Iran ready to negotiate with US but not under ‘maximum pressure’: minister
In 2015, Iran struck a landmark deal with the United States, France, Germany, Britain, China and Russia to regulate its...
Geostrategy
UAE most attractive Arab destination for auto investment, business
Kuwait -- The UAE has topped the Arab list as the best and most attractive destination for investment and business...
Business
Geostrategy
Israeli air strikes hit densely populated Hezbollah bastion in Beirut
The strikes were by far the largest in scale. Iran embassy in Lebanon warns that the strikes 'change the rules...
- Hezbollah chief Hassan Nasrallah was unharmed in the strikes, after Israeli television networks reported he was the target.
- Israel's aerial bombardment of Hezbollah strongholds around Lebanon has killed around 700 people this week alone.
Saudi Arabia announces coalition to push for Palestinian state
Prince Faisal bin Farhan said the "International Alliance to Implement the Two-State Solution" included Arab and Islamic countries, as well...
- Saudi Arabia paused US-brokered talks on recognizing Israel after the Hamas attack on Israel and the genocidal Israeli assault on Gaza.
- The hard-right Israeli government of Prime Minister Benjamin Netanyahu remains implacably opposed to Palestinian statehood.
Geostrategy
World’s first CO2 storage service soon ready in Norway
Øygarden, Norway -- Norway inaugurated Thursday the gateway to a massive undersea vault for carbon dioxide, a crucial step before opening...
- The Northern Lights project plans to take CO2 emissions captured at factory smokestacks in Europe and inject them into geological reservoirs under the seabed.
- The aim is to prevent the emissions from being released into the atmosphere, and thereby help halt climate change.
Business
UAE captures 30% of Middle East cinema market share in 8 months
Abu Dhabi, UAE -- The UAE cinema sector achieved revenues of AED 517 million during the first eight months of...
- UAE cinemas attracted about 11 million visits to cinemas, the Emirates Media Council revealed.
- The country's cinema sector includes 702 screens spread across 72 locations and caters to more than 200 nationalities.
Business
Saudi non-oil exports increase by 19 percent in July: GASTAT
Riyadh, Saudi Arabia -- Saudi Arabia's non-oil exports, including re-exports, during July 2024 amounted to SAR25.4 billion ($6.76 billion), compared...
- The value of merchandise exports increased during July 2024, reaching SAR94.5 billion, compared to SAR92.6 billion during July 2023, an increase of SAR1.9 billion, or 2.1 percent.
- The value of oil exports during July 2024 amounted to SAR69.1 billion, compared to SAR71.3 billion during July 2023, a decrease of SAR2.2 billion, or 3.1 percent.
Economy
OECD raises growth forecast, calls for higher property taxes
Paris, France -- The OECD on Wednesday slightly raised its world economic growth forecast for 2024 but called for higher property...
- The Paris-based organization said global gross domestic product would expand by 3.2 percent, compared to 3.1 percent in its previous forecast.
- While it raised the world GDP outlook, the OECD sounded the alarm on rising debt, urging governments to make "stronger efforts" to contain spending and raise revenue.
Business
UAE’s e& bends to European Union foreign subsidy rules
Brussels, Belgium -- The European Commission gave the green light Tuesday for an Emirati group to acquire the assets of a...
- The European Commission approved Emirates Telecommunications' acquisition of PPF Telecom's assets after securing concessions to avoid competition distortion.
- The deal, scrutinized under new EU rules on foreign subsidies, ensures fair competition by limiting future state aid and financing in the EU.
Business
Masdar acquires Saeta Yield
The deal is estimated to be valued at $1.4 billion.
- Saeta is a leading independent developer, owner and operator of renewable energy assets.
- Masdar recently announced an agreement with Endesa to become a portfolio asset partner for Spain's 2.5 GW renewable energy projects.
Geostrategy
Media gag and manufactured consent: Israel’s campaign against Lebanon
Beirut, Lebanon: On Sunday, Israeli troops stormed the Al Jazeera office in the occupied West Bank and issued a 45-day...
- Israel's claim last year that Gaza's largest Al-Shifa Hospital housed Hamas command center was debunked by many.
- Before launching deadly strikes on Lebanon, Israeli military released videos claiming civilian homes housed arms.
Business
ADNOC Distribution H1 dividend $350m
The total dividend for 2024 is expected to be $700 million.
- The second and final portion of 2024 dividend is expected to be paid in April 2025, in accordance with the recommendations of the Board of Directors and shareholder approval.
- The company's cash dividend paid since its initial public offering totaled AED 16.2 billion ($4.4 billion), including cash dividends for the first half of 2024.
Iran ready to negotiate with US but not under ‘maximum pressure’: minister
In 2015, Iran struck a landmark deal with the United States, France, Germany, Britain, China and Russia to regulate its...
Geostrategy
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ADNOC Drilling closes JV
Business
Israeli strike on broadcast vehicle kills five Al-Quds Today journalists
Palestinian Territories -- A Palestinian TV channel said five of its journalists were killed Thursday in an Israeli strike on...
Geostrategy
Turkey lowers interest rate to 47.5% as it battles double-digit inflation
The bank's monetary policy committee decided to reduce the policy rate from 50 percent to 47.5 percent, with a statement...
Economy
Pope calls for ‘arms to be silenced’ in Christmas appeal
Rome, Italy -- Pope Francis called Wednesday for "arms to be silenced" around the world in his Christmas address, appealing for...
Geostrategy
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Business
Honda shares soar 16%
The surge came after the auto giant announced a $7bn buyback.
- The buyback announcement came as Honda and its struggling rival Nissan agreed on Monday to launch talks on a merger.
- Honda will buy back its own shares worth up to 1.1 trillion yen, or 23.7 percent of the total issued shares, to improve "efficiency of its capital structure".
Business
Mubadala acquires stakes from GHH
It acquired an 80 percent stake in Global Medical Supply Chain.
- Founded in 2015, GMSC provides comprehensive end-to-end supply chain services for medical products, including demand planning, procurement and logistics.
- IDS, established in 1987, stands as one of the leading distributors of pharmaceutical and consumer healthcare products in the UAE.
Business
Musk’s AI startup raises $6bn more, Saudi and Qatari funds among investors
Paris, France -- Billionaire tech mogul Elon Musk's startup xAI said it had raised $6 billion from investors in its latest...
- The firm, whose flagship product is the Grok chatbot, garnered support from US venture capitalists, chipmakers NVIDIA and AMD.
- It also garnered support from investment funds from Saudi Arabia and Qatar among others.