC Fund for International Development (OFID) has signed an $80 million loan agreement with the African Export-Import Bank (Afreximbank)...
- The financial support will assist in boosting Afreximbank's liquidity to grow its loan portfolio as it finances exports and imports in critical sectors
- The OPEC Fund's loan will address trade challenges impacted by the COVID-19 pandemic
Business
Borouge awards EPC contracts
The $6.2 bn contracts are meant for expansion in Ruwais
- With this expansion, Borouge said it will become the world’s largest single-site polyolefin complex.
- Borouge 4 will boost the company’s annual polyolefin production to 6.4 million tons.
Business
Multiply Group starts trading on ADX
The IHC subsidiary starts trading under the ticker MULTIPLY.
- Multiply Group will become the eighth IHC subsidiary to list on the ADX in less than a year.
- The group has assets of AED8.16 billion ($2.2 billion) and 3,240 employees.
Business
Metaverse hype fuels digital-property boom
Metaverse has been a Silicon Valley buzzword for months, but interest soared in October after Facebook's parent company renamed itself...
- As far back as 2006, a real-estate developer made headlines after making $1 million from land sold on the virtual world site Second Life
- While Second Life remains active, proponents of its next-generation rivals are benefiting from VR technology and NFTs
Business
Jordanian exporters association seeks to bridge trade imbalance with Turkey
According to official data, Jordanian exports to Turkey in the first 8 months of the current year dropped by 10...
- According to official data, Jordanian exports to Turkey in the first 8 months of the current year dropped by 10 percent to JD29 million
- Turkish imports to the Kingdom in the same period surged by 25 percent to a total of JD303 million
Business
Cross-sector deals boost Saudi-French ties
The Gulf country has welcomed the increased cooperation of French companies, including in energy, water, and waste management, sustainable cities,...
- The Saudi Arabian Airlines Corporation has ordered CFM engines worth $8.5 billion for its Airbus fleet
- Saudi Aramco also signed deals with French companies to exercise its diversified energy portfolio
Business
SAMI of KSA and a French firm set up a joint venture
The Saudi Arabian Military Industries, a subsidiary of the Public Investment Fund, launched a joint venture with French company Figeac...
- The company said that the joint venture’s revenue would reach $200 million by 2030 and the ownership would be divided among the two countries
- SAMI also signed an agreement with Airbus to form a joint project specialized in military aviation services and maintenance
Business
Egypt to boost cotton gins capacity to 4.4m kantars
Egypt will increase cotton gins capacity to 4.4 million kantars annually up from 1.5 million kantars, according to a government...
- A kantar is the official Egyptian weight unit for measuring cotton
- It is equal to either 157 kg of seed cotton or 50 kg of lint cotton
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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
Higher prices boost Coca-Cola sales despite Middle East hit
Chief Executive James Quincey described consumers in North America as "holding up well," although he acknowledged "a little softening" through...
Business
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Arts & Culture
RSG, Zain build carbon-neutral 5G network
The network runs on clean energy from world's largest carbon-neutral grid.
Business
Oil prices slide 1% on strong dollar, China economy worries
Dubai, UAE--Oil prices declined more than 1% on Monday as concerns about China's faltering economic recovery and a stronger dollar...
Business
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Business
Saudi Arabia’s NDMC issues local sukuk worth US$9.57 billion
Riyadh, Saudi Arabia--The Saudi National Debt Management Center (NDMC) has issued new sukuk worth $9.57 billion under the Local Saudi...
- NDMC said in a statement that such a step is part of its initiative to activate its role in managing its public debt commitments
- The sukuk issuance will be done in four tranches of $2 billion, $3.86 billion, $2.88 billion and $853 million, said NDMC
Business
Ithmaar Bank H1 profit up
Its net profit rose to US$4.14m as against US$3.96m last year.
- Its total assets were $5.85 billion at the end of June 2023, 4.6 percent lower than $6.14 billion as on 31 December 2022
- The bank said total owners' equity rose to $100.21m at the end of June 2023, a 4.3 percent increase from $96.06m as on December 31, 2022
Economy
UAE commends UN for successful oil transfer from decaying Yemen tanker
Abu Dhabi, UAE--The UAE has applauded the UN for the successful unloading of oil from the deteriorating tanker, FSO Safer,...
- The UAE's Ministry of Foreign Affairs praised the efforts of the UN, its secretary general and the donor nations for preventing the disaster
- It cost some $143 million to transfer the oil from the stricken tanker to a new vessel, much lower than $20 billion in cleanup cost in the event of a spill