Saudi Arabia’s space economy reaches $8.7 billion in 2024
Riyadh, Saudi Arabia -- The Communications, Space, and Technology Commission (CST) has said that the Saudi space economy reached $8.7...
Iraq signs deal with US firm to produce 24,000 MW of electricity
Prime Minister Mohammed Shia al-Sudani oversaw "the signing of a Memorandum of Understanding as part of a strategic cooperation framework...
Economy
Business
Abu Dhabi Securities Exchange appoints Emirates NBD Capital as custodian
ABU DHABI, UAE - Abu Dhabi Securities Exchange (ADX) has appointed Emirates NBD Capital as a custodian. Emirates NBD Capital...
- Emirates NBD Capital obtained its custody licence from the UAE Securities and Commodities Authority.
- The firm provides safe and secure solutions for investors to hold securities, such as stocks, bonds or other assets.
Business
South Korea plans to extradite crypto fugitive Do Kwon
Kwon, whose full name is Kwon Do-hyung, has been accused of fraud over his company's dramatic collapse last year, which wiped...
- US charged Do Kwon with eight counts, including securities fraud and wire fraud, which followed a lawsuit by the US Securities and Exchange Commission
- In South Korea, where Kwon is wanted for violations of the country's capital markets act, authorities confirmed Friday that they would seek his extradition
Business
Johnson & Johnson loses key tuberculosis drug patent in India
New Delhi, India--India's Patent Office rejected on Thursday US pharmaceutical giant Johnson and Johnson’s application to extend its patent on a...
- Rejecting Johnson & Johnson's application, Assistant Controller of Patents and Designs Latika Dawara said that it did not meet the requirements of India's Patent Act
- The decision is likely to enable Indian manufacturers to begin work on generic versions of the drug once the primary patent expires in July
Business
Accenture to cut 19,000 jobs
It will slash 2.5% of workforce as a cost-cutting effort.
- The firm expects to incur $1.5 billion in costs as a result of the downsizing, including $1.2 billion directly related to the layoffs
- According to the company's recent annual report, it put the number of employees at 721,000 in 2022
Business
Qatar cruise tourism receives boost as MSC World Europa docks in Doha
Doha, Qatar--Doha port received on Thursday the cruise ship MSC World Europa carrying 5,613 tourists and a crew of 2,121....
- Qatar's tourism sector has recorded growth in recent years thanks to growing popularity in cruise tourism, making the country a favorite destination
- Equipped with latest technology, MSC World Europa is one of the most innovative and eco-friendly equipment in the company's fleet
Economy
Ramadan contributes to revitalizing economic growth
Consumer behavior is affected by cultural factors, customs, marketing campaigns, advertising, and competitions of merchants and suppliers, which can lead...
- Ramadan contributes to revitalizing economic growth, as many investment and industrial firms make huge profits from the increased demand, says a Qatar University's professor
- Consumer behavior is hit by cultural factors, customs, marketing campaigns, ad, and competitions of merchants and suppliers, which can imbalance supply and demand, he adds
Economy
Sustainability prime focus as KSA invests heavily in modern cities, transforms building patterns
Urban development projects such as Cube and NEOM are aimed at improving the quality of life and creating a stimulating...
- Urban development projects such as Cube and NEOM are aimed at improving the quality of life and creating a stimulating environment for foreign investments in the Kingdom.
- The Saudi leadership seeks to establish good infrastructure for urban agglomerations, create an attractive and join the league of best cities in the world for housing
Economy
IMF warns ‘inaction will leave Lebanon in never-ending crisis’
Lebanon and the IMF reached a conditional agreement in April 2022 on a $3-billion-dollar loan needed to save the country's...
- The IMF had conditioned the funds on unifying the country's plethora of exchange rates and a reformed bank secrecy law as well as restructuring the banking sector.
- Lebanon's meltdown has pushed most of the population into poverty while the political elite, widely blamed for the country's financial collapse, has failed to take action.
Business
UAE bodies sign MoU to establish general framework for IPOs
Dubai, UAE -- The Securities and Commodities Authority (SCA) and the Abu Dhabi IPO Fund (ADIPOF) have signed a Memorandum...
- The MoU was signed by Securities and Commodities Authority and the Abu Dhabi IPO Fund.
- The MoU aims to increase the number of IPOs, support local financial markets, and promote the country's economic stability.
Business
MBRSC, e& enterprise ink MoU
MoU will be mutually beneficial to both organizations.
- The MoU will enable e& enterprise to leverage MBRSC's expertise in AI.
- MBRSC will benefit from e& enterprise’s resources and capabilities.
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Saudi Arabia’s space economy reaches $8.7 billion in 2024
Riyadh, Saudi Arabia -- The Communications, Space, and Technology Commission (CST) has said that the Saudi space economy reached $8.7...
Company News
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Dubai leads MENA region in urban mobility readiness
The emirate ranked 28th globally in the 2023 Urban Mobility Readiness Index, highlighting its efforts in creating a sustainable, future-ready...
Economy
Saudi Arabia tops MENA in venture capital investment in 2023
Riyadh, Saudi Arabia - Saudi Arabia achieves first rank across MENA for the first time in terms of the amount...
Saudi Arabia, Belarus ink MoU to boost trade, investment
RIYADH, SAUDI ARABIA - The Federation of Saudi Chambers and the National Center for Marketing and Price Study at the...
Geostrategy
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Economy
Saudi Exchange launches TASI50 Index tracking top 50 companies by market capitalization
Riyadh, Saudi Arabia – The Saudi Exchange has announced the launch of the TASI50 Index, which tracks the top 50 companies...
- The companies have a minimum annual traded value ratio (ATVR) of 5%, ensuring that the index tracks the largest companies in the market
- The index is an important tool for both individual and institutional investors, providing an overview of market performance in real time
Economy
Japan quake death toll jumps to 161, 103 missing
According to authorities in the central Ishikawa region hit by the 7.5-magnitude quake, the number of people unaccounted for fell...
- The rescue work is being complicated by roads cut off by the quake and landslides.
- Around 20,700 households in the wider Ishikawa region remain without electricity
Business
Utilizing AI is only possible if skill gap is bridged, says expert
DUBAI, UAE - The Artificial Intelligence (AI) revolution is upon us, with AI becoming a pervasive force in our daily...
- As the rate of AI adoption increases, humans are essential to guiding the technology’s implementation and usage of these technologies.
- Executives estimate that up to 40 percent of their workforce may need to reskill as a result of implementing AI or automation over the next three years.