China’s Guangdong province now boasts of 75,000 high-tech companies
Shenzen, China--The total number of high-tech enterprises in south China's Guangdong Province has exceeded 75,000, local authorities have said. By...
Economy
Bitcoin jumps above $50,000 for first time since May
Bitcoin has been on a rollercoaster this year. After hitting $65,000 in April it tumbled below $29,000 in June, and...
- Bitcoin has been on a rollercoaster this year. After hitting $65,000 in April it tumbled below $29,000 in June, and is now back above $50,000
- In April, PayPal-owned mobile payments service Venmo began letting users in the US buy, hold or sell cryptocurrency using its app
Economy
Saudi Arabia set to build two 600MW solar plants
The plants will be built on land plots with a total area of 12 million sq m in Jeddah and...
- The projects will be handled through the Saudi Authority for Industrial Cities and Technology Zones Modon
- They are part of the country’s plan to generate 50 percent of its energy from renewables
Business
Saudi anti-concealment law violators get grace period
The period has been extended from August 23, 2021, to February 16, 2022, with violators looking at fines of around...
- The Saudi Ministry of Commerce has already given a six-month grace period once to violators of the anti-concealment law
- Several enterprises, whose annual revenues exceeded SR6 billion ($1.6 billion), benefited from this
Business
Bitcoin jumps above $50,000
The unit climbed around two percent to $50,249.15, its highest since mid-May.
- The cryptocurrency has now risen more than 70 percent from the six-month lows below $29,000 touched in June
- Bitcoin was tumbling on a range of issues including China's crackdown on cryptocurrencies since mid-May
Business
ADNOC emerging as UAE’s FDI magnet
Besides wooing $74 billion investments, the oil giant has helped the country gain the top position in the Middle East...
- ADNOC has set its eyes on developing green hydrogen and blue ammonia products.
- The company plans to spend $122 billion between 2021 and 2025 to develop its businesses.
Ajman Chamber, China’s Dahua explore tech investment opportunities
The two discussed opportunities for cooperation to support multinational companies in the Emirate of Ajman
- The two discussed opportunities for cooperation to support multinational companies in the Emirate of Ajman
- Dahua is a leading Chinese tech solutions provider specialising in video surveillance products, data security, alarms, motion sensors and access control
Currency war in Yemen opens up a gulf in riyal values
Alongside a grinding seven-year military conflict, Yemen's government and the Huthi rebels are locked in battle on another front --...
- Both the government and the Iran-backed Huthis used the same notes until late 2019 when the rebels banned new banknotes printed in government-run Aden
- The resulting difference in money supply has since seen the riyal's value plummet to around 1,000 to the dollar in government areas
Prices at pump soar in Lebanon after new subsidy cut
The cost of hydrocarbon fuels in Lebanon has now roughly tripled in the two months
- The cost of hydrocarbon fuels in Lebanon has now roughly tripled in the two months
- Dire shortages have seen Lebanon's people struggle to find enough fuel to drive to work
Economy
Saudi Arabia to create million tourism jobs by 2030
Saudi Arabia has developed cultural, heritage tourism projects in more than 25 tourist destinations and eyes 100 million tourists by...
- Saudi Arabia has developed cultural, heritage tourism projects in more than 25 tourist destinations
- By 2030, the country expects to enhance its airport capacity by 30 percent
Economy
Arabs seek freelance jobs as economy recovers
Saudi Arabia has seen a sudden growth in the size of freelance workforce with the number doubling in the first...
- Number of people who obtained a freelance employment document reaches 631, 518
- The ministry also said most freelancers are aged between 20 and 30 years old, with most of them working in graphic design, marketing and advertising, and family businesses
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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
Company News
Latest News
Siemens Energy shares fall due to technical problems at wind turbine unit
FRANKFURT, GERMANY - Shares in Siemens Energy plummeted on Friday after the company warned that technical problems at its wind turbine...
Business
UAE banks’ total capital, reserves rise to US$118.5bn by April-end
ABU DHABI, UAE - Aggregate capital and reserves of banks operating in the UAE rose by 10 percent year-on-year (YoY)...
Business
IsDB, AFD to finance $4bn projects in developing countries
Jeddah, Saudi Arabia -- The Islamic Development Bank (IsDB) and the Agence Française de Développement have signed an agreement to...
Business
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Economy
Interest rate increase must to control inflation, says Federal Reserve official
A senior US Federal Reserve official said that additional interest rate hikes are needed to tackle historically high inflation. "I...
- The Federal Reserve's benchmark now sits in a range between 5.0 and 5.25 percent - its highest level since 2007.
- All members of the Federal Open Market Committee predicted that the bank will have to raise its benchmark further before the end of the year.
Business
Musk, Zuckerberg seek cage fight to settle differences
Months after Musk took over Twitter, Zuckerberg's Meta hinted it was planning to launch its own text-based social media platform...
- The two men have baited each other for years with opposing views on everything from politics to artificial intelligence.
- Musk responded angrily to a recent claim by a Meta official that there was appetite for a "sanely run" Twitter alternative.
Geostrategy
AD Ports Group signs 50-year pact with Karachi Port Trust for container terminal
ABU DHABI, UAE/ KARACHI, PAKISTAN - AD Ports Group announced on Thursday the signing of a concession agreement with Karachi...
- Under the terms of the 50-year concession agreement, a Joint Venture has been formed to manage, operate and develop the Karachi Gateway Terminal Limited.
- The JV will undertake significant investments in infrastructure and superstructure over the next 10 years, with the bulk of it planned for 2026.