China’s Xiaomi to invest nearly $7 bn in chips
Chinese tech giant Xiaomi will invest 50 billion yuan ($6.9 billion) in developing high-end smartphone chips, the firm's founder said...
Business
US, China to slash tariffs as Trump to speak to Xi
After the first meetings between Washington and Beijing since Trump ratcheted up his trade war, the world's two biggest economies...
Economy
Economy
US debt ceiling talks ‘unnecessary’ for global economy: IMF chief
International markets have been unnerved by the battle between US President Joe Biden and opposition Republicans on US borrowing limits...
- But she added that the Washington drama was "unnecessary for a world economy that is in such high uncertainty".
- Kristalina Georgieva told the Qatar Economic Forum that central banks must keep interest rates high to tame inflation but there should be improvement in 2024.
Business
Tadawul-listed firms report 22% drop in first quarter net profit
Dubai, UAE -- A 22 percent drop in net profit was reported by Tadawul-listed companies in the first quarter of...
- Argaam reported the decline in net profit was due to a drop in Saudi Aramco’s first quarter earnings by more than 17 percent, as well as lower earnings of petrochemical companies.
- The first-quarter results included SAR 5.87 billion one-off gains generated by Kingdom Holding Company (KHC) from selling half of its stake in Four Seasons Holding.
Business
SEDD designates specific areas to run auto spare parts business
Sharjah, UAE--In order to create a competitive and diversified economy, the Sharjah Economic Development Department (SEDD) has reorganized many economic...
- The department said that trading in used auto spare parts in the emirate will be "reorganized" by amending the geographical areas permitted to practice the business
- The reorganization is part of the strategey to promote economic growth and consolidating the emirate's posiiton as the key global trade and economic center
Geostrategy
Israel passes budget with controversial cash for ultra-Orthodox
The Prime Minister Benjamin Netanyahu spent recent weeks cutting deals with his ultra-Orthodox and extreme-right coalition partners, to meet a...
- Thousands of Israelis marched through Jerusalem on Tuesday to protest the government's plans to hand more cash to the ultra-Orthodox minority
- The 2023-2024 budget of Israel was ultimately passed early Wednesday with the support of all 64 coalition lawmakers in the 120-seat parliament
Business
Al Dahra Group signs supply agreement with Estonian firm Golden Fields
Riga, Latvia--Al Dahra Group has signed a supply agreement with Golden Fields, an Estonian agriculture company specializing in the production...
- Under the terms of the deal Al Dahra Group will be supplied forage commodities by Golden Fields through its agreements in Estonia, Lithuania, Latvia and Finland
- Al Dahra Group CEO Arnoud van den Berg said that owing to the partnership with Golden Fields, a promising new page has been turned for agriculture in the Baltic region
Business
Qatar interested in developing Iraqi energy projects: Iraqi oil minister
Doha, Qatar-- Qatar is keen to obtain rights for oil and gas exploration in Iraq, according to Iraq's oil minister...
- The Iraqi minister exhorted international companies to take part in developing oil fields as "these investments play a big role in securing financial resources of Iraq"
- Baghdad signed deals with UAE firm Crescent Petroleum and two Chinese companies in February this year for the development of six oil and gas fields
Business
Al Mahhar to list on QSE
Some 207mn shares will be on QSE through direct listing.
- Firms wanting to list in the QEVM category need to have at least 20 non-funding shareholders who own no less than 10% of the company's capital upon listing
- Upon listing the company's founders have permission to sell and trade no more than 30% of their shares, provided they retain 60% of their shares
Economy
Africa needs greater finance to battle climate change
“When it comes to renewable energy, only two percent of the US$3 trillion invested worldwide over the last twenty years...
- Dr Sultan bin Ahmed Al Jaber, the COP28 President-Designate, calls for a significant increase in public and private climate finance for Africa
- Only 2% of global renewable energy investment has gone to Africa in the last two decades, highlighting the need to shift climate finance balance.
Business
Qatar Airways boss skeptical on aviation industry’s 2050 net zero target
DOHA, QATAR - Qatar Airways' chief executive on Tuesday doused hopes that the aviation industry can become carbon neutral by 2050,...
- Not enough sustainable aviation fuel is being produced, and technological hurdles remain to using hydrogen as a replacement.
- In 2021, the International Air Transport Association's member airlines committed to achieving net zero carbon emissions by 2050.
Economy
Month after predicting contraction, IMF expects UK economy to grow
The IMF said the 2023 upgrade reflected "higher-than-expected resilience" in both demand and supply, alongside improved confidence in reduced post-Brexit...
- Britain's economy is now predicted to expand by 0.4 percent, the International Monetary Fund said in its latest outlook document which partly cited weaker energy prices.
- The news comes after the BoE forecast earlier this month that the UK economy would avoid recession this year despite the country's annual inflation stuck above 10 percent.
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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
China’s Xiaomi to invest nearly $7 bn in chips
Chinese tech giant Xiaomi will invest 50 billion yuan ($6.9 billion) in developing high-end smartphone chips, the firm's founder said...
Business
Company News
Latest News
Red Sea Global, Riyad Bank sign agreement on $522m financing
TABUK, SAUDI ARABIA - Red Sea Global (RSG) has completed a US$522 million (SAR2 billion) financing agreement with Riyad Bank,...
Business
WEF24: Tech investment drives China’s growth
China's GDP is expected to grow 5 percent this year as the country has significantly recovered from COVID-19, Xiaoyan Zhang...
Interview
Climate change parches Morocco breadbasket amid policy pitfalls
Berrechid, Morocco -- Around this time every year, Moroccan wheat farmer Abderrahim Mohafid is usually preparing for his spring harvest, but...
Business
Most Read
Economy
Qatar-Turkey business forum sparks new joint ventures
Emphasizing the importance of holding meetings and mutual visits, Sheikh Khalifa bin Jassim bin Mohamed Al-Thani notes this would bolster...
- Qatar-Turkey JETCO aims to enhance private sector cooperation and advance intra-regional trade.
- Successful Qatar-Turkey Business Forum highlights partnership opportunities, says Qatar Chamber chief.
Economy
SMEs in UAE confront expense management challenges
Digital solutions, including innovative expense management platforms, may help in transforming the administrative landscape for SMEs, a latest report points...
- Digital solutions, including innovative expense management platforms, may help in transforming the administrative landscape for SMEs, a latest report points out.
- Empowering employees through corporate cards fosters a culture of responsibility and accountability, facilitating seamless reimbursement processes, the report adds.
Business
Economic forum in Amman to enhance trade ties between Iraq, Jordan
AMMAN, JORDAN - The Iraqi Business Council, in collaboration with the Jordanian and Amman Chambers of Industry, is set to...
- This event aims to enhance financial, industrial and commercial partnerships among Iraq, Jordan and other countries in the region.
- The event will spotlight the myriad of investment, commercial and industrial opportunities available in Jordan and Iraq.