EU tells Israel to reverse move to cut off Palestinian banks
Brussels, Belgium -- The EU on Wednesday urged Israel to undo a move by a far-right minister that threatens to...
Geostrategy
Microsoft strikes deal with Elon Musk to host Grok AI
Seattle, United States - Microsoft on Monday said its business cloud servers will now host technology from xAI, days after...
Science
Business
Saudi Arabia announces bidders for gypsum ore exploration
Riyadh, Saudi Arabia— Saudi National Gypsum Co. and El-Khayyat Gypsum are among the eight qualified bidders to compete for an...
- The site, with an area of 600,00 sq.m, is located south of the Nabat Center in Al Madinah Al Munawwarah region
- Saudi Arabia is expecting its mineral wealth to exceed earlier estimates of $1.3 trillion as it triples spending on the exploration of metals over the next three years
Business
Almarai posts profit in Q3
The Saudi firm's net profit rose 10% to $372m.
- However, the company's stock took a dip, falling 4.15 percent to end the session at SR53.10
- The company said positive revenue growth was also witnessed across all categories after the removal of COVID-19 movement restrictions and the re-opening of educational institutions
Economy
Jordan and Iraq set up electrical project on the border
The two prime ministers affirmed that Jordan and Iraq maintain historical and strategic ties and are committed to expanding bilateral...
- Prime Minister of Jordan Bisher Khasawneh and his Iraqi counterpart, Mustafa Kazemi laid the cornerstone for the electrical interconnection project
- Khasawneh stressed that Jordan's leadership, government, and people are committed to supporting the security of Iraq and improving the country's stability, prosperity, and progress
Economy
Bringing down inflation will take time, more rate hikes: Fed officials
As US annual inflation has soared to the fastest in 40 years, the Fed has moved aggressively this year to...
- The situation was exacerbated with Russia's invasion of Ukraine in February spurring a surge in energy prices and affecting global food markets
- While the Fed cannot act directly on supply, it can moderate demand by tightening monetary policy, Fed official said
Business
Dubai Industrial City unveils plant to manufacture electric cars
The ceremony was attended by Dr. Majida Al Azazi, Chairman of the Board of Directors of M Glory Holding Group,...
- The new plant houses the temporary assembly line, which has a maximum production capacity of 10,000 cars per year
- The setting up of the factory, according to DIC, will enable regional manufacturers like M Glory to establish businesses and further the 'Make it in the Emirates’ initiative'
Tennis sensation Ons Jabeur enters second round at home
The 28-year-old, whose ambition is "to be a good example for all the young people who follow her" has won...
- The Monastir tournament, staged on the central coast of Tunisia, is just the second women's professional circuit organized in Africa
- The world number two took 73 minutes to dispatch her 67th ranked opponent in their first meeting
Business
Anaam to raise US$42m
The capital will be raised through a rights issue.
- According to a bourse filing, the capital increase is aimed at boosting the working capital, lowering the loan rates, and supporting the business growth of the company
- The capital hike is subject to the approval of the relevant official authorities and the company’s shareholders
Geostrategy
US to impose ‘further costs’ on Iran over protests crackdown
Widespread street demonstrations sparked by the death of Mahsa Amini, 22, who died following her detention by morality police for...
- Iran has been under crippling US economic sanctions largely related to its controversial nuclear program which Tehran insists has only civilian purposes
- Biden said that he was concerned about reports of the violent crackdown on peaceful protestors in Iran, including students and women
Business
Saudi stocks shine, while UAE’s post losses
GCC markets had a mixed week as Saudi stocks powered by the banking and commodities retail sectors posted gains, while...
- The banking and commodities retail sectors, Saudi equities finished the week's trading higher, increasing the general index by 2.11 percent and adding 235 points
- The UAE equities on DFM declined by two percent, and the Abu Dhabi index dropped by 0.7 percent
Geostrategy
OPEC+ to meet in Vienna on Oct 5 for the first time since 2020
The OPEC+ oil cartel will meet in Vienna next week for the first time since Covid curbs were introduced in...
- The gathering will take place as speculation grows of major output cuts in the face of recession fears affecting demand for crude.
- Oil prices soared to almost $140 a barrel in March after Russia invaded Ukraine, but have since fallen to around $80 per barrel amid recession fears.
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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
EU tells Israel to reverse move to cut off Palestinian banks
Brussels, Belgium -- The EU on Wednesday urged Israel to undo a move by a far-right minister that threatens to...
Geostrategy
Company News
Latest News
Iran’s president to visit Iraq on first foreign trip, sign MoU on security
Tehran, Iran -- Iran's President Masoud Pezeshkian will visit neighboring Iraq on Wednesday, state media reported Sunday, in what will be...
Geostrategy
Market capitalization of 20 UAE listed firms reaches $762 billion
Abu Dhabi, UAE -- The market capitalization of the top 20 listed companies in the local stock markets by market...
Business
Global stock markets wobble as investors weigh US jobs data
Since US Federal Reserve Chairman Jerome Powell stated last month that the time for interest rates to begin coming down...
Economy
Most Read
Geostrategy
Biden, unions pile pressure on Netanyahu for hostage release deal
Jerusalem -- Pressure mounted Monday on Israeli Prime Minister Benjamin Netanyahu as a major strike was held and US President...
- A strike announced by the main trade union seeking a deal to secure the remaining captives' release had brought parts of the country to a standstill.
- Alongside the surging domestic anger, diplomatic pressure has also grown, with the US president on Monday delivering some of his strongest criticism of Netanyahu.
Business
Bahrain to introduce minimum tax for large multinationals
Beginning in January 2025, the measure will place a minimum tax of 15 percent on revenues over 750 million euros ($830...
- A small oil producer and non-OPEC member, Bahrain has sought in recent years to diversify its revenues, which, like its Gulf neighbors, is largely dependent on hydrocarbons.
- The UAE last year began taxing the profits of companies worth more than 375,000 dirhams (roughly 91,500 euros) at 9 percent.
Business
Major Qatari plant to double solar capacity by 2030: Energyminister
Doha, Qatar -- A large new solar plant planned in Qatar will double the Gulf emirate's previously projected renewable energy capacity...
- The plant will be established in Dukhan area will produce 2,000 megawatts, which is twice more than the capacity of Qatar's production of solar energy of the current projects.
- The energy minister also announced plans to more than double Qatar's urea production making the country the largest producer of the fertilizer in the world by the end of the decade