Qatar Airways seeking 25% stake in Virgin Australia
Qatar Airways unveiled a bid to take a 25 percent stake in troubled airline Virgin Australia on Tuesday, a deal...
Business
Middle East & North Africa: Regulatory momentum and DeFi fuel crypto adoption
The Middle East & North Africa (MENA) region ranks as the seventh-largest crypto market globally in 2024, with an estimated...
Economy
Economy
Saudi Arabia announces US$400m aid for Ukraine
Continuing with the kingdom's role to support "everything that will contribute to de-escalation," Saudi Arabia has announced $400 million in...
- Saudi Arabia last month played an unexpected role in facilitating a prisoner-of-war swap between Moscow and Kyiv
- The kingdom has come under growing criticism from Washington after the Saudi-led OPEC group of oil exporters agreed on a drastic production cut with Russia and other allies
Science
Trust in digital services increases across MENA region despite rising online security threats
MENA residents' satisfaction and expectations about how services can and should be delivered have been radically altered due to the...
- MENA residents' satisfaction and expectations about how services can and should be delivered have been radically altered due to the COVID-19 pandemic
- Increased interest and spending on technological infrastructure, especially artificial intelligence is in line with the global trend toward digitization
Business
Germany fills 95 percent of gas reserves as winter draws near
Berlin, Germany - Germany on Friday said it had filled its gas reserves to 95 percent of capacity faster than...
- Europe's largest economy had been heavily dependent on Russian gas and has raced to bolster its reserves after deliveries from Russia halted.
- The government said energy-saving measures in recent weeks and massive purchases of gas from other suppliers had led to significant progress.
Business
US banks report solid results, warn of rising recession risk
Large US banks reported a round of solid quarterly profits, but cautioned of rising recession risks as the economy absorbs...
- There are worries including on stubborn inflation that has prompted significant central bank interest rate hikes.
- There are concerns over geopolitical fallout from the Ukraine crisis, uncertainty in the oil market and worries about European energy security this winter.
Geostrategy
Russia’s Rosneft sues Germany over refinery seizures
Russian oil giant Rosneft has filed a complaint against the German government for taking control of its German-based refineries, a...
- Berlin in September took control of Rosneft's German subsidiaries, which account for about 12 percent of oil refining capacity in the country.
- Germany said the dramatic move last month was necessary to counter "a threat to the security of energy supply", as relations with Russia deteriorate.
Business
Mubadala buys stake in EQT Infrastructure’s GlobalConnect
GlobalConnect is a fiber-based data center services provider.
- Headquartered in Stockholm, Sweden, GlobalConnect is a fiber-based data communication and data centre services provider.
- The company was created in 2019 through the combination of four independent fiber platforms in Denmark, Norway and Sweden.
Economy
Abu Dhabi’s Environment Agency holds training for industries
The Environment Agency - Abu Dhabi (EAD) organized two training workshops on the Green Industries environmental labeling program.
- The Green Industries program aims to recognize industrial facilities that adopt green processes and operations.
- The workshops, held digitally, were attended by over 135 industrial facilities from various sectors in Abu Dhabi.
Business
Middle East region now has a new address for business centers: Downtown
Close to 200 years after the business hub of New York City was named as downtown, the word has entered...
- Saudi Crown Prince Mohammed bin Salman announced the establishment of Saudi Downtown Company
- The Downtown Jeddah project will cover 5 million square meters and house more than 58 thousand people, likely to be completed in 2029
Business
5.3 billion cell phones to become waste in 2022
Defunct cell phones are just the tip of the 44.48-million-ton iceberg of global electronic waste generated annually that isn't recycled.
- Despite containing valuable gold, copper, silver, palladium and other recyclable components, these devices will be dumped or incinerated, causing environmental harm.
- Studies show 46 percent of the 8,775 households surveyed considered potential future use as the main reason for hoarding small electrical and electronic equipment.
Business
VW, Horizon Robotics plan JV
JV will help in strengthening VW's presence in China.
- Volkswagen's software arm Cariad will hold a 60 percent stake in the new company, with the deal set to close in the first half of 2023.
- As part of its transition to electric vehicles, Volkswagen has long been investing in China.
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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
Qatar Airways seeking 25% stake in Virgin Australia
Qatar Airways unveiled a bid to take a 25 percent stake in troubled airline Virgin Australia on Tuesday, a deal...
Business
Company News
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‘Qatar prioritizes fiscal control to sustain growth’
"Factors such as robust fiscal discipline supported by strong oil prices, debt reduction efforts by the Ministry of Finance, and...
Economy
UAE Minister Al Gergawi backs ‘curiosity’ and ‘equity’ at World Economic Forum
Dubai, United Arab Emirates – Considering opposing views, exchanging ideas and developing pathways for collaboration are essential to improving lives...
Economy
Security risks hit gas flow amidst Israel-Hamas row
Israeli decision to suspend gas supply from Tamar field due to security concerns affects energy and gas sector, resulting in...
Most Read
Economy
UAE invests $36bn in renewable energy projects in 2022, says ADDED chairman
ABU DHABI, UAE - Chairman of the Abu Dhabi Department of Economic Development (ADDED) Ahmed Jasim Al Zaabi has said...
- The UAE has successfully enticed a staggering US$23 billion in 2022, up 10 percent from 2021, to be ranked 16th globally in FDI attraction.
- UAE is now the world's fourth-largest recipient of greenfield projects, with nearly a thousand ambitious ventures announced last year.
Business
Tokyo shares tumble on concern war in Palestine may escalate
Chip-testing equipment maker Advantest sank 4.79 percent to 4,351 yen and chip-making equipment manufacturer Tokyo Electron gave up 3.84 percent...
- The benchmark Nikkei 225 index dropped 2.03 percent, or 656.96 points, to 31,659.03, while the broader Topix index slipped 1.53 percent, or 35.21 points, to 2,273.54
- Traders sold shares across the board, as Israel moved toward launching ground offensive in Hamas-controlled Gaza, which is already facing a deep humanitarian crisis
Economy
Global CEOs rank political uncertainty as biggest risk to business
Dubai, UAE-- CEOs from around the world consider geopolitics and political uncertainty as the greatest risk to the growth of...
- The findings of the survey undertaken by KPMG noted that CEOs worried about the effect of political uncertainty on business growth
- The top-notch executives recognize AI’s seemingly limitless potential and are keeping their foot on the gas in terms of their investment