Amman Chamber of Industry exports for January-February 2024 reaches $1.3bn
AMMAN, JORDAN - Amman Chamber of Industry (ACI) exports amounted to US$1.3 billion (JD926 million) during the last two months...
Business
ADCB approves cash dividends worth US$1.1bn
ABU DHABI, UAE – Abu Dhabi Commercial Bank (ADCB) has approved the Board of Directors proposal to distribute a cash...
Business
Business
Chimera Capital fund closes at $75m
The company's first venture capital fund exceeds initial target.
- Chimera Global Fund I LP ("the Fund") is backed by a number of regional and global Limited Partners including Mubadala Investment Company
- The Fund’s third and final funding round saw it exceed its initial US$65 million target in less than two months
Business
Mubadala and AD Gaming sign MoU
Both will cooperate to build a gaming and esports ecosystem in UAE.
- Part of the MoU is content creation, as well as support gaming initiatives and events in the UAE.
- The gaming and esports markets in the MENA region are growing faster than anywhere else in the world, says the AD Gaming Director of Strategy.
Business
Lockheed appoints Chief Executive for ME
Lockheed Martin has appointed retired U.S. Army Gen. John W. Nicholson as their new Chief Executive for the Middle East.
- Nicholson led the PenFed Foundation, a non-profit organisation that provides U.S. military service members and veterans with support to improve their financial well-being
- Bob Harward announced his intention to retire from Lockheed Martin at the end of this year after eight years of service
Business
Oman sees hospitality industry revenue fall 3.5%
The National Centre for Statistics and Information says domestic guest have supported the Oman's hotels.
- Domestic guests constituted the highest percentage of visitors in hotel industry of Oman
- The occupancy rate of hotels in Oman rose by 36.3 percent
Economy
Loubnany platform launches next month, will promote Lebanese economy
An online electronic platform named 'loubany', aimed at promoting Lebanon's economy and industry, will be launched in on 15 January...
- The platform spells out its vision as 'Lebanese production, creativity, innovation and competence to reach the four corners of the world'.
- The platform particularly addresses Lebanese Diaspora to support the Lebanese economic initiatives.
Business
Two missing after ships collide south of Sweden
Two people were missing on Monday after two cargo ships collided in waters south of Sweden in the early morning...
- Nine boats as well as a rescue helicopter were searching for the missing sailors in the cold water
- The ships were sailing under British and Danish flags
Business
Saudi Arabia launches regional center for sustainable development of fisheries
The center was announced by Crown Prince Mohammed bin Salman during the Middle East Green Summit held in Riyadh recently.
- Saudi Arabia’s National Program for the Development of the Fisheries Sector has launched a regional center to sustainably develop fisheries
- The program focuses on research in the fisheries sector and aquaculture related to the health of animals and aquatic organisms
Business
EDB, Jetro ink investment deal
The agreement will promote direct investment in various fields.
- This agreement will highlight Bahrain as an investment hub for Japanese companies
- Bahrain recently ranked first for availability of advanced computer programming talent in ICT
Business
Al Tamouh, Al Qudra merger okayed
International Holding Company has formally agreed to the merger.
- The Board of Directors of Al Qudra Holdings has also approved a new foreign ownership limit of 30 percent of outstanding shares
- Previously, only UAE nationals were permitted to own shares in the company
Investigation
REVEALED: Billions of dollars missing from BDL
About US$7 billion is missing from Lebanese central bank’s 2020 balance sheet, data analysis by TRENDS suggests while highlighting weak...
- Some of the data sifted by TRENDS point to a US$7 billion scam involving the country’s central bank and the powerful individuals
- The poor and weak policies of Banque du Liban (BDL) may have facilitated a “Ponzi” scheme involving Eurobonds
Amman Chamber of Industry exports for January-February 2024 reaches $1.3bn
AMMAN, JORDAN - Amman Chamber of Industry (ACI) exports amounted to US$1.3 billion (JD926 million) during the last two months...
Business
Company News
Latest News
Are ‘unethical’ PR tactics harming GCC journalism?
Investigation
Are ‘unethical’ PR tactics harming GCC journalism?
Investigation
Boon or blight? E-scooters around the world
The for-hire electric scooters that have become ubiquitous in Paris and other cities worldwide will be banned in the French...
Geostrategy
$202m contract signed for Jeddah project
The contract involves MEP works for Al Muhammadiyah Hospital.
Business
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Business
ADIB enhances mobile app for international money transfers
Abu Dhabi, UAE - Abu Dhabi Islamic Bank (ADIB) has introduced enhanced international transfer features on its mobile app and...
- As the first bank in the UAE to offer discounts on remittance payments using Promo Codes, ADIB aims to transform the app into a one-stop solution for any remittance
- Around 95% of the bank’s remittances occur through digital channels, with most of those transfers directed to the Americas, Europe, the Middle East, and Asia
Business
Google’s Russian division faces bankruptcy as debt to creditors soars: TASS
Moscow, Russia - Google's Russian subsidiary is on the brink of bankruptcy as it struggles to cope with its mounting...
- The subsidiary's financial liabilities have now surpassed a staggering $211,579,032
- The company’s ordeal dates back to May 2022 when it declared its intention to file for bankruptcy
China developer Evergrande plunges as Hong Kong trading resumes
The resumption of trading came after the company said in a filing on Friday that it had met guidelines set...
- Shares of Evergrande plunged as much as 87 percent during morning trading, slashing its market value from a peak of more than $50 billion in 2017 to less than $600 million
- Company reported fresh losses for the first half of the year amounting to 33 billion yuan-- an improvement on the 66.4 billion yuan in losses reported in same period last year