SHUAA okays MCB tranches
The two tranches will be converted into equity at the earliest opportunity.
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
Geostrategy
‘Difficult discussions’ as WTO talks extended for third time
The WTO -- the only international body dealing with the rules of trade between nations -- is under pressure to...
- "Our challenge this week is to demonstrate that MC12 wasn't a one-off miracle," WTO Director-General Ngozi Okonjo-Iweala said on Monday.
- With farmer protests sweeping Europe and India, agriculture agreements have emerged as a particularly sensitive topic of debate.
Business
European airlines witness a rise in profits in 2023
LONDON, UK – Europe's aviation industry is extending its bounceback from the Covid pandemic, as British Airways owner IAG and Franco-Dutch...
- Offsetting a jump in the aviation sector is persistently-high inflation pushing up fuel and staff costs.
- Delays in deliveries of commercial jets produced by Boeing and Airbus is hampering the sector’s rise.
Geostrategy
Israel killed 25,000 Palestinian women, children since Oct: Pentagon
"It's over 25,000," US Defense Secretary Lloyd Austin told lawmakers when asked during a House Armed Services Committee hearing for...
- Israel's relentless air and ground assault on Gaza has left more than 30,000 people dead, according to the territory's health ministry.
- The number provided by Austin is within the same range and come as Washington pushes for a ceasefire and a reduction in civilian casualties in Gaza.
Business
Sonatrach to invest $8.8bn in 2024 in gas exploration, production
Algiers, Algeria -- Sonatrach, the state-owned energy company of Algeria, will allocate $8.8 billion investment in 2024, which represents 17.6...
- The company's CEO, Rachid Hachichi, said majority of the allocated funds (71 percent) will be directed towards gas exploration and production activities.
- While the primary focus is on gas, Sonatrach also plans to dedicate a portion of its investments to refining and petrochemical sector (18 percent).
Business
Russia to ban petrol exports for six months to meet domestic demand
Despite being the world's third largest oil producer, Russia has suffered sporadic fuel shortages since last summer amid high demand...
- The Kremlin is also keen to avoid fuel shortages on the domestic market ahead of elections next month, in which President Vladimir Putin is seeking to extend his grip on power.
- Russia announced a similar export ban on diesel and petrol last year, after farmers in some regions were unable to harvest grain due to fuel shortages.
Business
UAE airports surpass 134 million passenger mark in 2023: GCAA
Abu Dhabi, UAE -- Saif Mohammed Al Suwaidi, Director-General of the General Civil Aviation Authority (GCAA), said Thursday that the...
- Saif Mohammed Al Suwaidi, Director-General of GCAA, attributed this achievement to the robustness and competitiveness of the UAE aviation sector.
- Al Suwaidi highlighted that UAE airports recorded approximately 38 million arrivals, 37.805 million departures, and 58.328 million transit passengers in 2023.
Geostrategy
Biden faces backlash in Michigan primary over Gaza ceasefire stance
Though Biden handily won the vote, the uncommitted ballots, representing 13 percent of votes cast Tuesday, sent a "clear and...
- The midwestern state is home to a large number of Arab and Muslim Americans, previously firmly part of the Democratic fold that helped elect Biden in 2020.
- "It is my hope, Mr. President, that you listen to us," said Abdullah Hammoud, the mayor of Dearborn. "That you choose the people of America over Netanyahu", he said.
Business
Bitcoin hits $60,000 as ETFs draw in new investors
London, United Kingdom -- Bitcoin passed the $60,000 mark on Wednesday, approaching its all-time high and continuing its unbridled rise since...
- At 1325 GMT, bitcoin traded at about $60,301, closing in on its all-time high of $68,991 -- that was struck in November 2021 and which some analysts believe is now within reach.
- Since their approval on January 10 by US securities regulators, exchange-traded funds indexed to bitcoin have theoretically enabled a wider public to invest in the cryptocurrency.
Geostrategy
Saudi Arabia’s PIF announces tennis partnership with ATP
In a joint statement, the two bodies said the partnership marked "a significant shared commitment to enhancing global tennis". The...
- PIF will also partner with ATP Tour events in Indian Wells, Miami, Madrid, Beijing and the ATP Finals, in addition to the Next Gen ATP Finals, hosted in Jeddah until 2027.
- "Our strategic partnership with PIF marks a major moment for tennis," said ATP chief executive Massimo Calvelli in the joint statement.
Business
Mubadala Capital, Woori sign partnership
The two firms will explore mutually beneficial investment opportunities.
- They will establish a dedicated working committee to facilitate cooperation and dialogue between both organizations.
- Chang Kyu Kim, CEO of Woori Venture Partners emphasized the potential for mutual growth and affirmed his commitment to strengthening cooperation among group entities in the future.
SHUAA okays MCB tranches
The two tranches will be converted into equity at the earliest opportunity.
Business
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World merchandise trade to rise by 2.7% in 2024: Global Trade Outlook
There was a 2.3% year-on-year increase in the first half of 2024 and WTO economists anticipate the volume will increase...
Economy
Japanese group wins peace Nobel, says Gaza like Japan 80 years ago
Nihon Hidankyo, a grassroots movement of atomic bomb survivors from Hiroshima and Nagasaki, also known as Hibakusha, received the honor...
Geostrategy
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Geostrategy
WTO predicts modest trade growth for 2024-25 amid geopolitical risks
In 2024 and 2025, inflation is expected to gradually abate, allowing real incomes to grow again in advanced economies, boosting...
- Risks to the forecast are on the downside “due to current geopolitical tensions and policy uncertainty. Middle East troubles have diverted sea shipments between Europe and Asia.
- It added that import demand in real terms was weak in 2023 in most regions, especially in Europe but also in North America and Asia.
Business
AviLease acquires 9 aircraft from Avolon
AviLease had purchased 13 aircraft from Avolon in 2023.
- AviLease aircraft portfolio now comprises 167 owned aircraft, including purchase commitments, and 23 managed aircraft on lease to 48 airlines globally.
- AviLease said the acquired portfolio offers attractive yields and further contributes to the diversification of its portfolio.
Business
ADNOC L&S to pay $136.5m dividend
This is equivalent to 6.78 fils per share, the company said.
- The Company intends to distribute a total dividend amount of $273 million (AED1,002.6 million) for the full year.
- The H1 2024 dividend will be paid to shareholders who own ADNOC L&S shares on the record date of 17th October 2024.